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Spirit AeroSystems assessing impact of 787 schedule shift

Jan. 17, 2008, Wichita, KS- Spirit AeroSystems has announced that it will continue to work with Boeing to assess the 787 program schedule.


January 17, 2008
By Carey Fredericks

Jan. 17, 2008, Wichita, KS- Spirit AeroSystems has announced
that it 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.
       
"I have tremendous confidence in the 787 and Spirit's ability to deliver
to our customer's requirements," Turner said. "This is a terrific airplane,
with a strong backlog and we are committed to its success."
       
Spirit will release 4th quarter and full year 2007 financial results on
February 7, 2008.