PAE Continues Longstanding U.S. Air Force Support with $158 Million Award for Aircraft and Equipment Maintenance at Eglin Air Force Base

Rhea-AI Summary

PAE has secured a significant contract from the U.S. Air Force for aircraft and equipment maintenance at Eglin Air Force Base, Florida. This contract has an estimated total value of $158 million and includes a one-year base period with six one-year options and a potential six-month extension. PAE's extensive experience in aviation support and commitment to high-quality maintenance services position the company favorably for this partnership with the Air Force, aiming to enhance national security operations.

AI-generated analysis. Not financial advice.

Positive

• Contract awarded with a total estimated value of $158 million.
• Includes a base period of one year and six one-year options.
• Extensive experience in aviation support for U.S. government customers.
• Commitment to high-quality aircraft maintenance.
• Potential for increased revenues if all options are exercised.

Negative

• None.

News Market Reaction – PAE

-1.47%

1 alert

-1.47% News Effect

On the day this news was published, PAE declined 1.47%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

FALLS CHURCH, Va., May 21, 2020 (GLOBE NEWSWIRE) -- PAE (NASDAQ: PAE, PAEWW), a global leader in delivering smart solutions to the U.S. government and its allies, was awarded a contract by the U.S. Air Force to manage aircraft and equipment maintenance supporting 96^th Test Wing missions at Eglin Air Force Base, Florida. The award has a one-year base period of performance, six one-year options and a potential six-month extension with a total estimated value of $158 million if all options are exercised.

Through nearly four decades of aviation support for U.S. government customers, including four branches of the military and the Department of Homeland Security, PAE has built a reputation for safe and high-quality aircraft maintenance. PAE President and CEO John Heller said that reputation, paired with innovative practices, makes PAE a steadfast partner to the Air Force and its national security initiatives.

“PAE employs top aviation industry professionals who will lend their expertise to a full range of maintenance capabilities at Eglin,” Heller said. “The Air Force missions we support are successful because of that expertise and process improvements we implement based on sound data analysis.”

“The Eglin win is a result of the skill, knowledge and ability of the professional workforce and program leadership,” said PAE Global Mission Services Vice President Mike Frazier. “PAE is proud and honored to remain on the Eglin Team and to continue its partnership with the USAF in maintaining safe and ready aircraft.”

PAE will provide the personnel, equipment, logistics and technical support needed to repair, maintain and modify various aircraft for the 96th Test Wing, including F-15 and F-16 fighter jets, and maintain support equipment and provide crash recovery services.

About PAE
For 65 years, PAE has tackled the world’s toughest challenges to deliver agile and steadfast solutions to the U.S. government and its allies. With a global workforce of about 20,000 on all seven continents and in approximately 60 countries, PAE delivers a broad range of operational support services to meet the critical needs of our clients. Our headquarters is in Falls Church, Virginia. Find us online at pae.com, on Facebook, Twitter and LinkedIn.

Forward-Looking Statements
This press release may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about PAE’s possible or assumed future results of operations, financial results, backlog, estimation of resources for contracts, strategy for and management of growth, needs for additional capital, risks related to U.S. government contracting generally, including congressional approval of appropriations and bid protests. These forward-looking statements are based on PAE’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PAE’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements included in this release speak only as of the date of this release. PAE does not undertake any obligation to update its forward-looking statements to reflect events or circumstances after the date of this release except as may be required by the federal securities laws.

For media inquiries regarding PAE, contact:

Terrence Nowlin
Senior Communications Manager
PAE
703-656-7423
terrence.nowlin@pae.com

For investor inquiries regarding PAE, contact:

Mark Zindler
Vice President, Investor Relations
PAE
703-717-6017
mark.zindler@pae.com

FAQ

What is the total value of the new PAE contract with the U.S. Air Force?

The total estimated value of the new contract awarded to PAE by the U.S. Air Force is $158 million.

How long is the contract period for PAE's U.S. Air Force maintenance contract?

The contract has a one-year base period, six one-year options, and a potential six-month extension.

What type of services will PAE provide under the new U.S. Air Force contract?

PAE will manage aircraft and equipment maintenance, including support for F-15 and F-16 fighter jets.

What is PAE's reputation in aviation support?

PAE has built a reputation for safe and high-quality aircraft maintenance, supporting various U.S. government customers.

Where is PAE headquartered?

PAE is headquartered in Falls Church, Virginia.