Atlanta, GA - September 24, 2007 - Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, announced today at the opening of the National Business Aviation Association annual meeting it has an order from XOJET for 30 Citation X business jets with a retail value of more than $600 million.
XOJET is one of the largest Citation X operators in the world. Today the XOJET's fleet consists of 12 Citations Xs which will increase to 17 aircraft by the end of this year. The first aircraft from the new order will deliver in Q1 2008. Deliveries are scheduled to continue through Q4 2010 by which time XOJET will have 47 Citation X in their fleet.
"XOJET's new private aviation model has brought significant innovation to the table for business aviation users. It's great to know our Citation X jets have helped the company set a winning standard of service and performance for people who appreciate the productivity gains the aircraft provides to them," said Cessna chairman, president and CEO Jack Pelton. "The Citation X set new standards in terms of speed, comfort and efficiency which remain unmatched even 10 years after the first delivery of the model."
The Citation X is the world's fastest civil jet aircraft with a top speed of Mach .92 and a range of more than 3,000 nautical miles. Later this year, Cessna will deliver its 5,000th business jet to XOJET - a Citation X put into operation at Cessna in June and on display at the NBAA static display at Fulton County Airport, Sept 25-27.
"More and more executives are flying privately 100-200+ hours a year, and these business travelers are seeking more flexible, cost-effective private jet solutions," said Paul Touw, president and CEO of XOJET. "XOJET's new model was built to give these customers a better way to fly, and market response to our solutions has been exceptional. Our commitment to the super-midsize jet category and the Citation X has helped fuel our rapid growth, and we look forward to introducing 30 new Citation X jets into our fleet."
XOJET provides private jet ownership, leasing and on-demand travel solutions built especially for frequent business jet fliers.
Based on unit sales, Cessna Aircraft Company is the world's largest manufacturer of general aviation airplanes. In 2006, Cessna delivered 1,239 aircraft, including 307 Citation business jets, and reported revenues of about $4.2 billion and a backlog of $8.5 billion. Since the company was originally established in 1927, some 190,000 Cessna airplanes have been delivered to nearly every country in the world. The global fleet of more than 5,000 Citations is the largest fleet of business jets in the world. More information about Cessna Aircraft Company is available at www.cessna.com.
Textron Inc. is an $11 billion multi-industry company operating in 32 countries with approximately 40,000 employees. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.
Forward-looking Information: Certain statements in this release are forward-looking statements and speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including but not limited to the following: [a] changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; [b] the interruption of production at Textron facilities or Textron's customers or suppliers; [c] the occurrence of slowdowns or downturns in customer markets in which Textron products are sold or supplied; [d] changes in aircraft delivery schedules or cancellation of orders; and [e] changes in national or international government policies on the export and import of commercial products.