KBR’s Use of Private Security Contractors During Operations in Iraq Reaffirmed; Company Will Seek $45 Million Plus Interest in Compensation for Services Rendered (KBR Inc)

(Source: KBR Inc) HOUSTON - June 26, 2014 - After five-plus years of litigation, the Armed Services Board of Contract Appeals (ASBCA) today reaffirmed KBR's (NYSE:KBR) use of private security contractors during combat operations in Iraq. The ruling clears the way for KBR to recover $45 million plus interest from the U.S. government for services rendered in 2003-2007. It also confirms the appropriateness of an additional $10 million in billings previously paid to KBR. The $45 million receivable had been included in KBR's prior years' financial statements and this ruling will not have a material impact on earnings in 2014. The company will seek immediate payment. "We are not surprised by the...