L3 Protests the Fort Rucker Aviation Maintenance Services Award
September 25 2017 - 3:46PM
Business Wire
― The Company Expects to Record a Related
Goodwill Impairment Charge ―
L3 Technologies (NYSE:LLL) announced today that it has filed a
protest with the United States Government Accountability Office
(GAO) related to the Fort Rucker Aviation Maintenance and Support
contract.
L3 has served as the incumbent contractor at Fort Rucker since
2003, where it has successfully supported this critical military
training mission. “We are convinced our proposal represents the
best value to both the military and the U.S. taxpayers,” said
Christopher E. Kubasik, L3’s President and Chief Operating Officer.
“We look forward to the GAO’s review.”
L3’s Senior Vice President and President of its Aerospace
Systems business segment, Mark Von Schwarz, echoed Mr. Kubasik’s
comments and added, “L3 remains fully committed to serving the U.S.
Army and Air Force at Fort Rucker, and the protest will not affect
current operations.”
Notwithstanding the company's protest, as a result of the Fort
Rucker recompetition loss, the company expects to record an
impairment charge during the quarter ending September 29, 2017, for
a substantial portion of the Vertex Aerospace business
goodwill asset of $187 million. The company is currently assessing
the impact of the recompetition loss on the fair value of Vertex,
which will ultimately determine the goodwill impairment charge.
Headquartered in New York City, L3 Technologies employs
approximately 38,000 people worldwide and is a leading provider of
a broad range of communication, electronic and sensor systems used
on military, homeland security and commercial platforms. L3 is also
a prime contractor in aerospace systems, security and detection
systems, and pilot training. The company reported 2016 sales of
$10.5 billion.
To learn more about L3, please visit the company’s website at
www.L3T.com. L3 uses its website as a channel of distribution of
material company information. Financial and other material
information regarding L3 is routinely posted on the company’s
website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995Except for historical information contained
herein, the matters set forth in this news release are
forward-looking statements. Statements that are predictive in
nature, that depend upon or refer to events or conditions or that
include words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “estimates,” “will,” “could” and similar expressions
are forward-looking statements. The forward-looking statements set
forth above involve a number of risks and uncertainties that could
cause actual results to differ materially from any such statement,
including the risks and uncertainties discussed in the company’s
Safe Harbor Compliance Statement for Forward-Looking Statements
included in the company’s recent filings, including Forms 10-K and
10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements.
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