SAN DIEGO, Dec. 27, 2013 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, announced today that its Defense and Rocket Support Solutions (DRSS) Division, a significant subcontractor team member supporting international weapon systems, has recently received a contract option award in support of certain foreign allied militaries. After successfully completing the contract award base year, the Kratos team received the option year award of $17M, which increased the total contract award potential to $34M. This is a recent increase in base contract scope and value and the first option awarded under this previously undisclosed major contract award on which Kratos is performing a critical and significant role in a key subcontractor position. Kratos has unique qualifications and capabilities related to these currently deployed weapon systems, with the work Kratos is providing under this contract being performed at secure Kratos operations facilities and at military facilities and installations. Due to certain customer related considerations and the nature of the work Kratos is performing, no additional information is being provided related to this contract award.
Dave Carter, President of DRSS, said, "We are proud to have received the first option year award under this contract with our prime partner in support of our end customers' weapon systems and related platforms. The support of United States foreign allies' weapon systems is an important and growing area of work for our business, and together with our prime partner we are committed to extending the life cycle of these systems and providing value to our international customers."
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) is a specialized National Security technology Company providing mission critical products, services and solutions for United States National Security. Kratos' core capabilities are sophisticated engineering, manufacturing and system integration offerings for National Security platforms and programs. Kratos' areas of expertise include Command, Control, Communications, Computing, Combat Systems, Intelligence, Surveillance and Reconnaissance (C5ISR), satellite communication systems, electronic warfare, unmanned systems, missile defense, cyber warfare, cybersecurity, information assurance, and critical infrastructure security. Kratos has primarily an engineering and technically oriented work force of approximately 3,850. The vast majority of Kratos' work is performed on a military base, in a secure facility or at a critical infrastructure location. Kratos' primary end customers are National Security related agencies. News and information are available at www.KratosDefense.com.
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty, including risks related to product failure, general economic conditions and cutbacks in spending. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 30, 2012, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
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Source:Kratos Defense & Security Solutions, Inc.