Despite Drawdown U.S. Awards Iraq Support Contract to Versar

by: Matthew Potter
February 21, 2012

Category: Business Line, Companies, Contract Additions, Contract Awards, Department of Defense, Events, IT, logistics, Services, U.S. Army | RSS 2.0

The U.S. military may have left Iraq but that still leaves U.S. State Department and other agencies still working there. These will continue to require specialized support and utilize some contractors to do this. In this vein the U.S. Army Corps of Engineers awarded Versar, Inc. a contract to continue to provide personal services and support in Iraq.

The contract is for two years and will have a value of of almost $9 million if all options are exercised.

Versar, Inc. is a Virginia based corporation that provides a variety of different services and management to its customers. These include engineering & constructions, telecommunications support, hazardous material disposal, facility support and so on. The U.S. and other countries require these kind of services in Iraq, Afghanistan as well as other areas they operate.

Versar is publicly traded and for the last quarter reported results of $33 million in revenue and a net income of $824,000.00. The share price recently closed at just under $3.00.

The U.S. will continue to need all sorts of support contractors as they transition both Iraq and Afghanistan from direct military action to supporting those country’s governments. While the market will not be as large as it has been over the last decade there will still be a significant amount of work especially for contractors like Versar which can provide a variety of specialized services.

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