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VSE Reports Financial Results for Fourth Quarter and Year End 2009
Net Income Increases 26% for 2009
ALEXANDRIA, Va.--(BUSINESS WIRE)--February 25, 2010--VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the three- and twelve-month periods ended December 31, 2009.
|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,|
|Selling, general and administrative expenses||459||512||1,263||1,193|
|Interest (income) expense, net||(4||)||3||(120||)||(115||)|
|Income before income taxes||8,048||8,835||38,599||31,249|
|Provision for income taxes||2,832||3,471||14,575||12,209|
|Weighted average shares outstanding:|
|Earnings per share:|
|Basic – Net income||$||1.02||$||1.05||$||4.68||$||3.75|
|Diluted – Net income||$||1.01||$||1.05||$||4.67||$||3.74|
For the fourth quarter of 2009, revenues were $256.0 million compared to $296.5 million in the fourth quarter of 2008. Fourth quarter 2009 net income was $5.2 million, or $1.01 per diluted share, compared to $5.4 million, or $1.05 per diluted share in the fourth quarter of 2008.
Revenues in 2009 were $1.015 billion, compared to $1.044 billion in 2008. Net income for 2009 was $24.0 million, up 26% from $19.0 million in 2008. Diluted earnings per share for 2009 were $4.67, up 25% from $3.74 in 2008.
The revenue decline for the fourth quarter of 2009 and the full year 2009 was primarily caused by the expiration of the Army Equipment Support Program under U.S. Army CECOM’s Rapid Response contract. Additionally, the construction management business was significantly impacted in 2009 by work schedule delays at the Port of Anchorage Intermodal Expansion Project. This decline was partially offset by increases in engineering and technical services provided to the U.S. Navy; increased equipment repair and refurbishment services performed in the U.S. and Southwest Asia for the U.S. Army; and increased ship repair and transfer services.
The following information was filed by Vse Corp (VSEC) on Thursday, February 25, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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