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News Breaks
May 20, 2014
07:08 EDTKTOSKratos awarded $9M contract for railgun fire control, projectile prototype
Kratos Defense announced that its Kratos Defense and Rocket Support Services Division, or KDRSS, recently received a $9M contract award to support the prototype development of the railgun fire control system and hypervelocity guided projectile. Under the new contract award, KDRSS will design, engineer, manufacture, and deliver prototype projectiles and a fire control system to support at-sea and land demonstrations that are currently scheduled to begin in 2016. Due to customer related and other considerations, no additional information will be provided related to this contract award.
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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