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April 2, 2014
08:16 EDTSPASparton, USSI JV awarded $13.3M in direct foreign sales contract
Sparton Corporation and USSI, a subsidiary of Ultra Electronics Holdings plc announce the award of subcontracts valued at $13.3M from their ERAPSCO/Sonobuoy TechSystems joint venture. The contract is for the manufacture of Passive and Active Sonobuoys in support of multiple international awards for exercises planned with the U.S. Navy as well as independent training and exercises as sanctioned under export regulations. ERAPSCO/Sonobuoy TechSystems will provide manufacturing subcontracts in the amount of $5.6M to Sparton Electronics Florida, Inc. and $7.7M to USSI. Production will take place at Spartonís De Leon Springs, FL facility and USSIís Columbia City, IN facility with completion planned by June.
News For SPA From The Last 14 Days
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August 26, 2015
07:51 EDTSPAThree Part Advisors to hold a conference
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August 24, 2015
09:02 EDTSPASparton, L-3 reach settlement agreement; Sparton to pay L-3 $2.5M
Sparton Corporation (SPA) has signed a settlement agreement to pay L-3 Communications (LLL) $2.5M. On September 24, 2013, L-3 Communications Corporation, doing business as L-3 Linkabit, filed a complaint in the United States District Court for the Middle District of Florida, Orlando Division, against Sparton Corporation and Sparton Electronics. On August 20, 2015, Sparton and L-3 signed a mutual accord resolving the dispute. The agreement requires payment from Sparton to L-3 on or before October 1, 2015 in consideration for dismissal of the litigation. Neither party admitted to any mistakes, damage or fault. "This settlement has resulted in a positive business outcome between our two companies," stated Cary Wood, President & CEO of Sparton. "Our on-going relationship with L-3 remains solid and we expect to continue to be partners well into the future. The new business development funnel continues to be strong overall and includes a number of key L-3 programs currently in the quote phase. With fiscal 2015's adjusted earnings per share to be announced on September 8, 2015 in-line with analyst consensus, it allows us to enter fiscal 2016 with a clean slate by having this dispute and the Fenwal rebalancing activities well behind us, setting us up for what we expect to be a successful fiscal 2016 on all fronts."

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