VSE Reports Financial Results for Fourth Quarter and Year Ended 2017
DoD Increases Drive Revenue Growth for the Year

Alexandria, Virginia, March 1, 2018 - VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the three months and twelve months ended December 31, 2017.

CEO Commentary

“Our Federal Services Group was the primary driver of our revenue increase in 2017 due to continued growth in our DoD work,” said Maurice “Mo” Gauthier, VSE CEO. “That said, federal government budget uncertainties in the fourth quarter of 2017 adversely affected our contract funding and backlog. Our Supply Chain Management Group revenues increased for the year and our Aviation Group revenues increased in the fourth quarter as a result of new work initiatives."

Mr. Gauthier continued, "Our increase in net income for the year is due in large part to the enactment of the Tax Cuts and Jobs Act, which resulted in a reduction in our deferred tax liabilities. We are better positioned to consider a wider range of strategic opportunities as we continue to reduce our debt, have increased our borrowing capacity and will benefit from a reduction in our future tax rates."

Fourth Quarter and Year-End Results
(in thousands, except per share data)
 
Three Months ended December 31,
 
Twelve Months ended December 31,
 
2017
2016
% Change
 
2017
2016
% Change
Revenues
$194,795
$214,901
(9.4
)%
 
$760,113
$691,790
9.9
%
Operating income
$12,887
$13,286
(3.0
)%
 
$54,325
$51,529
5.4
%
Net income
$17,357
$7,184
141.6
 %
 
$39,096
$26,793
45.9
%
EPS (Diluted)
$1.59
$0.66
140.9
 %
 
$3.60
$2.47
45.7
%

Year-End Highlights

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.

View differences made from one year to another to evaluate Vse Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Vse Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account