8 Apr 02. DRS Technologies, Inc. (AMEX: DRS – news) announced that its board of directors approved plans to transfer the company’s common stock for listing on the New York Stock Exchange(NYSE), and that the application DRS filed with the NYSE has been approved.
The company expects to begin trading on the NYSE on Tuesday, April 30, 2002 under the same ticker symbol, “DRS”. Until that time, DRS’s common stock will continue to trade on the American Stock Exchange. “By moving to the world’s most prestigious stock exchange, we expect to increase the company’s visibility in domestic and worldwide investment communities, providing us with access to a broader investor base,” said Mark S. Newman, DRS Technologies’ chairman, president and chief executive officer.
“This move affirms DRS’s status as a leading U.S. defense electronics supplier
and is evidence of the company’s financial strength and longevity. We look
forward to joining many of our industry peers already listed on this exchange.”
“DRS has been well served by the American Stock Exchange since 1983, and we greatly appreciate their support over these past many years,” Mr. Newman added.
DRS has grown significantly over the past several years, reporting a five-year average revenue growth rate of 34 percent through fiscal 2001. For the first three quarters of fiscal 2002, the company reported new records in revenues, profitability, bookings and backlog. During the period, DRS completed a significant acquisition and follow-on equity offering, further enhancing its competitive position in the defense and aerospace industry, and increasing its visibility with the investment community.
“We’re proud to welcome DRS Technologies to the NYSE family of listed companies,” said Exchange Chairman and CEO Dick Grasso. “As a leading supplier of defense electronic systems, DRS is dedicated to providing its customers with superior products and services. DRS’s listing on the NYSE is further evidence of the company’s commitment to the highest standards. We look forward to an outstanding partnership with DRS and its shareholders.”
DRS commercial customers worldwide. Focused on defense electronics, the company develops and manufactures a broad range of mission critical systems and components in the areas of communications, combat systems, rugged computers,electro-optics, data storage, digital imaging, flight safety and space.