Vse Corp (VSEC) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

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Vse Corp
Ticker: VSEC CIK: 102752

Exhibit 99.1

VSE Reports Financial Results for First Quarter 2017

First Quarter Revenue and Profits Increase Year over Year

Alexandria, Virginia, April 27, 2017 - VSE Corporation (Nasdaq: VSEC) reported the following unaudited consolidated financial results for the first quarter of 2017.

CEO Commentary

“Our Federal Services Group drove our revenue increases this quarter as compared to the first quarter of 2016,” said Maurice “Mo” Gauthier, VSE CEO. “Growth in our NAVSEA foreign military sales work centered around two recent ship transfers to Taiwan, and our equipment sustainment and logistics support for the U.S. Army were the main contributors to the first quarter revenue increase. Our funded backlog remains strong based on an excellent bookings quarter. In addition, we anticipate that the new administration’s spending priorities will continue to benefit our DoD revenues. We are also deploying more of our resources to expand the market offerings in our Supply Chain Management and Aviation groups.”

Mr. Gauthier continued, “We are pleased with our revenue, operating profits and opportunities in the near term, and are focusing our efforts on identifying and investing in initiatives to promote long-term sustainable growth.”

First Quarter Results (unaudited)



(in thousands, except per share data)
	Three months ended March 31,
	2017		2016		% Change
Revenues	$	197,294	$	143,636	37.4	%
Operating income	$	14,196	$	12,741	11.4	%
Net income	$	7,293	$	6,552	11.3	%
EPS (Diluted)*	$	0.67	$	0.61	9.8	%

*EPS amounts have been adjusted for all periods to reflect the two-for-one stock split that occurred on August 3, 2016

Operational Highlights


•	Our Federal Services Group was awarded several delivery orders during the first quarter of 2017 under our Foreign Military Sales (FMS) support contract by the Naval Sea Systems Command (NAVSEA) International Fleet Support Program Office totaling approximately $91.1 million.

•

Our VSE Aviation, Inc. subsidiary has been awarded a contract to support the United States Department of State (DoS), Bureau of International Narcotics and Law Enforcement Affairs, Office of Aviation for the repair, overhaul and modification of the T53-L-703 engines used in the Bureau's fleet of 85 UH-1H "Huey" helicopters. This single award Indefinite Delivery/Indefinite Quantity (IDIQ) contract has a five year period of performance and a maximum ceiling of $16.6 million.


•	Beginning January 1, 2017, our Federal Services Group includes our subsidiaries Energetics Incorporated and Akimeka, LLC, thus combining our IT, Energy and Management Consulting Group with our Federal Services Group.


•	Bookings in our Federal Services Group were $148 million for the first three months of 2017 compared to revenue for this group of $109 million. Funded contract backlog at March 31, 2017 was $359 million, compared to $322 million at December 31, 2016 and $229 million at March 31, 2016.

The following information was filed by Vse Corp (VSEC) on Friday, April 28, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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