-----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, WWt8udgWiHGQvtBkIy4X+iNRY8VufQ4mHXKhT9DOcrL4Xn+yrXb/doRrzWdVNeSX 0tlgzFwRAM8LyQYsOqIWMw== 0000102752-04-000023.txt : 20040802 0000102752-04-000023.hdr.sgml : 20040802 20040802144925 ACCESSION NUMBER: 0000102752-04-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040630 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040802 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: 04944762 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 vse8k0729.txt VSE CORPORATION FORM 8-K JULY 29, 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): July 29, 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, July 29, 2004 entitled "VSE Reports Second 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 July 29, 2004 announcing the consolidated financial results for the three- and six-month periods ended June 30, 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: August 2, 2004 /s/ T. R. Loftus ------------------------------- T. R. Loftus Senior Vice President and Chief Financial Officer EX-99.1 2 vse8kex991.txt NEWS RELEASE "VSE REPORTS SECOND QUARTER 2004 RESULTS" Exhibit 99.1 VSE Reports Second Quarter 2004 Results Company Earns $0.38 Per Share in Quarter Alexandria, Virginia, July 29, 2004 - VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the three- and six- month periods ended June 30, 2004 and 2003: VSE Corporation and Subsidiaries Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)
_________________________________________________________________________________________ Three Months Six Months 2004 2003 2004 2003 ---- ---- ---- ---- Revenues, principally from contracts $ 54,042 $ 29,368 $ 96,652 $ 55,830 Costs and expenses of contracts 52,431 28,608 93,894 54,373 --------- --------- --------- --------- Gross profit 1,611 760 2,758 1,457 Selling, general and administrative expenses 245 48 257 90 Interest income, net (26) (15) (45) (31) --------- --------- --------- --------- Income before income taxes 1,392 727 2,546 1,398 Provision for income taxes 538 291 984 530 --------- --------- --------- --------- Net income $ 854 $ 436 $ 1,562 $ 868 ========= ========= ========= ========= Weighted average shares outstanding: Basic 2,221,559 2,188,635 2,218,887 2,187,841 Diluted 2,305,911 2,220,333 2,296,262 2,222,576 Earnings per share: Basic $ .38 $ .20 $ .70 $ .40 Diluted .37 .20 .68 .39
Financial Results VSE revenues increased about $24.7 million (up 84%) for the quarter and about $40.8 million (up 73%) for the six months compared to the same periods of last year, primarily due to a higher volume of work in the company's BAV ship transfer division and in its Communications and Engineering (CED) and Fleet Maintenance divisions. VSE net income increased about $418 thousand (up 96%) for the quarter and about $694 thousand (up 80%) for the six months compared to the same periods of last year, primarily due to the increase in revenues, to higher profit margins in the Systems Engineering Division, Fleet Maintenance Division, and Energetics based in part on the Company's ability to spread corporate costs over a larger revenue base, and to the elimination in 2004 of any significant losses on residual Telecommunications Technologies Division work. The increase in net income for the six-month period was partially offset by losses incurred on the CED Rapid Response support contract and by an increase in selling, general and administrative expenses primarily attributable to costs associated with vacant facilities. Commenting on the financial results, VSE Chairman, President and CEO/COO Don Ervine said, "Second quarter revenues of about $54 million are a near record for the company. Net earnings of about $854 thousand for the quarter ($.38 per share) are keeping pace with the increase in revenues, and margins in some of our work are benefited by the higher volume." "Looking forward, we are focused on executing our plan to deliver high quality products and services while increasing revenues and profit. One indicator is the increase in our funded backlog from about $83 million at the end of 2003 to about $150 million at the end of June 2004. We have a number of proposals in preparation for new and repeat work, and we continue to seek opportunities for growth, including potential acquisitions." "I look forward to reporting on our progress in the months ahead." 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. 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-----