Satellite communications company Globecomm Systems Inc. said Monday that the Army has exercised a $4.3 million contract option for continued production of a computer satellite modem.
The initial contract was issued in 2007 for $9.9 million, the company said in a statement.
The modem will be the Defense Department standard for use on military and commercial satellites, the company said.
Globecomm said it is the prime contractor on the modems but ViaSat Inc. will do network and modem design.
Shares of Globecomm closed Monday up 50 cents, or 6.4 percent, at $8.28.
