exelis inc (XLS) Key Developments
Exelis Wins $10.3 Million Sole Source U.S. Air Force Contract to Upgrade Strategic Automated Command Control System Digital Memory Technology
Dec 3 14
Exelis has been awarded a $10.3 million sole source U.S. Air Force contract to insert a modern data storage and retrieval technology into the Strategic Automated Command Control System (SACCS). The SACCS provides orders and pass codes authentication for Air Force nuclear weapons platforms, bombers, and support units. Inserting a modern data storage system into this legacy command and control system will dramatically improve retrieval and verification of critical data for decision-makers. The upgrade by Exelis, a leading provider of critical network solutions, will also allow the existing system to continue with uninterrupted service through 2030. The replacement of the current data archival system with modern data storage will ensure operational performance of the system and reduce the potential for human error factors in the future. Exelis will deliver data drives of different types, support equipment, training and documentation under this contract. Work will begin immediately and take place at the Exelis facility in Fort Wayne, Indiana.
Detroit Metropolitan Wayne County Airport Selects Exelis Airport Surface Surveillance Solutions
Nov 25 14
Detroit Metropolitan Wayne County Airport has selected Exelis to deploy a comprehensive package of airport situational awareness, decision-support and operations management solutions. Exelis, a global leader in providing critical network solutions, will deliver its Symphony(R) suite of integrated applications to DTW. Symphony enables Air Navigation Service Providers, airports and airlines to proactively manage operations, enhancing overall safety, collaboration and efficiency. Exelis will provide Vehicle Movement Area Transponders (VMAT) for airport ground vehicle surveillance, and Symphony(R) MobileVue(TM) for displaying aircraft and ground vehicle tracking data on portable devices such as smartphones and tablets. DTW will also use Symphony OpsVue(TM) for access to live gate-to-gate flight status information. As the prime contractor for the FAA's Automatic Dependent Surveillance-Broadcast (ADS-B) program, Exelis has developed a fused version of FAA flight track data. This data combines all available FAA radar, multilateration and ADS-B surveillance sources, FAA host flight plan and third party information for the most complete, accurate and timely view of the National Airspace System. The Exelis VMAT devices became available in November 2012 when the FAA certified them as fully compliant with the stringent requirements of its Advisory Circular 150/5220-26. This certification ensures that the devices are properly installed and configured in airport vehicles, properly maintained, and compliant with FAA standards.
Exelis Appoints Peter Martin as Vice President and General Manager of its Electronic Attack and Release Systems Business
Nov 24 14
Exelis Inc. has appointed Peter Martin as vice president and general manager of its electronic attack and release systems business on Long Island, New York. In his new position, Martin will apply more than 35 years of expertise in defense, aerospace and the U.S. Air Force to grow the company's position in key markets. Martin's career has spanned a range of functions within Exelis, including program management, manufacturing and technology development. He has been responsible for leading teams that have successfully deployed technology on a wide range of platforms.
Exelis, Airbus Partner to Provide Missile Warning Capabilities for US and International F-16 Aircraft
Nov 10 14
Exelis has signed a teaming agreement with Airbus Group to provide advanced missile warning capabilities for U.S. and international F-16 Fighting Falcon aircraft. Capabilities include lightweight protection against short-range air defense missiles and man-portable air defense systems. Under the agreement, Exelis is the lead U.S. contractor for the AAR-60(V)2 Missile Launch Detection System for Fighters (MILDS F). The agreement ensures customers will have access to the best system affordability, availability and supportability for U.S. F-16 missile warning requirements. Exelis will provide maintenance and sustainment for all U.S. customer requirements for MILDS F, as well as for future foreign military sales program opportunities. The company will also assume responsibility for the manufacture of system components in the United States, which will be performed at the Exelis facility in Clifton, New Jersey. The MILDS F system will join a suite of other Exelis electronic protection technologies designed to enable domestic and international customers to perform their critical missions. Leveraging its decades of innovation and experience in the electromagnetic spectrum, Exelis has identified electronic warfare as one of the company's four strategic growth platforms.
Exelis Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Full Year of 2014
Oct 31 14
Exelis Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported operating income of $96,000, income from continuing operations before income tax expense of $88,000, net income of $52,000 or $0.27 diluted per share on total revenue of $1,068,000 against operating income of $133,000, income from continuing operations before income tax expense of $120,000, net income of $80,000 or $0.41 diluted per share on total revenue of $1,141,000 for the same period a year ago. Adjusted net income was $61,000 or $0.32 diluted per share against $80,000 or $0.41 diluted per share for the same period a year ago.
For the nine months, the company reported operating income of $288,000, income from continuing operations before income tax expense of $266,000, net income of $165,000 or $0.85 diluted per share on total revenue of $3,230,000 against operating income of $334,000, income from continuing operations before income tax expense of $304,000, net income of $202,000 or $1.06 diluted per share on total revenue of $3,577,000 for the same period a year ago. Net cash provided by operating activities was $71,000 against $118,000 for the same period a year ago. Capital expenditures was $37,000 against $57,000 for the same period a year ago. Adjusted net income was $184,000 or $0.95 diluted per share against $202,000 or $1.06 diluted per share for the same period a year ago.
The company provides earnings guidance for the full year of 2014. The company expects adjusted earnings per share was approximately $1.22. Free cash flow was approximately $140 million. The company anticipates a full year estimated tax rate of about 38%.