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Vse Corp (VSEC) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Vse Corp

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CIK: 1592057 Ticker: VSEC


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VSE Reports Financial Results for Third Quarter 2017
Revenues Flat for Third Quarter and Up 19% Year-to-Date &
Strong Cash Flows Result in Reduction of Bank Debt for Third Quarter

Alexandria, Virginia, October 26, 2017 - VSE Corporation (Nasdaq: VSEC) reported the following unaudited consolidated financial results for the third quarter of 2017.

CEO Commentary

“Revenue from our Federal Services Group increased 36% for the first nine months of 2017, primarily attributable to our Navy Foreign Military Sales (FMS) program and our U.S. Army clients" said Maurice “Mo” Gauthier, VSE CEO. "Our Supply Chain Management Group also has contributed to our revenue increases year-to-date, driven by growth of parts sales for the DoD and commercial vehicle fleets. Our commercial client base now includes companies in food distribution, oil field services, waste management, linen and uniform, commercial long haul shipping, bus transportation, and other clients that have vehicle fleets required to meet mission critical delivery or service schedules. Our Aviation Group had a challenging third quarter. We have launched initiatives to expand our geographic distribution footprint and strengthen our international business development efforts to boost revenues in this group."

Mr. Gauthier continued, "Our success in 2017 has enabled us to reduce our bank debt during the second and third quarters by an aggregate amount of approximately $35 million.”

Third Quarter Results (unaudited)
(in thousands, except per share data)
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2017
 
2016
 
% Change
 
2017
 
2016
 
% Change
 
Revenues
$
174,164

 
$
172,780

 
0.8
 %
 
$
565,318

 
$
476,889

 
18.5
%
 
Operating income
$
12,237

 
$
13,623

 
(10.2
)%
 
$
41,438

 
$
38,243

 
8.4
%
 
Net income
$
6,639

 
$
7,088

 
(6.3
)%
 
$
21,739

 
$
19,609

 
10.9
%
 
EPS (Diluted)
$
0.61

 
$
0.65

 
(6.2
)%
 
$
2.00

 
$
1.81

 
10.5
%
 

Operational Highlights

•
Our Federal Services Group was awarded several delivery orders during the third 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 $93 million, as previously reported.
•
Revenue from our equipment sustainment, refurbishment, logistics support, and parts supply services for our U.S. Army clients for the first nine months of 2017 increased 55% year over year.
•
Our Supply Chain Management Group has increased parts sales to DoD and other government agencies by 83%, and revenue from commercial customers has increased 25% for the first nine months of 2017.


The following information was filed by Vse Corp (VSEC) on Friday, October 27, 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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Inside Vse Corp's 10-Q Quarterly Report:
Ticker: VSEC
CIK: 102752
Form Type: 10-Q Quarterly Report
Accession Number: 0000102752-17-000039
Submitted to the SEC: Fri Oct 27 2017 3:41:30 PM EST
Accepted by the SEC: Fri Oct 27 2017
Period: Saturday, September 30, 2017
Industry: Engineering Services

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