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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vectrus Inc | NYSE:VEC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.84 | 0 | 01:00:00 |
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Indiana
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38-3924636
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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655 Space Center Drive, Colorado Springs, Colorado 80915
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(Address of Principal Executive Offices)
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Registrant’s telephone number, including area code:
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(719) 591-3600
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Large accelerated filer
¨
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Accelerated filer
þ
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(Do not check if a smaller reporting company)
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Page No.
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Three Months Ended
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Nine Months Ended
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||||||||||||
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September 30,
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September 25,
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September 30,
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September 25,
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||||||||
(In thousands, except per share data)
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2016
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2015
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2016
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2015
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||||||||
Revenue
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$
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283,782
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$
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299,061
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$
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902,359
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$
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869,490
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Cost of revenue
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257,687
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272,224
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822,042
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791,170
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Selling, general and administrative expenses
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14,933
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18,366
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46,046
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49,650
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||||
Operating income
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11,162
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8,471
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34,271
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28,670
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Interest (expense) income, net
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(1,348
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)
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(1,583
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)
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(4,396
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)
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(4,616
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)
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Income from operations before income taxes
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9,814
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6,888
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29,875
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24,054
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||||
Income tax expense (benefit)
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3,207
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(7,140
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)
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10,629
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(958
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)
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Net income
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$
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6,607
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$
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14,028
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$
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19,246
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$
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25,012
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||||||||
Earnings per share
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Basic
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$
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0.62
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$
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1.33
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$
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1.80
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$
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2.37
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Diluted
|
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$
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0.60
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$
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1.29
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$
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1.76
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$
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2.31
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Weighted average common shares outstanding - basic
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10,733
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10,560
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10,688
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10,533
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Weighted average common shares outstanding - diluted
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11,061
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10,848
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10,966
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10,808
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Three Months Ended
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Nine Months Ended
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||||||||||||
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September 30,
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September 25,
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September 30,
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September 25,
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||||||||
(In thousands)
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2016
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2015
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2016
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2015
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||||||||
Net income
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$
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6,607
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$
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14,028
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$
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19,246
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$
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25,012
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Other comprehensive income (loss) , net of tax
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||||||||
Changes in derivative instrument:
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||||||||
Net change in fair value of interest rate swap
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264
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(388
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)
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(342
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)
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(319
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)
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Net (loss) gain reclassified to interest expense
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(2
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)
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65
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3
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36
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Tax (expense) benefit
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(94
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)
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114
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121
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101
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Net change in derivative instrument
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168
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(209
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)
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(218
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)
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(182
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)
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Foreign currency translation adjustments
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512
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127
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360
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(721
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)
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Other comprehensive income (loss), net of tax
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680
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(82
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)
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142
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(903
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)
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Total comprehensive income
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$
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7,287
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$
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13,946
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$
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19,388
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$
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24,109
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September 30,
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December 31,
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(In thousands, except share information)
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2016
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2015
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Assets
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(unaudited)
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Current assets
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Cash
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$
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53,351
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$
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39,995
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Receivables
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164,035
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210,561
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Costs incurred in excess of billings
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4,957
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1,243
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Other current assets
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8,890
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9,708
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Total current assets
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231,233
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261,507
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Property, plant, and equipment, net
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3,191
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4,762
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Goodwill
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216,930
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216,930
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Other non-current assets
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1,194
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1,197
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Total non-current assets
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221,315
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222,889
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Total Assets
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$
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452,548
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$
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484,396
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Liabilities and Shareholders' Equity
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Current liabilities
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Accounts payable
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$
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91,269
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$
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122,442
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Billings in excess of costs
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3,197
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6,025
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Compensation and other employee benefits
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46,160
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36,783
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Short-term debt
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14,000
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22,000
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Other accrued liabilities
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21,675
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25,268
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Total current liabilities
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176,301
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212,518
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Long-term debt, net
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77,809
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89,615
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Deferred tax liability
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85,002
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91,343
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Other non-current liabilities
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1,452
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|
1,610
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Total non-current liabilities
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164,263
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182,568
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|
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Total liabilities
|
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340,564
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395,086
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Commitments and contingencies (Note 13)
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Shareholders' Equity
|
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|
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Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding
|
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—
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—
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|
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Common stock; $0.01 par value; 100,000,000 shares authorized; 10,735,846 and 10,612,246 shares issued and outstanding
|
|
107
|
|
|
106
|
|
||
Additional paid in capital
|
|
61,925
|
|
|
58,640
|
|
||
Retained earnings
|
|
53,550
|
|
|
34,304
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|
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Accumulated other comprehensive loss
|
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(3,598
|
)
|
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(3,740
|
)
|
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Total shareholders' equity
|
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111,984
|
|
|
89,310
|
|
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Total Liabilities and Shareholders' Equity
|
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$
|
452,548
|
|
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$
|
484,396
|
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Nine Months Ended
|
||||||
(In thousands)
|
|
September 30, 2016
|
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September 25, 2015
|
||||
Operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
19,246
|
|
|
$
|
25,012
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization expense
|
|
1,453
|
|
|
2,500
|
|
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Loss on disposal of property, plant, and equipment
|
|
402
|
|
|
328
|
|
||
Stock-based compensation
|
|
3,542
|
|
|
5,621
|
|
||
Amortization of debt issuance costs
|
|
915
|
|
|
555
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||
Receivables
|
|
47,501
|
|
|
(13,862
|
)
|
||
Other assets
|
|
(2,954
|
)
|
|
1,893
|
|
||
Accounts payable
|
|
(31,593
|
)
|
|
1,994
|
|
||
Billings in excess of costs
|
|
(2,828
|
)
|
|
7,498
|
|
||
Deferred taxes
|
|
(7,138
|
)
|
|
(5,306
|
)
|
||
Compensation and other employee benefits
|
|
9,252
|
|
|
700
|
|
||
Other liabilities
|
|
(4,314
|
)
|
|
(16,889
|
)
|
||
Net cash provided by operating activities
|
|
33,484
|
|
|
10,044
|
|
||
Investing activities
|
|
|
|
|
|
|
||
Purchases of capital assets
|
|
(400
|
)
|
|
(769
|
)
|
||
Proceeds from the disposition of assets
|
|
116
|
|
|
—
|
|
||
Distribution from equity investment
|
|
346
|
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
|
62
|
|
|
(769
|
)
|
||
Financing activities
|
|
|
|
|
|
|
||
Repayments of long-term debt
|
|
(20,500
|
)
|
|
(16,875
|
)
|
||
Proceeds from revolver
|
|
74,000
|
|
|
235,500
|
|
||
Repayments of revolver
|
|
(74,000
|
)
|
|
(235,500
|
)
|
||
Proceeds from exercise of stock options
|
|
568
|
|
|
107
|
|
||
Proceeds from insurance financing
|
|
—
|
|
|
14,857
|
|
||
Repayments of insurance financing
|
|
—
|
|
|
(8,061
|
)
|
||
Payments of employee withholding taxes on share-based compensation
|
|
(651
|
)
|
|
(759
|
)
|
||
Payment of debt issuance costs
|
|
(221
|
)
|
|
—
|
|
||
Net cash (used in) financing activities
|
|
(20,804
|
)
|
|
(10,731
|
)
|
||
Exchange rate effect on cash
|
|
614
|
|
|
(207
|
)
|
||
Net change in cash
|
|
13,356
|
|
|
(1,663
|
)
|
||
Cash-beginning of year
|
|
39,995
|
|
|
42,823
|
|
||
Cash-end of period
|
|
$
|
53,351
|
|
|
$
|
41,160
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||
Interest paid
|
|
$
|
4,224
|
|
|
$
|
4,381
|
|
Income taxes paid
|
|
$
|
20,598
|
|
|
$
|
11,129
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 25,
|
|
September 30,
|
|
September 25,
|
||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Favorable adjustments
|
|
$
|
2,374
|
|
|
$
|
861
|
|
|
$
|
9,238
|
|
|
$
|
6,304
|
|
Unfavorable adjustments
|
|
(1,202
|
)
|
|
(1,212
|
)
|
|
(5,036
|
)
|
|
(6,784
|
)
|
||||
Net adjustments
|
|
$
|
1,172
|
|
|
$
|
(351
|
)
|
|
$
|
4,202
|
|
|
$
|
(480
|
)
|
Standard
|
Description
|
Date of issuance
|
Effect on the financial statements or other significant matters
|
Standards that are not yet adopted
|
|
|
|
Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, as amended by ASU 2015-14
|
The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016. In addition, the Financial Accounting Standards Board has issued related revenue recognition guidance in four ASUs: principal versus agent considerations (ASU 2016-08), identifying performance obligations and licensing (ASU 2016-10), a revision of certain SEC staff observer comments (ASU 2016-11) and implementation guidance (ASU 2016-12).
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May 2014, as amended in August 2015
|
We are currently evaluating the effect the standard is expected to have on our financial statements, including the transition method to be applied, the impact on current policies and related disclosures. We expect to complete our assessment by the end of 2016.
|
ASU 2016-02, Leases
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The objective of the standard is, among other things, to require recognition of a right-of-use asset and liability for future lease payments for contracts that meet the definition of a lease. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted.
|
February 2016
|
We are currently evaluating the provisions of Accounting Standards Codification (ASC) Topic 842 to determine how we will be affected. The primary effect of adopting the new standard will be to record assets and obligations for current operating leases.
|
ASU 2016-09, Improvements to Employee Share-Based Payment Accounting
|
The objective of the standard is to simplify several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period.
|
March 2016
|
We are currently evaluating the impact of adopting this guidance.
|
ASU 2014-15, Presentation of Financial Statements
|
The objective of the standard is to provide guidance on management’s responsibility to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The standard is effective for the annual period ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted.
|
August 2014
|
We are currently evaluating the impact of adopting ASU 2014-15; however, the standard is not expected to have a material impact on our consolidated financial statements.
|
Standards that were adopted
|
|
|
|
ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments
|
ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. Topic 230 lacked consistent principles for evaluating the classification of cash payments and receipts in the statement of cash flows, which led to diversity in practice. ASU 2016-15 was issued to reduce diversity in practice with respect to eight types of cash flows. One of the eight types of cash flows, distributions received from equity method investees, applies to us. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted for all entities.
|
August 2016
|
We have adopted the guidance as outlined in ASU 2016-15. The adoption had no impact on our financial statements as we were already recording such items in accordance with the new standard.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 25,
|
|
September 30,
|
|
September 25,
|
||||||||
(In thousands, except per share data)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
|
$
|
6,607
|
|
|
$
|
14,028
|
|
|
$
|
19,246
|
|
|
$
|
25,012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
|
10,733
|
|
|
10,560
|
|
|
10,688
|
|
|
10,533
|
|
||||
Add: Dilutive impact of stock options
|
|
142
|
|
|
96
|
|
|
109
|
|
|
99
|
|
||||
Add: Dilutive impact of restricted stock units
|
|
186
|
|
|
192
|
|
|
169
|
|
|
176
|
|
||||
Diluted weighted average common shares outstanding
|
|
11,061
|
|
|
10,848
|
|
|
10,966
|
|
|
10,808
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.62
|
|
|
$
|
1.33
|
|
|
$
|
1.80
|
|
|
$
|
2.37
|
|
Diluted
|
|
$
|
0.60
|
|
|
$
|
1.29
|
|
|
$
|
1.76
|
|
|
$
|
2.31
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
September 30,
|
|
September 25,
|
|
September 30,
|
|
September 25,
|
||||
(In thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Anti-dilutive stock options
|
|
2
|
|
|
16
|
|
|
9
|
|
|
12
|
|
Anti-dilutive restricted stock units
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
|
2
|
|
|
17
|
|
|
9
|
|
|
13
|
|
|
|
September 30,
|
|
December 31,
|
||||
(In thousands)
|
|
2016
|
|
2015
|
||||
Billed receivables
|
|
$
|
24,648
|
|
|
$
|
53,070
|
|
Unbilled contract receivables
|
|
136,358
|
|
|
154,658
|
|
||
Other
|
|
3,029
|
|
|
2,833
|
|
||
Receivables
|
|
$
|
164,035
|
|
|
$
|
210,561
|
|
|
|
September 30, 2016
|
||||||
(In thousands)
|
|
Carrying Value
|
|
Fair Value
|
||||
Long-term debt, including short-term portion
|
|
$
|
93,500
|
|
|
$
|
93,500
|
|
|
|
December 31, 2015
|
||||||
(In thousands)
|
|
Carrying Value
|
|
Fair Value
|
||||
Long-term debt, including short-term portion
|
|
$
|
114,000
|
|
|
$
|
114,000
|
|
|
|
Fair Value
|
||||
|
|
Derivative in liability position
|
||||
(In thousands)
|
|
Balance sheet caption
|
|
Amount
|
||
Interest rate swaps designated as cash flow hedge
|
|
Other accrued liabilities
|
|
$
|
234
|
|
Interest rate swaps designated as cash flow hedge
|
|
Other non-current liabilities
|
|
$
|
152
|
|
Interest rate swaps designated as cash flow hedge
|
|
Other non-current assets
|
|
$
|
5
|
|
|
|
Fair Value
|
||||
|
|
Derivative in liability position
|
||||
(In thousands)
|
|
Balance sheet caption
|
|
Amount
|
||
Interest rate swaps designated as cash flow hedge
|
|
Other accrued liabilities
|
|
$
|
15
|
|
Interest rate swaps designated as cash flow hedge
|
|
Other non-current liabilities
|
|
$
|
28
|
|
|
|
September 30,
|
|
December 31,
|
||||
(In thousands)
|
|
2016
|
|
2015
|
||||
Accrued salaries and wages
|
|
$
|
25,111
|
|
|
$
|
13,820
|
|
Accrued bonus
|
|
3,695
|
|
|
4,302
|
|
||
Accrued employee benefits
|
|
17,354
|
|
|
18,661
|
|
||
Total
|
|
$
|
46,160
|
|
|
$
|
36,783
|
|
|
|
September 30,
|
|
December 31,
|
||||
(In thousands)
|
|
2016
|
|
2015
|
||||
Workers' compensation, auto and general liability reserve
|
|
$
|
6,219
|
|
|
$
|
7,537
|
|
Income taxes
|
|
1,062
|
|
|
3,214
|
|
||
Defense Base Act insurance financing
|
|
—
|
|
|
2,727
|
|
||
Other accrued liabilities
|
|
14,394
|
|
|
11,790
|
|
||
Total
|
|
$
|
21,675
|
|
|
$
|
25,268
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 25,
|
|
September 30,
|
|
September 25,
|
||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Compensation costs for equity-based awards
|
|
$
|
1,002
|
|
|
$
|
1,696
|
|
|
$
|
3,350
|
|
|
$
|
5,282
|
|
Compensation costs for liability-based awards
|
|
(728
|
)
|
|
74
|
|
|
192
|
|
|
339
|
|
||||
Total compensation costs, pre-tax
|
|
$
|
274
|
|
|
$
|
1,770
|
|
|
$
|
3,542
|
|
|
$
|
5,621
|
|
Future tax benefit
|
|
$
|
97
|
|
|
$
|
637
|
|
|
$
|
1,260
|
|
|
$
|
2,024
|
|
|
|
NQOs
|
|
RSUs
|
||||||||
(In thousands, except per share data)
|
|
Shares
|
|
Weighted Average Exercise Price Per Share
|
|
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
||||
Outstanding at January 1, 2016
|
|
486
|
|
|
$19.25
|
|
350
|
|
|
$22.47
|
||
Granted
|
|
87
|
|
|
$20.06
|
|
152
|
|
|
$20.88
|
||
Exercised
|
|
(37
|
)
|
|
$15.22
|
|
—
|
|
|
—
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
(146
|
)
|
|
$20.52
|
|
Forfeited or expired
|
|
(13
|
)
|
|
$21.19
|
|
(14
|
)
|
|
$22.68
|
||
Outstanding at September 30, 2016
|
|
523
|
|
|
$19.62
|
|
342
|
|
|
$22.57
|
Expected volatility
|
|
30.2
|
%
|
Expected life (in years)
|
|
7.0
|
|
Risk-free rate
|
|
1.69
|
%
|
Weighted-average grant date fair value per share
|
|
$7.06
|
|
|
% of Total Revenue
|
||
|
|
Nine Months Ended
|
||
Contract Name
|
|
September 30, 2016
|
|
September 25, 2015
|
Kuwait Base Operations and Security Support Services (K-BOSSS)
|
|
35.9%
|
|
33.4%
|
Kuwait-based Army Pre-Positioned Stocks-5 (APS-5 Kuwait)
|
|
14.8%
|
|
15.0%
|
Operations, Maintenance and Defense of Army Communications in Southwest Asia and Central Asia (OMDAC/SWACA)
|
|
12.6%
|
|
11.3%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 25,
|
|
September 30,
|
|
September 25,
|
||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating income
|
|
$
|
11,162
|
|
|
$
|
8,471
|
|
|
34,271
|
|
|
28,670
|
|
||
Operating margin
|
|
3.9
|
%
|
|
2.8
|
%
|
|
3.8
|
%
|
|
3.3
|
%
|
||||
Separation costs to become a stand-alone public company (pretax)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
||||
Tax indemnifications
|
|
—
|
|
|
3,300
|
|
|
—
|
|
|
3,300
|
|
||||
Adjusted operating income
|
|
$
|
11,162
|
|
|
$
|
11,771
|
|
|
$
|
34,271
|
|
|
$
|
32,147
|
|
Adjusted operating margin
|
|
3.9
|
%
|
|
3.9
|
%
|
|
3.8
|
%
|
|
3.7
|
%
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
|
|
September 30,
|
|
September 25,
|
|
|
|
|
|||||||
(In thousands)
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
Revenue
|
|
$
|
283,782
|
|
|
$
|
299,061
|
|
|
$
|
(15,279
|
)
|
|
(5.1
|
)%
|
Cost of revenue
|
|
257,687
|
|
|
272,224
|
|
|
(14,537
|
)
|
|
(5.3
|
)%
|
|||
Selling, general and administrative expenses
|
|
14,933
|
|
|
18,366
|
|
|
(3,433
|
)
|
|
(18.7
|
)%
|
|||
Operating income
|
|
11,162
|
|
|
8,471
|
|
|
2,691
|
|
|
31.8
|
%
|
|||
Interest (expense) income, net
|
|
(1,348
|
)
|
|
(1,583
|
)
|
|
235
|
|
|
(14.8
|
)%
|
|||
Income from operations before income taxes
|
|
9,814
|
|
|
6,888
|
|
|
2,926
|
|
|
42.5
|
%
|
|||
Income tax expense (benefit)
|
|
3,207
|
|
|
(7,140
|
)
|
|
10,347
|
|
|
(144.9
|
)%
|
|||
Net income
|
|
$
|
6,607
|
|
|
$
|
14,028
|
|
|
$
|
(7,421
|
)
|
|
(52.9
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of revenue as % of revenue
|
|
90.8
|
%
|
|
91.0
|
%
|
|
|
|
|
|||||
Selling, general & administrative expenses as % of revenue
|
|
5.3
|
%
|
|
6.1
|
%
|
|
|
|
|
|||||
Income from operations before income taxes as % of revenue
|
|
3.5
|
%
|
|
2.3
|
%
|
|
|
|
|
|||||
Net income as % of revenue
|
|
2.3
|
%
|
|
4.7
|
%
|
|
|
|
|
|||||
Operating margin
|
|
3.9
|
%
|
|
2.8
|
%
|
|
|
|
|
|||||
Effective income tax rate
|
|
32.7
|
%
|
|
(103.7
|
)%
|
|
|
|
|
|
|
Nine Months Ended
|
|
Change
|
|||||||||||
|
|
September 30,
|
|
September 25,
|
|
|
|
|
|||||||
(In thousands)
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
Revenue
|
|
$
|
902,359
|
|
|
$
|
869,490
|
|
|
$
|
32,869
|
|
|
3.8
|
%
|
Cost of revenue
|
|
822,042
|
|
|
791,170
|
|
|
30,872
|
|
|
3.9
|
%
|
|||
Selling, general and administrative expenses
|
|
46,046
|
|
|
49,650
|
|
|
(3,604
|
)
|
|
(7.3
|
)%
|
|||
Operating income
|
|
34,271
|
|
|
28,670
|
|
|
5,601
|
|
|
19.5
|
%
|
|||
Interest (expense) income, net
|
|
(4,396
|
)
|
|
(4,616
|
)
|
|
220
|
|
|
(4.8
|
)%
|
|||
Income from operations before income taxes
|
|
29,875
|
|
|
24,054
|
|
|
5,821
|
|
|
24.2
|
%
|
|||
Income tax expense (benefit)
|
|
10,629
|
|
|
(958
|
)
|
|
11,587
|
|
|
(1,209.5
|
)%
|
|||
Net income
|
|
$
|
19,246
|
|
|
$
|
25,012
|
|
|
$
|
(5,766
|
)
|
|
(23.1
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of revenue as % of revenue
|
|
91.1
|
%
|
|
91.0
|
%
|
|
|
|
|
|||||
Selling, general & administrative expenses as % of revenue
|
|
5.1
|
%
|
|
5.7
|
%
|
|
|
|
|
|||||
Income from operations before income taxes as % of revenue
|
|
3.3
|
%
|
|
2.8
|
%
|
|
|
|
|
|||||
Net income as % of revenue
|
|
2.1
|
%
|
|
2.9
|
%
|
|
|
|
|
|||||
Operating margin
|
|
3.8
|
%
|
|
3.3
|
%
|
|
|
|
|
|||||
Effective income tax rate
|
|
35.6
|
%
|
|
(4.0
|
)%
|
|
|
|
|
|
Three Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2016
|
3
|
Revenue was $283.8 million, reflecting a decrease of $15.3 million, or 5.1%, due to decreases in revenue from our Afghanistan programs of $25.8 million and our U.S. and European programs of $12.4 million, offset by an increase in our Middle East programs of $22.9 million.
|
3
|
Revenue was $902.4 million, reflecting an increase of $32.9 million, or 3.8%, due to an increase in revenue from our Middle East programs of $108.2 million, offset by decreases in our Afghanistan programs of $52.6 million and our U.S. and European programs of $22.7 million.
|
3
|
Cost of revenue decreased by $14.5 million, or 5.3%, due to lower revenue. Cost of revenue as a percentage of revenue decreased due to lower revenue as described above.
|
3
|
Cost of revenue increased by $30.9 million, or 3.9%, due to higher revenue as described above. Cost of revenue as a percentage of revenue increased due to the declining leverage of certain program costs as a result of lower revenue in our Afghanistan-based programs.
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
|
September 30,
|
|
September 25,
|
|
|
|
|
|
September 30,
|
|
September 25,
|
|
|
|
|
||||||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|
$
|
|
%
|
||||||||||||||
Interest income
|
|
$
|
6
|
|
|
$
|
25
|
|
|
$
|
(20
|
)
|
|
(78.7
|
)%
|
|
$
|
39
|
|
|
$
|
61
|
|
|
$
|
(22
|
)
|
|
(36.2
|
)%
|
Interest (expense)
|
|
(1,354
|
)
|
|
(1,608
|
)
|
|
(254
|
)
|
|
(15.8
|
)%
|
|
(4,436
|
)
|
|
(4,676
|
)
|
|
(240
|
)
|
|
(0.4
|
)%
|
||||||
Interest (expense) income, net
|
|
$
|
(1,348
|
)
|
|
$
|
(1,583
|
)
|
|
$
|
(234
|
)
|
|
(14.8
|
)%
|
|
$
|
(4,397
|
)
|
|
$
|
(4,616
|
)
|
|
$
|
(219
|
)
|
|
(4.7
|
)%
|
|
|
September 30,
|
|
December 31,
|
||||
(In millions)
|
|
2016
|
|
2015
|
||||
Funded backlog
|
|
$
|
768
|
|
|
$
|
685
|
|
Unfunded backlog
|
|
1,339
|
|
|
1,727
|
|
||
Total backlog
|
|
$
|
2,107
|
|
|
$
|
2,412
|
|
|
|
Nine Months Ended
|
||||||
|
|
September 30,
|
|
September 25,
|
||||
(In thousands)
|
|
2016
|
|
2015
|
||||
Operating Activities
|
|
$
|
33,484
|
|
|
$
|
10,044
|
|
Investing Activities
|
|
62
|
|
|
(769
|
)
|
||
Financing Activities
|
|
(20,804
|
)
|
|
(10,731
|
)
|
||
Foreign Exchange
|
|
614
|
|
|
(207
|
)
|
||
Net change in cash
|
|
$
|
13,356
|
|
|
$
|
(1,663
|
)
|
31.1
|
Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 +
|
31.2
|
Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 +
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Exhibit is intended to be furnished in accordance with Regulation S-K Item 601(b)(32)(ii) and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference. +
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Exhibit is intended to be furnished in accordance with Regulation S-K Item 601(b)(32)(ii) and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference. +
|
101
|
The following materials from Vectrus, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Statements of Income, (ii) Unaudited Condensed Consolidated Statements of Comprehensive Income, (iii) Unaudited Condensed Consolidated Balance Sheets, (iv) Unaudited Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements (Unaudited). #
|
VECTRUS, INC.
|
|
|
/s/ William B. Noon
|
|
|
By: William B. Noon
|
|
|
Corporate Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer and Authorized Signatory)
|
|
|
Date: November 8, 2016
|
|
Exhibit Number
|
Description of Exhibits
|
31.1
|
Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 +
|
31.2
|
Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 +
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Exhibit is intended to be furnished in accordance with Regulation S-K Item 601(b)(32)(ii) and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference. +
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Exhibit is intended to be furnished in accordance with Regulation S-K Item 601(b)(32)(ii) and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference. +
|
101
|
The following materials from Vectrus, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Statements of Income, (ii) Unaudited Condensed Consolidated Statements of Comprehensive Income, (iii) Unaudited Condensed Consolidated Balance Sheets, (iv) Unaudited Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements (Unaudited). #
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