Kratos Awarded Fully Funded Foreign Military Sales Weapon Systems Contract Valued at Over $48 Million
SAN DIEGO, Calif., Mar 10, 2010 (GlobeNewswire via COMTEX News Network) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security, Information Technology, Assurance, and Public Safety solutions provider, today announced the award to its Weapon Systems Solution (WSS) Division in Huntsville, Alabama, of a new 36-month contract valued at over $48 million. This fully-funded award is for the overhaul, upgrade and sustainment of Air Defense Weapon System munitions in support of a U.S. allied nation under the U.S. Army Foreign Military Sales program.
"This contract award substantiates our unique technical expertise and approaches in providing world-wide weapon system solutions" said Richard Selvaggio, President of the Kratos' Weapon Systems Solutions Division. "Our engineering expertise and design capability, in support of fielded Weapon Systems, are a key discriminator in our ability to be a market leader in the FMS business and has been the catalyst in fulfilling our corporate strategic initiatives in the international market space."
Kratos provides a full spectrum of critical sustainment, engineering, systems analysis, integrated logistics support (ILS), fabrication, and manufacturing capability to support its FMS customers. These support efforts include the transition of new technology, reverse engineering, electronic circuitry and systems, materials, and components from the DoD and commercial sectors to solve obsolescence problems.
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) provides mission critical engineering, IT services, strategic communications and war fighter solutions for the U.S. federal government and for state and local agencies. Principal services include C5ISR, weapon systems sustainment, military weapon range operations and technical services, network engineering services, information assurance and cybersecurity solutions, security and surveillance systems, and critical infrastructure design and integration. The Company is headquartered in San Diego, California, with resources located throughout the U.S. and at key strategic military locations. News and information are available at www.KratosDefense.com.
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Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements including, without limitation, expressed or implied statements concerning the Company's expectations regarding the amount of revenue that will ultimately be recognized under the contract described in this release. Such statements are only predictions, and the Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to: risks that the customer will curtail or delay the work under the contract; risks of adverse regulatory action or litigation; failure to ultimately settle ongoing litigation; risks associated with debt leverage; risks that changes or cutbacks in spending by the U.S. Department of Defense may occur, which could cause delays or cancellations of key government contracts; failure to successfully consummate acquisitions or integrate acquired operations and competition in the marketplace which could reduce revenues and profit margins. The Company undertakes no obligation to update any forward-looking statements. These and other risk factors are more fully discussed in the Company's Annual Report on Form 10-K for the period ended December 29, 2008, the Company's Quarterly Report on Form 10-Q for the period ended September 28, 2009, and in other filings made with the Securities and Exchange Commission.
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SOURCE: Kratos Defense & Security Solutions, Inc.
CONTACT: Kratos Defense & Security Solutions, Inc. Press Contact: Yolanda White 858-812-7302 Investor Information: 877-934-4687 investor@kratosdefense.com
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