Lockheed contract with Navy extended

Bethesda-based Lockheed Martin Corp. won a five-year, $88.5 million contract extension for operation and maintenance of systems, equipment and facilities at the Navy's Tactical Training Ranges in Fallon, Nev., and Yuma, Ariz., the Navy said yesterday.

Lockheed's Systems Support & Training Services will handle operation and maintenance of electronic warfare ranges, electronic combat threats, jammers, communications and optical equipment, and will assist in the development of tactics for Navy and Marine aircrew training using the Integrated Air Defense System.

The contract includes a $14.5 million base-year value and four one-year options valued at $18.5 million each. The program is a consolidation of the Yuma and Fallon Tactical Aircrew Combat Training Systems and Electronic Warfare Ranges.

In December, Lockheed said fourth-quarter profit will be about 10 percent lower than year-ago earnings of $1.79 per share. News of the disappointing returns sent the stock down $10.50, to a 52-week low of $84.50. Shares of Lockheed, which last week did a 2-for-1 stock split, closed yesterday at $38.75, down $1.25.

Pub Date: 1/15/99