PAE Awarded $98M U.S. Navy Contractor Logistics Support Contract to Maintain F-5 Fighter Aircraft

Rhea-AI Summary

PAE (NASDAQ: PAE, PAEWW) has secured a $98 million sole-source contract from the Naval Air Warfare Center Aircraft Division. This 18-month contract involves contractor logistics support for 43 F-5 fighter aircraft, ensuring they remain mission-ready. The support will be provided across multiple locations, including Naval Air Station Key West and Marine Corps Air Station Yuma, through January 2023. Interim President and CEO Charlie Peiffer emphasized PAE's unique expertise in fulfilling the contract while maintaining a strong relationship with the U.S. Navy.

Positive

• Awarded a $98 million contract for logistics support of F-5 fighter aircraft.
• Contract duration of 18 months, ensuring a steady revenue stream.
• Strengthens ongoing relationship with U.S. Navy.

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• None.

FALLS CHURCH, Va., Sept. 29, 2021 (GLOBE NEWSWIRE) -- PAE (NASDAQ: PAE, PAEWW), a global leader merging technology with advanced business practices, delivering innovative solutions to the U.S. government and its allies, was awarded a $98 million sole-source, indefinite delivery, indefinite quantity contract by the Naval Air Warfare Center Aircraft Division. PAE will provide the U.S. Navy contractor logistics support for F-5 fighter aircraft on the 18-month contract.

PAE Interim President and CEO Charlie Peiffer said PAE is uniquely experienced and skilled to deliver solutions on this contract.

“We look forward to continuing our longstanding relationship with the U.S. Navy by keeping its F-5 fleet mission-ready through support backed by our enduring commitment to excellence,” Peiffer said.

PAE’s Readiness and Sustainment team will perform all maintenance and logistics support services for 43 F-5F and F-5N aircraft at Naval Air Station Key West, Florida; Naval Air Station Fallon, Nevada; Marine Corps Air Station in Yuma, Arizona; and Naval Air Station Joint Reserve Base New Orleans, Louisiana, through January 2023.

About PAE
For more than 65 years, PAE has tackled the world’s toughest challenges to deliver agile and steadfast solutions to the U.S. government and host government partners. With a global workforce of about 20,000 on all seven continents and in approximately 60 countries, PAE delivers a broad range of operational support services to meet the critical needs of our clients. Our headquarters is in Falls Church, Virginia. Find us online at pae.com, on Facebook, Twitter and LinkedIn.

Forward-Looking Statements
This press release may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about PAE’s possible or assumed future results of operations, financial results, backlog, estimation of resources for contracts, strategy for and management of growth, needs for additional capital, risks related to U.S. government contracting generally, including congressional approval of appropriations, and risks related to IDIQ contracts. These forward-looking statements are based on PAE’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PAE’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements included in this release speak only as of the date of this release. PAE does not undertake any obligation to update its forward-looking statements to reflect events or circumstances after the date of this release except as may be required by the federal securities laws.

For media inquiries regarding PAE, contact:
Terrence Nowlin
Senior Communications Manager
PAE
703-656-7423
terrence.nowlin@pae.com

For investor inquiries regarding PAE, contact:
Mark Zindler
Vice President, Investor Relations
PAE
703-717-6017
mark.zindler@pae.com

FAQ

What is the value of the new contract PAE received?

PAE was awarded a $98 million contract.

What is the duration of the PAE contract with the U.S. Navy?

The contract is for 18 months.

What services will PAE provide under this new contract?

PAE will provide contractor logistics support for F-5 fighter aircraft.

How many F-5 aircraft are included in the new PAE contract?

The contract covers 43 F-5F and F-5N aircraft.

Until when will PAE provide support under this contract?

Support will be provided through January 2023.