ATK Successfully Completes Preliminary Design Review of Precision Guided Mortar Munition
ATK and U.S. Army pleased with performance capability, systems validation, schedule and cost projections
ATK completes PDR a year after winning the program
Minneapolis, January 12, 2006 – Alliant Techsystems (NYSE: ATK) and the U.S. Army have successfully completed the preliminary design review (PDR) of the company’s precision guided mortar munition (PGMM). During the PDR, all elements of the system design were thoroughly vetted to ensure the design has the performance capability to meet requirements and the program remains on schedule and on cost. The PDR is one of two critical milestones prior to Milestone C in ATK’s PGMM system design and development contract, which the company won a year ago.
The next milestone is the critical design review in 2006. ATK intends to begin low rate initial production in 2008 and field the system by 2010. The Army is considering an earlier fielding date of 2009 given success in system demos planned for 2006-07.
“ATK has worked aggressively since winning the PGMM contract earlier this year to ensure that we meet our milestones in the development cycle,” said Tom Wilson, President, ATK Precision Systems Group.” The success of the PDR is strong evidence that we will meet our commitment to the U.S. Army’s soldiers and have an advanced weapon system in their hands by 2009,” he concluded.
PGMM will give U.S. soldiers unmatched precision capability in a standard 120mm mortar. Launched from the currently-fielded 120mm mortar tube, PGMM will fly in excess of seven kilometers and hit its target with one meter accuracy. “PGMM will give the maneuver commander his own multipurpose indirect fire precision strike munition. This highly affordable munition will quickly eliminate high value targets without causing collateral damage,” said LTC (P) André Kirnes, Product Manager for Mortar Systems. “It will play a crucial role in the U.S. Army’s future force projection missions,” he concluded.
ATK is a $3.1 billion advanced weapon and space systems company employing approximately 15,000 people in 23 states. News and information can be found on the Internet at www.atk.com.
Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: the challenges of developing precision guided munitions, changes in governmental spending, budgetary policies and product sourcing strategies; the company’s competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, reference should be made to ATK’s filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K, and ATK’s Annual Report on Form 10-K for the fiscal year ended March 31, 2005.
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