LMI aerospace signs $170 million contract with Gulfstream; contract will run through 2010

LMI Aerospace, Inc. (Nasdaq: LMIA), a leading provider of structural components, assemblies and kits to the aerospace, defense and technology industries, announced today that it has signed a five-year contract for components, kits and assemblies with Gulfstream Aircraft Corporation.  The execution of this contract concludes negotiations of the Memorandum of Understanding the company announced on November 2, 2005.

The contract value is estimated, based on current production rates, at $170 million through December 31, 2010, and consolidates under one contract all existing contracts and most of the other work LMI Aerospace performs for Gulfstream.  Each of LMI's facilities will be involved in supporting the new agreement.  LMI produces wing and fuselage components and assemblies and provides kits of aircraft components with just-in-time distribution to Gulfstream's assembly floor for the G350, G450 and G550 business jets.

"We are pleased to extend our strategic partnership with Gulfstream," said Ronald S. Saks, President and Chief Executive Officer of LMI.  "This long-term agreement will allow us to invest in innovative ways to support Gulfstream on both current work and future development aircraft opportunities."