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Aerospace: Herley Unit Receives $19 Mil Contract

July 8, 2010 (FinancialWire) — Herley Industries, Inc. (NASDAQ: HRLY) said that its Micro Systems, Inc. subsidiary in Fort Walton Beach, Florida has received a development and production contract with a potential value of $19 million from The Boeing Co. (NYSE: BA).

The contract includes an initial award of $2.3 million for the development of a command and control transponder and a ground systems module in support of the Boeing QF-16 Program. This development phase of the program is expected by Herley to result in a long term production program to supply hardware to be used in the conversion of older F-16 fighter jets to unmanned target drones.

The initial development and production contract includes options for the first five production years of the program and brings the potential value of the contract to $19 million. The QF-16 Program is expected to be in production for many years thereafter, according to Herley.

Micro Systems had been active in a similar previous program, the QF-4 Program, which converted the old Air Force/Navy F4 Phantom fighter jet for similar purposes.

Pennsylvania-based Herley Industries is engaged in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide.

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