L3 Technologies, Inc. (NYSE:LLL)
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2 Years : From Oct 2016 to Oct 2018
― 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
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
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20170925006462/en/
L3 TechnologiesCorporate Communications212-697-1111