Company Also Discusses Revenue and Earnings Guidance
For FY 2003 Third Quarter
ALEXANDRIA, Va., Dec. 19 /PRNewswire-FirstCall/ -- Halifax
Corporation (Amex: HX) today announced that it has recently been awarded
enterprise maintenance services contracts totaling $5.0 million. The services
will be provided for several regional and nationwide customers over periods
ranging from one to three years and include the renewal of the Virginia
Retirement System seat management program, several new high availability
system customers and a new secure network program for a federal customer
within the Department of Defense.
According to Charles McNew, president and chief executive officer, "The
enterprise maintenance service marketplace continues to offer growth
prospects, and we're concentrating on positioning the Company as a major
player in this space. Consequently, we believe our prospects for long-term
success are favorable.
"Many of the new contracts awarded to the Company have resulted from our
relentless pursuit of customer satisfaction and our strengthened relationships
with multiple large-scale system integrators and global service providers
serving both public and private sector clients."
McNew further stated, "Our backlog and new business pipeline are
continuing to improve for the long-term, and our mix of higher margin service
business is expanding. We do, however, foresee a decline in revenue for the
quarter ended December 31, 2002, due to a reduction in low margin hardware
orders. Earnings are not anticipated to be negatively affected because of the
favorable mix of high margin services. The Company has de-emphasized hardware
sales for the long-term and believes most future growth potential for both
revenue and profitability will be generated by our recurring revenue model for
enterprise maintenance services."
Founded in 1967, Halifax Corporation is an enterprise maintenance
solutions company providing a wide range of technology services to commercial
and government customers throughout the United States. The Company's
principal products are high availability system services, seat management and
deployment services; and secure network program services. More information on
Halifax can be found at http://www.hxcorp.com .
Certain statements made by the Company which are not historical facts may
be considered forward-looking statements, including, without limitation,
statements as to trends, management's beliefs, expectations and opinions,
which are based upon a number of assumptions concerning future conditions that
ultimately may prove to be inaccurate. Such forward-looking statements are
subject to risks and uncertainties and may be affected by various factors that
may cause actual results to differ materially from those in the forward-
looking statements. For further information that could affect the Company's
financial statements, please refer to the Company's reports filed with the
Securities and Exchange Commission.
SOURCE Halifax Corporation
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Related links:
http://www.hxcorp.com
CONTACT:
Karen Vahouny, +1-703-744-7809, or
kvahouny@qorvis.com, for Halifax Corporation
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