Spirit AeroSystems assessing impact of 787 schedule shift

Spirit AeroSystems will continue to work with Boeing to assess the 787 program schedule. Spirit President and CEO Jeff Turner said, “Although the additional delays in first flight and first delivery are disappointing for all of us, I continue to be pleased with Spirit’s overall performance on the program. Specifically, our structures’ design/build efforts are progressing well as we continue to work with our supply chain to meet program ramp-up requirements. Our major focus areas continue to be accommodating engineering changes and timely receipt of systems and wiring for installation.”

As a result of the program’s schedule revisions, Spirit delivered two forward fuselage ground test units and one of the two flight test units that were anticipated in the 2007 guidance released in conjunction with third quarter 2007 financial results. The schedule revisions will not have a material impact on 2007 earnings. Spirit will be working with Boeing to assess the need for revised delivery schedules for 2008. After the assessment is complete, Spirit will, if necessary, provide updates to its 2008 revenue and earnings guidance. Discussions between Spirit and Boeing concerning impacts to Spirit’s cash flow are ongoing.

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