-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OdMZAUBNEXCAKYHhXNXJ+DNT/TVzUiQ9pR2YBTlefD5FbPVT9OGxUH2yAqcn7wYw ehmyTbsvp/Fz3bWpXCkNyA== 0000102752-03-000012.txt : 20030429 0000102752-03-000012.hdr.sgml : 20030429 20030429161606 ACCESSION NUMBER: 0000102752-03-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030331 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VSE CORP CENTRAL INDEX KEY: 0000102752 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING SERVICES [8711] IRS NUMBER: 540649263 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03676 FILM NUMBER: 03669734 BUSINESS ADDRESS: STREET 1: 2550 HUNTINGTON AVE CITY: ALEXANDRIA STATE: VA ZIP: 22303 BUSINESS PHONE: 7039604600 MAIL ADDRESS: STREET 1: 2550 HUNTINGTON AVENUE CITY: ALEXANDRIA STATE: VA ZIP: 22303 FORMER COMPANY: FORMER CONFORMED NAME: VALUE ENGINEERING CO DATE OF NAME CHANGE: 19790612 8-K 1 vse8k429.txt VSE CORPORATION FORM 8-K APRIL 29, 2003 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 29, 2003 VSE CORPORATION (Exact Name of Registrant as Specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation or Organization) 0-3676 54-0649263 (Commission File Number) (I.R.S. Identification Number) 2550 Huntington Avenue Alexandria, Virginia 22303-1499 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (703) 960-4600 VSE CORPORATION Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit Number ------ 99.1 News Release, April 28, 2003 entitled "VSE Reports First Quarter 2003 Results" Item 9. Regulation FD Disclosure Attached hereto as Exhibit 99.1 is a copy of the Registrant's news release dated April 28, 2003 announcing the financial results for the first quarter 2003. This information is being provided in response to Items 9 and 12 of this Form. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. VSE CORPORATION (Registrant) Date: April 29, 2003 /s/ D. M. Ervine ------------------------------- D. M. Ervine Chairman, President, Chief Executive Officer and Chief Operating Officer EX-99.1 3 exh8k991.txt NEWS RELEASE "VSE REPORTS FIRST QUARTER 2003 RESULTS" Exhibit 99.1 VSE Reports First Quarter 2003 Results Company Earns $0.20 Per Share in Quarter Alexandria, Virginia, April 28, 2003 - VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the three months ended March 31, 2003 and 2002: VSE Corporation and Subsidiaries Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)
Three months ended March 31, 2003 2002 ---- ---- Revenues, principally from contracts $ 26,462 $ 29,080 Costs and expenses of contracts 25,765 28,816 ---------- ---------- Gross profit 697 264 Selling, general and administrative expenses 42 28 Interest (income) expense, net (16) 17 ---------- ---------- Income before income taxes 671 219 Provision for income taxes 239 100 ---------- ---------- Net income $ 432 $ 119 ========== ========== Weighted average shares outstanding: Basic 2,187,038 2,150,540 Diluted 2,224,845 2,150,540 Earnings per share: Basic $ .20 $ .06 Diluted .19 .06
Financial Results Commenting on the financial results, VSE Chairman, President and CEO/COO Don Ervine said, "Our revenues for the quarter declined about $2.6 million (a 9% decrease) compared to the same quarter of last year, primarily due to our decision to discontinue marketing TTD services and to a decrease in the amount of subcontract costs in our Fleet Maintenance Division (FMD) revenues due, in part, to the deployment of Navy ships to the Middle East. Our net income for the quarter increased about $313 thousand (263%) compared to the same quarter of last year, primarily due to a reduction of losses associated with TTD work and to an elimination of losses in FMD work. The TTD net loss from operations for the quarter ended March 31, 2003, was approximately $60 thousand." "As indicated in our results for the first quarter, we expect improving profitability in 2003 compared to 2002 due to the reduction of losses associated with the TTD work and to improved profit margins on the work performed by new divisions started in 2002." VSE provides diversified services to the engineering, energy and environment, security, and defense, services and homeland security markets from more than 15 locations across the United States and around the world. For more information on VSE services and products, please see the Company's web site at www.vsecorp.com or contact Len Goldstein, Director of Business and New Product Development at (703)317-5202. VSE shares are traded on Nasdaq under the symbol "VSEC." News Contact: C. S. Weber, CAO, (703) 329-4770 This news release contains statements which, to the extent they are not recitations of historical fact, constitute "forward looking statements" under federal securities laws. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward looking statements in this news release, see VSE's public filings with the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----