MTC Technologies' ( MTCT) shares shot up more than 13% Friday after the company received a contract from Ogden Air Logistics with a potential value of about $400 million.

The shares were recently trading at $22.15, up $2.65, or 13.6%.

MTC's Modern Technologies unit will initially receive $9 million in funding from Ogden for near-term engineering work on potentially building three Joint Threat Emitter (JTE) Systems. If the total contract, including building, is completed in 10 years, Modern could receive an estimated $400 million.

In its second, and most recent, quarter, MTC more than doubled its earnings to $5.9 million, or 19 cents a share, up from a pre-IPO amount of $2.5 million a year ago. The company completed its IPO on July 3, 2002, raising $44 million.

Analysts polled by First Call/Thomson Financial expect the company to earn 17 cents a share in its third quarter.

JTE systems are threat simulators used to prepare pilots for surface-to-air missile attacks. The systems Modern will make will be mobile and integrated with sensors and command and control centers.

The contract is divided in two-year segments, where Modern will initially provide a pre-production JTE.

If you liked this article you might like

Hot Topic's Relief Bounce

Hot Topic's Relief Bounce

Limited Brands Profit Jumps

Limited Brands Profit Jumps

Glitch Lingers at Ross Stores

Glitch Lingers at Ross Stores

Dillard's Halves Loss

Dillard's Halves Loss

Do-It-Yourself Boost for Economy

Do-It-Yourself Boost for Economy