EVERETT, Wash.,
Dec. 11 /PRNewswire-FirstCall/ --
Boeing (NYSE: BA) today
announced an updated schedule for its all-new 787 Dreamliner program that
moves the commercial jet's first flight into the second quarter of 2009 and
first delivery into the first quarter of 2010. The new schedule reflects the
impact of disruption caused by the recent Machinists' strike along with the
requirement to replace certain fasteners in early production airplanes.
"Our industry team has made progress with structural testing, systems
hardware qualification, and production, but we must adjust our schedule for
these two unexpected disruptions," said Boeing Commercial Airplanes President
and CEO Scott Carson.
Prior to the strike that halted much of the company's commercial airplane
work from early September into November, the 787 was to make its first flight
late in the fourth quarter of 2008. First delivery was slated for the third
quarter of 2009.
"We're laser focused on what needs to be done to prepare for first
flight," said Pat Shanahan, 787 program vice president. "We will overcome this
set of circumstances as we have others in the past, and we understand clearly
what needs to be done moving forward."
Included in the preparations for first flight, Shanahan said, are
finalizing and incorporating remaining engineering changes and completing
systems testing, qualifications and certification.
Boeing is evaluating the specific impact of this delay on customer
delivery dates and will provide customers with updated schedules once
completed. The company is also determining any financial impact from this
schedule change and will incorporate that into updated financial and overall
airplane delivery guidance that will be released at a later date.
Forward-Looking Information Is Subject to Risk and Uncertainty
Certain statements in this report may constitute "forward-looking"
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Words such as "expects," "intends," "plans," "projects," "believes,"
"estimates," and similar expressions are used to identify these forward-
looking statements. These statements are not guarantees of future performance
and involve risks, uncertainties and assumptions that are difficult to
predict. Forward-looking statements in this press release include, among
others, statements regarding future results as a result of our growth and
productivity initiatives, our financial outlook and the benefits of the IDS
structure. Forward-looking statements are based upon assumptions as to future
events that may not prove to be accurate. Actual outcomes and results may
differ materially from what is expressed or forecasted in these forward-
looking statements. As a result, these statements speak only as of the date
they were made and we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Our actual results and future trends may differ
materially depending on a variety of factors, including the continued
operation, viability and growth of major airline customers and non-airline
customers (such as the U.S. Government); adverse developments in the value of
collateral securing customer and other financings; the occurrence of any
significant collective bargaining labor dispute; our successful execution of
internal performance plans including our company-wide growth and productivity
initiatives, production rate increases and decreases (including any reduction
in or termination of an aircraft product), availability of raw materials,
acquisition and divestiture plans, and other cost-reduction and productivity
efforts; charges from any future SFAS No. 142 review; ability to meet
development, production and certification schedules for the 747-8 and/or 787
program and the ability to meet scheduled deliveries of the 747-8 and/or 787
airplane; technical or quality issues in development programs (affecting
schedule and cost estimates) or in the satellite industry; an adverse
development in rating agency credit ratings or assessments; the actual
outcomes of certain pending sales campaigns and U.S. and foreign government
procurement activities, including the uncertainty associated with the
procurement of tankers by the U.S. Department of Defense (DoD) and funding of
the C-17 program; the cyclical nature of some of our businesses; unanticipated
financial market changes which may impact pension plan assumptions; domestic
and international competition in the defense, space and commercial areas;
continued integration of acquired businesses; performance issues with key
suppliers, subcontractors and customers; significant disruption to air travel
worldwide (including future terrorist attacks); global trade policies;
worldwide political stability; domestic and international economic conditions;
price escalation; the outcome of political and legal processes, changing
priorities or reductions in the U.S.
Government or foreign government defense and space budgets; termination of
government or commercial contracts due to unilateral government or customer
action or failure to perform; legal, financial and governmental risks related
to international transactions; legal and investigatory proceedings; tax
settlements with the IRS and various states; U.S. Air Force review of
previously awarded contracts; costs associated with the exit of the Connexion
by Boeing business; and other economic, political and technological risks and
uncertainties. Additional information regarding these factors is contained in
our SEC filings, including, without limitation, our Annual Report on Form 10-K
for the year ended December 31, 2007 and our Quarterly Reports on Form 10-Q
for the quarters ended March 31, June 30, and September 30, 2008.
Contacts:
Yvonne Leach, 787 Communications, +1 206-854-5027
Diana Sands or Rob Young, Investor Relations, +1 312-544-2140
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