Archive: Business/Financial

Exelis Mission Systems President Kenneth Hunzeker.. He will become CEO of Vectrus. Photo: Exelis

Vectrus Executives Outline Future Services Company

With the drawdown of the United States military in Afghanistan and constrained defense budgets overall, the services business of Exelis Inc. [XLS] that will be spun out into a separate company in a week will look to diversify its customer base, officials from the new company said on Friday. Vectrus has identified $10 billion in [...]

dsg_UK

KBR and Rheinmetall Defense Offer Joint Venture Bid for U.K. Defense Support Group

KBR and Rheinmetall Defense Sept. 12 submitted a Joint Venture (JV) bid to acquire the Defense Support Group (DSG), a Ministry of Defense (MoD) Trading Fund that provides military vehicle maintenance and repair services to the United Kingdom armed forces. DSG provides the MoD with secure access to assured onshore capacity and capability for maintenance, [...]

iStock Cyber Lock

NIST Awards Three Grants For Additional Online Identity Security Pilots

TAMPA, Fla.—The National Institute of Standards and Technology (NIST) on Wednesday awarded $2.9 million in grants to three entities for additional pilot projects in support of an ongoing public-private partnership aimed at seeding the marketplace with solutions and standards for boosting online security and privacy. Confyrm received $1.2 million, Safran Group’s MorphoTrust USA unit $823,235 [...]

CAPITOL

SASC Investigation Finds Flaws in DoD’s Cyber Attack Reporting Procedures for Contractors

U.S. Transportation Command was aware of only two of at least 20 cyber intrusions on its contractors in a one-year period, according to an investigation by the Senate Armed Services Committee, sparking the committee to include corrective action in its version of the 2015 defense authorization bill. SASC Chairman Carl Levin (D-Mich.) said the problem [...]

USIS' Global Security & Solutions President Jeremy Wensinger. Photo: USIS

After OPM Ends Contract, USIS Says Committed To Security Business

Professional services firm US Investigations Services, LLC (USIS) Wednesday evening said it remains committed to its Global Security and Solutions (GS&S) business following a federal agency’s decision a day earlier not to award further contract options to the company for background investigations. The background investigations field work and services done by USIS for the Office [...]

Lockheed Martin Nabs $800 Million Australian Defense IT Contract

Lockheed Martin [LMT] said on Wednesday it has received a contract worth about $800 million from the Australian Department of Defence for a major data center consolidation effort. The company said that the award to its Australia-based company, Lockheed Martin Australia, further solidifies its position as a top information technology (IT) service provider to international [...]

SAIC CEO Tony Moraco

SAIC Posts Higher Earnings, Lower Sales In Second Quarter

Improved contract performance combined with the lack of restructuring and separation costs related to a corporate split a year ago propelled Science Applications International Corp. [SAIC] to higher earnings despite a drop in sales in the second quarter, the company reported on Tuesday. Net Income soared 36 percent to $34 million, 70 cents earnings per [...]

Incoming Leidos CEO Roger Krone. Photo: Leidos

Commercial Impairment Charges Send Leidos To Second Quarter Loss

Leidos [LDOS] on Tuesday posted a hefty loss in its second quarter due mainly to two impairment charges associated with its commercial health and engineering businesses, while sales also fell on a decline in work in these businesses and for overseas contingencies. Net income swung to a $438 million loss, $5.92 earnings per share (EPS), [...]

Chris Marzilli who will lead the new Mission Systems unit. He is currently president of General Dynamics C4 Systems

General Dynamics Creates Mission Systems By Combining Two Exisitng Units

General Dynamics [GD] Monday said it is creating the General Dynamics Mission Systems unit, effective in January 2015, by folding together two existing businesses. The new unit will be formed by combining the Advanced Information Systems and C4 Systems business units, which are part of the Information Systems and Technology business group. Once the combination [...]

Vectrus Logo

Exelis Sets Spin-Off Date For Vectrus, Expects $120 Million Cash Back

Exelis [XLS] on Monday said the planned spin-off of its Mission Systems business will occur on Sept. 27 with the new company set to begin trading on the New York Stock Exchange as Vectrus [VEC] on Sept. 29. Exelis said that Vectrus will incur about $140 million in debt financing as part of the spin-off, [...]