Wichita, KS - July 10, 2007 - Cessna Aircraft Company, a Textron Inc. (NYSE:TXT) company, today announced it will proceed with its Light Sport Aircraft (LSA) program and will unveil a full scale mock-up and program details at the Experimental Aircraft Association's Air Venture in Oshkosh, Wis., later this month.
"After conducting extensive market research, it is clear to us there is a great need for this aircraft as we strive to drive down the cost of flying and learning to fly," said Cessna Chairman, President and CEO Jack J. Pelton. "We believe this aircraft will make a major contribution to stimulating new pilot starts and will encourage already-licensed pilots to continue to fly because it will be more affordable.
"We have developed a business case that makes sense; we have incorporated several innovative features into the design; and we believe we can deliver the finest aircraft in the category, combined with our extensive customer service, flight training and distribution networks, at an attractive price," Pelton said.
Details of the program will be announced during the EAA show at a press conference that will be held at the Air Venture Museum, Eagle Hangar, on Sunday, July 22, at 8:30 a.m.
The company is also planning to conduct a ribbon cutting ceremony at its aircraft exhibit at the show (Exhibit No. 143-156) on Monday, July 23, at 8:30 a.m., and will also hold a forum on the Cessna LSA program the same day, from 1:00 to 2:15 p.m., at the Honda Forum, Pavilion 7. EAA President Tom Poberezny, along with Pelton, will participate in all three events.
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, more than 189,000 Cessna airplanes have been delivered to nearly every country in the world. The global fleet of almost 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 report 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 or where Textron Financial offers financing; and [d] changes in aircraft delivery schedules or cancellation of orders.