-----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, JGAFvBajI/Y+w20DsfIksh7LuTCYn68gQRRbs6Dro7X1tFLAc5/kFJ8pTgZm9qBo 7dsFKUBE8vmeSUWeOeRbkA== 0000102752-04-000012.txt : 20040428 0000102752-04-000012.hdr.sgml : 20040428 20040428152643 ACCESSION NUMBER: 0000102752-04-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040428 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: 04760452 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 vse8k0426.txt VSE CORPORATION FORM 8-K APRIL 26, 2004 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 26, 2004 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 26, 2004 entitled "VSE Reports First Quarter 2004 Results" Item 12. Results of Operations and Financial Condition Attached hereto as Exhibit 99.1 is a copy of the Registrant's news release dated April 26, 2004 announcing the consolidated financial results for the three months ended March 31, 2004. 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 28, 2004 /s/ T. R. Loftus ------------------------------- T. R. Loftus Senior Vice President and Chief Financial Officer EX-99.1 2 vse8kex991q12004.txt NEWS RELEASE "VSE REPORTS FIRST QUARTER 2004 RESULTS" VSE Reports First Quarter 2004 Results Revenues Up 61%, Earnings Up 63% Alexandria, Virginia, April 26, 2004 VSE Corporation (Nasdaq: VSEC) reported consolidated financial results for the three months ended March 31, 2004 and 2003, as follows: VSE Corporation and Subsidiaries Consolidated Statements of Income (unaudited) (dollars in thousands, except share data) - --------------------------------------------------------------------------------
Three months ended March 31, 2004 2003 ---- ---- Revenues, principally from contracts $ 42,610 $ 26,462 Costs and expenses of contracts 41,463 25,765 --------- --------- Gross profit 1,147 697 Selling, general and administrative expenses 12 42 Interest (income), net (19) (16) --------- --------- Income before income taxes 1,154 671 Provision for income taxes 446 239 --------- --------- Net income $ 708 $ 432 ========= ========= Weighted average shares outstanding: Basic 2,216,216 2,187,038 Diluted 2,286,613 2,224,845 Earnings per share: Basic $ .32 $ .20 Diluted .31 .19
Financial Results Commenting on the financial results, VSE Chairman, President and CEO/COO Don Ervine said, "Consolidated revenues and earnings for the first quarter of 2004 are in line with, and somewhat stronger than, our expectations for the period." "Our funded backlog increased to about $147 million at March 31, 2004, primarily due to work ordered under our BAV contract, compared to about $83 million at December 31, 2003, suggesting continued near term revenue growth. Our earnings improved during the quarter based on the increased volume of work we performed and on our ability to allocate corporate fixed costs over a larger revenue base." "As identified in other publicly available reports, such as our recently filed SEC Form 10-K and the 10-Qs we will file throughout the year, VSE's interim financial results are subject to numerous performance and risk factors, some of which may be offsetting in summary consolidated reports such as this earnings release, and to timing differences, including the receipt of contract funding documents and award fee evaluations. We invite shareholders to refer to these public documents for additional detailed information on our contract programs, sources of funding, and results of operations and to better understand the variations and trends in our reported results." VSE provides diversified services to the engineering, energy and environment, defense, 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. 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-----