SAN DIEGO, Jan. 08, 2018 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, announced today that its Unmanned Systems Division (USD) recently received an approximate $23 million production award for a new high performance, jet powered unmanned aerial drone system which has been under development. The majority of work to be performed under this new contract award is expected to be executed over the approximate next 12 months. This contract award is the initial year’s production, with multiple years of additional annual production expected thereafter. USD is an industry leader in the rapid design, development and fielding of affordable high performance jet powered unmanned aerial drone systems for tactical and threat representation target purposes. Work under this program will be performed at secure Kratos production facilities and at customer locations. Due to customer related, competitive and other considerations, no additional information will be provided related to this program or contract award.
Steve Fendley, President of Kratos Unmanned Systems Division, said, “All of Kratos USD is proud and excited to have achieved this initial production milestone with this extremely important customer. USD is the recognized leader in high performance jet powered unmanned aerial drone systems, and this aircraft is another leading edge of technology example.”
Eric DeMarco, President and CEO of Kratos, said, “Since 2012, when we completed our last major acquisition at Kratos, we have successfully integrated acquired businesses into a technology, intellectual property, and product based Company, while also investing in core focus areas including high performance unmanned aerial drone aircraft. We are now completing investments on a number of these new UAS platforms and entering production, which we expect will be key contributors to future increases in revenue, profit, cash flow and overall Kratos shareholder value. We are confident that Kratos’ ability to rapidly develop, demonstrate and field technology rich, affordable systems is a demonstrated key differentiator for our Company.”
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops transformative, affordable technology for the Department of Defense and commercial customers. Kratos is changing the way breakthrough technology for these industries are brought to market through proactive research and a streamlined development process. Kratos specializes in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, training and combat systems. For more information go to 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. 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. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. 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 25, 2016, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
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