vselogoa06.jpg
VSE Reports Financial Results for Second Quarter 2018
Federal Group Revenue Declines; Aviation Group Increases

Alexandria, Virginia, July 26, 2018 - VSE Corporation (Nasdaq: VSEC) reported the following unaudited consolidated financial results for the second quarter of 2018.

CEO Commentary
"We continue to experience a reduction in revenue from our Federal Services Group; however, contract backlog improved at the end of the second quarter. We are attaining encouraging results from our strategic efforts in our Aviation Group. Our Singapore operation began generating revenue in the second quarter as we extend new product lines to new geographic and end-user markets,” said Maurice “Mo” Gauthier, VSE CEO.

Mr. Gauthier continued, “Our Supply Chain Management Group’s revenue decreased slightly due to a reduction of parts ordered by the U.S. Postal Service, which was partially offset by increases in commercial and DoD revenue during the second quarter. Our Supply Chain Management Group has experienced double digit growth in both the commercial and DoD markets and we will continue to focus on these key markets.”
 
Second Quarter Results (unaudited)
(in thousands, except per share data)
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2018
 
2017
 
% Change
 
2018
 
2017
 
% Change
 
Revenues
$
170,394

 
$
193,860

 
(12.1
)%
 
$
347,291

 
$
391,154

 
(11.2
)%
 
Operating income
$
13,855

 
$
15,005

 
(7.7
)%
 
$
25,448

 
$
29,201

 
(12.9
)%
 
Net income
$
8,751

 
$
7,807

 
12.1
 %
 
$
15,803

 
$
15,100

 
4.7
 %
 
EPS (Diluted)
$
0.80

 
$
0.72

 
11.1
 %
 
$
1.45

 
$
1.39

 
4.3
 %
 

Operational Highlights
Our Aviation Group’s subsidiary, VSE Aviation Singapore Pte Ltd., was appointed a Honeywell Asia Pacific distributor for Boeing 777 and 737 display units.
VSE Aviation Inc. has signed a contract with El Colono of Costa Rica for the overhaul of eight PT6A-34AG turboprop engines. This effort has an 18-month period of performance and a total value of approximately $2.2 million.
VSE Aviation Singapore Pte Ltd. was appointed a BendixKing distributor for the Asia Pacific region to supply a wide range of avionics, flight controls, display units and installation kits.



The following information was filed by Vse Corp (VSEC) on Friday, July 27, 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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