-----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, BawfObHidNifMs7KbsaSrauqw2wR73yQdWqNTfz834YM2jb/8b+pWQbwJ1sijUC5 hL6p3mPJ/8TRBJ1Kz/EcnQ== 0000102752-09-000012.txt : 20090227 0000102752-09-000012.hdr.sgml : 20090227 20090227145548 ACCESSION NUMBER: 0000102752-09-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090227 DATE AS OF CHANGE: 20090227 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: 09642100 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 vse8k02232009.txt VSE CORPORATION FORM 8-K FEBRUARY 23, 2009 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): February 23, 2009 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 February 23, 2009 reporting the consolidated financial results for the three- and twelve- month period ended December 31, 2008. Item 9.01 Financial Statements and Exhibits (C) Exhibits Exhibit Number ------- 99.1 News Release, February 23, 2009 entitled "VSE Reports Financial Results for 2008" -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: February 27, 2009 /s/ T. R. Loftus ----------------------------- T. R. Loftus Executive Vice President and Chief Financial Officer -3- EX-99.1 2 vseexh99-1.txt NEWS RELEASE "VSE REPORTS FINANCIAL RESULTS FOR 2008" VSE REPORTS FINANCIAL RESULTS FOR 2008 Company Reports Revenues of $1.0 Billion, Net Income of $19.0 Million ($3.74 per diluted share) Alexandria, Virginia (February 23, 2009) - VSE Corporation (Nasdaq GS: VSEC) reported consolidated financial results for the three- and twelve-months ended December 31, 2008 and 2007, as follows: VSE Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) (dollars in thousands, except share data) ________________________________________________________________________________________________________
Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 ---- ---- ---- ---- Contract revenues $ 296,513 $ 198,139 $1,043,735 $ 653,164 Contract costs 287,163 190,709 1,011,408 629,951 --------- --------- ---------- --------- Gross profit 9,350 7,430 32,327 23,213 Selling, general and administrative expenses 512 278 1,193 905 Interest (income) expense, net 3 (167) (115) (699) --------- --------- ---------- --------- Income before income taxes 8,835 7,319 31,249 23,007 Provision for income taxes 3,471 2,852 12,209 8,905 --------- --------- ---------- --------- Net income $ 5,364 $ 4,467 $ 19,040 $ 14,102 ========= ========= ========== ========= Weighted average shares outstanding: Basic 5,087,898 5,045,971 5,072,131 4,953,289 Diluted 5,103,546 5,081,728 5,096,186 5,003,675 Earnings per share: Basic - Net income $ 1.05 $ 0.89 $ 3.75 $ 2.85 Diluted - Net income $ 1.05 $ 0.88 $ 3.74 $ 2.82 ________________________________________________________________________________________________________
Financial Results The primary reason for the increase in our revenues in 2008 compared to 2007 was an increase in work associated with our U.S. Army Rapid Response (R2) Program, including increased work on the Army Equipment Support and the Assured Mobility Systems Programs. Other significant increases in our 2008 revenues resulted from including the revenues of our subsidiary Integrated Concepts and Research Corporation (ICRC) for a full year in 2008 compared to a shorter period in 2007 as a result of acquiring ICRC in June 2007; including the revenues of our subsidiary G&B -more- Solutions, Inc. (G&B) from the April 14, 2008, date of acquisition through year end; and increases in the services provided by our subsidiary Energetics and other VSE divisions, including our Fleet Maintenance, Engineering and Logistics, and Field Services Support (FSS) divisions. VSE net income increased approximately $897 thousand (up 20%) and $4.9 million (up 35%) for the three- and twelve-months ended December 31, 2008 compared to the same periods of 2007. The increases were primarily a result of increased profits from the growth of revenues on the Army Equipment Support program and other R2 task orders; the inclusion of ICRC and FSS in our operating results for the full year in 2008 as compared to only a partial year in 2007; the inclusion of G&B in our operating results from the April 14, 2008, date of acquisition through year end; and revenue increases from Energetics. CEO Comments VSE CEO Mo Gauthier said, "The financial results reported today are evidence of the successful growth strategies followed by VSE. Our funded backlog was approximately $567 million at December 31, 2008 (up 39%) compared to approximately $408 million at December 31, 2007, and our personnel count was approximately 1,920 employees at year end (up 57%) compared to approximately 1,223 at the beginning of the year. We believe that our December 31, 2008 funded backlog and personnel count are positive indicators for 2009, and we remain optimistic for the long term." "While our nation and economy face severe challenges, VSE is working to improve its value and contribution to support important initiatives to maintain and modernize military equipment and systems, improve and expand maritime port facilities, assist law enforcement agencies in managing seized assets in anti- drug and illegal dumping programs, and design and develop key government information and technology resources, to name only a few areas in which we participate. VSE is a global company whose employees work every day to meet customer requirements for innovative and cost effective programs and solutions." "We believe VSE is well-positioned to face the challenges in our changing environment, and we look forward to reporting on our progress." About VSE Corporation VSE marks its 50th year as a government contractor in 2009. Established in 1959, VSE is a diversified professional services company providing 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 the company's web site at www.vsecorp.com or contact Randy Hollstein, VSE Corporate Vice President of Marketing, at (703) 329-3206. The company encourages investors and others to review the detailed reporting and disclosures contained in VSE public filings for further informa- tion 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 News Contact: Craig Weber -- (703) 329-4770. ### -----END PRIVACY-ENHANCED MESSAGE-----