VSE Wins Subcontracts for Up to $90 Million
ALEXANDRIA, Va., Oct. 1 /PRNewswire/ -- VSE Corporation (VSE) (Nasdaq: VSEC) reported that its engineering, logistics, management, and technical services business segment was awarded two subcontracts during September 1998. If fully funded with all options exercised, the subcontracts represent potential VSE revenues of up to $90 million over a five year period extending to the year 2003.
In the largest of the two awards, VSE will work with its teaming partners to provide rapid response to critical military and civilian agency requirements for integrated engineering, operational support, maintenance, repair, and upgrade of systems. Potential VSE revenues of up to $75 million may be realized under this indefinite delivery/indefinite quantity contract which was jointly issued by the U. S. Army Communications Electronics Command (CECOM), Fort Monmouth, New Jersey, and the U. S. Air Force Air Logistics Center, Oklahoma City, Oklahoma.
In the other September 1998 award, VSE was awarded a subcontract to provide engineering and technical support services to the U. S. Navy's Fleet Technical Support Center at Norfolk, Virginia. VSE could realize revenues of up to $15 million under a cost-plus-fixed-fee subcontract arrangement for this work.
VSE provides diversified services and products to the engineering, energy and environment, health care, information technology, and defense services markets. VSE's principal customers are agencies of the U. S. government and other prime contractors. The company has about 1,200 employees providing services and products from more than 20 locations across the United States and around the world. The company and its subsidiaries reported consolidated revenues of about $156 million for 1997. |
