-----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, C6gaymssWAlEGa9ijobFyPb5mXwNAdNyLV/h7AsUpjMwGkt1ua0sewC+9NH8U6Ke VBIiT2VpQBVfmBp3JRPs9Q== 0000102752-08-000016.txt : 20080430 0000102752-08-000016.hdr.sgml : 20080430 20080430160309 ACCESSION NUMBER: 0000102752-08-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080430 DATE AS OF CHANGE: 20080430 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: 08789937 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 vse8k04292008.txt VSE CORPORATION FORM 8-K APRIL 29, 2008 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, 2008 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 April 29, 2008 announcing the consolidated financial results for the three months ended March 31, 2008. Item 9.01 Financial Statements and Exhibits (C) Exhibits Exhibit Number ------- 99.1 News Release, April 29, 2008 entitled "VSE Reports First Quarter 2008 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: April 30, 2008 /s/ T. R. Loftus ----------------------------- T. R. Loftus Executive Vice President and Chief Financial Officer -3- EX-99.1 2 vseexhibit99-1.txt NEWS RELEASE "VSE REPORTS FIRST QUARTER 2008 RESULTS" EXHIBIT 99.1 VSE REPORTS FIRST QUARTER 2008 RESULTS Revenues Increase 56%, Net Income Up 32% Alexandria, Virginia, April 29, 2008 - VSE Corporation (NASDAQ Global Market: VSEC) reported consolidated financial results for the three months ended March 31, 2008 and 2007, as follows: VSE Corporation and Subsidiaries Consolidated Statements of Income (unaudited) (dollars in thousands, except share data) - -------------------------------------------------------------------------------- Three months ended March 31, 2008 2007 ---- ---- Contract revenues . . . . . . . . . . . . . . . . . $ 188,723 $ 120,689 Contract costs . . . . . . . . . . . . . . . . . . . 182,559 116,248 --------- --------- Gross profit . . . . . . . . . . . . . . . . . . . . 6,164 4,441 Selling, general and administrative expenses . . . . 420 151 Interest income, net . . . . . . . . . . . . . . . . (147) (116) --------- --------- Income before income taxes . . . . . . . . . . . . . 5,891 4,406 Provision for income taxes . . . . . . . . . . . . . 2,293 1,677 --------- --------- Net income . . . . . . . . . . . . . . . . . . . . . $ 3,598 $ 2,729 ========= ========= Basic earnings per share . . . . . . . . . . . . . . $ 0.71 $ 0.57 ========= ========= Basic weighted average shares outstanding 5,058,784 4,807,424 ========= ========= Diluted earnings per share . . . . . . . . . . . . . $ 0.71 $ 0.56 ========= ========= Diluted weighted average shares outstanding 5,086,670 4,889,534 ========= ========= Dividends declared per share $ 0.04 $ 0.035 ========= ========= Financial Results Commenting on the financial results, Executive Chairman of the Board Don Ervine said, "The primary reasons for the increase in VSE revenues during the first quarter of 2008 compared to the same quarter of 2007 are increased revenues from the Army Equipment Support program and other tasks ordered under our Rapid Response contract and revenues from our subsidiary ICRC, which we acquired in the second quarter of 2007. "Net income for the first quarter of 2008 increased compared to the first quarter of 2007 primarily due to profits from the inclusion of the revenues of ICRC and the increase in revenues on the Army Equipment Support program and other tasks ordered under the Rapid Response contract. "Bookings for the most recent quarter were strong at approximately $350 million compared to quarterly revenues of approximately $189 million, resulting in a funded backlog of approximately $570 million at March 31, 2008. This compares favorably to a funded backlog of approximately $408 million at December 31, 2007, and approximately $384 million at March 31, 2007." -more- "These indicators, as well as the announcements earlier this month of a new U.S. Army Reserve equipment support contract award and our recent acquisition of G&B Solutions, Inc. are positive for our continued growth during 2008. We look forward to reporting our progress as the year proceeds." VSE's Board of Directors appointed Maurice A. Gauthier Chief Executive Officer, President and Chief Operating Officer of the corporation, effective April 28, 2008. Mr. Gauthier will lead and manage the operations of VSE and its subsidiaries and divisions. He will also have responsibility for all aspects of VSE's customer relations, business development, management, communications, and employee recruitment and development. Don Ervine, who has stepped down from his positions as Chief Executive Officer, President and Chief Operating Officer will continue to advise the corporation as its Executive Chairman of the Board. VSE encourages investors and others to review the detailed reporting and disclosures contained in VSE public filings for further information and analysis of VSE's financial condition and results of operations. The public filings include additional discussion about the status of specific customer programs, risks, revenue sources and funding, dependence on material customers, and management's discussion of short and longer term business challenges and opportunities. VSE provides diversified services to the engineering, energy and environment, defense, homeland security, and law enforcement markets from locations across the United States and around the world. For more information on VSE business units, 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. 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. News Contact: C. S. Weber, CAO, (703) 329-4770 ### -----END PRIVACY-ENHANCED MESSAGE-----