VSE Reports Contract Task Order Awards
New Contract Task Orders Total $206.8 Million
ALEXANDRIA, Va., Jan. 3 /PRNewswire-FirstCall/ -- VSE Corporation (Nasdaq: VSEC) reported the following contract task order awards received during the fourth quarter of 2006.
VSE's Communications and Engineering Division has been awarded a new contract task order under its Rapid Response (R2) Support Contract with the U.S. Army Communications-Electronics Command (CECOM), Fort Monmouth, New Jersey. The new 16-month task order represents potential VSE revenues of about $164.8 million if all options are exercised.
The new task order requires technical support services including program management, integrated logistics, repairing, and sustaining route and area clearance countermine/counter Improvised Explosive Device (IED) system in support of U.S. Army PM Assured Mobility Systems and TACOM. Work will be performed by VSE's subcontractor for this effort, ManTech International Corporation (Nasdaq: MANT), at multiple locations in the United States and Southwest Asia.
VSE also reported today that its Engineering and Logistics Division was awarded a new contract task order under the R2 Support Contract. This new 24- month task order represents potential revenues of about $42.0 million if all options are exercised.
Under this R2 task VSE will perform material maintenance, upgrade, and refurbishment projects critical to the equipment readiness of the U.S. Army Reserve. These tasks will be performed by VSE employees at facilities in Texas, Mississippi, Missouri, and Virginia. VSE will also provide the Army Reserve with critical logistics services and training support. VSE looks forward to working with Army Reserve citizen-soldiers and with the Department of the Army civilian work force to accomplish these important readiness tasks.
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.
VSE provides diversified services to the engineering, energy and environment, defense, and homeland security markets from more than 20 locations across the United States and around the world. For the nine-month period ended September 30, 2006, VSE reported consolidated revenues of $261.8 million and earnings of $5.4 million ($2.23 per diluted share). For more information on VSE services and products, please see the Company's web site at http://www.vsecorp.com or contact Len Goldstein, Director of Business and New Product Development at (703) 317-5202. News Contact: C. S. Weber, CAO, (703) 329-4770.
SOURCE VSE Corporation
Released January 3, 2007