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CAE announces several contract wins ahead of annual shareholders meeting

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A television cameraman shoots footage of the CAE headquarters in Montreal on May 14, 2009. CAE slightly missed analyst profit expectations even though its net profit more than doubled to 5.6 million in the first quarter of its fiscal year on a 15 per cent growth in revenues primarily due to the strength of its civil simulator and flight training business. THE CANADIAN PRESS/Paul Chiasson

MONTREAL – CAE Inc. (TSX:CAE) says it has been chosen to train U.S. Air Force crews to operate Predator and Reaper remotely piloted aircraft.

The Montreal-based company says the initial one-year contract is for US$20 million and could be worth up to US$100 million if extended to the maximum.

The deal was one of several announced ahead of CAE’s annual meeting of shareholders Thursday and a conference call with analysts.

CAE also announced a $210-million contract to supply eight flight simulator, related equipment and services to an unidentified customer.

CAE also said it has been awarded a contract to provide three mission training simulators for the Royal Australian Air Force.

Financial details of the military contract weren’t disclosed by CAE.

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The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms.

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