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Versar Inc (VSR.A)

VSR.A on American Stock Exchange

1.36USD
28 Apr 2017
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Latest Key Developments (Source: Significant Developments)

Versar enters into a sixth forbearance agreement
Monday, 5 Dec 2016 07:34am EST 

Versar Inc : Versar Inc - Entered into a sixth forbearance agreement - sec filing . Versar Inc - Retains ability to borrow under credit facility subject to a cap of $13.0 million, provided all terms, conditions for borrowings are satisfied Source: (http://bit.ly/2g27kHe) Further company coverage: [VSR.A] ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

Versar says in negotiations with Bank of America regarding resolution of defaults
Monday, 14 Nov 2016 07:12am EST 

Versar Inc : Versar Inc files for non-timely 10-Q - SEC filing . Versar Inc - currently in default under certain covenants of current credit facility operating under forbearance agreement with Bank Of America, N.A. . Versar Inc - company is also in discussions with other lenders regarding establishment of new, replacement credit facility . Versar Inc - company is in negotiations with Bank of America regarding resolution of defaults . Versar - will not be in position to prepare its form 10-Q until it can amend existing credit facility or obtain new adequate credit facility . Versar Inc - expects to file the form 10-Q with the commission upon resolution of such financing issues .Versar- Until co amends existing credit facility or obtains new adequate credit facility, remains substantial doubt relative to co's ability to continue as going concern.  Full Article

Versar-On sept 29, co, lender entered into fourth forbearance agreement in consideration of ongoing steps by co
Friday, 30 Sep 2016 06:27am EDT 

Versar Inc : As condition to 4th forbearance agreement, co appointed H. Haywood Miller III as company's Chief Restructuring Officer . On sept 29, co, lender entered into fourth forbearance agreement in consideration of ongoing steps by co to work to resolve defaults-SEC filing . Company retains ability to borrow funds under revolving credit facility subject to a cap of $13.5 million .Miller to assist co to develop, implement plans for long term operations,financial restructuring of company, which may include sales of assets.  Full Article

Versar files for non-timely 10-k
Friday, 30 Sep 2016 06:24am EDT 

Versar Inc : Files for non-timely 10-k - sec filing . Currently in default under certain covenants of current credit facility and operating under forbearance agreement with Bank of America, N.A. . Company is in negotiations with Bank of America, N.A. Regarding the resolution of defaults . Company is also in discussions with other lenders regarding establishment of a new, replacement credit facility . Expects to file the form 10-k with the commission upon resolution of financing issues . Until co amends existing credit facility or obtains new adequate credit facility, there is substantial doubt relative to ability to continue as going concern . Recognized gross revenues of about $166.5 million for FY 2016, increase of 4 percent from gross revenues of $159.9 million for FY 2015 .Net loss for fiscal 2016 was $16.4 million or $1.66 per share, compared with net income of $1.4 million or $0.14 per share, in fiscal 2015.  Full Article

Versar says files for non-timely 10-Q with U.S. SEC
Tuesday, 17 May 2016 06:18am EDT 

Versar Inc : Says files for non-timely 10-q with the u.s. Sec - sec filing . Concluded that it would need to take certain impairment charges with respect to two of its segments for the quarter ended april 1, 2016 .Nt 10-q because the analysis and quantification of impairment charges caused a delay in completing the form 10-q.  Full Article

Versar Q3 loss per share $1.34
Monday, 16 May 2016 08:32am EDT 

Versar Inc : Qtrly revenue $36.5 million, down 8 percent . Quarterly loss per share $1.34 .As of April 1, 2016, co recorded funded backlog of about $158 million, as compared to $179 million of funded backlog at end of fiscal year 2015.  Full Article

Versar Inc posts Q3 loss per share $1.34
Monday, 16 May 2016 08:29am EDT 

Versar Inc : Versar Inc announces third quarter fiscal 2016 results . Certain challenges have caused a default under certain of company's financial maintenance covenants of its loan with bank of america . Q3 loss per share $1.34 .Q3 revenue fell 8 percent to $36.5 million.  Full Article

Versar Inc Joint Venture Awarded $2.1 Mln Task Order With NAVFAC Atlantic
Thursday, 3 Dec 2015 08:15am EST 

Versar, Inc:Says joint venture between Geo-Marine/AECOM was awarded a $2.1 million task order under its Naval Facilities Engineering Command (NAVFAC) Natural Resources multiple award IDIQ contract.to develop predictive models to understand the dynamics of and define the source of the sediment/material transportation near and adjacent to Naval Submarine Base Kings Bay, GA.This will include the development mitigation alternatives that will reduce the frequency of sediment accumulation.  Full Article

Versar Awarded $7.1 Million Task Order For Work At Joint Base Andrews
Tuesday, 17 Nov 2015 08:30am EST 

Versar, Inc:Says it was awarded $7.1 million in a new task order from the U.S. Army Corps of Engineers (USACE), Engineering and Support Center Huntsville (CEHNC).This is the first task order received under the Multiple Award Task Order Contract (MATOC) for Facility Repair and Renewal Program (FRR) design/build contract.This new task order is to repair and upgrade fire suppression systems in Hangers 9, 10, and 11 at Joint Base Andrews in Maryland.  Full Article

Versar Inc awarded two new task orders valued at $17.1 million
Tuesday, 3 Nov 2015 08:15am EST 

Versar Inc:Has been awarded two new task orders under its existing Personal Services Contract in Afghanistan.Says year-long task orders were awarded by U.S. Army Corps of Engineers, Middle East District.Combined value of the new task orders is $17.1 million, representing continued significant growth in Versar's four-year long contract with USACE, which expires in September 2016.  Full Article

More From Around the Web

BRIEF-Versar receives audit opinion containing going concern explanation

* Versar- Received audit opinion containing going concern explanation in connection with audited financial statements of co for fiscal year ended July 1,2016 Source text:(http://bit.ly/2nuJ06j) Further company coverage: