SAN DIEGO, May 20, 2009 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading national security, IT and public safety solutions provider, today announced the award to its Madison Research Division in Huntsville, Alabama of a new 18-month Engineering Assignment (EA) valued at approximately $6.6 million. This fully-funded EA award for continued support and sustainment of Foreign Military Sales (FMS) weapon systems comes under the company's existing multi-year support task order with teammate ARINC Engineering Services, LLC. This award brings the total funding of all tasks awarded to Kratos under this contract to approximately $71.5 million.
"This task order award once again demonstrates our ability to provide top quality weapon systems support to our government customers in a timely and cost-efficient manner. Our Technology Initiatives group has consistently received new engineering support tasks because of their exceptional performance," said Richard Selvaggio, Executive Vice President and General Manager of Kratos' Madison Research Division and the Weapon Systems Solutions Sector. "Our expertise in complex systems allows us to efficiently integrate customer requirements and translate those requirements into the most appropriate valued products."
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 and war fighter solutions for the U.S. federal government and for state and local agencies. Principal services include C4ISR, 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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About ARINC Engineering Services, LLC
ARINC Engineering Services, LLC is the wholly-owned defense contracting unit of ARINC Incorporated. ARINC Incorporated, a portfolio company of The Carlyle Group, provides communications, engineering and integration solutions for commercial, defense and government customers worldwide. Headquartered in Annapolis, Maryland with regional headquarters in London and Singapore, ARINC is ISO 9001:2000 certified. For more information, visit the web site at www.arinc.com.
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 revenues that will ultimately be derived from foreign military sales and whether any additional work will be issued and the amount of revenues that will be derived from additional work, if it is issued. 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 foreign military sales will curtail or terminate; risks that the integration of SYS or Digital Fusion will prove more costly, take more time, or be more distracting than currently anticipated; 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 28, 2008, the Company's Quarterly Report on Form 10-Q for the period ended March 29, 2009, and in other filings made with the Securities and Exchange Commission.