Annual Meeting Remarks, 1/12/05

01 / 12 / 2005

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Another key feature is our proprietary return-to-home controller. This electric abort controller is powered by a self-contained battery and returns the cabin and its occupants to a safe position under any power loss or system failure mode.

Flight School XXI DF

To date, we’ve received orders for over 25 flight simulation systems for military applications such as Flight School XXI and C-17 aircraft. Flight School XXI, named conceptually after ‘Flight Training for the 21st Century’, is a U.S. Army initiative focused on addressing deficiencies in Army aviation training. The Army attributes current weaknesses in the combat readiness of newly commissioned officers to limited training in modern helicopters during flight training. The growing complexity of modern war fighting systems has facilitated the need for a step-change in training. As part of Flight School XXI, the primary flight trainer will be the TH-67 (Jet Ranger). Combat aircraft training will be focused on the UH-60 (Black Hawk), CH-47 (Chinook), OH-58D (Kiowa) and AH-64A and D (Apache). We have also received orders for 10 systems to be applied for business jet training including the Gulfstream G4 series. This book of business is all deliverable through FY06.

We’ve completed development for Flight School XXI and the C-17 program, delivering three systems to date. The initial delivery of the first commercial system will occur in our second quarter. This will be the first all-electric system to achieve FAA Level D certification.

Total Market for Flight Simulation Is $2 Billion, Growing at 6% a Year

The North American flight simulation market is a really big market, well over $2 billion and growing at 6% a year. In ’04, Moog’s sales were $12 million, and, as a result of all the new product introduction I’ve described, will grow to $19 million in ’05.


Bob Brady, Chairman and CEO resumes:
Thanks Dave.
Now I’d like to introduce Larry Ball, a Vice President and our General Manager of the Components Group. Larry was the President of the Litton Poly-Scientific Division of Northrop Grumman when we acquired it in September of '03. Larry had been President since 1996. Prior to that, he held a number of managerial positions with various Litton Divisions. Although Larry has been a resident of Blacksburg, Virginia, where our Components Group is headquartered for some years now, and incidentally all three of his children are attending Virginia Tech, a wonderful university in Blacksburg, Larry is not originally a Virginian. Larry grew up outside Philadelphia, went to college at West Chester University, and has an M.B.A. from Villanova.

Over the last 15 months, Larry has had the interesting and challenging problem of arranging the assimilation of his staff of almost 1,000 people into the Moog Company and the Moog culture. From all points of view, we regard it as a very successful effort and, when Larry tells you the Respironics story, I think you'll be able to understand why that's so. Here's Larry.

Larry Ball, Vice President and General Manager of the Components Group

Good morning.
Today I would like to talk to you about the Components Group and particularly about our largest and most exciting customer, Respironics.

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