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Versar Inc. (NYSEMKT: VSR) soared in Wednesday’s session following a new contract with the U.S. Air Force. Specifically, the company announced that its wholly-owned subsidiary, J.M. Waller Associates, was competitively awarded the Architect-Engineer 2013 Environmental Services (A-E13ES) multiple-award contract with a combined contract ceiling totaling $500 million for continued work on behalf of Air Force Civil Engineer Center (AFCEC).

The contract provides for the performance of Title I and Title II architectural-engineering (A-E) and other A-E services, primarily for multidisciplinary environmental projects, including planning and programming, environmental restoration, quality (environmental compliance and pollution prevention) and environmental conservation services.

Also, this contract is the follow-on to the former AFCEC 4PA-E08 contract and is intended to provide support for AFCEC’s worldwide environmental program. The contract vehicle has a five-year period of performance, during which additional work may be awarded/performed; work may also be performed for two additional years following the base period.

Tony Otten, CEO of Versar, commented:

We are very pleased to assist AFCEC in addressing such important environmental issues at many of its facilities worldwide. This contract will enable the Company to continue to serve a long-standing customer and accomplish several critical tasks on its behalf.

Excluding Wednesday’s move, Versar has underperformed the broad markets, with the stock down over 60% year to date. Over the past 52 weeks, the stock is down nearly 70%.

Shares of Versar were last seen up 40% at $1.61, with a consensus analyst price target of $5.50 and a 52-week trading range of $1.01 to $4.38.