-----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, LT8D/UoWLdfc/YnbOnrS7Xf4lflU/JLlXkzyiRk8FCcpXoygEmC8x/aVc3g85/hb tQSpD6fv/dkjE3Z6WGbSxQ== 0000102752-08-000023.txt : 20080801 0000102752-08-000023.hdr.sgml : 20080801 20080801170035 ACCESSION NUMBER: 0000102752-08-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080801 DATE AS OF CHANGE: 20080801 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: 08985765 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 vse8k08012008.txt VSE CORPORATION FORM 8-K JULY 31, 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): July 31, 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 July 31, 2008 announcing the consolidated financial results for the three and six months ended June 30, 2008. Item 9.01 Financial Statements and Exhibits (C) Exhibits Exhibit Number ------- 99.1 News Release, July 31, 2008 entitled "VSE Reports Second 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: August 1, 2008 /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 2008 RESULTS" EXHIBIT 99.1 VSE REPORTS SECOND QUARTER 2008 RESULTS Company Earns $0.94 Per Share Diluted in Quarter (up 32%) and $1.64 Per Share Diluted for Six Months (up 29%) Alexandria, Virginia, July 31, 2008 - VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the periods ended June 30, 2008 and 2007: VSE Corporation and Subsidiaries Consolidated Statements of Income (unaudited) (in thousands, except share and per share amounts)
______________________________________________________________________________________ Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 ---- ---- ---- ---- Revenues $ 251,688 $ 159,644 $ 440,411 $ 280,333 Costs and expenses of contracts 243,208 153,904 425,767 270,152 --------- --------- --------- --------- Gross profit 8,480 5,740 14,644 10,181 Selling, general and administrative expenses 651 243 1,071 394 Interest expense (income), net 34 (255) (113) (371) --------- --------- --------- --------- Income before income taxes 7,795 5,752 13,686 10,158 Provision for income taxes 3,026 2,205 5,319 3,882 --------- --------- --------- --------- Net income $ 4,769 $ 3,547 $ 8,367 $ 6,276 ========== ========= ========= ========= Basic earnings per share $ 0.94 $ 0.72 $ 1.65 $ 1.29 Basic weighted average shares outstanding 5,065,799 4,931,942 5,062,292 4,870,027 Diluted earnings per share $ 0.94 $ 0.71 $ 1.64 $ 1.27 Diluted weighted shares outstanding 5,094,615 4,977,390 5,090,643 4,933,705 Dividends declared per share $ 0.045 $ 0.04 $ 0.085 $ 0.075
Financial Results VSE revenues increased approximately $92.0 million (up 58%) and $160.1 million (up 57%) for the three- and six-month periods of 2008 compared to the same periods of 2007. These increases occurred in several U.S. Army programs including the Army's Equipment Support Program and the Assured Mobility Systems program, offsetting decreases in BAV ship transfer division revenues and in Tanker Ballistic Protection System (TBPS) revenues as the TBPS program comes to successful completion. Additionally, revenues from new VSE subsidiaries Integrated Concepts and Resources Corporation (ICRC) and G&B Solutions, Inc. added to the increase in revenues in 2008. VSE net income increased approximately $1.2 million (up 34%) and $2.1 million (up 33%) for the three- and six-month periods of 2008 compared to the same periods of 2007. The increases in net income were primarily due to the profits associated with the increases in revenues reported above and to the profits earned by ICRC and G&B Solutions. - more - VSE Corporation News Release (continued) CEO Comments VSE CEO Mo Gauthier said, "Our rapid growth in 2008 reflects the Company's diverse capabilities and our commitment to meeting the needs of an expanding list of clients. We are positioning ourselves to enhance our current role in the repair, maintenance and modernization of legacy defense equipment and systems. Concurrently, we are seeking to expand our market share in civilian Federal agencies. Our core capabilities include technical and consulting services applied to requirements across an array of defense and civilian markets including infrastructure, information technology, energy management programs, homeland security, and law enforcement." "Our funded backlog was approximately $674 million at June 30, 2008 compared to approximately $408 million at December 31, 2007. Based on these and other indicators, such as recently announced contract awards and our favorable position in several of the markets we serve, we anticipate 2008 will be an excellent year, capping off 50 years of service (1959-2008) as a trusted Government contractor." "We continue to seek opportunities for organic growth with the customers we serve, as well as acquisition opportunities that have the potential to contribute to our growth and earnings in the years ahead." 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 and contract awards, risks, revenue sources and funding, dependence on material customers, and management's discussion of short and long term business challenges and opportunities. 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 is a diversified professional services company established in 1959. The Company provides engineering and consulting services, systems integration, infrastructure support, and information technology management and solutions, principally to agencies of the United States Government and other government prime contractors at locations across the United States and around the world. For additional information on VSE services and products, please see our web site at www.vsecorp.com or contact Len Goldstein, Director of Business and New Product Development, at (703) 317-5202. VSE News Contact: Craig Weber -- (703) 329-4770. ### -----END PRIVACY-ENHANCED MESSAGE-----