WELLINGTON, Fla., Feb 02, 2010 (BUSINESS WIRE) -- B/E Aerospace (Nasdaq: BEAV), the world's leading manufacturer of aircraft cabin interior products and the world's leading distributor of aerospace fasteners and consumables, today announced that it has been selected by a major global airline to outfit one of its new wide-body aircraft types and to retrofit certain of its existing international wide-body aircraft with B/E Aerospace Super First Class suites. This award is initially valued in excess of $100 million. Deliveries under the retrofit portion of the program represent in excess of 50 percent of the value of the initial program and are expected to commence early in 2011.
B/E Aerospace's Super First Class private suites provide first class international passengers with luxurious amenities, comfort and personal space including a fully flat bed, highly customizable levels of privacy, an ergonomically contoured seat backrest system, custom lighting features and enhanced interactive in-flight entertainment.
"We are honored to have been selected by one of the world's leading international airlines. Our Super First Class products provide international passengers with the ultimate in luxurious passenger comfort. This award reinforces our market position as the leading provider of premium class aircraft cabin interior products and further strengthens our position as the leading provider of Super First Class suites," said Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace, Inc.
Mr. Khoury continued, "As expected, bookings improved during the fourth quarter of 2009 and represent the first quarterly period with a book-to-bill ratio in excess of one in over a year. Importantly, based upon discussions with a number of our major customers relative to their planned commercial aircraft spares purchases, our expectation that consumables demand should improve in 2010 consistent with higher levels of global airline traffic, a marked pick-up in request for quote activity for retrofit and new buy program awards, as well as the conversion of a portion of the supplier furnished equipment programs awards, which we have already won to purchase orders, we expect a book-to-bill ratio for 2010 in excess of 1 to 1 which we believe will drive a significant increase in revenues, earnings and cash flows beginning in 2011."
This news release contains 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. Such forward-looking statements involve risks and uncertainties. B/E Aerospace's actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those related to the expected benefits from the HCS acquisition, changes in market and industry conditions and those discussed in B/E Aerospace's filings with the Securities and Exchange Commission, which include its Proxy Statement, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For more information, see the section entitled "Forward-Looking Statements" contained in B/E Aerospace's Annual Report on Form 10-K and in other filings. The forward-looking statements included in this news release are made only as of the date of this news release and, except as required by federal securities laws, we do not intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
B/E Aerospace will provide these three airlines with individually and jointly developed customized private suites for their first class international passengers.
B/E Aerospace was presented the award at the Aircraft Interiors Expo in Hamburg, Germany.
It has been selected by Deutsche Lufthansa AG ("Lufthansa") to outfit its new-buy A330 aircraft and to retrofit its current fleet of A330 and A340 aircraft with B/E Aerospace next generation...
Program Estimated Value in Excess of $800 Million