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VSE Reports Financial Results for Second Quarter 2019
VSE Delivers Strong Q2 Revenue and Operating Earnings Growth

Alexandria, Virginia, July 30, 2019 - VSE Corporation (Nasdaq: VSEC), a leading provider of supply chain management support and consulting services for land, air and sea transportation assets in the public and private sectors, reported the following unaudited consolidated financial results for the second quarter of 2019.

Second Quarter Results (unaudited)
(in thousands, except per share data)
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
 
Revenues
$
189,111

 
$
170,394

 
11.0
%
 
$
359,030

 
$
347,291

 
3.4
%
 
Operating income
$
16,416

 
$
13,855

 
18.5
%
 
$
28,229

 
$
25,448

 
10.9
%
 
Net income
$
9,898

 
$
8,751

 
13.1
%
 
$
16,501

 
$
15,803

 
4.4
%
 
EPS (Diluted)
$
0.89

 
$
0.80

 
11.3
%
 
$
1.50

 
$
1.45

 
3.4
%
 

VSE reported improved operating results for the second quarter, with strong increases in both revenue and operating income. Our acquisition of 1st Choice Aerospace in January 2019 and execution of new organic aerospace programs in international markets drove the revenue growth for the business. Although revenue from our Federal Services and Supply Chain Management Groups were essentially flat from second quarter 2018 to 2019, revenue for both groups increased from first quarter to second quarter of 2019. The operating income improvements were driven by increased profits in our Aviation Group and our Federal Services Group, from both new organic revenue and revenue from our new 1st Choice Aerospace subsidiary.

“We are focused on our customer value proposition, building and executing our plans for revenue and profit growth and expanding customer markets, products and service capabilities for all of our operating groups,” said John Cuomo, VSE’s recently appointed CEO and President. "We remain keenly focused on operational excellence and returning value to our stockholders. Our revenue and operating income improved for the second quarter, reflecting an increase in our Aviation Group sales, improved operating profit from our Federal Services Group, and cost management initiatives across the business. We are pleased with the contributions of our 1st Choice Aerospace acquisition, which is exceeding financial and strategic expectations. While our second quarter Supply Chain Management Group revenue was essentially flat compared to the prior year, we gained increases in parts and services revenue from new commercial customers as we continue to expand our customer base. Our Federal Services Group’s results showed operating income growth through customer mix, margin, and performance improvement.”

Second Quarter Updates
Revenues were $189.1 million, up 11.0% as compared to the second quarter 2018.
Operating income was $16.4 million, up 18.5% as compared to the second quarter of 2018.
Net income was $9.9 million, up 13.1% as compared to the second quarter of 2018.
Earnings per share (diluted) was $0.89, up 11.3% as compared to the second quarter of 2018.



The following information was filed by Vse Corp (VSEC) on Wednesday, July 31, 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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