BearingPoint Wins $37 Million Navy Financial Improvement Plan Contract

MCLEAN, Va., May 25 /PRNewswire-FirstCall/ -- BearingPoint, Inc. , one of the world's largest business consulting and systems integration firms, announced today that the United States Department of the Navy has awarded an indefinite delivery/indefinite quantity (IDIQ), multiple- award contract to assist with the implementation of the Navy's Financial Improvement Plan. Both competitive and non-competitive task orders will be awarded under this IDIQ vehicle. BearingPoint was awarded a minimum order $1.5 million for the base year, with a ceiling amount for potential task order awards of $37 million. In addition, there are four one-year option periods, where potential task order awards can reach an estimated award amount of $107.6 million, if all four options are exercised.

Under the contract, BearingPoint will provide assistance to the Navy in documenting business processes, testing financial systems and sampling of financial data. The Navy's Office of Financial Management Operations has developed the Financial Improvement Plan to enable the Department to achieve an unqualified audit opinion on its financial statements. BearingPoint was selected to assist the Navy's twenty-two major commands, secondary commands and field activity units in preparing for the audit by implementing the actions outlined in the Navy's Financial Improvement Plan.

Mark Goulart, the senior vice president of BearingPoint responsible for the company's Defense Department sector, said BearingPoint was selected for the engagement because of its experience working with the Navy, including the successful completion of two Financial Improvement Plan pilot projects, one at Military Sealift Command and a second pilot program with the US Marine Corps.

"We are proud of the results we have achieved working the Department of the Navy on other programs, including the Marine Corps and Military Sealift Command Financial Improvement Plan pilot programs," said Goulart. "We look forward to working with the Navy on this key initiative."

About BearingPoint, Inc.

BearingPoint, Inc. is one of the world's largest business consulting, systems integration and managed services firms serving Global 2000 companies, medium-sized businesses, government agencies and other organizations. We provide business and technology strategy, systems design, architecture, applications implementation, network infrastructure, systems integration and managed services. Our service offerings are designed to help our clients generate revenue, reduce costs and access the information necessary to operate their business on a timely basis. Based in McLean, Va., BearingPoint has been named by Fortune as one of America's Most Admired Companies in the computer and data services sector. For more information, visit the Company's website at http://www.bearingpoint.com/.

This press release may contain forward-looking statements, the accuracy of which is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in Exhibit 99.1 in our Form 10-Q for the period ended September 30, 2004 and our Form 8-Ks filed as of December 16, 2004, March 18, 2005 and April 20, 2005. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.