[SatNews] Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) has reported second quarter revenues of $235.2 million, an increase of 7.0 percent over the second quarter of 2012.
Kratos’ second quarter results include year-over-year organic revenue growth of 17.5 percent in its Public Safety & Security Solutions (PSS) business, reflecting strong security and surveillance system integration demand in the municipality, mass transit authority and other vertical markets. Kratos reported second quarter 2013 Adjusted EBITDA of $24.6 million, or 10.5 percent of revenue, with Kratos’ PSS business generating EBITDA margins with an improvement of over 300 basis points over the first quarter of 2013, primarily as a result of the positive impact of cost rationalization efforts being taken by the Company.
Eric DeMarco, Kratos’ President & CEO, said, “The Company remains on track with our 2013 business plan in spite of a continuing Sequestration and an incredibly challenging environment. Importantly, to date Kratos has had no significant programs or contracts cancelled due to the U.S. Federal government budgetary issues or DoD budget cuts, though we have had a number of expected contract awards delayed and pushed out. In June, we made the strategic decision to further increase our 2013 internal investment in the unmanned aerial system and drone area related to a specific customer platform, with this customer being one of the most important to our entire Company and long-term strategy.”
To read the entire financial statement, access this direct web page link.
Additionally, Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) has revealed that Vice Admiral Gerald Beaman (U.S. Navy—retired) has joined the Company as President of the firm’s newly established Unmanned Combat Aerial Systems (UCAS) Division. In addition, Vice Admiral Beaman will oversee major Strategic Programs for Kratos.
Vice Admiral Gerald Beaman, now President of Kratos’ UCAS Division.
“With our newly formed UCAS Division, we will now also have a separate Advanced Drones & Target Systems (ADTS) Division, led by Wayne Armstrong. Wayne has approximately 25 years’ experience with aerial drones and targets and previously led our Micro Systems business unit, where we produce flight control and avionic systems for aerial targets and drones. This reorganization will allow Wayne and this business to completely focus on our critically important aerial target customers, the United States Air Force, Army and Navy as well as our growing international user base.
“Additionally, Tom Mills, previously President of our Gichner business, will be President of Kratos’ Modular Systems (MS) Division, with major programs supported including AEGIS, Patriot, THAAD, Electro Magnetic Rail Gun, Littoral Combat Ship and DDG-1000. We believe that Vice Admiral Beaman’s decision to join the Kratos team is confirmation of our UCAS strategy, is the impetus of this organizational realignment, and all of Kratos welcomes him to our Company.”
“I am truly looking forward to my new role at Kratos,” said Vice Admiral Beaman. “I am excited about this new challenge and the opportunity of continuing to contribute and support mission critical United States National Security priorities. I believe that Kratos’ entrepreneurial culture, team approach and leading technology unmanned aerial platforms and systems are well positioned to address new and evolving missions and requirements, and I am looking forward to building Kratos’ UCAS Division into a valuable business unit of the Company.”
Vice Admiral Beaman is an accomplished, proven leader with extensive experience in large-scale operations. His achievements in the military and broad scope of responsibilities make him a strong addition to the Kratos senior management team.
Immediately before joining Kratos, Vice Admiral Beaman was the Commander of the United States Third Fleet. He directed activities for 58,000 personnel responsible for homeland defense, support for civil authorities and for providing relevant training and certification for all West Coast naval forces, including four aircraft carrier strike groups, one expeditionary strike group, four large deck amphibious ships, over 70 surface combatants, 32 submarines and over 400 aircraft. In his naval career of 35 years, Vice Admiral Beaman also served as Deputy Chief of Staff Operations Global Force Management, Training and Experimentation, Fleet Forces Command; Deputy Chief of Staff Operations, Joint Forces Command; Commander, Strike Force Training Pacific, in addition to numerous other positions.
