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VSE Reports Financial Results for Fourth Quarter and Year ended December 31, 2018
Revenue Decline in Federal Services Group Partially Offset by Revenue Increase in Aviation Group

Alexandria, Virginia, February 28, 2019 - VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the three months and twelve months ended December 31, 2018.

CEO Commentary

“Our lower revenues in 2018 resulted from a reduction of work in our Federal Services Group’s U.S. Navy Foreign Military Sales (FMS) and our U.S. Army programs,” said Maurice “Mo” Gauthier, VSE's CEO and President. “Our Aviation Group’s revenue increased approximately 8%, led by our Singapore operation. Our acquisition of 1st Choice Aerospace in January 2019 is expected to provide us with sustainable revenue sources and viable growth potential for our Aviation Group. We expect this acquisition to be accretive to earnings in 2019. Our Supply Chain Management Group revenues remained steady, with decreases in USPS sales offset by increased sales to Department of Defense and commercial customers.”

Mr. Gauthier continued, “Despite the revenue decline, our operating income was relatively consistent with the prior year, primarily due to the increase in operating income provided by our Aviation Group and increased margins in our Federal Services Group.” Mr. Gauthier added, “We continue to diversify our business to reduce our concentration of revenue through organic growth initiatives and strategic acquisitions."

Fourth Quarter and Year-End Results
(in thousands, except per share data)
 
Three Months ended December 31,
 
Twelve Months ended December 31,
 
2018
2017
% Change
 
2018
2017
% Change
Revenues
$180,996
$194,795
(7.1
)%
 
$697,218
$760,113
(8.3
)%
Operating income
$13,085
$12,887
1.5
 %
 
$54,230
$54,325
(0.2
)%
Net income
$9,243
$17,357
(46.7
)%
 
$35,080
$39,096
(10.3
)%
EPS (Diluted)
$0.84
$1.59
(47.2
)%
 
$3.21
$3.60
(10.8
)%

The Tax Cuts and Jobs Act enacted in December 2017 resulted in a one-time reduction in our deferred tax liabilities that lowered our provision for income taxes and correspondingly increased our net income by approximately $10.6 million, or $0.97 cents per share, for the fourth quarter and full year for 2017. The Tax Cuts and Jobs Act also lowered our federal income tax rate from 35% to 21% for 2018, which benefited our net income in 2018.

Year-End Highlights

Operating Income from our Aviation Group increased by 14% for 2018 as compared to 2017. This increase was the result of an increase in revenues, including sales from our Singapore operation.
In January 2019, we acquired 1st Choice Aerospace, a privately owned aviation company with operations in Florida and Kentucky that provides component maintenance, repair and overhaul (MRO) services and products for new generation and legacy commercial aircraft. The initial purchase price paid at closing was $112 million in cash. In addition, post-closing payments for the



The following information was filed by Vse Corp (VSEC) on Friday, March 1, 2019 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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