FOR IMMEDIATE RELEASE
CEO JAMES M. SMITH TO BECOME CHAIRMAN
UPON RETIREMENT OF NEIL A. ARMSTRONG
NEW YORK, NEW YORK - February 8, 2002 - EDO Corporation (NYSE:EDO) announced today that its Board of Directors has elected Chief Executive Officer James M. Smith to the additional post of Chairman effective May 7, 2002 upon the retirement of current Chairman Neil A. Armstrong. Armstrong has been Chairman of EDO since its merger with AIL in 2000, and served as Chairman of AIL since 1989.
"I am honored to succeed Neil Armstrong as Chairman of EDO," said James M. Smith, 60 years old, who served as AIL's CEO prior to the merger with EDO. "Neil's strong personal involvement was instrumental in the growth of AIL, the success of the EDO/AIL merger, and the continued development of the combined companies. His guidance was crucial as we designed the strategy that is proving to be so successful in sustaining EDO's growth. All of us at the Company feel privileged to have had the opportunity to work with Neil over the years. We wish him the best."
Armstrong said, "I am gratified to have helped build this wonderful company and to leave it in excellent hands. EDO has in place a solid team capable of managing a much larger organization, and we designed a business plan to achieve ambitious growth objectives to take advantage of that fact. Jim and his team have proven that they can make it happen. I am confident that EDO's future remains bright."
About EDO Corporation
EDO Corporation (www.edocorp.com) supplies highly engineered products for governments and industry worldwide, including advanced electronic, electromechanical and information systems and engineered materials critical to the mission success of its customers. The Company's Defense Segment provides integrated front-line war fighting systems, including radar countermeasure systems, aircraft weapons storage and release systems, airborne mine countermeasure systems, integrated combat systems and sonar systems and professional, operational, technical and information technology services. EDO's Space and Communication Segment addresses the needs of the remote sensing, communication, navigation, and electronic warfare industries with ultra-miniature electronics and a broad line of antennas. The Company's Engineered Materials Segment supplies piezoelectric and advanced composites for the communication, navigation, chemical, petrochemical, paper and oil industries, for civilian infrastructure and military applications.
Forward Looking Statement
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.