No Surprise -- Plane Won't Fly Before Q2 2009

In a rather subdued release Thursday, Boeing timidly announced an updated schedule for its 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 announcement confirmed reports that first surfaced last week, stating Boeing would soon announce a fourth major delay to the 787 program. Boeing says 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 IAM strike -- which, Boeing points out, halted much of the company's commercial airplane work from early September into November -- the composite-bodied 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 says it 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.

Apart from the noticeably contrite tone of Boeing's announcement, another aspect of the release struck us as interesting: the typical "Forward-Looking Statement" boilerplate -- usually written in small type at the end of nearly all announcements involving a future development program -- was highlighted and bolded on Boeing's announcement... perhaps to remind customers, critics, pundits and media alike that "Forward-Looking Information Is Subject to Risk and Uncertainty."

Given that we're discussing the subject of first flights at the time Boeing originally -- and boldly -- said the first 787 would be delivered to All Nippon Airways ... that's probably a statement Boeing should take to heart, as well.

FMI: www.boeing.com