Sunday, July 22, 2007


OSHKOSH, Wis., Jul. 22, 2007 (Business Wire) -- Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, today announced details and rolled out a full-scale mock-up of its highly anticipated Light Sport Aircraft (LSA) - the Model 162 SkyCatcher - during a press conference at the opening of the annual Experimental Aircraft Association Convention, also known as AirVenture. This new aircraft brings a combination of experience and innovation to the LSA market.

'For the past year, we have been soliciting feedback from the market on our proof-of-concept aircraft, and the result is an airplane that we believe is the most advanced and innovative in its class,' said Cessna Chairman, President and CEO Jack J. Pelton. 'We have had more voice-of-the-customer input into the design of this aircraft than anything we've done in the past, and that has led to many design elements that make it easier for pilots and passengers.'

The Teledyne Continental O-200D engine was chosen for this aircraft because of its advantages in operations, warranty and maintenance, and customers preferred it. The engine is air-cooled and has a greater mean-time-between-overhaul period than other engines considered, and it demonstrated a lower operating cost.

Other features incorporated in the Cessna LSA include electric elevator trim and mechanical flaps as well as a fixed-seat/adjustable rudder pedal design. The front seats pivot forward allowing easy access to rear baggage space through cabin doors on both sides of the fuselage. In addition, the dual control sticks designed by Cessna provide straight stick functionality and feel, while allowing easy access to pilot and co-pilot seats.

The SkyCatcher will cruise at speeds up to 118 knots and will have a maximum range of 470 nautical miles. The aircraft has a maximum gross weight of 1,320 pounds, a service ceiling of 15,500 feet, a useful load of 490 pounds, and a usable fuel load of 24 gallons.

At an introductory price of $109,500, first flight of the prototype Model 162 is set for the first half of 2008 and deliveries are expected to begin in 2009. Orders are being taken at AirVenture with a $10,000 deposit and the introductory price will hold for the first 1,000 orders, and then increase to $111,500. Cessna expects to produce up to 700 a year at full-rate production.

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 press 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 timing of new product launches and certifications of new aircraft products; (d) the occurrence of slowdowns or downturns in customer markets in which Textron products are sold or supplied or where Textron Financial offers financing; (e) changes in aircraft delivery schedules or cancellation of orders; (f) the launching of significant new products or programs which could result in unanticipated expenses; and (g) bankruptcy or other financial problems at major suppliers that could cause disruptions in Textron's supply chain.

Newstex ID: BW-0001-18313042


Delivered by Newstex LLC
via theFinancials.com