Titan Awarded $169M Navy Contract
Monday, February 24, 2003
The Titan Corporation has been awarded an indefinite-quantity, five-year U.S. Navy contract having a potential value of $169 million. Awarded by the Fleet Industrial Supply Center Norfolk, Detachment Philadelphia for the Naval Sea Systems Center (NAVSEA) Shipbuilding Support Office (NAVSHIPSO) in Philadelphia, the contract provides engineering and technical support services for modification of shipboard equipment and systems. This was a multiple award with five other firms receiving prime contracts under the award.
"This award fortifies Titan's role as an important source for engineering and technical support for Navy programs," said Gene Ray, Titan's Chairman and CEO. "We are proud to be afforded the opportunity to continue our support of NAVSHIPSO's expanding role in modifying shipboard systems."
Under the contract, Titan will provide a wide range of technical services for habitability, propulsion, electrical, auxiliary and electronics systems aboard all classes of U.S. Navy ships and watercraft.
Last week, Titan reaffirmed it previously announced guidance of pro forma $.15 EPS for the fourth quarter of 2002. Today Titan reiterated that it remains comfortable with First Call's consensus of pro forma* EPS of $.65 for 2003. This translates to GAAP EPS of $.57 for 2003.