Corporate News Blog - Engility Holdings Selected to Modernize U.S. Army's Logistics Management Program
LONDON, UK / ACCESSWIRE / June 30, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Engility Holdings, Inc. (NYSE: EGL), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=EGL. The Company announced on June 28, 2017, that it has won a $119 million contract with the U.S. Army's Logistics Modernization Program, where as part of the Contract, Engility will support the LMP to deliver advanced process automation, streamlined operations, and improved logistics. The LMP system currently finds its application in more than 30,000 users at more than 50 Army and DOD locations and interfaces in more than 80 DOD systems. For immediate access to our complimentary reports, including today's coverage, register for free now at: http://protraderdaily.com/register/.
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The LMP Mission
The LMP Mission, according to the Company is to sustain, monitor, measure, and improve the modernized national-level logistics Enterprise Resource Planning solution to deliver new and enhanced capabilities via planned increments and to support DOD and Army ERP Integration efforts. Post this announcement, Engility will deliver subject matter expertise and administrative support with program and product management, along with technical expertise, where it has been collaborating with the Program since 1999.
Lynn Dugle, CEO of Engility, stated that mission readiness is an important aspect and the LMP program plays a key role in ensuring that the forces are supported by the most advanced logistics and operations technologies possible. According to the Company, the cost-plus-fixed-fee-contract for new and existing work, awarded in Q2 FY17 has a three-year base and a two-year option.
The DTRA Contract
On May 03, 2017, Engility announced that it has been awarded a $35 million contract to deliver specialized advisory services to the Defense Threat Reduction Agency's Nuclear Enterprise Support Directorate. The Q1 FY17 win represented a recomplete of existing work, with the cost plus fixed fee contract, that has a one-year base and four option years.
According to the Company, over the past four years, the DTRA has relied on Engility and its team to support their vital mission of nuclear defense. This contract is viewed as a testimony of Engility's solid work in helping the agency execute the nation's nuclear strategies. The contract includes delivering modeling and simulation, nuclear and countering weapons of mass destruction exercises, and highly specialized subject matter expertise. The Company will also perform nuclear safety, surety, security, accountability, and reliability activities, including mission assurance assessments, training, information technology services, and acquisition and program management support.
The DoD Contract
Prior to the Logistics Modernization Program announcement, Engility won a $16.2 million contract to support the Office of the Deputy Assistant Secretary of Defense, Systems Engineering, in its mission to help standardize and improve DOD's systems engineering capabilities, according to the announcement made on June 21, 2017.
Under the contract, Engility will deliver support DASD in managing all DOD programs related to systems engineering, and helping to keep major systems on schedule, while maintaining the budgetary limits. This Q2 FY17 contract represented new work with the DASD, an office within DOD that Engility has partnered with, for over a decade. The cost plus fixed-fee contract had a one-year base with four option years.
Last Close Stock Review
On Thursday, June 29, 2017, the stock closed the trading session at $27.96, marginally up 0.39% from its previous closing price of $27.85. A total volume of 99.43 thousand shares have exchanged hands. Engility's stock price soared 6.19% in the last one month and 34.17% in the previous twelve months. The stock currently has a market cap of $1.03 billion.
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