VSE Awarded U.S. Navy Contract
Monday November 25, 10:33 am ET
VSE Selected for Five-Year, $160 Million Shipbuilding Support Effort
ALEXANDRIA, Va., Nov. 25 /PRNewswire-FirstCall/ -- VSE Corporation (Nasdaq: VSEC - News) announced today that its Fleet Maintenance Division has been awarded a cost plus fixed fee, indefinite delivery indefinite quantity contract by the Fleet Industrial Supply Center Philadelphia to support the Naval Sea Systems Command (NAVSEA) Shipbuilding Support Office (NAVSHIPSO). The new contract represents potential VSE revenues of up to $30.7 million during the base year, and up to $160.5 million over five years if all option periods are exercised.
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Through its Haddon Heights, New Jersey, and Chesapeake, Virginia, offices, VSE will provide the Navy with engineering and technical support services for ship modernization efforts, including shipboard electric and electronic systems, crew habitability, and auxiliary and propulsion systems. VSE has supported NAVSHIPSO continuously since 1992 under several contracts.
VSE Senior Vice President Mike Hamerly said, "We are very pleased to have been selected by NAVSHIPSO to continue our efforts in supporting this important national defense work. We have supported the Navy's Ship Modernization Program for many years, and we look forward to meeting each new challenge in this very important program during the next five years."
VSE provides diversified services to the engineering, energy and environment, security, and defense services markets from more than 15 locations across the United States and around the world. VSE reported consolidated revenues of $103 million and earnings of $650 thousand ($0.30 a share) for the nine month period ended September 30, 2002.
For more information on VSE services and products, please see the Company's web site at vsecorp.com or contact Len Goldstein, Director of Business and New Product Development, at (703) 317-5202.
VSE shares are traded on Nasdaq under the symbol "VSEC."
This news release contains statements which, to the extent they are not recitations of historical fact, constitute "forward looking statements" under federal securities laws. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward looking statements in this news release, see VSE's public filings with the Securities and Exchange Commission.
Source: VSE Corporation
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