ANDOVER, Mass., July 22, 2010 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of innovative management consulting, engineering, and technology solutions to federal and state governments, today announced that it has sold its Metrigraphics Division, effective July 19, 2010.
The Division, which was classified as a discontinued operation for financial reporting purposes as of December 31, 2009, will continue operating as an independent company, Metrigraphics, LLC, backed by two private equity firms, Clarkston Merchant Partners, LLC and New England Capital Partners. Under the terms of the transaction, the assets to operate the business were transferred to Metrigraphics, LLC. Purchase price proceeds, net of transaction costs, approximated book value of the Division. Covington Associates, LLC represented DRC in this transaction.
Metrigraphics is a leading worldwide supplier of ultra-high, precision, custom components for Original Equipment Manufacturers. The transaction enables DRC to have a 100 percent focus on its government client business while giving Metrigraphics the investment backing to further penetrate its market opportunities.
DRC will hold its second quarter 2010 conference call on Thursday, July 29, at 10:00 a.m. ET. The call will be available by telephone at 877-303-4382 and accessible by webcast at www.drc.com.
About Dynamics Research Corporation
Dynamics Research Corporation (DRC) provides measurable performance improvements for government customers through the delivery of innovative management consulting, engineering and technology solutions. DRC offers the capabilities of a large company and the responsiveness of a small company, backed by a history of excellence and customer satisfaction. Founded in 1955, DRC is a publicly held corporation (Nasdaq:DRCO) and maintains more than 25 offices nationwide with major offices in Andover, Massachusetts and the Washington, D.C. region. For more information please visit our website at www.drc.com.
Safe harbor statements under the Private Securities Litigation Reform Act 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 filings with the SEC. The company assumes no obligation to update any forward-looking information.
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