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Joint Venture Formed to Compete for Air Force Range Contract

April 18, 2012 by · Comment
Filed under: Editorial 

Three large defense contractors have formed a new joint venture in order to compete for the U.S. Air Force’s unified range management contract. ITT Exelis (XLS), BAE Systems (BAE:LSE) and L-3 Communications (LLL) have set up IBL JV, LLC (IBL) to hopefully win the work.

The Air Force has previously used separate contracts to run its two main ranges located on either coast of the United States. These provide space launch capability for satellites as well as managing those in orbit. The ranges also launch targets and support testing of systems. All three of these companies have at one-time-or-another been involved in running the ranges in the past.

The decision to combine the contracts has a goal of saving the government money through efficiencies of only having one contract. It would be used to carry out total support for the ranges including program management, maintenance and operations and housekeeping services.

Due to the size of the contract it is expected to attract a lot of attention from large, U.S. defense contractors who have a great deal of experience in this type of work.

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C-130J Production Continues

Even though as part of the FY13 budget the Defense Department is proposing to restructure the existing C-130 fleet and cancelling the Aviation Modernization Program (AMP) production of the C-130J continues. With this the Air Force place a contract with Lockheed Martin (LMT) for 7 more of the capable transport for use by itself and the Marine Corps.

The $70 million option will procure 4 MC-130J tankers, 2 AC-130J gunships and a HC-130J for the Coast Guard. This is under the current production contract.

The next five year budget, though, due to the desire to cut several hundred billion in spending over the next five years is not so kind to the program. It sees a forty-one percent cut to the planned spending for production while also ending the AMP.

The AMP had been developed by Boeing (BA) but the plan was to have another contest to award the production and retrofit contract. Boeing under the development contract would have done some of the upgrades but the bulk would have been done by the winner of the new effort.

The budget also ends the C-27J Joint Cargo Aircraft (JCA) program which was buying twin engined transports from L-3 Communications (LLL) for use by the USAF Guard. This capability will be replaced by C-130 performing that mission. With the ending of fighting in Iraq and Afghanistan the planned use of the C-27J would have been much less then intended.

There is no guarantee that any of these budget proposals are final until Congress votes on the 2013 defense budget this year. They are the final say on what is cut and what is kept but generally they follow the Pentagon’s proposals.

Photo from kingair42’s flickr photostream.

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L-3 Expands Electro Optical Business with Acquisition of Kollmorgen

L-3 Communications (LLL) expanded its electro optical business by completing the acquisition of Kollmorgen from Danaher Corporation. The transaction closed for a price of about $210 million. Kollmorgan primarily makes optical systems for U.S. and other nation’s submarines.

L-3 already has a growing electro-optical sensor business and the addition of Kollmorgen will only add to that growth. In their most recent quarterly report the company reported earnings of $2.72 a share on net sales of $4 billion. This was an increase of earnings of twenty-eight cents over the previous year. Interestingly the Electronics Systems division of the company where Kollmorgen will fall had a decline in net sales of $110 million in 2011 primarily due to less demand for night vision products, power devices and the lack of revenue from technology licenses. The division did, though, sell $43 million more in Electro-Optical / Infra-Red (EO/IR) products.

Kollmorgen is estimated to add sales of $160 to $170 million and earnings of up to $30 million for L-3. This additional revenue will help offset any further drops in sales by the Electronics Systems part of the company.

The addition of the company to L-3 allows them to expand their overall market share of the EO/IR business. With the expected reductions in U.S. defense spending the more diverse product line and markets should help L-3 maintain its sales and earnings. For 2012 the company is predicting $14.4 to $14.6 billion in sales and earnings per share (EPS) of between $8.35 and $8.55. This compares to sales of $15.17 billion in 2011 and EPS of $8.77. Clearly L-3 is expecting some contraction in the defense business in the coming year. This estimate does not include Kollmorgen.

As will all of the defense industry L-3 will have to adjust to the changing market in 2012 and one way of doing this is through M&A. The addition of Kollmorgen not only adds revenue and earnings but also increases their exposure in the EO/IR market while reducing potential competitors. There should be more moves of this type by defense contractors as they make moves to cushion the changes in spending.

Photo from Daniel Garcia Neto’s flickr photostream

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Joint Cargo Aircraft (JCA) Facing Uncertain Future

The C-27J Spartan is a twin engined light transport aircraft purchased for the U.S. Air Force from a team made up of L-3 Communications (LLL) and Alenia North America, part of the Italian defence and industrial group Finmeccanica. The C-27 is not only used by the U.S. but other countries across the world.

The C-27 was the result of a program originally called the Joint Cargo Aircraft (JCA) which was conceived by the Army as part of their plans caused by the decision to cancel the RH-66 Comanche helicopter in 2004. The Comanche was going to be a new attack and reconnaissance helicopter utilizing many new technologies to maximize its stealth and performance. In development for almost twenty years it finally had begun serious testing when it was cancelled. The money freed up was used to by systems like the UH-60M, the AH-64D Block III, CH-47F and UH-72A helicopters.

The Army suffered from a lack of internal heavy lift for intra-theater missions unlike the Marine Corps who possessed their own C-130 transports. The JCA was meant to add this capability and relieve the pressure on the rotary wing fleet primarily being used to carry cargo in Afghanistan and Iraq. Fixed wing assets would be more efficient and economical.

In 2007 the Army and Air Force selected the C-27 from L-3 and Alenia over bids by Raytheon (RTN), who had teamed with EADS North America, offering a Spanish made C-295 and Lockheed Martin (LMT) who proposed a C-130 version. An initial contract worth about $2 billion for 78 aircraft was awarded to the winners.

The JCA was made a joint program and it was originally planned to issue it to Army and Air Force National Guard units to operate. In 2010 the Obama administration decided to transfer the program wholly to the Air Force to manage and operate. The number of aircraft was potentially reduced and only the Air Force Guard would receive it.

The first unit stood up in 2011 in Ohio where four aircraft will be based at Mansfield. In 2013 the Connecticut and the North Dakota Guard are supposed to received the aircraft.

There are now concerns that the C-27 program may be on the chopping block due to budgetary pressures. The Connecticut unit may be the first to feel this pain although the 2012 budget as submitted does contain the funding for the aircraft it may not make it into the final budget.

The C-27 is not a priority for the Air Force and new equipment for the Guard also sometimes takes hits. If the Air Force leadership is forced to sacrifice some of their funding it may be the C-27 is what is given up. It is also a small program and is primarily oriented towards non-combat missions at this time further making it easier to give up.

As the budget goes through these machinations over the next few years other programs similar to the C-27 may be on the chopping block. That does not mean they will be eliminated but they could see cuts, delays and changes to their size, missions and deployment plans. These programs will have to rely on the Congressmen and Senators who represent the states where they are made or based to protect them through trading of priorities and support.

The size of the cuts the Defense Department must make dictate that whole programs whether in development of production will have to be cut. The C-27 might just be one of them.

Photo from Blyzz’s Flickr photostream.

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Defense Industry Projects a Good 2011 but 2012 and Out Look Worse

Most of the large and mid-sized defense contractors reported their most recent quarterly results in the last few weeks. While for the quarter the results were mixed with some seeing decent increases in earnings and revenue while others saw a drop overall they all felt that they would meet or exceed their estimates for the full year. The 2011 defense budget still remained high due to the extra spending for Afghanistan and Iraq as well as investment in some major weapon systems. The 2012 budget is working its way through Congress and will see some reductions based on proposals by the Services as well as Congress’ directed cuts but overall will be about the same as 2011. Spending beyond that could be considerably reduced based on the new debt reduction “super committee” as well as the pressure to decrease overall Federal deficits.

As the focus of the defense budget changes from paying for the troops in Afghanistan and Iraq and the equipment and supplies they need to invest in new systems to replace older one or achieve new technologies some defense contractors will prosper over others. If the discussed defense cuts are followed through and amounts vary from $35 billion to $70 billion a year from a $700 billion budget then some major programs will be canceled, the size of the military will decrease greatly and parts of the defense industry in the U.S. will disappear. This will either be through M&A activity or just loss of contracts causing companies to fold up.

There have already been moves by the larger defense contractors to adjust to the potential changes in how the U.S. Defense Department spends its money. ITT Corporation (ITT) has decided to split yet again into three different companies basically separating their flat performing defense business from more successful water and chip manufacturing areas. L-3 Communications Holding (L3) while it had a good quarter announced that it too was spinning off part of itself to adjust to what it sees as the future in the U.S. It is setting up its Scientific, Engineering, Technical and Analytical (SETA) business as a new company. SETA contractors support government offices most often in acquisition and research and development. Many of these positions were converted to government positions and new Organizational Conflict of Interest (OCI) rules prevent companies that provide SETA services to also bid on large hardware programs. L-3 is adjusting by getting out of the business.

Perhaps the biggest adjustment was by Northrop Grumman (NOC) who moved to separate their entire shipbuilding segment earlier this year. Rather then sell it to one of their competitors they set up a new company entirely, Huntington Ingalls Industries (HII). This was in realization that future U.S. Navy shipbuilding plans were so limited it could not necessarily support the current number of shipyards in the U.S. HII has already moved to close its yard in Louisiana with significant effect on the local economy.

Other companies have moved out to use M&A to position themselves. Many of the larger companies such as Boeing (BA) and Lockheed Martin (LMT) have been buying intelligence and cyber security companies to expand their opportunities. General Dynamics (GD) earlier this week made a big move by spending almost $1 billion on a health IT company. With the focus on health care reform including improvements in record keeping and storage IT may become a big source of business for government contractors. The company, Vangent, which was privately held also just completed a large contract with the Census Bureau that should be offered again in a few years.

The U.S. military is pursuing some large programs over the next decade. These if they are canceled or cut back will have the largest effect on revenues and earnings. For Lockheed Martin it is the F-35 Joint Strike Fighter that is finally moving towards large scale production. A reduction in planned quantities will severely affect that company. For Boeing it is the KC-46A new aerial tanker as the Air Force plans to buy at least 179 initially at a cost of over $30 billion. General Dynamics has major ship and submarine construction programs and the Navy if it cuts these will limit GD’s future performance.

Right now the next several months should see major defense contractors maintain their revenues and earnings except in odd cases where contracts are restructured or ending. Once the 2012 budget is decided upon that will give an indication of how next year will be. Then 2013 and out should start to see some cuts in defense spending with similar effect on the companies. It can be expected that there will be a decrease in performance accelerating if severe cuts are made by the United States. The ability of the contractors to move to different business areas in response to these cuts will dictate how badly they are affected. All indications are right now that this sector will struggle in the next few years to maintain what they have let alone growing it even more. There may be more moves coming similar to those by Northrop, ITT and L-3.

Photo from Images_of_Money’s Flickr photostream.

Article first published as Defense Industry Projects a Good 2011 but 2012 and Out Look Worse on Technorati.

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L-3 Restructures in the Face of Budget Realities and Policy Changes

As part of their earnings announcement of the second quarter L-3 Communications Holdings (L3) announced that it would separate most of its government service unit into a stand alone company called Engility. L-3 is a diverse provider of services and hardware to the U.S. Defense Department. Management stated concerns with new rules on Organizational Conflicts of Interest (OCI) led them to this decision.

Interestingly the company has decided to keep the intelligence and cyber support parts of this business with L-3 while letting the more traditional Scientific, Engineering, Technical and Analytical (SETA) support go with the new company. The first two are potential high growth areas as illustrated by the moves of the larger defense contractors such as Boeing (BA) and General Dynamics (GD) buying up of smaller companies in that field. The use of SETA contractors who often work directly supporting new system development and acquisition is under pressure first through insourcing and now just through cuts to the size of the work force as the Pentagon moves to reduce its overhead and budget.

Overall the company reported a drop in sales due to the loss of one major contract but overall a rise in profits of about 32 cents a share. Revenue compared to the similar quarter last year fell to $3.77 billion or about fiver percent. The company followed other defense contractors reporting this week by increasing their guidance for the year raising it 15 cents a share from last quarter’s prediction.

The future defense budget remains in flux but different companies are positioning themselves for what is expected to be declines in business, more strict regulations and policies and pressure on pricing. This has been reflected in moves like ITT Corporation (ITT) which is spinning off its entire defense business into a separate company, to be called ITT Exelis or Lockheed Martin’s (LMT) plans to eliminate thousands of jobs to cut overhead and prices. L-3 is holding onto its business lines with the most potential while putting its services unit in a place where they will either sink, swim or end up being part of another company.

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General Richard A. Cody Promoted to Corporate Senior Vice President

June 20, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that it has promoted General Richard A. Cody (U.S. Army – retired) to corporate senior vice president. General Cody will continue to lead L-3’s Washington Operations organization, reporting to L-3’s chairman, president and chief executive officer Michael T. Strianese. Cody has led L-3’s Washington Operations organization since January 2010. Prior to joining L-3 in October 2008, he served as the 31st Vice Chief of Staff of



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L-3 Awarded U.S. Navy, Air Force C-12 Contractor Logistics Support (CLS) Contracts

May 23, 2011 by · 1 Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that its Systems Field Support (SFS) division has been awarded contracts with a total potential value of more than $300 million over five years from the U.S. Navy (USN) and U.S. Air Force (USAF) to provide full Contractor Logistics Support (CLS) for their respective fleets of C-12 aircraft. Under the initial contracts valued at $32.9 million, L-3 will provide for the life-cycle support and maintenance of the USN and USAF f



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L-3 STRATIS Awarded Special Operations Contract for Enterprise Information Technology Services

May 2, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications announced today that its STRATIS division has been awarded a one year $84.9 million firm-fixed price, indefinite-delivery/indefinite-quantity (ID/IQ) contract under the U.S. Special Operations Forces Information Technology Enterprise Contract (SITEC) Distributed Computing Management Services (DCMS) program. This contract is the largest portion of the Enterprise Information Technology Contract (EITC) recompetition and has a four-year period of perform



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L-3 Elects General H. Hugh Shelton to Its Board of Directors

April 26, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that General H. Hugh Shelton (U.S. Army – retired) has been elected to its board of directors following the retirement of General John M. Shalikashvili (U.S. Army – retired). Following this election, the company’s board has nine members, eight of whom are non-employee directors. “General Shelton brings to L-3 a broad-based strategic perspective on military and global affairs, a wealth of leadership experience and business



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L-3 Declares Quarterly Dividend

April 26, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that its board of directors has declared a quarterly cash dividend of $0.45 per share, payable on June 15, 2011 to shareholders of record at the close of business on May 17, 2011. Headquartered in New York City, L-3 Communications employs approximately 63,000 people worldwide and is a prime contractor in C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems, aircraft modernization



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L-3 Announces First Quarter 2011 Results

April 21, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications Holdings, Inc. (NYSE: LLL) today reported diluted earnings per share (diluted EPS) of $1.85 for the quarter ended April 1, 2011 (2011 first quarter), compared to $1.87 for the quarter ended March 26, 2010 (2010 first quarter). Excluding $0.10 related to a debt retirement charge, discussed below, diluted EPS would have been $1.95. Net sales of $3.6 billion decreased by approximately 1% compared to the 2010 first quarter. “L-3’s strong overall program



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L-3 Approved for Low-Rate Initial Production of EP-3E Spiral 3 Aircraft

April 15, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that its Platform Integration division has been approved to begin low-rate initial production (LRIP) of the U.S. Navy’s EP-3E Spiral 3-configured aircraft, featuring an upgraded intelligence, surveillance and reconnaissance (ISR) mission avionics suite. Under the LRIP program, L-3 will manufacture and install this new capability on three EP-3E aircraft. The successful completion of developmental testing using the L-3-modif



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L-3 to Broadcast First Quarter Conference Call Over the Internet

April 6, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YOR–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that it intends to release its 2011 first quarter results on Thursday, April 21, 2011 before the open of the market. In conjunction with this announcement, L-3 will host a conference call on the same day at 11:00 a.m. EDT that will be simultaneously broadcast over the Internet. Michael T. Strianese, chairman, president and chief executive officer, and Ralph G. D’Ambrosio, senior vice president and chief financial officer, w



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Boeing’s Contract for Army Intelligence Aircraft Thrown Back to Source Selection

Boeing’s Contract for Army Intelligence Aircraft Thrown Back to Source Selection

The Enhanced Medium Altitude Reconnaissance Surveillance System (EMARSS) is a progrm for the U.S. Army to purchase aircraft based intelligence collection, processing and targeting support capabilities. It is a program that was started after the failure of the Aerial Common Sensor (ACS) program a few years ago. ACS was an attempt to buy a suite of intelligence gathering and analysis equipment that would be used by both the Army and Navy.

The ACS contract had begun in 2000 with a goal of replacing the Army’s RC-12 and the Navy’s EP-3 aircraft. A contract was awarded to Lockheed Martin (LMT) to develop the system but it was canceled in 2006 due to concerns the aircraft platform chosen would not host the necessary equipment.

EMARSS was competed last year and bids were received from four different companies: Lockheed Martin, L-3 Communications (LLL), Boeing (BA) and Northrop Grumman (NOC). In November Boeing was announced the winner of the initial Engineering, Manufacturing and Development (EMD) contract worth about $90 million. A month later the losers filed protests of this award.

The Government Accountability Office (GAO) is responsible for evaluating the protests and they ruled last week that the contract with Boeing should be withdrawn on hold while the Army re-examines the award and the criteria used to choose the winner. Due to the protest Boeing’s had not been working on the contract as they waited for a decision.

The GAO ruling means that the Army will review the proposals submitted by all of the bidders. There are three outcomes of this. They may affirm the award to Boeing and that company may keep the contract. They could decide to award it to one of the other bidders because their proposal in the end was the better one, or they could decide to have another competition.

Since one of the goals of the program was the rapid acquisition and deployment of the new aircraft this decision may lead to further delays. The work has already been delayed almost four months due to the protest. The Army could take several more weeks to review their decision and make a new one. Finally the decision to have a whole new contest would add several months to the initiation of work and the ultimate fielding of the aircraft.

The Navy after the ACS program ended began the EPX development effort to replace their EP-3 abandoning the idea of working on a joint effort with the Army. That program has seen multiple companies awarded concept development efforts that will lead to a competition for the development and production of the new aircraft.

Photo from Freelancer1’s flickr photostream.

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L-3 Communications Announces Conversion Rate Adjustment for Its 3% Convertible Contingent Debt Securities (“CODES”) Due 2035

March 1, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications Holdings, Inc. (the “Company”) (NYSE: LLL) announced today that it has adjusted the conversion rate for its 3% Convertible Contingent Debt Securities (CODES) due 2035 (CUSIP Numbers: 502413AW7 and 502424AE4; ISIN Numbers: US502413AW73 and US502424AE49) (the “Securities”) in connection with the regular quarterly dividends of $0.40 per share of the Company’s Common Stock paid on each of September 15, 2010 and December 15, 2010 and the regular quarterly



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L-3 Increases Quarterly Dividend

February 8, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that its board of directors has increased its regular quarterly cash dividend 12.5 percent from $0.40 to $0.45 per share. This is the seventh consecutive annual increase in L-3’s quarterly dividend rate. The board has also declared the next dividend payable on March 15, 2011 to shareholders of record at the close of business on March 1, 2011. Headquartered in New York City, L-3 employs over 62,000 people worldwide and is a



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L-3 Communications Announces Pricing of Senior Note Offering

February 3, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications Holdings, Inc. (NYSE: LLL) announced today that L-3 Communications Corporation, its wholly owned subsidiary, has priced an offering of $650 million of 4.95% Senior Notes due February 15, 2021. The notes are being offered in a registered offering pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). L-3 intends to use the net proceeds from the offering, together with cash on hand, to redeem the company’s $650 millio



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L-3 Announces Fourth Quarter 2010 Results

January 27, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications Holdings, Inc. (NYSE: LLL) today reported its results for the 2010 fourth quarter and full year. Diluted earnings per share (diluted EPS) was up 23% to $2.37 for the quarter ended December 31, 2010 (2010 fourth quarter), compared to $1.93 for the quarter ended December 31, 2009 (2009 fourth quarter). Net sales increased 1% to approximately $4.3 billion compared to approximately $4.2 billion for the 2009 fourth quarter. For the 2010 full year, diluted



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L-3 to Broadcast Fourth Quarter Conference Call Over the Internet

January 11, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that it intends to release its 2010 fourth quarter results on Thursday, January 27, 2011 before the open of the market. In conjunction with this announcement, L-3 will host a conference call on the same day at 11:00 a.m. EST that will be simultaneously broadcast over the Internet. Michael T. Strianese, chairman, president and chief executive officer, and Ralph G. D’Ambrosio, senior vice president and chief financial office



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L-3 Announces Acquisition and Disposition

January 10, 2011 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that it acquired FUNA International, GmbH (FUNA) on December 22, 2010. The terms of the transaction were not disclosed. The business will be included in the Marine & Power Systems Group within L-3’s Electronic Systems segment. Headquartered in Germany, FUNA is a leading supplier of control and safety systems, communication systems and entertainment solutions for cruise ships, ferries and mega yachts. FUNA’s fire detect



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L-3 Awarded U.S. Air Force Aircraft Maintenance Contract

December 20, 2010 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that its Systems Field Support (SFS) division was awarded an initial $8.6 million contract from the U.S. Air Force Air Education and Training Command (AETC) to provide trainer maintenance and precision measurement and equipment laboratory (PMEL) support. The total value of the contract with options is approximately $53 million over five years. Under this competitively awarded contract, L-3 will support AETC’s 82nd Training



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L-3 Appoints Tony Smeraglinolo as Executive Vice President of L-3 Services Group

November 22, 2010 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today the appointment of Tony Smeraglinolo as executive vice president of L-3 Services Group (LSG) effective December 6, 2010. In this newly created position, Mr. Smeraglinolo will support LSG’s strategic development and growth plans, including new business and program pursuits and efficiency initiatives. He will report to Steve Kantor, senior vice president and president of L-3’s Services Group and will be based at the LSG head



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L-3 Selected to Provide Intelligence Support Services to U.S. Forces-Afghanistan

November 10, 2010 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications (NYSE: LLL) announced today that its STRATIS division has been selected as one of three prime contractors for the Intelligence Support Services-Afghanistan (ISS-A) contract. Under this contract, L-3 has already been awarded two firm fixed-price task orders valued at $36 million to provide intelligence support to the United States Forces-Afghanistan (USFOR-A). These agreements, underway as of September 2010, have a one-year base period, plus two one-y



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L-3 Announces Third Quarter 2010 Results

October 28, 2010 by · Comment
Filed under: Syndicated Industry News 

NEW YORK–(BUSINESS WIRE)–L-3 Communications Holdings, Inc. (NYSE: LLL) today reported diluted earnings per share (diluted EPS) of $2.07 for the quarter ended September 24, 2010 (2010 third quarter), compared to $2.12 for the quarter ended September 25, 2009 (2009 third quarter). The 2010 third quarter included a debt retirement charge, discussed below, of $0.03 per diluted share. The 2009 third quarter included a tax benefit of $0.22 per diluted share for a net reversal of amounts previously a



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