Fort Worth, TX - March 2, 2005 - The Operational Evaluation (OPEVAL) testing program for the Bell Boeing V-22 Osprey has now been approved. On February 24, Tom Laux, the Program Executive Officer for Air Anti-Submarine Warfare, Assault, and Special Mission Programs, certified that the V-22 Osprey aircraft is ready for operational testing and evaluation.
"This is great news signifying a crucial step forward in reaching our goal of getting this tremendous aircraft to our customers," declared Robert Kenney, Bell Helicopter vice president and director of the V-22 Joint Program Office.
The actual start date for OPEVAL will be determined by Marine Corps Col. Glenn Walters, commanding officer of VMX-22, the squadron based at MCAS New River, NC, which has the mission of performing the V-22 OPEVAL. However, OPEVAL is expected to begin within two weeks.
Two Ospreys were delivered in February from Bell Helicopter's Amarillo, Texas, manufacturing facility bringing the calendar year delivery total to three aircraft so far. February deliveries included the CV-22 Additional Test Asset (ATA) to Edwards AFB, Calif., and Osprey No. 48 was delivered to VMX-22 at MCAS New River, NC. The V-22 program calls for a total of 458 aircraft to be delivered to US Government customers.
Bell Helicopter, a subsidiary of Textron Inc. (NYSE: TXT) is a $1.6 billion, leading producer of commercial and military helicopters, and the pioneer of the revolutionary tiltrotor aircraft. Globally recognized for customer service, innovation and superior quality, Bell's global workforce of over 7,500 employees serves customers flying Bell aircraft in over 120 countries.
Textron Inc. is a $10 billion multi-industry company with 44,000 employees in nearly 40 countries. 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, Jacobsen, Kautex, Lycoming, E-Z-GO and Greenlee, among others.
Forward-looking Information: Certain statements in this report and other oral and written statements made by Textron from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These forward-looking statements 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 the following: [a] the extent to which Textron is able to achieve savings from its restructuring plans; [b] uncertainty in estimating the amount and timing of restructuring charges and related costs; [c] changes in worldwide economic and political conditions that impact interest and foreign exchange rates; [d] the occurrence of work stoppages and strikes at key facilities of Textron or Textron's customers or suppliers; [e] Textron's ability to perform as anticipated and to control costs under contracts with the U.S. Government; [f] the U.S. Government's ability to unilaterally modify or terminate its contracts with Textron for the Government's convenience or for Textron's failure to perform, to change applicable procurement and accounting policies, and, under certain circumstances, to suspend or debar Textron as a contractor eligible to receive future contract awards; [g] changes in national or international funding priorities and government policies on the export and import of military and commercial products; [h] the adequacy of cost estimates for various customer care programs including servicing warranties; [i] the ability to control costs and successful implementation of various cost reduction programs; [j] the timing of certifications of new aircraft products; [k] the occurrence of slowdowns or downturns in customer markets in which Textron products are sold or supplied or where Textron Financial offers financing; [l] changes in aircraft delivery schedules or cancellation of orders; [m] the impact of changes in tax legislation; [n] the extent to which Textron is able to pass raw material price increases through to customers or offset such price increases by reducing other costs; [o]Textron's ability to offset, through cost reductions, pricing pressure brought by original equipment manufacturer customers; [p] Textron's ability to realize full value of receivables and investments in securities; [q] the availability and cost of insurance; [r] increases in pension expenses related to lower than expected asset performance or changes in discount rates; [s] Textron Financial's ability to maintain portfolio credit quality; [t] Textron Financial's access to debt financing at competitive rates; [u] uncertainty in estimating contingent liabilities and establishing reserves to address such contingencies; [v] performance of acquisitions; and [w] the efficacy of research and development investments to develop new products.