VSE Tasked Under New Navy Contract
Friday March 18, 9:34 am ET
- Three New Delivery Orders Total $44 Million
ALEXANDRIA, Va., March 18 /PRNewswire-FirstCall/ -- VSE Corporation (Nasdaq: VSEC - News) reported today that its Fleet Maintenance Division has been awarded three delivery orders under the new multiple award Navy contract previously announced by VSE on September 27, 2004. Under the new contract, VSE provides engineering and technical services to support U.S. Navy maintenance, overhaul, repair, and alteration of systems aboard ships. The delivery orders announced today are the first orders reported under the new contract.
The first delivery order was awarded on February 24, 2005, for $18.7 million to provide services for U.S. Navy aircraft carriers (CV/CVN class ships). A second delivery order was awarded on February 25, 2005, for $12.3 million to provide services for other classes of Navy ships (the LHA/LHD, FFG, CG, and DDG class ships) as well as for Navy service craft.
Under these delivery orders VSE provides support to the Navy for engineering and planning, waterfront technical and industrial assistance, and logistic support for shipboard systems installation and equipment upgrades and modifications including program planning, scheduling, installation and testing, QA inspections, development of installation drawings and other related technical documentation, and development of spare parts and material requirements lists.
A third delivery order was awarded on March 10, 2005, for $13.1 million to provide engineering, technical, and industrial support to the U.S. Navy for planning, overhaul, upgrade, installation, testing, and integrated logistics support of mobile/deployable units and shore-based equipment and systems. Work on this delivery order will provide engineering, logistics, life cycle support, and kit development on a variety of systems including trailers, mobile maintenance facilities, aircrew escape systems, and low-cost infrared countermeasure simulation training devices.
VSE's Fleet Maintenance Division is under the direction of Mike Hamerly, Senior Vice President and Division Manager. "We are very pleased to have been awarded these tasks under our new contract," said Mr. Hamerly. "We look forward to continuing our services to maintain fleet readiness."
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. For the fiscal year ended December 31, 2004, VSE reported consolidated revenues of $216 million and earnings of $3.4 million ($1.49 per share diluted). |
