ITT Exelis (NYSE: XLS) has announced financial results for the second quarter of its 2012 fiscal year, reporting a nine percent increase in profit from the prior year period to $86 million. The company also announced a 10 percent increase in earnings per share year-over-year, reporting 46 cents in earnings for the quarter. Exelis received $1.2 billion... 

ITT Exelis (NYSE: XLS) has acquired Space Computer Corp., a privately-owned producer of signal processing systems, software and algorithms. Exelis said itInformation Technology will integrate Space Computer into its geospatial systems unit. Space Computer helps the military and intelligence communities with data processing and many of Exelis’ customers...