L3 Protests the Fort Rucker Aviation Maintenance Services Award

Date : 09/25/2017 @ 4:46PM
Source : Business Wire
Stock : L3 Technologies, Inc. (LLL)
Quote : 215.09  -0.97 (-0.45%) @ 4:02PM

L3 Protests the Fort Rucker Aviation Maintenance Services Award

L3 Technologies, Inc. (NYSE:LLL)
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― The Company Expects to Record a Related Goodwill Impairment Charge ―

L3 Technologies (NYSE:LLL) announced today that it has filed a protest with the United States Government Accountability Office (GAO) related to the Fort Rucker Aviation Maintenance and Support contract.

L3 has served as the incumbent contractor at Fort Rucker since 2003, where it has successfully supported this critical military training mission. “We are convinced our proposal represents the best value to both the military and the U.S. taxpayers,” said Christopher E. Kubasik, L3’s President and Chief Operating Officer. “We look forward to the GAO’s review.”

L3’s Senior Vice President and President of its Aerospace Systems business segment, Mark Von Schwarz, echoed Mr. Kubasik’s comments and added, “L3 remains fully committed to serving the U.S. Army and Air Force at Fort Rucker, and the protest will not affect current operations.”

Notwithstanding the company's protest, as a result of the Fort Rucker recompetition loss, the company expects to record an impairment charge during the quarter ending September 29, 2017, for a substantial portion of the Vertex Aerospace business goodwill asset of $187 million. The company is currently assessing the impact of the recompetition loss on the fair value of Vertex, which will ultimately determine the goodwill impairment charge.

Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2016 sales of $10.5 billion.

To learn more about L3, please visit the company’s website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company’s Safe Harbor Compliance Statement for Forward-Looking Statements included in the company’s recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.

L3 TechnologiesCorporate Communications212-697-1111

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