WALTHAM, Mass., July 15, 1999 -Parametric Technology Corporation (NASDAQ: PMTC) today announced that it has received several orders totaling $1 million from Ingalls Shipbuilding of Litton Industries in Pascagoula, Mississippi. The orders include $400,000 of additional licenses of Windchill enterprise product and process lifecycle management software plus ongoing consulting and services. The software was shipped to the company during the third quarter of Parametric Technology's fiscal year.
For more than six decades, the name Ingalls has been synonymous with shipbuilding. Ingalls has more than 11,000 employees delivering a full spectrum of naval vessels, from cruisers and destroyers to large-deck amphibious assault ships. Earlier this year, Ingalls expanded its business into the cruise ship market by signing a contract to build the first luxury cruise ship to be built in the U.S. in 40 years.
Ingalls is teamed with Raytheon in a competition for the design of the U.S. Navy's most advanced surface combatant vessel ever, in the 21st Century Destroyer (DD 21) Program. DD 21 will be the first surface vessel designed as a total ship system from the keel up to embody the principals of "net-centric" warfare by exploiting advanced command, control, communications, computers, intelligence, surveillance and reconnaissance capabilities. When the first ship goes into service in 2009, the U. S. Navy will have a land attack and maritime dominance capability second to none.
"Our mission is to provide a fully standards-based, web-centric solution for our information technology vision," said Jana Ferrell, integrated data environment section manager for Ingalls Shipbuilding. "Achieving this goal will allow the DD 21 partnership 24-hour access to critical data, which will eliminate costly information bottlenecks.
"Ingalls is committed to moving to a web-centric product model where data is available from the waterfront to the executive boardroom through the use of a web browser. Our goal is to accelerate the flow of critical product and process information throughout our supply chain, allowing us to provide the most cost-effective systems and solutions to the DD 21 program," Ferrell added.
About PTC
Parametric Technology Corporation, founded in 1985 and headquartered in Waltham, Mass., develops, markets and supports integrated product development and lifecycle management solutions that help companies spur innovation and achieve sustained competitive advantage. PTC's software solutions are complemented by the strength and experience of its professional services organization, which provides training, consulting and support to customers around the globe. In its fiscal year ended September 30, 1998, the company achieved more than $1 billion in revenue. PTC can be reached at 781-398-5000, or via the web at http://www.ptc.com.
Except for the historical information contained herein, matters discussed in this news release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include PTC's ability to anticipate and adequately respond to evolving customer requirements and to deliver products and services that meet those requirements together with such other risks and uncertainties as are detailed from time to time in reports filed by PTC with the Securities and Exchange Commission, including PTC's most recent reports on Form 10-K and 10-Q. The announcement of any particular sales order is not necessarily indicative of the timing of recognition of revenue from such order or the level of revenue for any particular period.
Parametric Technology Corporation is a registered trademark and all names in the PTC product family as well as the PTC logo are trademarks of Parametric Technology Corporation in the United States and in other countries. All other companies and products referenced herein have trademarks or registered trademarks of their respective holders.