NEWPORT NEWS, Va., Aug. 11, 2011 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries, Inc. (NYSE:HII) received a $56.5 million contract modification, under a previously awarded contract, for continuation of long lead time material procurement associated with construction of the nuclear-powered aircraft carrier John F. Kennedy (CVN 79). The company's Newport News Shipbuilding division is the prime contractor.
"This award continues our efforts to plan and prepare for construction of John F. Kennedy and supports delivering the carrier on time and in a cost-effective manner," said Mike Shawcross, vice president, Gerald R. Ford-class engineering and John F. Kennedy construction. "This award also underscores the Navy's continued commitment to the Ford class of aircraft carriers and the importance of strengthening our nation's fleet of warships."
John F. Kennedy is the second ship in the Gerald R. Ford class of aircraft carriers, the Navy's latest class of nuclear aircraft carriers. The ship's first steel was cut in December 2010. Full construction on John F. Kennedy is currently planned to begin in late 2012 with delivery to the U.S. Navy scheduled for 2020.
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our costs and perform effectively; risks related to our spin-off from Northrop Grumman (including our increased costs and leverage); our ability to realize the expected benefits from consolidation of our Gulf Coast facilities; natural disasters; adverse economic conditions in the United States and globally; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements.
About Huntington Ingalls
Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. Employing more than 37,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding. For more information, visit: