Globecomm Awarded $74.1 Million From U.S. Government Agency

Globecomm (NASDAQ:GCOM) announced that the company has been awarded a contract from a U.S. government agency. The contract is valued at $74.1 million with options for additional quantities and services.

Globecomm will lead this effort for the U.S. government providing program management and services. The L-3 Narda Satellite Networks, division of L-3 Communications will work with Globecomm as subcontractor.

Thomas Coyle, Senior Vice President and General Manager of Globecomm Systems Inc., said: "This is a very important contract for Globecomm and we are very pleased to be working with L-3 Narda to further extend our relationship from other projects. While the competitive landscape for this procurement dictated a reduction from our normally demonstrated margins, we are excited to have the opportunity to become a major supplier in a new market and to work closely with L-3."

Globecomm Systems (NASDAQ:GCOM) has a potential upside of 19.7% based on a current price of $13.78 and an average consensus analyst price target of $16.5.

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