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News Breaks
April 9, 2014
07:05 EDTKTOSKratos Defense receives unmanned aerial drone system single contract award
Kratos Defense announced that its Micro Systems subsidiary of the Advanced Drone and Targets Systems, or ADTS, Division recently received a contract modification from the U.S. Army valued at up to $6.64M for additional engineering services option hours in support of the Target Tracking and Control System, or TTCS, Target Interface Control Units, or TICU, and associated ancillary equipment. Under the modification for additional option hours, Micro Systems may be issued option exercise modifications to provide engineering services to develop upgrades to the US Army TTCS, TICU, and associated ancillary equipment. The company anticipates that several orders will be received under this contract before the middle of the year. Kratos' ADTS Division is a premier provider of high performance unmanned drone aircraft and these systems' related avionics, electronics, command and control systems, solutions, services and logistics.
News For KTOS From The Last 14 Days
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August 24, 2015
07:03 EDTKTOSKratos Defense completes sale of U.S., U.K. operations of EP division
Kratos Defense & Security Solutions has completed the previously announced sale of the U.S. and U.K. operations of its Electronic Products Division to Ultra Electronics Holdings plc for $260 million in cash plus up to $5 million for taxes incurred as part of the transaction, less a $2.0 million escrow to satisfy any purchase price adjustments and a working capital adjustment currently estimated as a net reduction of $7.6 million. The Company expects to pay $13 million in transaction-related costs and approximately $10 million in federal and state income taxes, resulting in net cash proceeds to the Company of approximately $232.4 million. Kratos currently intends to use proceeds from the Transaction to initiate a repurchase process for up to $175 million of its 7 Percent Senior Secured Notes (the "Notes") at par. In addition, Kratos has paid down all outstanding amounts on its $110 million bank credit facility, which totaled approximately $41 million. In connection with the Transaction, the Company also amended its credit facility to allow for this divestiture as well as provide a permanent reduction in the financial covenants for future periods under the credit agreement.

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