Vse Corp (VSEC) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Earnings Press Release
10-Q Quarterly Report
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Vse Corp
Ticker: VSEC CIK: 102752

VSE Reports Financial Results for First Quarter 2018

First Quarter Revenue and Operating Income Impacted by DoD Delays;

EPS of $0.65 Compared to $0.67 Year-Over-Year

Alexandria, Virginia, April 30, 2018 - VSE Corporation (Nasdaq: VSEC) reported the following unaudited consolidated financial results for the first quarter of 2018.

CEO Commentary

“Budget uncertainties at the beginning of the government fiscal year and delays in the issuance of work orders have delayed the funding on contracts in our Federal Services Group," said Maurice “Mo” Gauthier, VSE CEO. "These funding delays contributed to a decrease in revenues from our Department of Defense work in the first quarter of 2018 as compared to the prior year. Year-over-year revenues for our Aviation and Supply Chain Management groups were substantially unchanged. Our Aviation Group has expanded product lines and distribution services to new clients and international geographic markets. Our Supply Chain Management Group's continuing revenue growth from commercial and government parts sales has offset a decrease in sales to the U.S. Postal Service.”

Mr. Gauthier continued, “We also amended our bank loan agreement to extend the maturity date on our bank debt and increase our borrowing capacity. This strengthens our balance sheet, enhances our liquidity, and positions us to better support our current business and strategic efforts.”

First Quarter Results (unaudited)



(in thousands, except per share data)
	Three months ended March 31,
	2018		2017		% Change
Revenues	$	176,897	$	197,294	(10.3	)%
Operating income	$	11,593	$	14,196	(18.3	)%
Net income	$	7,052	$	7,293	(3.3	)%
EPS (Diluted)	$	0.65	$	0.67	(3.0	)%

Operational Highlights


•	Our Supply Chain Management Group increased commercial and government revenue by 21% year-over-year.

•

Our Federal Services Group was awarded a task order under the United States Air Force Contract Field Teams (CFT) Indefinite Delivery/Indefinite Quantity (ID/IQ) contract, supporting the 314th Air Wing at Little Rock Air Force Base in Little Rock, Arkansas. This task order consists of a one year base period of performance with one one-year option period and an additional six-month option period, and total potential value of $28.5 million.


•	Our Federal Services Group in conjunction with our Aviation Group completed an overhaul of an LM2500 Marine Gas Turbine engine under our NAVSEA FMS contract for the Taiwanese Navy.


•	Our Aviation Group signed three new distribution agreements, including agreements for commercial airline cockpit display units and Business and General Aviation (B&GA) navigation equipment in

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

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