Dynamics Research Corporation Receives $20 Million Task Order From IRS.Business/Technology Editors ANDOVER, Mass.--(BUSINESS WIRE)--June 26, 2001 Dynamics Research Corporation Dynamics Research Corporation (NASDAQ: DRCO) is a United States-based publicly held defense contractor. DRC was founded in 1955 by a small group of engineers from the Charles Stark Draper Laboratory of the Massachusetts Institute of Technology. (Nasdaq:DRCO) today announced it has received a task order worth an estimated $20 million from the Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ). Under the task, DRC DRC Democratic Republic of Congo DRC Down (Stage) Right Center DRC Director(ate) of Reserve Components DRC Disability Rights Commission (United Kingdom) will continue development and maintenance of the IRS's integrated collection systems, a mission-critical set of information systems supporting U.S. tax collection. The project will be performed over the next five years. This award brings the total of orders issued to DRC under its Treasury Information Processing Support Service contract, signed last year, to $50 million. As a result, DRC's annual revenues from IRS programs have risen from $8 million a year ago to a current annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. rate of $12 million. Previous awards to DRC include the quality assurance program in support of the IRS "PRIME" modernization initiative, development of security certification documentation for IRS systems nationwide, management support for an electronic fraud detection system, and support of the "Telefile" eligibility and filing program. "Winning added business from satisfied existing customers and expanding our information technology franchise with civil federal and state agencies are key growth strategies for DRC," said James P. Regan, chairman, president and chief executive officer. "We are pleased that our work with the IRS has continued to expand, and we look forward to working many more years for this valued customer." Dynamics Research Corporation is an innovative solutions provider that partners with its customers in government and commercial sectors to apply proven processes and technologies. DRC delivers engineering, logistics, and information technology services and precision manufactured products that enhance the performance and cost effectiveness of its customers' mission critical systems. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statements under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Some statements contained or implied in this news release, may be considered forward-looking statements, which by their nature are uncertain. Consequently, actual results could materially differ. For more detailed information concerning how risks and uncertainties could affect the company's financial results, please refer to DRC's most recent form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC. The company assumes no obligation to update any forward-looking information. |
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