Comtech Telecommunications Corp. Receives a $226.7 Million Movement Tracking System Contract Ceiling Increase and Performance Period Extension
finance.yahoo.com
MELVILLE, N.Y., July 13, 2010 (GLOBE NEWSWIRE) -- Comtech Telecommunications Corp. (Nasdaq:CMTL) announced today that its Maryland-based subsidiary, Comtech Mobile Datacom Corporation, received a contract modification to its Movement Tracking System (MTS) program contract with the U.S. Army, authorizing two (2) six-month performance period extension options and a $226.7 million ceiling increase. The total MTS contract ceiling is now $899.1 million. Comtech has received orders to date of $668.7 million which includes $47.4 million of MTS orders announced earlier today. The first six-month performance period option was exercised immediately, extending the ordering period out through January 13, 2011, with deliveries and performance now authorized to continue into January 2012.
This is the second MTS contract ceiling increase since May 2010. With the contract's recompete expected to be released in the near future, the government's action ensures that Comtech will be able to continue to provide uninterrupted satellite airtime capacity as well as communications equipment, engineering support, worldwide installation, network management services, training and technical support services to the U.S. Army, through the competition period and any transition period. |
