ANDOVER, Mass., Nov. 10, 2011 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of innovative management consulting, engineering, science and technology solutions to federal and state governments, today announced that its High Performance Technologies Group has been awarded a $14.7 million contract with the Department of Veterans Affairs' Office of Information and Technology.
The contract, which doubles the company's support to the Office, has a period of performance of one base year and four option years. Under the terms of the contract, DRC will operate, manage, and enhance the Budget Tracking Tool, a web-based government application that allows the Department of Veterans Affairs to streamline reporting processes, support management functions and automate business processes.
"We are especially pleased to deepen our partnership with this client by supporting their internal Budget Tracking Tool and bringing greater visibility and transparency to the budget process," said Jim Regan, DRC's chairman and chief executive officer. "We have been working with the Office on this system for the last five years and are planning to continue leveraging our expertise in supporting similar complex government budgeting processes."
The Budget Tracking Tool supports program budget execution, reporting, and management functions. The application provides analysts, managers, and executives with real-time access to budget formulation, strategic planning, plan development, and execution data.
About Dynamics Research Corporation
Dynamics Research Corporation (DRC) provides measurable performance improvements for government customers through the delivery of innovative management consulting, engineering, science and technology solutions. DRC offers the capabilities of a large company and the responsiveness of a small company, backed by a history of excellence and customer satisfaction. Founded in 1955, DRC is a publicly held corporation (Nasdaq:DRCO) and maintains more than 25 offices nationwide with major offices in Andover, Massachusetts and the Washington, D.C. region. For more information, please visit our website at www.drc.com.
Safe harbor statements under the Private Securities Litigation Reform Act of 1995: Some statements contained or implied in this news release, may be considered forward-looking statements, which by their nature are uncertain. Consequently, actual results could materially differ. For more detailed information concerning how risks and uncertainties could affect the company's financial results, please refer to DRC's most recent filings with the SEC. The company assumes no obligation to update any forward-looking information.