We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
VSE Corporation | NASDAQ:VSEC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.51 | 3.12% | 82.90 | 78.86 | 132.56 | 83.14 | 80.07 | 81.72 | 182,587 | 22:30:00 |
DELAWARE
|
54-0649263
|
(State or Other Jurisdiction of
|
(I.R.S. Employer
|
Incorporation or Organization)
|
Identification No.)
|
6348 Walker Lane
|
|
|
|
|
Alexandria, Virginia
|
|
22310
|
|
www.vsecorp.com
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
(Webpage)
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock, par value $0.05 per share
|
The NASDAQ Global Select Market
|
Large accelerated filer [ ]
|
Accelerated filer [x]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ ]
|
|
Emerging growth company [ ]
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
ITEM 1.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
ITEM 2.
|
||
|
|
|
ITEM 3.
|
||
|
|
|
ITEM 4.
|
||
|
|
|
|
|
|
|
|
|
ITEM 1.
|
||
|
|
|
ITEM 2.
|
||
|
|
|
ITEM 6.
|
||
|
|
|
|
||
|
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
624
|
|
|
$
|
624
|
|
Receivables, net
|
54,629
|
|
|
55,760
|
|
||
Unbilled receivables, net
|
37,955
|
|
|
42,577
|
|
||
Inventories, net
|
164,390
|
|
|
132,591
|
|
||
Other current assets
|
13,551
|
|
|
16,988
|
|
||
Total current assets
|
271,149
|
|
|
248,540
|
|
||
|
|
|
|
||||
Property and equipment, net
|
52,670
|
|
|
55,146
|
|
||
Intangible assets, net
|
102,901
|
|
|
110,909
|
|
||
Goodwill
|
198,622
|
|
|
198,622
|
|
||
Other assets
|
15,401
|
|
|
15,796
|
|
||
Total assets
|
$
|
640,743
|
|
|
$
|
629,013
|
|
|
|
|
|
||||
Liabilities and Stockholders' equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
9,468
|
|
|
$
|
6,960
|
|
Accounts payable
|
57,648
|
|
|
66,015
|
|
||
Accrued expenses and other current liabilities
|
32,619
|
|
|
40,243
|
|
||
Dividends payable
|
870
|
|
|
759
|
|
||
Total current liabilities
|
100,605
|
|
|
113,977
|
|
||
|
|
|
|
||||
Long-term debt, less current portion
|
171,857
|
|
|
165,614
|
|
||
Deferred compensation
|
18,028
|
|
|
16,323
|
|
||
Long-term lease obligations, less current portion
|
19,765
|
|
|
20,581
|
|
||
Deferred tax liabilities
|
19,172
|
|
|
19,423
|
|
||
Total liabilities
|
329,427
|
|
|
335,918
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
|
|
||
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 10,881,106 and 10,838,747, respectively
|
544
|
|
|
542
|
|
||
Additional paid-in capital
|
26,490
|
|
|
24,470
|
|
||
Retained earnings
|
283,767
|
|
|
267,902
|
|
||
Accumulated other comprehensive income
|
515
|
|
|
181
|
|
||
Total stockholders' equity
|
311,316
|
|
|
293,095
|
|
||
Total liabilities and stockholders' equity
|
$
|
640,743
|
|
|
$
|
629,013
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Products
|
|
$
|
90,119
|
|
|
$
|
89,254
|
|
|
$
|
178,792
|
|
|
$
|
178,271
|
|
Services
|
|
80,275
|
|
|
104,606
|
|
|
168,499
|
|
|
212,883
|
|
||||
Total revenues
|
|
170,394
|
|
|
193,860
|
|
|
347,291
|
|
|
391,154
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products
|
|
75,834
|
|
|
74,222
|
|
|
150,560
|
|
|
148,928
|
|
||||
Services
|
|
75,971
|
|
|
100,150
|
|
|
161,726
|
|
|
204,094
|
|
||||
Selling, general and administrative expenses
|
|
730
|
|
|
479
|
|
|
1,549
|
|
|
923
|
|
||||
Amortization of intangible assets
|
|
4,004
|
|
|
4,004
|
|
|
8,008
|
|
|
8,008
|
|
||||
Total costs and operating expenses
|
|
156,539
|
|
|
178,855
|
|
|
321,843
|
|
|
361,953
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
13,855
|
|
|
15,005
|
|
|
25,448
|
|
|
29,201
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
2,182
|
|
|
2,376
|
|
|
4,357
|
|
|
4,811
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
11,673
|
|
|
12,629
|
|
|
21,091
|
|
|
24,390
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
|
2,922
|
|
|
4,822
|
|
|
5,288
|
|
|
9,290
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
8,751
|
|
|
$
|
7,807
|
|
|
$
|
15,803
|
|
|
$
|
15,100
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
|
$
|
0.80
|
|
|
$
|
0.72
|
|
|
$
|
1.45
|
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
|
10,881,106
|
|
|
10,838,435
|
|
|
10,870,887
|
|
|
10,830,595
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share
|
|
$
|
0.80
|
|
|
$
|
0.72
|
|
|
$
|
1.45
|
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding
|
|
10,918,927
|
|
|
10,861,769
|
|
|
10,907,777
|
|
|
10,855,632
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
|
$
|
0.08
|
|
|
$
|
0.07
|
|
|
$
|
0.15
|
|
|
$
|
0.13
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
|
$
|
8,751
|
|
|
$
|
7,807
|
|
|
$
|
15,803
|
|
|
$
|
15,100
|
|
|
|
|
|
|
|
|
|
|
||||||||
Change in fair value of interest rate swap agreements, net of tax
|
|
123
|
|
|
(24
|
)
|
|
334
|
|
|
69
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), net of tax
|
|
123
|
|
|
(24
|
)
|
|
334
|
|
|
69
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
|
$
|
8,874
|
|
|
$
|
7,783
|
|
|
$
|
16,137
|
|
|
$
|
15,169
|
|
|
|
For the six months ended June 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
15,803
|
|
|
$
|
15,100
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
12,723
|
|
|
13,204
|
|
||
Deferred taxes
|
|
(888
|
)
|
|
(974
|
)
|
||
Stock-based compensation
|
|
1,676
|
|
|
1,464
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Receivables, net
|
|
1,131
|
|
|
6,412
|
|
||
Unbilled receivables, net
|
|
9,604
|
|
|
13,861
|
|
||
Inventories, net
|
|
(34,352
|
)
|
|
528
|
|
||
Other current assets and noncurrent assets
|
|
4,227
|
|
|
9,725
|
|
||
Accounts payable and deferred compensation
|
|
(6,164
|
)
|
|
(39,511
|
)
|
||
Accrued expenses and other current liabilities
|
|
(6,568
|
)
|
|
(105
|
)
|
||
Long-term lease obligations
|
|
(816
|
)
|
|
(667
|
)
|
||
|
|
|
|
|
||||
Net cash (used in) provided by operating activities
|
|
(3,624
|
)
|
|
19,037
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Purchases of property and equipment
|
|
(1,880
|
)
|
|
(1,252
|
)
|
||
Proceeds from the sale of property and equipment
|
|
46
|
|
|
400
|
|
||
|
|
|
|
|
||||
Net cash used in investing activities
|
|
(1,834
|
)
|
|
(852
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Borrowings on loan agreement
|
|
359,554
|
|
|
181,673
|
|
||
Repayments on loan agreement
|
|
(349,534
|
)
|
|
(197,142
|
)
|
||
Payment of debt financing costs
|
|
(1,692
|
)
|
|
—
|
|
||
Payments on capital lease obligations
|
|
(707
|
)
|
|
(627
|
)
|
||
Payments of taxes for equity transactions
|
|
(641
|
)
|
|
(500
|
)
|
||
Dividends paid
|
|
(1,522
|
)
|
|
(1,300
|
)
|
||
|
|
|
|
|
||||
Net cash provided by (used in) financing activities
|
|
5,458
|
|
|
(17,896
|
)
|
||
|
|
|
|
|
||||
Net (decrease) increase in cash and cash equivalents
|
|
—
|
|
|
289
|
|
||
Cash and cash equivalents at beginning of period
|
|
624
|
|
|
428
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
624
|
|
|
$
|
717
|
|
|
|
Balance at
|
|
Adjustment for
|
|
Adjusted balance at
|
||||||
|
|
December 31, 2017
|
|
ASC 606
|
|
January 1, 2018
|
||||||
Assets:
|
|
|
|
|
|
|
||||||
Unbilled receivables, net
|
|
$
|
42,577
|
|
|
$
|
4,982
|
|
|
$
|
47,559
|
|
Inventories, net
|
|
$
|
132,591
|
|
|
$
|
(2,553
|
)
|
|
$
|
130,038
|
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
$
|
66,015
|
|
|
$
|
(498
|
)
|
|
$
|
65,517
|
|
Accrued expenses and other current liabilities
|
|
$
|
40,243
|
|
|
$
|
655
|
|
|
$
|
40,898
|
|
Deferred tax liabilities
|
|
$
|
19,423
|
|
|
$
|
577
|
|
|
$
|
20,000
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity:
|
|
|
|
|
|
|
||||||
Retained earnings
|
|
$
|
267,902
|
|
|
$
|
1,695
|
|
|
$
|
269,597
|
|
|
|
As Reported
|
|
Without Adoption of ASC 606
|
||||
Assets:
|
|
|
|
|
||||
Unbilled receivables, net
|
|
$
|
37,955
|
|
|
$
|
31,294
|
|
Inventories, net
|
|
$
|
164,390
|
|
|
$
|
167,958
|
|
Other current assets
|
|
$
|
13,551
|
|
|
$
|
13,551
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Accrued expenses and other current liabilities
|
|
$
|
32,619
|
|
|
$
|
32,619
|
|
Deferred tax liabilities
|
|
$
|
19,172
|
|
|
$
|
18,386
|
|
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Retained earnings
|
|
$
|
283,767
|
|
|
$
|
281,460
|
|
|
|
For the three months ended June 30, 2018
|
|
For the six months ended June 30, 2018
|
||||||||||||
|
|
As Reported
|
|
Without Adoption of ASC 606
|
|
As Reported
|
|
Without Adoption of ASC 606
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Products
|
|
$
|
90,119
|
|
|
$
|
88,785
|
|
|
$
|
178,792
|
|
|
$
|
177,470
|
|
Services
|
|
$
|
80,275
|
|
|
$
|
80,120
|
|
|
$
|
168,499
|
|
|
$
|
167,986
|
|
|
|
|
|
|
|
|
|
|
||||||||
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Products
|
|
$
|
75,834
|
|
|
$
|
74,841
|
|
|
$
|
150,560
|
|
|
$
|
149,545
|
|
Services
|
|
$
|
75,971
|
|
|
$
|
75,971
|
|
|
$
|
161,726
|
|
|
$
|
161,726
|
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
|
$
|
2,922
|
|
|
$
|
2,796
|
|
|
$
|
5,288
|
|
|
$
|
5,080
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
8,751
|
|
|
$
|
8,381
|
|
|
$
|
15,803
|
|
|
$
|
15,191
|
|
|
|
Three months ended June 30, 2018
|
||||||||||||||
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
U.S. Postal Services
|
|
$
|
43,089
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43,089
|
|
DoD
|
|
7,525
|
|
|
1,025
|
|
|
73,637
|
|
|
82,187
|
|
||||
Commercial
|
|
3,413
|
|
|
34,037
|
|
|
31
|
|
|
37,481
|
|
||||
Other Government
|
|
236
|
|
|
742
|
|
|
6,659
|
|
|
7,637
|
|
||||
|
|
$
|
54,263
|
|
|
$
|
35,804
|
|
|
$
|
80,327
|
|
|
$
|
170,394
|
|
|
|
Six months ended June 30, 2018
|
||||||||||||||
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
U.S. Postal Services
|
|
$
|
87,120
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87,120
|
|
DoD
|
|
15,701
|
|
|
2,240
|
|
|
151,899
|
|
|
169,840
|
|
||||
Commercial
|
|
6,799
|
|
|
65,572
|
|
|
233
|
|
|
72,604
|
|
||||
Other Government
|
|
507
|
|
|
742
|
|
|
16,478
|
|
|
17,727
|
|
||||
|
|
$
|
110,127
|
|
|
$
|
68,554
|
|
|
$
|
168,610
|
|
|
$
|
347,291
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Basic weighted average common shares outstanding
|
|
10,881,106
|
|
|
10,838,435
|
|
|
10,870,887
|
|
|
10,830,595
|
|
Effect of dilutive shares
|
|
37,821
|
|
|
23,334
|
|
|
36,890
|
|
|
25,037
|
|
Diluted weighted average common shares outstanding
|
|
10,918,927
|
|
|
10,861,769
|
|
|
10,907,777
|
|
|
10,855,632
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management Group
|
|
$
|
54,263
|
|
|
$
|
56,404
|
|
|
$
|
110,127
|
|
|
$
|
112,489
|
|
Aviation Group
|
|
35,804
|
|
|
32,590
|
|
|
68,554
|
|
|
64,944
|
|
||||
Federal Services Group
|
|
80,327
|
|
|
104,866
|
|
|
168,610
|
|
|
213,721
|
|
||||
Total revenues
|
|
$
|
170,394
|
|
|
$
|
193,860
|
|
|
$
|
347,291
|
|
|
$
|
391,154
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Supply Chain Management Group
|
|
$
|
8,168
|
|
|
$
|
8,950
|
|
|
$
|
15,764
|
|
|
$
|
17,433
|
|
Aviation Group
|
|
2,846
|
|
|
2,579
|
|
|
5,107
|
|
|
4,915
|
|
||||
Federal Services Group
|
|
3,606
|
|
|
3,992
|
|
|
6,084
|
|
|
7,910
|
|
||||
Corporate/unallocated expenses
|
|
(765
|
)
|
|
(516
|
)
|
|
(1,507
|
)
|
|
(1,057
|
)
|
||||
Operating income
|
|
$
|
13,855
|
|
|
$
|
15,005
|
|
|
$
|
25,448
|
|
|
$
|
29,201
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
Customer
|
|
2018
|
|
%
|
|
2017
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||||||||
U.S. Postal Service
|
|
$
|
43,089
|
|
|
25.3
|
%
|
|
$
|
45,959
|
|
|
23.7
|
%
|
|
$
|
87,120
|
|
|
25.1
|
%
|
|
$
|
92,428
|
|
|
23.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Navy
|
|
35,696
|
|
|
20.9
|
%
|
|
52,030
|
|
|
26.8
|
%
|
|
78,281
|
|
|
22.5
|
%
|
|
104,526
|
|
|
26.7
|
%
|
||||
U.S. Army
|
|
41,548
|
|
|
24.4
|
%
|
|
50,399
|
|
|
26.1
|
%
|
|
84,335
|
|
|
24.3
|
%
|
|
104,500
|
|
|
26.7
|
%
|
||||
U.S. Air Force
|
|
4,943
|
|
|
2.9
|
%
|
|
1,822
|
|
|
0.9
|
%
|
|
7,224
|
|
|
2.1
|
%
|
|
2,840
|
|
|
0.7
|
%
|
||||
Total - DoD
|
|
82,187
|
|
|
48.2
|
%
|
|
104,251
|
|
|
53.8
|
%
|
|
169,840
|
|
|
48.9
|
%
|
|
211,866
|
|
|
54.1
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial aviation
|
|
34,037
|
|
|
20.0
|
%
|
|
32,265
|
|
|
16.6
|
%
|
|
65,572
|
|
|
18.9
|
%
|
|
64,069
|
|
|
16.4
|
%
|
||||
Other commercial
|
|
3,444
|
|
|
2.0
|
%
|
|
3,308
|
|
|
1.7
|
%
|
|
7,032
|
|
|
2.0
|
%
|
|
6,437
|
|
|
1.7
|
%
|
||||
Total - Commercial
|
|
37,481
|
|
|
22.0
|
%
|
|
35,573
|
|
|
18.3
|
%
|
|
72,604
|
|
|
20.9
|
%
|
|
70,506
|
|
|
18.1
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other government
|
|
7,637
|
|
|
4.5
|
%
|
|
8,077
|
|
|
4.2
|
%
|
|
17,727
|
|
|
5.1
|
%
|
|
16,354
|
|
|
4.2
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
170,394
|
|
|
100
|
%
|
|
$
|
193,860
|
|
|
100
|
%
|
|
$
|
347,291
|
|
|
100
|
%
|
|
$
|
391,154
|
|
|
100
|
%
|
|
|
Supply Chain Management
|
|
Federal Services
|
|
Aviation
|
|
Total
|
||||||||
Balance as of December 31, 2017
|
|
$
|
63,190
|
|
|
$
|
30,883
|
|
|
$
|
104,549
|
|
|
$
|
198,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance as of June 30, 2018
|
|
$
|
63,190
|
|
|
$
|
30,883
|
|
|
$
|
104,549
|
|
|
$
|
198,622
|
|
|
|
Cost
|
|
Accumulated Amortization
|
|
Accumulated
Impairment Loss
|
|
Net Intangible Assets
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Contract and customer-related
|
|
$
|
173,094
|
|
|
$
|
(79,506
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
92,563
|
|
Acquired technologies
|
|
12,400
|
|
|
(7,969
|
)
|
|
—
|
|
|
4,431
|
|
||||
Trade names
|
|
16,670
|
|
|
(10,763
|
)
|
|
—
|
|
|
5,907
|
|
||||
Total
|
|
$
|
202,164
|
|
|
$
|
(98,238
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
102,901
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contract and customer-related
|
|
$
|
173,094
|
|
|
$
|
(72,937
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
99,132
|
|
Acquired technologies
|
|
12,400
|
|
|
(7,406
|
)
|
|
—
|
|
|
4,994
|
|
||||
Trade names
|
|
16,670
|
|
|
(9,887
|
)
|
|
—
|
|
|
6,783
|
|
||||
Total
|
|
$
|
202,164
|
|
|
$
|
(90,230
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
110,909
|
|
Amounts Recorded at Fair Value
|
|
Financial Statement Classification
|
|
Fair Value Hierarchy
|
|
Fair Value June 30, 2018
|
|
Fair Value December 31, 2017
|
||||
Non-COLI assets held in Deferred Supplemental Compensation Plan
|
|
Other assets
|
|
Level 1
|
|
$
|
409
|
|
|
$
|
389
|
|
Interest rate swap agreements
|
|
Other current assets
|
|
Level 2
|
|
$
|
689
|
|
|
$
|
294
|
|
|
|
2018
|
|
2017
|
||||
Bookings
|
|
$
|
189
|
|
|
$
|
281
|
|
Revenues
|
|
$
|
169
|
|
|
$
|
214
|
|
Funded Contract Backlog
|
|
$
|
339
|
|
|
$
|
386
|
|
|
|
Six months ended June 30,
|
||||||||||
Contract Type
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||
Cost-type
|
|
$
|
92,922
|
|
|
27
|
|
$
|
117,480
|
|
|
30
|
Fixed-price
|
|
32,343
|
|
|
9
|
|
50,826
|
|
|
13
|
||
Time and materials
|
|
43,345
|
|
|
13
|
|
45,415
|
|
|
12
|
||
Total Federal Services revenues
|
|
168,610
|
|
|
49
|
|
213,721
|
|
|
55
|
||
Supply Chain Management and Aviation revenues
|
|
178,681
|
|
|
51
|
|
177,433
|
|
|
45
|
||
Total revenues
|
|
$
|
347,291
|
|
|
100
|
|
$
|
391,154
|
|
|
100
|
|
|
Three months
|
|
Six months
|
|
Change
|
|||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
Six
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Months
|
Months
|
||||||||||||
Revenues
|
|
$
|
170,394
|
|
|
$
|
193,860
|
|
|
$
|
347,291
|
|
|
$
|
391,154
|
|
|
$
|
(23,466
|
)
|
$
|
(43,863
|
)
|
Costs and operating expenses
|
|
156,539
|
|
|
178,855
|
|
|
321,843
|
|
|
361,953
|
|
|
(22,316
|
)
|
(40,110
|
)
|
||||||
Operating income
|
|
13,855
|
|
|
15,005
|
|
|
25,448
|
|
|
29,201
|
|
|
(1,150
|
)
|
(3,753
|
)
|
||||||
Interest expense, net
|
|
2,182
|
|
|
2,376
|
|
|
4,357
|
|
|
4,811
|
|
|
(194
|
)
|
(454
|
)
|
||||||
Income before income taxes
|
|
11,673
|
|
|
12,629
|
|
|
21,091
|
|
|
24,390
|
|
|
(956
|
)
|
(3,299
|
)
|
||||||
Provision for income taxes
|
|
2,922
|
|
|
4,822
|
|
|
5,288
|
|
|
9,290
|
|
|
(1,900
|
)
|
(4,002
|
)
|
||||||
Net income
|
|
$
|
8,751
|
|
|
$
|
7,807
|
|
|
$
|
15,803
|
|
|
$
|
15,100
|
|
|
$
|
944
|
|
$
|
703
|
|
|
|
Three months
|
|
Six months
|
|
Change
|
||||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
|
Six
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Months
|
|
Months
|
||||||||||||
Revenues
|
|
$
|
54,263
|
|
|
$
|
56,404
|
|
|
$
|
110,127
|
|
|
$
|
112,489
|
|
|
$
|
(2,141
|
)
|
|
$
|
(2,362
|
)
|
Costs and operating expenses
|
|
46,095
|
|
|
47,454
|
|
|
94,363
|
|
|
95,056
|
|
|
(1,359
|
)
|
|
(693
|
)
|
||||||
Operating income
|
|
$
|
8,168
|
|
|
$
|
8,950
|
|
|
$
|
15,764
|
|
|
$
|
17,433
|
|
|
$
|
(782
|
)
|
|
$
|
(1,669
|
)
|
Profit percentage
|
|
15.1
|
%
|
|
15.9
|
%
|
|
14.3
|
%
|
|
15.5
|
%
|
|
|
|
|
|
|
|
|
Three months
|
|
Six months
|
|
Change
|
||||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
|
Six
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Months
|
|
Months
|
||||||||||||
Revenues
|
|
$
|
35,804
|
|
|
$
|
32,590
|
|
|
$
|
68,554
|
|
|
$
|
64,944
|
|
|
$
|
3,214
|
|
|
$
|
3,610
|
|
Costs and operating expenses
|
|
32,958
|
|
|
30,011
|
|
|
63,447
|
|
|
60,029
|
|
|
2,947
|
|
|
3,418
|
|
||||||
Operating income
|
|
$
|
2,846
|
|
|
$
|
2,579
|
|
|
$
|
5,107
|
|
|
$
|
4,915
|
|
|
$
|
267
|
|
|
$
|
192
|
|
Profit percentage
|
|
7.9
|
%
|
|
7.9
|
%
|
|
7.4
|
%
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
Three months
|
|
Six months
|
|
Change
|
||||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
|
Six
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Months
|
|
Months
|
||||||||||||
Revenues
|
|
$
|
80,327
|
|
|
$
|
104,866
|
|
|
$
|
168,610
|
|
|
$
|
213,721
|
|
|
$
|
(24,539
|
)
|
|
$
|
(45,111
|
)
|
Costs and operating expenses
|
|
76,721
|
|
|
100,874
|
|
|
162,526
|
|
|
205,811
|
|
|
(24,153
|
)
|
|
(43,285
|
)
|
||||||
Operating Income
|
|
$
|
3,606
|
|
|
$
|
3,992
|
|
|
$
|
6,084
|
|
|
$
|
7,910
|
|
|
$
|
(386
|
)
|
|
$
|
(1,826
|
)
|
Profit percentage
|
|
4.5
|
%
|
|
3.8
|
%
|
|
3.6
|
%
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
Maximum Ratio
|
|
Actual Ratio
|
Total Funded Debt/EBITDA Ratio
|
|
3.00 to 1
|
|
2.36 to 1
|
|
|
Minimum Ratio
|
|
Actual Ratio
|
Fixed Charge Coverage Ratio
|
|
1.20 to 1
|
|
2.54 to 1
|
(a) Exhibits
|
|
|
|
Section 302 CEO Certification
|
|
|
Section 302 CFO and PAO Certification
|
|
|
Section 906 CEO Certification
|
|
|
Section 906 CFO and PAO Certification
|
|
Exhibit 101.INS
|
|
XBRL Instance Document
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Document
|
|
|
|
VSE CORPORATION
|
|
|
|
|
Date:
|
July 27, 2018
|
By:
|
/s/ M. A. Gauthier
|
|
|
|
M. A. Gauthier
|
|
|
|
Chief Executive Officer,
|
|
|
|
President and Chief Operating Officer
|
|
|
|
(Principal Executive Officer)
|
Date:
|
July 27, 2018
|
By:
|
/s/ T. R. Loftus
|
|
|
|
T. R. Loftus
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Accounting Officer)
|
1 Year VSE Chart |
1 Month VSE Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions