OHIO, United States
OHIO, United States

Time filter

Source Type

News Article | May 12, 2017
Site: www.prweb.com

The Kirtland Spouses’ Club announced it has awarded a new educational scholarship honoring local attorney Bobbie Collins of Lewis Roca Rothgerber Christie LLP. The scholarship recognizes Collins’ pro bono legal services benefiting military spouses. Collins is a military spouse and recently earned a Master of Laws in Taxation (LL.M.), making her a fitting namesake for the scholarship which will support other military spouses’ educational goals, according to leaders of the Kirtland Spouses’ Club. The “Ms. Bobbie Collins Spouse Scholarship” was awarded to Central New Mexico Community College Health Information Technologies student and military spouse Jessica Rodriguez. The annual scholarship is funded with proceeds raised by the thrift shop operated by the Kirtland Spouses’ Welfare Club, a Section 501(c)(3) non-profit private organization. Located on Kirtland Air Force Base, the Kirtland Spouses’ Club thrift shop raises funds to support grants and scholarship programs benefiting military dependents and spouses. Collins has supported the Kirtland Spouses’ Club for a number of years by providing pro bono legal work and acting as its general counsel in a variety of matters. “It’s very rewarding, especially since my husband, Capt. Chris Collins, was an active duty Air Force member for seven years and has also been in the Reserves for the past two years with the Air Force Research Lab,” said Collins. “I know the thrift shop and social activities run by military spouses are incredibly important resources for families at Kirtland AFB.” “Bobbie has enabled us to more confidently operate the Kirtland Spouses’ Club. As military spouses we know how to address the challenges of the military lifestyle and support other military spouses. As volunteers we are not knowledgeable about the law, and a lack of knowledge is always an opportunity for trouble. We are very grateful for all of Bobbie’s advice to help us avoid any issues,” said Kirtland Spouses’ Club President Frank Capuano. Collins has taken her support to a national level as well, as a member of the Military Spouse JD Network (MSJDN), a network of military spouse attorneys. She will be working with the MSJDN Foundation to help set up a group of military spouse attorneys to serve as pro bono general counsel for other military spouse organizations at military installations across the U.S., and to create a guide for military spouse organizations on nonprofit governance and running private organizations in accordance with military rules and regulations for on-base activities. She was also recently appointed as the American Bar Association Young Lawyers Division Liaison to the Committee on Legal Assistance to Military Personnel, effective in September 2017. “I am truly so honored to be recognized with this scholarship. It was a wonderful surprise and I’m happy that it will help ‘pay it forward’ for other military spouses to continue their education,” said Collins. “I’m also thankful to be at a firm which places such a high value on pro bono work!” Two of the other partners in the Albuquerque office of Lewis Roca Rothgerber Christie, Dennis Jontz and Jeff Albright, are former military and supported Collins’ pro bono efforts with the Kirtland Spouses’ Club. Collins’ law practice at Lewis Roca Rothgerber Christie focuses on complex civil litigation, real estate and taxation law. She is also chair of the New Mexico State Bar Taxation Section, a director for the New Mexico Women’s Bar Association and United Way of Central New Mexico, and a member of the New Mexico Chapter of Commercial Real Estate Women (CREW). Lewis Roca Rothgerber Christie LLP is an Am Law 200 commercial law firm for handling complex matters in litigation, intellectual property, business transactions, gaming, government relations and other practice areas. Lewis Roca Rothgerber Christie offices are located in Albuquerque, Colorado Springs, Denver, Las Vegas, Los Angeles, Irvine, Phoenix, Reno, Silicon Valley and Tucson. For more information, visit lrrc.com.


News Article | May 23, 2017
Site: www.eurekalert.org

BELLINGHAM, Washington, USA -- Wearable visualization systems (WVS) are at the forefront of consumer electronics product development, and social media companies are investing heavily in enabling compelling experiences through augmented and virtual reality (AR/VR). A special section on Wearable Vision Systems: Head/Helmet-Mounted Displays in this month's issue of Optical Engineering, published by SPIE, the international society for optics and photonics, aims to help boost consumer-driven advances in applications in automotive, industrial, and military vision systems. "Significant commercial investment in WVS for personal communications and entertainment is driving rapid advances in miniature optoelectronics components and product design," note special section guest editors Darrel Hopper (U.S. Air Force Research Lab), James Melzer (Thales Visionix, Inc.), Michael Browne (SA Photonics), and Peter Marasco (U.S. Air Force Research Lab). Their goal with the special section is to facilitate consumer-driven advancements in the design of specialty applications including automotive, industrial, and military vision systems. The editorial lists key challenges, including achieving performance in a near-to-eye (NTE) visualization system sufficient to compel users to tolerate shortcomings including latency, acuity, field-of-view, fashion, and donning and doffing. VR immerses viewers in an artificial environment richly characterized by ultrahigh-definition graphics, while AR involves imagery superimposed over the real world that can be perceived in real time. Accurate tracking of position, head, and eye is needed for some VR and all AR applications. Papers in the section describe a variety of approaches and technologies. In "Daylight luminance requirements for full-color, see-through, helmet-mounted display systems," Thomas Harding and Clarence Rash (U.S. Army Aeromedical Research Lab and Oak Ridge Institute for Science and Education) describe two lines of investigation in luminance requirements to address visual perception issues of concern when color is implemented in eyes-out, see-through helmet-mounted displays. "Review of head-worn displays for the next-generation air transportation system" by Jarvis (Trey) Arthur et al. (NASA Langley Research Center), summarizes the results of NASA's 30-plus years of helmet-mounted and head-worn displays. The study tracks progress in wearable collimated optics, head tracking, latency, and weight reduction, as well as safety, operational, and cost benefits. A "Review of conformal displays: more than a highway in the sky" by Niklas Peinecke et al., German Aerospace Center, surveys more than 40 years of research in synthetically generated symbols such as routing information, navigation aids, specialized landing displays, obstacle warnings, drift indicators, and others. The study also looks ahead, outlining research trends for the years to come. Other papers in the special section include: Michael Eismann, Chief Scientist, Sensors Directorate, U.S. Air Force Research Lab, Wright-Patterson Air Force Base, is editor-in-chief of Optical Engineering. The journal is published in print and digitally by SPIE in the SPIE Digital Library, which contains more than 458,000 articles from SPIE journals, proceedings, and books, with approximately 18,000 new research papers added each year. Abstracts are freely searchable, and a number of journal articles are published with open access. SPIE is the international society for optics and photonics, an educational not-for-profit organization founded in 1955 to advance light-based science, engineering, and technology. The Society serves nearly 264,000 constituents from approximately 166 countries, offering conferences and their published proceedings, continuing education, books, journals, and the SPIE Digital Library. In 2016, SPIE provided $4 million in support of education and outreach programs. http://www.


News Article | May 24, 2017
Site: news.yahoo.com

Beyond Fiber Optics: Teraphysics Set to Enable the Future of 5G With Wireless High-Speed Data Delivery Technology LOS ANGELES, CA / ACCESSWIRE / May 24, 2017 / Teraphysics, developer of ultrahigh-speed 5G communications technology, announced that it will be presenting at the 7th annual LD Micro Invitational on Wednesday, June 7 at 2:30PM PST / 11:30 AM EST. Dr. Gerald Mearini, President and Founder of Teraphysics, will be giving the presentation and meeting with investors. Teraphysics technology will enable ultra-high speed 5G data delivery, paving the way for the next generation of mobile data connectivity and greater access globally to the Internet. Today's available wireless spectrum is saturated and the industry predicts a 5,000 times increase in global bandwidth requirements by 2030 (International Wireless Industry Consortium). Boustead Securities, LLC MEMBER: FINRA/SIPC ("Boustead"), is presenting Teraphysics' SEC qualification for a $50MM capital raise through a Regulation A+ offering. Invented by three former NASA scientists, Teraphysics' technology, the mmLink™ product-line of synthetic diamond-based millimeter-wave amplifiers, was developed and significantly enhanced through funding from the NASA Jet Propulsion Lab, Air Force Research Lab, and the Defense Advanced Research Projects Agency (DARPA). "mmLink™ is a breakthrough nanotechnology, with potential similar to the impact of the transistor and microchip. It's a modern-day re-invention of 70-year old vacuum electronic technology that will serve as the backbone of 5G wireless data delivery, making it possible to download movies instantly, stream live video seamlessly and bring Internet to underserved areas throughout the world," says Louis Fisi, Chairman, CEO & Co-founder of Teraphysics. Teraphysics is issuing 10,000,000 share of common stock priced at $5 per share. The net proceeds of this offering will be used to fund the commercialization of Teraphysics technology, including the development of a micro link wireless network for the demonstration of wireless terrestrial and stratospheric platforms, the establishment of a piloting facility and the acquisition of production capacity. "This year, not only do we have a record number of companies making their LD Micro debuts, but a record number of companies presenting for the first time in their company's history," stated Chris Lahiji, President of LD Micro. "LD has established itself as the one venue that brings the most influential players from all segments of the market under one roof." The conference will be held at the Luxe Sunset Bel Air Hotel and will feature 180 companies in the small / micro-cap space. Based in Cleveland, Ohio, Teraphysics was founded by Louis S. Fisi and scientists Dr. Gerald T. Mearini, PhD and James A. Dayton,, Jr. PhD. The company has developed patented devices that will dramatically enhance ultra-high speed 5G data delivery, paving the way for the high level, next generation of mobile data transmission, that will greatly improve global Internet connectivity. More information at http://www.teraphysics.com. Boustead Securities, LLC is an investment banking firm that advises clients on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions. Our core value proposition is our ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States and around the world, Boustead's team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit www.boustead1828.com. LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event). In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe.


News Article | May 24, 2017
Site: marketersmedia.com

FINRA/SIPC ("Boustead"), is presenting Teraphysics' SEC qualification for a $50MM capital raise through a Regulation A+ offering. Invented by three former NASA scientists, Teraphysics' technology, the mmLink™ product-line of synthetic diamond-based millimeter-wave amplifiers, was developed and significantly enhanced through funding from the NASA Jet Propulsion Lab, Air Force Research Lab, and the Defense Advanced Research Projects Agency (DARPA). "mmLink™ is a breakthrough nanotechnology, with potential similar to the impact of the transistor and microchip. It's a modern-day re-invention of 70-year old vacuum electronic technology that will serve as the backbone of 5G wireless data delivery, making it possible to download movies instantly, stream live video seamlessly and bring Internet to underserved areas throughout the world," says Louis Fisi, Chairman, CEO & Co-founder of Teraphysics. Teraphysics is issuing 10,000,000 share of common stock priced at $5 per share. The net proceeds of this offering will be used to fund the commercialization of Teraphysics technology, including the development of a micro link wireless network for the demonstration of wireless terrestrial and stratospheric platforms, the establishment of a piloting facility and the acquisition of production capacity. "This year, not only do we have a record number of companies making their LD Micro debuts, but a record number of companies presenting for the first time in their company's history," stated Chris Lahiji, President of LD Micro. "LD has established itself as the one venue that brings the most influential players from all segments of the market under one roof." The conference will be held at the Luxe Sunset Bel Air Hotel and will feature 180 companies in the small / micro-cap space. Based in Cleveland, Ohio, Teraphysics was founded by Louis S. Fisi and scientists Dr. Gerald T. Mearini, PhD and James A. Dayton,, Jr. PhD. The company has developed patented devices that will dramatically enhance ultra-high speed 5G data delivery, paving the way for the high level, next generation of mobile data transmission, that will greatly improve global Internet connectivity. More information at http://www.teraphysics.com. Boustead Securities, LLC is an investment banking firm that advises clients on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions. Our core value proposition is our ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States and around the world, Boustead's team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit www.boustead1828.com. LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event). In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe. For those interested in attending, please contact David Scher at david@ldmicro.com or visit www.ldmicro.com for more information.


News Article | May 4, 2017
Site: globenewswire.com

SAN DIEGO, May 04, 2017 (GLOBE NEWSWIRE) --  Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported its first quarter 2017 financial results.  For the first quarter ended March 26, 2017, Kratos generated revenues and Adjusted EBITDA of $167.8 million and $10.6 million, respectively.  First quarter 2017 revenues increased 9.7 percent over first quarter 2016 revenues of $153.0 million, and 2017 Adjusted EBITDA more than doubled at $10.6 million, up from first quarter 2016 Adjusted EBITDA of $4.6 million.  Kratos’ book to bill ratio in the first quarter of 2017 was 0.9 to 1.0, including book to bill ratios of 2.3 to 1.0 in Kratos’ Unmanned Systems Division, and 1.9 to 1.0 in Kratos’ Microwave Electronic Products Division.  For the last twelve months ended March 26, 2017, Kratos’ book to bill ratio was 1.0 to 1.0.  Kratos’ total backlog at the end of the first quarter of 2017 was approximately $878.3 million, including funded and unfunded backlog of approximately $616.2 million and $262.1 million, respectively.  Kratos’ bid and proposal pipeline at March 26, 2017 was $5.9 billion. Kratos’ business units contributing to the first quarter 2017 year-over-year growth included: 15.6 percent growth in Satellite Communications, Cyber Security, Technology and Training Solutions, 9.9 percent growth in Unmanned Systems, and 21.9 percent growth in Public Safety and Security.  Recent contract awards in the satellite communications business area, where Kratos provides command, control, communication and RF Interference Mitigation products and solutions, U.S. Marine Corp, U.S. Air Force and other customer training systems, and high performance jet powered unmanned tactical combat and target drone aerial systems were primary organic growth contributors for the first quarter of 2017.   Year over year growth in the Company’s Public Safety and Security business was driven primarily by security system and related communication equipment integration under a security system deployment program for a Mass Transportation Authority in a large metropolitan area. For the first quarter ended March 26, 2017, approximately 57% of Kratos’ revenue was derived from U.S. Federal Government related customers, approximately 34% from commercial, state and local government customers, and approximately 9% from international customers. During the first quarter of 2017, Kratos completed an equity offering generating net proceeds of approximately $81.9 million, after underwriting costs, fees and expenses.  Consistent with the Company’s stated use of proceeds raised in the equity offering, cash of approximately $64.0 million was utilized during the first quarter to retire $62.7 million of the Company’s Senior Notes, bringing the total amount outstanding of total debt at March 26, 2017 to $374.3 million.  The Company’s cash balance at March 26, 2017 was $73.4 million, yielding a total net debt position at the end of the first quarter of 2017 of $300.9 million.  Over the last two fiscal quarters, the Company has retired $77.2 million of the Company’s Senior Notes, reducing the Company’s annual cash interest payments by approximately $5.4 million. During the first quarter, the Company made investments of approximately $7.2 million, including capital expenditures of $5.2 million primarily related to its Unmanned Systems and Satellite Communications businesses, and approximately $2.0 million in development costs related to the Low Cost Attritable Strike Demonstrator (LCASD) tactical unmanned aircraft where Kratos will retain intellectual property rights.  Cash flow from operating activities for the first quarter of 2017 was a use of approximately $8.7 million, reflecting the $2.0 million in LCASD development costs, and net working capital requirements of approximately $6.7 million primarily related to the build of inventory in anticipation of future scheduled product deliveries. For the quarter ended March 26, 2017, net loss was $10.0 million, adjusted loss per share was $(0.01). Adjusted income per share excludes loss from discontinued operations, non-cash amortization expenses, as the Company has historically been acquisitive, non-cash stock compensation costs,  foreign transaction gains and losses, and certain non-recurring items such as acquisition and restructuring related items and other, and loss on extinguishment of debt, and includes cash actually expected to be paid for income taxes on continuing operations,  reflecting the benefit of the Company’s net operating loss carryforwards of over $300 million.  Kratos believes that reporting adjusted income (loss) per share is a meaningful metric to present the Company’s financial results.  GAAP earnings per share was a loss of $(0.13). Kratos is affirming its previously provided 2017 guidance for revenues of $700 to $720 million, and Adjusted EBITDA of $52 to $54 million, with a similar quarterly revenue and Adjusted EBITDA trajectory as experienced in 2016.  Kratos is providing second quarter 2017 revenue guidance of $170 to $176 million and Adjusted EBITDA guidance of $8 million to $12 million. Eric DeMarco, Kratos’ President and CEO, said, “Kratos’ performance in the first quarter exceeded our expectations, including continued strength and customer demand in our Satellite Communications, Cyber Security, Technology and Training division. This division had a full year and fourth quarter 2016 book to bill ratio of 1.2 to 1.0 that we are now executing on. Kratos’ Satellite Communication business, the largest in our Company, is seeing strength across virtually every capability area, and we are forecasting this strong performance to continue going forward due to increasing bandwidth demands, and threats to U.S. space based assets.  We are also seeing strong customer demand in Kratos’ Cyber Security and Training Systems business areas, where we won several large new program awards in 2016 which are just now beginning to ramp up, and where we are hopeful of receiving another very large new contract award later on this year.” Mr. DeMarco continued, “In Kratos’ Unmanned Systems Division, in the first quarter we received Production Lot 13 from the U.S. Air Force for Kratos’ BQM 167 unmanned aerial target drone aircraft, one of the largest programs in our Company.  We also received a contract award from a separate customer for a new jet powered high performance unmanned aerial drone system, where Kratos will initially be providing system engineering, avionics, data links and ground systems.   If a 2017 Department of Defense (DoD) budget is approved, we would expect to begin production in the following few months on the U.S. Navy SSAT program for the BQM 177 unmanned aerial target drone system and on a confidential customer program.  Once in production, we expect the SSAT Program to become one of the largest in Kratos over the following few years, and these two programs are expected to be key drivers to a doubling in size of Kratos’ unmanned systems business as they achieve full rate production.” Mr. DeMarco went on, “In the first quarter, we continued to make important progress in our tactical unmanned aerial system (UAS) initiative with advancement to Phase II of the DARPA Gremlins Program as a subcontractor on the Dynetics team.  On the Dynetics team, Kratos will design, develop and build prototype Gremlin Tactical UASs, tooling, support equipment, etc.  On Kratos’ prime LCASD tactical UAS contract with the Air Force Research Lab (AFRL), we are on budget and on schedule for an estimated second quarter 2018 maiden flight.   Kratos’ prime contract with the Defense Innovation Unit Experimental (DIUx) also currently remains on budget and on schedule for a second half 2017 demonstration with several Kratos Mako tactical UASs, previously named UTAP-22, set to fly in a major exercise. Mr. DeMarco concluded, “In 2016, Kratos returned to growth, and we expect that growth to continue and to accelerate in 2017.  In a few select areas, including satellite communications, microwave electronics, high performance UASs and training systems we believe that we are extremely well positioned, having the right products at the right price point to address mission critical National Security priority areas.  We have recently recapitalized the Company, significantly reducing our debt and delevering the balance sheet, positioning Kratos to successfully execute on the multiple new contract awards we have recently received, and to fund the expected future growth of the business.” Management will discuss the Company’s first quarter 2017 financial results and second quarter 2017 guidance in a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern) today. Analysts and institutional investors may participate in the conference call by dialing (866) 393-0674, and referencing the call by ID number 10348101.  The general public may access the conference call by dialing (877) 344-3935 or on the day of the event by visiting www.kratosdefense.com for a simultaneous webcast. A replay of the webcast will be available on the Kratos web site approximately two hours after the conclusion of the conference call. About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) is a mid-tier government contractor at the forefront of the Department of Defense’s Innovation Initiative and Third Offset Strategy.  Kratos is a leading technology, intellectual property and proprietary product and solution company focused on the United States and its allies’ national security.  Kratos is the industry leader in high performance unmanned aerial drone target systems used to test weapon systems and to train the warfighter, and is a provider of high performance unmanned combat aerial systems for force multiplication and amplification.  Kratos is also an industry leader in satellite communications, microwave electronics, cyber security/warfare, missile defense and combat systems.  Kratos has primarily an engineering and technically oriented work force of approximately 2,900. Substantially all of Kratos' work is performed on a military base, in a secure facility or at a critical infrastructure location. Kratos' primary end customers are National Security related agencies. News and information are available at www.KratosDefense.com. Notice Regarding Forward-Looking Statements This news release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, express or implied statements concerning the Company’s expectations regarding its future financial performance, including the Company’s expectations concerning the trajectory of 2017 revenue and Adjusted EBITDA, the Company’s ability to achieve projected growth in certain of the Company’s business units and the expected timing of such growth, its bid and proposal pipeline, demand for its products and services, including the Company’s ability to successfully compete in the tactical unmanned aerial system area and expected new customer awards, performance of key contracts, including the timing of production and demonstration related to certain of the Company’s contracts and product offerings, the impact of the Company’s restructuring efforts and cost reduction measures, including its ability to improve profitability and cash flow in certain business units as a result of these actions, benefits to be realized from the Company’s net operating loss carryforwards and the availability and timing of government funding for the Company’s UTAP-22 or Mako, timing of LRIP related to the Company’s unmanned aerial target system offerings, as well as the level of recurring revenues expected to be generated by these programs once they achieve full rate production, and market and industry developments. Such statements are only predictions, and the Company’s actual results may differ materially from the results expressed or implied by these statements. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Factors that may cause the Company’s results to differ include, but are not limited to: risks to our business and financial results related to the reductions and other spending constraints imposed on the U.S. Government and our other customers, including as a result of sequestration, the Federal budget deficit and Federal government shut-downs; risks of adverse regulatory action or litigation; risks associated with debt leverage and expected cost savings and cash flow improvements expected as a result of the refinancing of our Senior Notes and the repurchase of Senior Notes; risks that our cost-cutting initiatives will not provide the anticipated benefits; risks that changes, cutbacks or delays in spending by the U.S. DoD may occur, which could cause delays or cancellations of key government contracts; risks of delays to or the cancellation of our projects as a result of protest actions submitted by our competitors; risks that changes may occur in Federal government (or other applicable) procurement laws, regulations, policies and budgets; risks of the availability of government funding for the Company's products and services due to performance, cost growth, or other factors, changes in government and customer priorities and requirements (including cost-cutting initiatives, the potential deferral of awards, terminations or reduction of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional committee recommendations or automatic sequestration under the Budget Control Act of 2011, as amended); risks of increases in the Federal government initiatives related to in-sourcing; risks related to security breaches, including cybersecurity attacks and threats or other significant disruptions of our information systems, facilities and infrastructures; risks related to our compliance with applicable contracting and procurement laws, regulations and standards; risks relating to contract performance; risks related to failure of our products or services; risks associated with our subcontractors’ or suppliers’ failure to perform their contractual obligations, including the appearance of counterfeit or corrupt parts in our products; changes in the competitive environment (including as a result of bid protests); failure to successfully integrate acquired operations and competition in the marketplace, which could reduce revenues and profit margins; risks that potential future goodwill impairments will adversely affect our operating results; risks that anticipated tax benefits will not be realized in accordance with our expectations; risks that a change in ownership of our stock could cause further limitation to the future utilization of our net operating losses; risks that the current economic environment will adversely impact our business; and risks related to natural disasters or severe weather. These and other risk factors are more fully discussed in the Company’s Annual Report on Form 10-K for the period ended December 25, 2016, and in our other filings made with the Securities and Exchange Commission. Note Regarding Use of Non-GAAP Financial Measures This news release contains non-GAAP financial measures, including  Adjusted income (loss) per share (computed using  income (loss) from continuing operations before income taxes, excluding amortization of intangible assets, stock compensation expense, loss on extinguishment of debt, contract design retrofit costs, acquisition  and restructuring related items and other which includes but is not limited to unused office space expense, excess capacity, investments in unmanned combat systems initiatives,   and foreign transaction gains and losses, less the estimated tax cash payments) and Adjusted EBITDA (which excludes, among other things, losses and gains from discontinued operations, restructuring and transaction related items, investments in unmanned combat systems initiatives, stock compensation expense, unused office space expense, and foreign transaction gains and losses, and the associated margin rates).   Kratos believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the actual and forecasted operating performance of the Company’s business and the Company’s cash flow, excluding extraordinary items and non-cash items that would normally be included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles.  The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow.  Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and investors should carefully evaluate the Company’s financial results calculated in accordance with GAAP and reconciliations to those financial statements.  In addition, non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.  As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this news release.


News Article | May 4, 2017
Site: globenewswire.com

SAN DIEGO, May 04, 2017 (GLOBE NEWSWIRE) --  Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported its first quarter 2017 financial results.  For the first quarter ended March 26, 2017, Kratos generated revenues and Adjusted EBITDA of $167.8 million and $10.6 million, respectively.  First quarter 2017 revenues increased 9.7 percent over first quarter 2016 revenues of $153.0 million, and 2017 Adjusted EBITDA more than doubled at $10.6 million, up from first quarter 2016 Adjusted EBITDA of $4.6 million.  Kratos’ book to bill ratio in the first quarter of 2017 was 0.9 to 1.0, including book to bill ratios of 2.3 to 1.0 in Kratos’ Unmanned Systems Division, and 1.9 to 1.0 in Kratos’ Microwave Electronic Products Division.  For the last twelve months ended March 26, 2017, Kratos’ book to bill ratio was 1.0 to 1.0.  Kratos’ total backlog at the end of the first quarter of 2017 was approximately $878.3 million, including funded and unfunded backlog of approximately $616.2 million and $262.1 million, respectively.  Kratos’ bid and proposal pipeline at March 26, 2017 was $5.9 billion. Kratos’ business units contributing to the first quarter 2017 year-over-year growth included: 15.6 percent growth in Satellite Communications, Cyber Security, Technology and Training Solutions, 9.9 percent growth in Unmanned Systems, and 21.9 percent growth in Public Safety and Security.  Recent contract awards in the satellite communications business area, where Kratos provides command, control, communication and RF Interference Mitigation products and solutions, U.S. Marine Corp, U.S. Air Force and other customer training systems, and high performance jet powered unmanned tactical combat and target drone aerial systems were primary organic growth contributors for the first quarter of 2017.   Year over year growth in the Company’s Public Safety and Security business was driven primarily by security system and related communication equipment integration under a security system deployment program for a Mass Transportation Authority in a large metropolitan area. For the first quarter ended March 26, 2017, approximately 57% of Kratos’ revenue was derived from U.S. Federal Government related customers, approximately 34% from commercial, state and local government customers, and approximately 9% from international customers. During the first quarter of 2017, Kratos completed an equity offering generating net proceeds of approximately $81.9 million, after underwriting costs, fees and expenses.  Consistent with the Company’s stated use of proceeds raised in the equity offering, cash of approximately $64.0 million was utilized during the first quarter to retire $62.7 million of the Company’s Senior Notes, bringing the total amount outstanding of total debt at March 26, 2017 to $374.3 million.  The Company’s cash balance at March 26, 2017 was $73.4 million, yielding a total net debt position at the end of the first quarter of 2017 of $300.9 million.  Over the last two fiscal quarters, the Company has retired $77.2 million of the Company’s Senior Notes, reducing the Company’s annual cash interest payments by approximately $5.4 million. During the first quarter, the Company made investments of approximately $7.2 million, including capital expenditures of $5.2 million primarily related to its Unmanned Systems and Satellite Communications businesses, and approximately $2.0 million in development costs related to the Low Cost Attritable Strike Demonstrator (LCASD) tactical unmanned aircraft where Kratos will retain intellectual property rights.  Cash flow from operating activities for the first quarter of 2017 was a use of approximately $8.7 million, reflecting the $2.0 million in LCASD development costs, and net working capital requirements of approximately $6.7 million primarily related to the build of inventory in anticipation of future scheduled product deliveries. For the quarter ended March 26, 2017, net loss was $10.0 million, adjusted loss per share was $(0.01). Adjusted income per share excludes loss from discontinued operations, non-cash amortization expenses, as the Company has historically been acquisitive, non-cash stock compensation costs,  foreign transaction gains and losses, and certain non-recurring items such as acquisition and restructuring related items and other, and loss on extinguishment of debt, and includes cash actually expected to be paid for income taxes on continuing operations,  reflecting the benefit of the Company’s net operating loss carryforwards of over $300 million.  Kratos believes that reporting adjusted income (loss) per share is a meaningful metric to present the Company’s financial results.  GAAP earnings per share was a loss of $(0.13). Kratos is affirming its previously provided 2017 guidance for revenues of $700 to $720 million, and Adjusted EBITDA of $52 to $54 million, with a similar quarterly revenue and Adjusted EBITDA trajectory as experienced in 2016.  Kratos is providing second quarter 2017 revenue guidance of $170 to $176 million and Adjusted EBITDA guidance of $8 million to $12 million. Eric DeMarco, Kratos’ President and CEO, said, “Kratos’ performance in the first quarter exceeded our expectations, including continued strength and customer demand in our Satellite Communications, Cyber Security, Technology and Training division. This division had a full year and fourth quarter 2016 book to bill ratio of 1.2 to 1.0 that we are now executing on. Kratos’ Satellite Communication business, the largest in our Company, is seeing strength across virtually every capability area, and we are forecasting this strong performance to continue going forward due to increasing bandwidth demands, and threats to U.S. space based assets.  We are also seeing strong customer demand in Kratos’ Cyber Security and Training Systems business areas, where we won several large new program awards in 2016 which are just now beginning to ramp up, and where we are hopeful of receiving another very large new contract award later on this year.” Mr. DeMarco continued, “In Kratos’ Unmanned Systems Division, in the first quarter we received Production Lot 13 from the U.S. Air Force for Kratos’ BQM 167 unmanned aerial target drone aircraft, one of the largest programs in our Company.  We also received a contract award from a separate customer for a new jet powered high performance unmanned aerial drone system, where Kratos will initially be providing system engineering, avionics, data links and ground systems.   If a 2017 Department of Defense (DoD) budget is approved, we would expect to begin production in the following few months on the U.S. Navy SSAT program for the BQM 177 unmanned aerial target drone system and on a confidential customer program.  Once in production, we expect the SSAT Program to become one of the largest in Kratos over the following few years, and these two programs are expected to be key drivers to a doubling in size of Kratos’ unmanned systems business as they achieve full rate production.” Mr. DeMarco went on, “In the first quarter, we continued to make important progress in our tactical unmanned aerial system (UAS) initiative with advancement to Phase II of the DARPA Gremlins Program as a subcontractor on the Dynetics team.  On the Dynetics team, Kratos will design, develop and build prototype Gremlin Tactical UASs, tooling, support equipment, etc.  On Kratos’ prime LCASD tactical UAS contract with the Air Force Research Lab (AFRL), we are on budget and on schedule for an estimated second quarter 2018 maiden flight.   Kratos’ prime contract with the Defense Innovation Unit Experimental (DIUx) also currently remains on budget and on schedule for a second half 2017 demonstration with several Kratos Mako tactical UASs, previously named UTAP-22, set to fly in a major exercise. Mr. DeMarco concluded, “In 2016, Kratos returned to growth, and we expect that growth to continue and to accelerate in 2017.  In a few select areas, including satellite communications, microwave electronics, high performance UASs and training systems we believe that we are extremely well positioned, having the right products at the right price point to address mission critical National Security priority areas.  We have recently recapitalized the Company, significantly reducing our debt and delevering the balance sheet, positioning Kratos to successfully execute on the multiple new contract awards we have recently received, and to fund the expected future growth of the business.” Management will discuss the Company’s first quarter 2017 financial results and second quarter 2017 guidance in a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern) today. Analysts and institutional investors may participate in the conference call by dialing (866) 393-0674, and referencing the call by ID number 10348101.  The general public may access the conference call by dialing (877) 344-3935 or on the day of the event by visiting www.kratosdefense.com for a simultaneous webcast. A replay of the webcast will be available on the Kratos web site approximately two hours after the conclusion of the conference call. About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) is a mid-tier government contractor at the forefront of the Department of Defense’s Innovation Initiative and Third Offset Strategy.  Kratos is a leading technology, intellectual property and proprietary product and solution company focused on the United States and its allies’ national security.  Kratos is the industry leader in high performance unmanned aerial drone target systems used to test weapon systems and to train the warfighter, and is a provider of high performance unmanned combat aerial systems for force multiplication and amplification.  Kratos is also an industry leader in satellite communications, microwave electronics, cyber security/warfare, missile defense and combat systems.  Kratos has primarily an engineering and technically oriented work force of approximately 2,900. Substantially all of Kratos' work is performed on a military base, in a secure facility or at a critical infrastructure location. Kratos' primary end customers are National Security related agencies. News and information are available at www.KratosDefense.com. Notice Regarding Forward-Looking Statements This news release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, express or implied statements concerning the Company’s expectations regarding its future financial performance, including the Company’s expectations concerning the trajectory of 2017 revenue and Adjusted EBITDA, the Company’s ability to achieve projected growth in certain of the Company’s business units and the expected timing of such growth, its bid and proposal pipeline, demand for its products and services, including the Company’s ability to successfully compete in the tactical unmanned aerial system area and expected new customer awards, performance of key contracts, including the timing of production and demonstration related to certain of the Company’s contracts and product offerings, the impact of the Company’s restructuring efforts and cost reduction measures, including its ability to improve profitability and cash flow in certain business units as a result of these actions, benefits to be realized from the Company’s net operating loss carryforwards and the availability and timing of government funding for the Company’s UTAP-22 or Mako, timing of LRIP related to the Company’s unmanned aerial target system offerings, as well as the level of recurring revenues expected to be generated by these programs once they achieve full rate production, and market and industry developments. Such statements are only predictions, and the Company’s actual results may differ materially from the results expressed or implied by these statements. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Factors that may cause the Company’s results to differ include, but are not limited to: risks to our business and financial results related to the reductions and other spending constraints imposed on the U.S. Government and our other customers, including as a result of sequestration, the Federal budget deficit and Federal government shut-downs; risks of adverse regulatory action or litigation; risks associated with debt leverage and expected cost savings and cash flow improvements expected as a result of the refinancing of our Senior Notes and the repurchase of Senior Notes; risks that our cost-cutting initiatives will not provide the anticipated benefits; risks that changes, cutbacks or delays in spending by the U.S. DoD may occur, which could cause delays or cancellations of key government contracts; risks of delays to or the cancellation of our projects as a result of protest actions submitted by our competitors; risks that changes may occur in Federal government (or other applicable) procurement laws, regulations, policies and budgets; risks of the availability of government funding for the Company's products and services due to performance, cost growth, or other factors, changes in government and customer priorities and requirements (including cost-cutting initiatives, the potential deferral of awards, terminations or reduction of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional committee recommendations or automatic sequestration under the Budget Control Act of 2011, as amended); risks of increases in the Federal government initiatives related to in-sourcing; risks related to security breaches, including cybersecurity attacks and threats or other significant disruptions of our information systems, facilities and infrastructures; risks related to our compliance with applicable contracting and procurement laws, regulations and standards; risks relating to contract performance; risks related to failure of our products or services; risks associated with our subcontractors’ or suppliers’ failure to perform their contractual obligations, including the appearance of counterfeit or corrupt parts in our products; changes in the competitive environment (including as a result of bid protests); failure to successfully integrate acquired operations and competition in the marketplace, which could reduce revenues and profit margins; risks that potential future goodwill impairments will adversely affect our operating results; risks that anticipated tax benefits will not be realized in accordance with our expectations; risks that a change in ownership of our stock could cause further limitation to the future utilization of our net operating losses; risks that the current economic environment will adversely impact our business; and risks related to natural disasters or severe weather. These and other risk factors are more fully discussed in the Company’s Annual Report on Form 10-K for the period ended December 25, 2016, and in our other filings made with the Securities and Exchange Commission. Note Regarding Use of Non-GAAP Financial Measures This news release contains non-GAAP financial measures, including  Adjusted income (loss) per share (computed using  income (loss) from continuing operations before income taxes, excluding amortization of intangible assets, stock compensation expense, loss on extinguishment of debt, contract design retrofit costs, acquisition  and restructuring related items and other which includes but is not limited to unused office space expense, excess capacity, investments in unmanned combat systems initiatives,   and foreign transaction gains and losses, less the estimated tax cash payments) and Adjusted EBITDA (which excludes, among other things, losses and gains from discontinued operations, restructuring and transaction related items, investments in unmanned combat systems initiatives, stock compensation expense, unused office space expense, and foreign transaction gains and losses, and the associated margin rates).   Kratos believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the actual and forecasted operating performance of the Company’s business and the Company’s cash flow, excluding extraordinary items and non-cash items that would normally be included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles.  The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow.  Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and investors should carefully evaluate the Company’s financial results calculated in accordance with GAAP and reconciliations to those financial statements.  In addition, non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.  As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this news release.


News Article | May 8, 2017
Site: globenewswire.com

Dayton, Ohio, May 08, 2017 (GLOBE NEWSWIRE) -- MacAulay-Brown, Inc. (MacB), a leading National Security company delivering advanced engineering services, cybersecurity and product solutions, announced today that it has been awarded a new task order by the Air Force Research Lab (AFRL) on the Spectrum Warfare Evaluation and Assessment Technology Engineering Research (SWEATER) contract. The Advanced EW System Engineering and Demonstration (ASEAD) win has a three-year period of performance, for a total value of $8.5 million. All work will be performed at Wright Patterson Air Force Base in Dayton. The mission of the SWEATER contract is to conduct research, exploratory and advanced development in the areas of complex radio frequency, electronic attack and electronic protection for ground-based radar and airborne threats. On this task order, the goal is to establish spectrum dominance in congested, contested and complex anti-access area denied (A2AD) environments. Spectrum dominance comprises military disciplines of electronic, cyber, optical and navigational warfare. MacB personnel will expand on high-end research and development activities in four areas: The task order’s primary focus will be using a systems engineering process to characterize and assess interactions between complex Radio Frequency (RF) systems in both a laboratory and under realistic combat conditions. Our team’s research and prototyping efforts at system, subsystem and component levels will help AFRL better understand and define advanced technology solutions that can be integrated into Department of Defense (DoD) laboratories, test sites and contractor facilities. “MacB is proud to extend its storied history in the development of Advanced Electronic Warfare systems, and the increasingly complex technologies to test those systems,” said Tim Lawrence, Senior Vice President and General Manager for MacB’s Advanced Technology Group (ATG). “From its earliest start in 1979, the company has proudly partnered with the Air Force to mature and develop world class tools, processes and cutting-edge technologies to support electronic warfare and other relevant operational missions.” ABOUT MACAULAY-BROWN, INC. (MacB) For more than 37 years, MacAulay-Brown, Inc. (MacB) has been solving some of the Nation’s most complex National Security challenges. Defense, Intelligence Community, Special Operations Forces, Homeland Security and Federal agencies rely on our advanced engineering services, cybersecurity, and product solutions to meet the challenges of an ever-changing world. With Corporate Headquarters in Dayton, Ohio and National Capital Headquarters in Vienna, Virginia, our more than 1,500 employees worldwide are dedicated to developing mission-focused and results-oriented solutions that make a difference where and when it matters most. Learn more about MacB at www.macb.com.


Home > Press > U.S. Air Force Research Lab Taps IBM to Build Brain-Inspired AI Supercomputing System: Equal to 64 million neurons, new neurosynaptic supercomputing system will power complex AI tasks at unprecedented speed and energy efficiency Abstract: IBM (NYSE: IBM) and the U.S. Air Force Research Laboratory (AFRL) today announced they are collaborating on a first-of-a-kind brain-inspired supercomputing system powered by a 64-chip array of the IBM TrueNorth Neurosynaptic System. The scalable platform IBM is building for AFRL will feature an end-to-end software ecosystem designed to enable deep neural-network learning and information discovery. The system’s advanced pattern recognition and sensory processing power will be the equivalent of 64 million neurons and 16 billion synapses, while the processor component will consume the energy equivalent of a dim light bulb – a mere 10 watts to power. IBM researchers believe the brain-inspired, neural network design of TrueNorth will be far more efficient for pattern recognition and integrated sensory processing than systems powered by conventional chips. AFRL is investigating applications of the system in embedded, mobile, autonomous settings where, today, size, weight and power (SWaP) are key limiting factors. The IBM TrueNorth Neurosynaptic System can efficiently convert data (such as images, video, audio and text) from multiple, distributed sensors into symbols in real time. AFRL will combine this “right-brain” perception capability of the system with the “left-brain” symbol processing capabilities of conventional computer systems. The large scale of the system will enable both “data parallelism” where multiple data sources can be run in parallel against the same neural network and “model parallelism” where independent neural networks form an ensemble that can be run in parallel on the same data. “AFRL was the earliest adopter of TrueNorth for converting data into decisions,” said Daniel S. Goddard, director, information directorate, U.S. Air Force Research Lab. “The new neurosynaptic system will be used to enable new computing capabilities important to AFRL’s mission to explore, prototype and demonstrate high-impact, game-changing technologies that enable the Air Force and the nation to maintain its superior technical advantage.” “The evolution of the IBM TrueNorth Neurosynaptic System is a solid proof point in our quest to lead the industry in AI hardware innovation,” said Dharmendra S. Modha, IBM Fellow, chief scientist, brain-inspired computing, IBM Research - Almaden. “Over the last six years, IBM has expanded the number of neurons per system from 256 to more than 64 million – an 800 percent annual increase over six years.’’ The system fits in a 4U-high (7”) space in a standard server rack and eight such systems will enable the unprecedented scale of 512 million neurons per rack. A single processor in the system consists of 5.4 billion transistors organized into 4,096 neural cores creating an array of 1 million digital neurons that communicate with one another via 256 million electrical synapses. For CIFAR-100 dataset, TrueNorth achieves near state-of-the-art accuracy, while running at >1,500 frames/s and using 200 mW (effectively >7,000 frames/s per Watt) – orders of magnitude lower speed and energy than a conventional computer running inference on the same neural network. The IBM TrueNorth Neurosynaptic System was originally developed under the auspices of Defense Advanced Research Projects Agency’s (DARPA) Systems of Neuromorphic Adaptive Plastic Scalable Electronics (SyNAPSE) program in collaboration with Cornell University. In 2016, the TrueNorth Team received the inaugural Misha Mahowald Prize for Neuromorphic Engineering and TrueNorth was accepted into the Computer History Museum. Research with TrueNorth is currently being performed by more than 40 universities, government labs, and industrial partners on five continents. About IBM Research For more than seven decades, IBM Research has defined the future of information technology with more than 3,000 researchers in 12 labs located across six continents. Scientists from IBM Research have produced six Nobel Laureates, 10 U.S. National Medals of Technology, five U.S. National Medals of Science, six Turing Awards, 19 inductees in the National Academy of Sciences and 20 inductees into the U.S. National Inventors Hall of Fame. For more information about IBM Research, visit www.ibm.com/research. About Air Force Research Laboratory With headquarters at Rome, NY, the Information Directorate (RI) research vector develops novel and affordable Command, Control, Communications, Computing, Cyber, and Intelligence (C4I) technologies. RI is recognized as a national asset and leader in C4I. Refining data into information and knowledge for decision makers to command and control forces is what we do. This knowledge gives our air, space, and cyberspace forces the competitive advantage needed to protect and defend this great nation. For more information about AFRL, www.wpafb.af.mil/afrl/ri.aspx For more information, please click If you have a comment, please us. Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.


ARMONK, N.Y. and ROME, N.Y., June 23, 2017 /PRNewswire/ -- IBM (NYSE: IBM) and the U.S. Air Force Research Laboratory (AFRL) today announced they are collaborating on a first-of-a-kind brain-inspired supercomputing system powered by a 64-chip array of the IBM TrueNorth Neurosynaptic...

Loading Air Force Research Lab collaborators
Loading Air Force Research Lab collaborators