WICHITA, Kan. (Nov. 18, 2011) – Hawker Beechcraft Corporation (HBC) issued the following statement today after receiving official notification from the United States Air Force that the Beechcraft AT-6 has been excluded from continuing in the Light Air Support (LAS) bidding process.
“We have been notified by the United States Air Force in a letter that the Beechcraft AT-6 has been excluded from the Light Air Support competition. The letter provides no basis for the exclusion. We are both confounded and troubled by this decision, as we have been working closely with the Air Force for two years and, with our partners, have invested more than $100 million preparing to meet the Air Force’s specific requirements. Additionally, the AT-6 has been evaluated and proven capable through a multi-year, Congressionally-funded demonstration program led by the Air National Guard. We have followed the Air Force’s guidance closely and, based on what we have seen, we continue to believe that we submitted the most capable, affordable and sustainable light attack aircraft as measured against the Air Force’s Request for Proposal. We have requested a debriefing from the Air Force and will be exploring all potential options in the coming days.”
Hawker Beechcraft Corporation is a world-leading manufacturer of business, special mission, light attack and trainer aircraft – designing, marketing and supporting aviation products and services for businesses, governments and individuals worldwide. The company’s headquarters and major facilities are located in Wichita, Kan., with operations in Salina, Kan.; Little Rock, Ark.; Chester, England, U.K.; and Chihuahua, Mexico. The company leads the industry with a global network of more than 100 factory-owned and authorized service centers. For more information, visit www.hawkerbeechcraft.com.
This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including statements that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results may differ significantly from those envisaged by our forward-looking statements. Among the factors that could cause actual results to differ materially from those described or implied in the forward-looking statements are general business and economic conditions, production delays resulting from lack of regulatory certifications and other factors, competition in our existing and future markets, lack of market acceptance of our products and services, the substantial leverage and debt service resulting from our indebtedness, loss or retirement of key executives and other risks disclosed in our filings with the Securities and Exchange Commission.