VSE Corporation Announces $59 Million in New Contract Commitments
VSE Corporation (NASDAQ: VSEC), a leading provider of distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced approximately $59 million in new contract commitments, including the following:
- $42 million in new funding received in July 2020 on both new and existing task and delivery orders with the United States Department of Defense (“DOD”) and other federal agencies. This includes a 26-month delivery order to provide services under VSE’s Foreign Military Sales contract with the Naval Sea Systems Command (“NAVSEA”) International Fleet Support Program Office. Under this delivery order, VSE will provide procurement, staging installation and training of the Low Frequency Active Towed Sonar (LFATS) System to an allied country of the United States.
- $17 million, 36-month task order award to continue work under the Contractor Field Team (CFT) program. Under the terms of this task order, VSE will continue to provide corrosion control treatment, prevention and repair maintenance to aircraft, aerospace ground equipment and support equipment at Kadena Air Base in support of the 18th Wing, 353rd Special Operations Group and Navy Commander Task Force 72 for up to three more years.
“We are honored to provide the highest level of support to our service men and women, allies and civil servants in the field through long-term partnerships with the DOD and other federal agencies,” stated John Cuomo, President and CEO of VSE Corporation. “In our Federal and Defense segment, we have significantly increased our bidding activity on a year-over-year basis, and these recent successes validate our focus on leveraging VSE’s core competencies to build a robust, growing book of business - including both new business wins and renewal awards.”
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit us at www.vsecorp.com.
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE’s actual results to vary materially from those indicated or anticipated by such statements. Many factors could cause actual results and performance to be materially different from any future results or performance, including, among others, the risk factors described in our reports filed or expected to be filed with the SEC. Any forward-looking statement or statement of belief speaks only as of the date of this press release. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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