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Perspecta Inc. (NYSE: PRSP) announced that its applied research arm, Perspecta Labs, secured multiple contracts for the experimentation and prototyping of dual-use 5G technology for the Department of Defense (DOD). The total value of the prime contracts is $8.1 million over a performance period of 39 months. The projects will enhance logistics and utilize dynamic spectrum for military applications. Perspecta Labs aims to deliver advanced 5G prototypes, improving communication for the DOD and related sectors.
Perspecta Inc. (NYSE: PRSP) secured a follow-on contract worth $201.5 million from the Defense Information Systems Agency for its Global Content Delivery Services II program. The contract includes three years of base service plus three optional years. As the prime contractor for GCDS I, Perspecta will continue managing essential content services for military and defense agencies, ensuring secure and rapid information delivery. This award reflects the company's strong performance on previous contracts and aims to enhance the operational capabilities of the Department of Defense.
Perspecta Inc. (NYSE: PRSP) has secured an award to support the Defense Manpower Data Center (DMDC) with a crucial contractor management program valued at $38 million. The contract spans five years, including four option years. Perspecta will modernize the Synchronized Predeployment and Operational Tracker - Enterprise Suite (SPOT-ES), enhancing the DMDC's capabilities to monitor threats in deployed environments and inform DOD decision-makers. The company has previously received 'excellent' ratings from DMDC, reflecting its strong standing in mission-critical programs within the DOD.
Perspecta Inc. (NYSE:PRSP) reported third-quarter fiscal 2021 earnings on February 5, showing revenue of $1.13 billion, a 1% year-over-year increase. Net income fell to $31 million, or $0.19 per diluted share, down from $53 million and $0.33 a year prior. The operating margin decreased to 4%, impacted by COVID-19 costs of $19 million. The company has entered a merger agreement with Peraton, with stockholders set to receive $29.35 per share. Contract awards totaled $0.9 billion, with a backlog of $13.6 billion. A cash dividend of $0.07 per share will be paid on April 15, 2021.
Perspecta Inc. (NYSE: PRSP) announced a definitive agreement to be acquired by Peraton in an all-cash transaction valued at $7.1 billion. Shareholders will receive $29.35 per share, a 49.7% premium to the unaffected closing stock price of $19.60 on November 6, 2020. The transaction aims to create a leading government technology provider with enhanced capabilities for federal agencies. The deal is expected to close in the first half of 2021, pending shareholder and regulatory approvals.
Perspecta Inc. (NYSE: PRSP) has secured a $6.2 million contract from the Department of Defense to develop a spectrum access manager through its subsidiary, Perspecta Labs. This three-year contract will enhance RF spectrum management for DOD test ranges amid rising demands and limited resources. The new system aims to improve scheduling, allocation, and overall efficiency of spectrum use. This contract signifies new business growth and emphasizes Perspecta's expertise in RF solutions.
Perspecta Inc. (NYSE: PRSP) has secured a six-month extension of its NGEN contract with the U.S. Department of the Navy, potentially worth up to $797 million if options are fully exercised. This extension runs from January 1, 2021 to June 30, 2021, with three additional one-month options. Perspecta operates the Navy Marine Corps Intranet, supporting 800,000 users. The company has been a continuous supporter of NGEN since its inception, which initially was set to expire in June 2018.
Perspecta Inc. (NYSE: PRSP) announced an award for systems engineering and integration (SE&I) work with the Space Development Agency (SDA) on December 14, 2020. This contract, with a ceiling of $112 million and a five-year ordering period, signifies new work for the company. The initial task order amounts to $17.8 million. Perspecta aims to support the SDA's satellite constellation, Tranche 0, essential for the National Defense Space Architecture. This initiative underscores the company's expertise in enhancing national security.
Perspecta (NYSE:PRSP) reported Q2 fiscal 2021 results with revenue of $1.14 billion, down 3% year-over-year. Net income was $16 million ($0.10 per diluted share), reflecting a 49% decline compared to the previous year. Adjusted EBITDA decreased 9% to $179 million. However, excluding a $60 million asset sale and COVID-19 impacts, revenue showed 4% growth. Contract awards reached $1.8 billion, with a book-to-bill ratio of 1.6x. The company also declared a cash dividend of $0.07 per share, payable on January 15, 2021.
