ALEXANDRIA, Va., 5 April 2005. VSE Corp. reported today that its Systems Engineering Division has been awarded three new Pentagon contracts totaling $54 million.
In the first contract, VSE was tasked by the U.S. Navy to support the development of anti-submarine warfare systems. This effort has a potential value of about $40 million over a two-year period.
In the second award, VSE has been tasked by the Army to provide sensor and display kits for tactical and combat vehicles. This award has a value of about $2 million and helps position VSE for further kit development work for tactical and combat vehicles and for other systems and equipment.
Finally, VSE won a contract for Tanker Ballistic Protection System (TBPS) support. Under the new letter contract, initially valued at $12.8 million, VSE will extend the application of its Fuel Tanker Self-Sealing System and Add-on Armor Panels for U.S. Army Fuel Dispensing Tankers to two additional classes of fuel tankers operating in Kuwait and Iraq. Work on the new contract will be performed primarily in Kuwait and Iraq. The contracting activity is the U.S. Army Tank-Automotive and Armaments Command, Warren, Mich.
VSE's Systems Engineering Division is under the direction of Tom Dacus, Senior Vice President and Director of VSE's Federal Group. "With the award of this contract, VSE is increasing its support of this important Army program by applying the Self-Sealing System on two more variants of fuel trailers and haulers. The application of this product on fuel tankers is a high priority at VSE, and we are committed to meeting the Army's requirements," he said.
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). For more information, see www.vsecorp.com.
