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(in thousands, except per share data)
Three Months ended December 31,
Twelve Months ended December 31,
We recorded a one-time reduction in our deferred tax liabilities under the Tax Cuts and Jobs Act ("Tax Act") that lowered our provision for income taxes and correspondingly increased our net income by approximately $10.6 million for 2017.
Revenues from our Federal Services Group increased by 16% for 2017 as compared to 2016. This increase was the result of a full year of revenue from our equipment refurbishment services at Red River Army Depot, and increased revenue from our Foreign Military Sales ("FMS") support contract with the Naval Sea Systems Command ("NAVSEA").
Our Supply Chain Management Group sales to the Department of Defense and commercial customers increased approximately $9.6 million, or 40% in 2017.
Our Aviation Group has opened an office in Singapore to provide supply chain services in support of various strategic partners, which expands our geographic distribution footprint and extends new and existing product lines to new clients and geographic markets.
Bookings and funded contract backlog in our Federal Services Group totaled $430 million for 2017 compared to revenue of $411 million for the same period, resulting in a book-to-bill ratio of 1.05. Funded contract backlog as of December 31, 2017 was $324 million, compared to $403 million as of September 30, 2017 and $322 million as of December 31, 2016.
We reduced our bank debt during 2017 by approximately $43 million and our leverage ratio has declined. In January 2018 we amended our bank loan agreement to extend the maturity date on our bank debt and increase our borrowing capacity.
The following information was filed by Vse Corp (VSEC) on Friday, March 2, 2018 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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