Archive: Business/Financial

titan aerospace

Google Acquires UAV Developer Titan Aerospace

Google [GOOG] on Monday said it has acquired Titan Aerospace, a developer of high-altitude solar-powered unmanned aerial vehicles (UAVs) for potential use in a number of applications. Terms of the deal were not disclosed. Facebook [FB] earlier this year was reportedly interested in New Mexico-based Titan. A Google spokesperson said in a statement that “Titan [...]

Exit for arriving passengers at Chicago O'Hare International Airport Terminal 5. Photo: Chicago Dept. of Aviation

TSA Awards MorphoTrust Potential $85 Million Contract For Credential Authenticators

The Transportation Security Administration last Friday awarded MorphoTrust a potential $85 million contract to provide a credential authentication system to verify only legitimate passengers and other personnel gain access to secure areas of airports. The Credential Authentication Technology (CAT) system will be used by the agency’s Transportation Security Officers to assess various travel and identity [...]

iStock Cyber Lock

Proper Cyber Security Data Sharing Unlikely To Raise Antitrust Issues, Administration Says

Moving to remove another hurdle to the unwillingness of some in the private sector to share information about cyber security threats, the Obama administration on Thursday issued guidance saying that antitrust concerns should not stand in the way of the legitimate sharing of such data. “Today’s announcement makes clear that when companies identify a threat, [...]

Heavy Equipment Transporter. Photo: Oshkosh

Oshkosh Defense Plans Layoffs Amid Military Spending Cuts

Oshkosh Corp. [OSK] said Thursday it plans to cut about 700 hourly jobs from its defense division’s workforce this summer due to cuts in military spending. In addition to the hourly worker cuts, Oshkosh said it would eliminate about 60 salaried positions beginning in July with most of these being temporary employees and those retiring. [...]

Container security tag from Savi. Photo: Savi

Savi Nabs $102 Million DoD RFID-IV Contract

Savi said on Wednesday that the Defense Department has awarded it a potential five-year, $102 million winner-take-all contract to provide new capabilities to the department and its components for automatic global tracking and monitoring of assets and commodities. Under the Radio Frequency Identification (RFID)-IV program, Savi will provide customers with a comprehensive array of hardware [...]

SAIC CEO Tony Moraco

SAIC’s Fourth Quarter Income, Sales Tumble

Science Applications International Corp. [SAIC] on Tuesday posted double-digit declines in its fourth quarter earnings and sales due to the loss of a contract, the drawdown of military operations in Afghanistan, and the completion of work on an Army contract. Net income fell 23 percent to $33 million, 66 cents earnings per share (EPS), from [...]

Precision Drone's Pacesetter UAS for the agricultural industry. Photo: Precision Drones

AUVSI, Other Groups Press FAA On UAS Airspace Rulemaking

A wide range of organizations that support everything from robotic vehicles, manned aircraft and farmers on Tuesday sent a letter to the Federal Aviation Administration (FAA) asking the agency to expedite the rulemaking process for unmanned aircraft systems (UAS) to operate in the national airspace. The letter from the 33 groups also asks the FAA [...]

CACI President and CEO Ken Asbury

CACI Lowers FY ’14 Financial Guidance Amid Persistent Headwinds

CACI International [CACI] on Wednesday lowered its top and bottom line expectations for its current fiscal year due to continued contract delays, slower run rates and the decline in purchases related to Afghanistan. Following congressional passage in January of an omnibus appropriations act to fund the federal government through the end of September and to [...]

The first National Security Cutter Bertholf navigates through Alaskan waters. Photo: Coast Guard

Coast Guard Awards HII $497 Million To Build NSC 7

The Coast Guard on Monday said it awarded shipbuilder Huntington Ingalls Industries [HII] a $497 million contract for production of the seventh Legend-class National Security Cutter (NSC), leaving just one ship left to be funded and built in the service’s line of new high-endurance cutters. The cutter Kimball (WMSL 756), which will be built at [...]

Exelis Mission Systems President Kenneth Hunzeker. Photo: Exelis

Exelis Names Planned New Public Company Vectrus

Exelis [XLS] on Tuesday said its Mission Systems division that it is preparing for spin-off into a publicly traded military and government services company will be named Vectrus. Vectrus is derived from two words, Vector and Trust. The stock ticker symbol and logo for Vectrus are still being worked out. “While the brand will be [...]