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Simultaneously, an initial delivery order for approximately $127 million was issued for delivery in 2012; it expected to be complete by March 31, 2013. It is the company’s practice with all ID/IQ contracts to record as backlog only the portion of the award that has firm delivery orders issued against the total contract. In this particular case, Ceradyne will only book delivery order 0001 for $127 million.
“We are extremely pleased to receive this multi-year ESAPI award and its initial delivery order,” said David P. Reed, president of North American Operations for Ceradyne. “We believe that this contract was, at least in part, awarded to Ceradyne based on our technology, in-place production capacity, past performance and our vertical integration strategy.”
For more information, visit www.ceradyne.com.