VSE Awarded NAVSHIPSO Contract Fleet Maintenance Division Selected for Five-Year Support Contract
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Thu Feb 05 12:34:00 2004 EST
ALEXANDRIA, Va., Feb 5, 2004 /PRNewswire-FirstCall via COMTEX/ --
VSE Corporation
(Nasdaq: VSEC) reported 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 $32 million during
the base year, and up to $166 million over five years if fully funded and all
option periods are exercised.
Through its Haddon Heights, New Jersey, and Chesapeake, Virginia, offices,
VSE will provide engineering and technical support services for Navy
shipbuilding and 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 the Navy's
Ship Modernization Program. We look forward to meeting the challenges of this
very important program during the next five years."
VSE provides diversified services to the engineering, energy and
environment, defense, and homeland security markets from more than 15
locations across the United States and around the world. VSE reported revenues
of $92 million and net income of $1.4 million ($.64 per share) for its recent
nine-month period ended September 30, 2003.
For more information on VSE services and products, please see the
Company's web site at www.vsecorp.com or contact Len Goldstein, Director of
Business and New Product Development at (703)317-5202. |
