-----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, KsrtwJshFlIYOkT6+YwDJZiPrQd+oIBbkcw2Qb9n/vDNw3WjDm6D7HB/zmzBaT50 q6gRbVR0WHtAfzPdysUBcA== 0000102752-07-000026.txt : 20070803 0000102752-07-000026.hdr.sgml : 20070803 20070803150713 ACCESSION NUMBER: 0000102752-07-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070803 DATE AS OF CHANGE: 20070803 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: 071023821 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 vse8k080307.txt VSE CORPORATION FORM 8-K AUGUST 3, 2007 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 31, 2007 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) VSE CORPORATION Item 2.02 Results of Operations Attached hereto as Exhibit 99.1 is a copy of the Registrant's news release dated July 31, 2007 announcing the consolidated financial results for the three and six months ended June 30, 2007. Item 9.01 Financial Statements and Exhibits (C) Exhibits Exhibit Number ------- 99.1 News Release, July 31, 2007 entitled "VSE Reports Second Quarter 2007 Results" -2- 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 3, 2007 /s/ T. R. Loftus ----------------------------- T. R. Loftus Executive Vice President and Chief Financial Officer -3- EX-99.1 2 exhibit99-1.txt NEWS RELEASE "VSE REPORTS SECOND QUARTER 2007 RESULTS" EXHIBIT 99.1 VSE REPORTS SECOND QUARTER 2007 RESULTS Company Earns $0.71 Per Share Diluted in Quarter Alexandria, Virginia, July 31, 2007 - VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the periods ended June 30, 2007 and 2006: VSE Corporation and Subsidiaries Consolidated Statements of Income (unaudited) (in thousands, except share and per share amounts)
Three Months Six Months 2007 2006 2007 2006 ---- ---- ---- ---- Revenues $ 159,644 $ 94,844 $ 280,333 $ 158,144 Costs and expenses of contracts 153,904 91,354 270,152 152,266 --------- --------- --------- --------- Gross profit 5,740 3,490 10,181 5,878 Selling, general and administrative expenses 243 295 394 418 Interest income, net (255) (83) (371) (220) --------- --------- --------- --------- Income before income taxes 5,752 3,278 10,158 5,680 Provision for income taxes 2,205 1,251 3,882 2,168 --------- --------- --------- --------- Net income $ 3,547 $ 2,027 $ 6,276 $ 3,512 ========= ========= ========= ========= Earnings per share: Basic $ .72 $ .43 $ 1.29 $ .74 Diluted .71 .42 1.27 .72 Weighted average shares outstanding: Basic 4,931,942 4,733,424 4,870,027 4,728,002 Diluted 4,977,390 4,840,448 4,933,705 4,853,468
Financial Results Commenting on the financial results, VSE Chairman, President and CEO/COO Don Ervine said, "Revenues increased by approximately 68% and 77% for the three and six month periods ended June 30, 2007, as compared to the same periods of 2006. The primary reasons for the increases in revenues were 1) revenues associated with the U.S. Army Equipment Support Program; 2) revenues from the start of the Treasury Seized Property Management Program; and 3) various revenue increases across a number of other programs." "Net income increased by approximately 75% and 79% for the three month and six month periods ended June 30, 2007, as compared to the same periods of 2006. The increases were primarily due to the increase in revenues on the Army Equipment Support program, increased profitability of systems equipment services performed, revenue and margin increases on equipment refurbishment services, increased ship transfer division award fee income, and the Treasury Seized Property Management Program." - more - VSE Corporation News Release (continued) "The financial results from the acquisition of our new subsidiary Integrated Concepts and Research Corporation (ICRC) on June 4, 2007, included in the Consolidated Statements of Income, were not significant for the three and six month periods ended June 30, 2007." "Bookings for the six month period ended June 30, 2007, were about $321 million compared to revenues of about $280 million for the same six month period. Funded backlog as of June 30, 2007, was about $372 million, including about $43 million in backlog from the acquisition of ICRC. This compares favorably to a funded backlog of about $299 million at December 31, 2006, and about $264 million for the year-ago quarter ended June 30, 2006. We believe these indicators are positive for our continued growth for the remainder of 2007. We look forward to reporting on our progress as the year proceeds." Safe Harbor 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. VSE provides diversified services to the engineering, energy and environment, defense, and homeland security markets from more than 20 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 ### -----END PRIVACY-ENHANCED MESSAGE-----