Parsons Partners in $567 Million Award for Missile Defense Agency Test Support

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a significant $567 million contract from the Missile Defense Agency (MDA) under the Technical, Engineering, Advisory, and Management Support (TEAMS)–Next Systems Test Support program. This contract, which features a three-year base with options for extensions, strengthens Parsons' long-standing collaboration with MDA. The company will provide essential testing services, including planning and execution, to enhance missile defense capabilities amidst evolving global threats.

Positive

• Award of a $567 million contract strengthens Parsons' revenue stream.
• Three-year base contract with options provides long-term business outlook.
• Continued partnership with MDA emphasizes Parsons' stability and expertise in defense.

Negative

• None.

CENTREVILLE, Va., July 22, 2021 (GLOBE NEWSWIRE) -- Mobius Parsons Solutions (MPS) Joint Venture, a partnership between Parsons Corporation (NYSE: PSN) and Mobius Consulting, LLC, was awarded a $567 million contract by the Missile Defense Agency (MDA) for the Technical, Engineering, Advisory, and Management Support (TEAMS)–Next Systems Test Support contract. Parsons established a mentor-protégé relationship with Mobius Consulting, LLC under the Small Business Administration All Small Mentor/Protégé program. The contract has a three-year base, with one three-year option and an additional six-month option.

“With continuously evolving threats around the world, we strive to advance MDA’s mission to defend the United States and our allies by providing overarching testing support for an integrated, layered Missile Defense System” said Mike Dewitz, executive vice president of Parsons’ missile defense and C5ISR business unit. “Our support on the TEAMS Next contract aligns with our commitment to stay ahead of threats to secure our nation and promote a safer world. Parsons is proud to continue our four-decade partnership with MDA.”

Parsons will provide test planning, execution, and analysis services to span MDA’s test enterprise, including flight testing, ground testing, cyber testing, wargames and exercises foreign test support, and overarching organizational test support. The company will support MDA test lifecycle execution and responsibilities with planning, development, implementation, sustainment, execution, analysis, and assessment of testing and test related functions.

To learn more about MPS (Mobius Parsons Solutions), a HubZone certified Woman-Owned Small Business Joint Venture and its innovative defense capabilities, please visit: http://www.mps-jv.com/

To learn more about Parsons’ leading defense capabilities, please visit: https://www.parsons.com/markets/defense/

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media Contact:
Crystalyn Koch
+ 1 719.648.8420
Crystalyn.Koch@brxtn.com

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
Dave.Spille@parsons.com

FAQ

What is the value of the contract awarded to Parsons Corporation (PSN) by the Missile Defense Agency?

Parsons Corporation was awarded a $567 million contract by the Missile Defense Agency.

How long is the contract duration for Parsons Corporation (PSN) with the Missile Defense Agency?

The contract has a three-year base duration, with options for additional three years and six months.

What services will Parsons Corporation (PSN) provide under the contract with the MDA?

Parsons will provide test planning, execution, and analysis services for missile defense systems.

How does the contract impact Parsons Corporation's (PSN) business outlook?

The contract is expected to enhance Parsons' revenue and strengthen its position in the defense sector.