Kratos Defense & Security Solutions Inc., the San Diego holding company with subsidiaries around the country, issued a flurry of announcements on Nov. 6, including quarterly financial results.
The business missed analyst expectations by reporting a net loss of 19 cents per share in its third quarter, or earnings of 10 cents after certain items had been excluded. Kratos (Nasdaq: KTOS)’s stock price fell in after-hours trading.
The business said that it received a five-year, $81 million contract to deploy and integrate a security system for a mass transit agency in one of the largest metro areas of the United States; Kratos did not name the city. The company’s Public Safety & Security Solutions Division, based in the University Towne Center area, will handle the work. Ben Goodwin, the division’s president, called the contract the largest single security system deployment award in the division’s history.
In addition, Kratos said that the U.S. Navy successfully completed the first flight of a target drone produced by its Unmanned Systems Division. The drone, called the BQM-177A, flies at subsonic speeds and is meant to simulate cruise missiles. Navair, the Naval Air Systems Command, conducted the flight Sept. 29 at its Point Mugu training range.
For the quarter ended Sept. 28, Kratos reported a net loss of $10.9 million on revenue of $217.1 million. In the same quarter of 2013, Kratos reported a net loss of $9.9 million on revenue of $226.4 million.
The business put its current head count at 3,600 employees, down from 3,900 one year ago.