June 5, 2020 | International, Naval
SAIC wins contract foe heavyweight and lightweight torpedo testing services for U.S Navy
Reston, Va. - (BUSINESS WIRE) - June 2, 2020 - The U.S. Navy awarded Science Applications International Corp. (NYSE: SAIC) a prime contract worth approximately $60 million to continue to provide mission engineering support by testing heavyweight and lightweight torpedoes for the Naval Sea Systems Command. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200602005228/en/ In support of the Naval Undersea Warfare Center (NUWC) Division Newport, SAIC will handle testing and data collection for MK 48 Heavyweight Torpedoes, and MK 54 and MK 46 Lightweight torpedoes. “For more than 13 years, SAIC has supported the testing of approximately 150 torpedoes as part of the engineering, technical, and management services we provide to the NUWC's Propulsion Test Facility in Newport, Rhode Island,” said Jim Scanlon, executive vice president and general manager of the Defense Systems Group. “We look forward to continuing to support NUWC with testing of torpedoes and torpedo components over the next five years.” As part of the single-award contract, SAIC will prepare the test facility and test torpedoes, interface the test torpedo, execute the test, and collect and process test data. Additionally, SAIC will support preparing torpedoes for testing at off-site test ranges and locations. SAIC will also provide maintenance, upgrades, and operational support for test torpedo assembly and turnaround, system and subsystem testing, data reduction, test equipment operation, and data and configuration management. The cost-plus-fixed-fee and firm-fixed-price contract has a one-year base period of performance with four option years. About SAIC SAIC® is a premier Fortune 500® technology integrator driving our nation's digital transformation. Our robust portfolio of offerings across the defense, space, civilian, and intelligence markets includes secure high-end solutions in engineering, IT modernization, and mission solutions. Using our expertise and understanding of existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to deliver innovative, effective, and efficient solutions that are critical to achieving our customers' missions. We are 25,500 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has pro forma annual revenues of approximately $7.1 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom. Forward-Looking Statements Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC's website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC's expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others. View source version on businesswire.com: https://www.businesswire.com/news/home/20200602005228/en/ Lauren Presti 703-676-8982 lauren.a.presti@saic.com Source: Science Applications International Corp.