VSEC

[BigSully1]

VSE Corp.
2550 Huntington Avenue
Alexandria, VA 22303-1499
United States - Map
Phone: 703-960-4600
Fax: 703-960-2688
Web Site: http://www.vsecorp.com

DETAILS  
Index Membership: N/A
Sector: Services
Industry: Technical Services
Full Time Employees: 857


BUSINESS SUMMARY  
VSE Corporation provides various engineering, logistics, management, and technical services on a contract basis. Its Federal Group consists of four divisions: Communications and Engineering Division (CED), Engineering and Logistics Division (ELD), Management Sciences Division (MSD), and Systems Engineering Division (SED). CED supports the Army's Communications and Electronics Command in the management and execution of the Rapid Response program. ELD provides lifecycle engineering, logistics, maintenance, and refurbishment services to extend and enhance the life of existing equipment. MSD provides training, consulting, and implementation support in the areas of Enterprise Excellence, Lean Six Sigma, process and product optimization, project management, leadership quality engineering, Integrated Product and Process Development, and reliability engineering. SED provides systems and software engineering, logistics, and prototyping services; obsolescence management, service life extension, and technology insertion programs; and technical documentation and data packages. The company's International Group consists of three divisions: BAV Division (BAV), Fleet Maintenance Division (FMD), and Coast Guard Division (VCG). BAV provides assistance to the U.S. Navy in executing its Foreign Military Sales (FMS) program for surface ships sold, leased, or granted to foreign countries by providing program management, engineering, technical support, and logistics services for ship reactivations and transfers, as well as follow-on support. FMD provides global field engineering, logistics, maintenance, and information technology services to the U.S. Navy and Air Force. VCG provides the U.S. Coast Guard with FMS support and lifecycle support for vessels transferred to foreign governments. Energy and Environmental Group provides consulting services in the field of energy and environmental management. VSE Corporation was founded in 1959 and is based in Alexandria, Virginia.

[BigSully1]

Very very cheap for this kind of growth. I bought this morn at open.
       

Press Release Source: VSE Corporation


VSE Reports Financial Results for 2007
Thursday February 21, 11:43 am ET 
Company Earns $14.1 million ($2.82 per diluted share) on Revenues of $653.2 million; CEO Anticipates Continued Growth in 2008


ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (Nasdaq:VSEC - News) reported consolidated financial results for the three- and twelve-month periods ended December 31, 2007 and 2006, as follows: VSE Corporation and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except share data) 
                                       
     
Three Months Ended
     Twelve Months Ended 
   
December 31,
   December 31, 
      2007        2006     2007     2006 
                 
Contract revenues   $  198,139    $  101,960    $  653,164    $  363,734   
Contract costs        190,452           98,255           629,351           350,978     
Gross profit    7,687     3,705     23,813     12,756   
Selling, general and administrative expenses    535     77     1,505     694   
Interest income, net        (167  )        (151  )        (699  )        (427  ) 
Income before income taxes    7,319     3,779     23,007     12,489   
Provision for income taxes        2,852           1,391           8,905           4,700     
               
Net income     $  4,467        $  2,388        $  14,102        $  7,789     
               
Weighted average shares outstanding:             
Basic    5,045,971     4,751,288     4,953,289     4,737,450   
Diluted        5,081,728           4,846,546           5,003,675           4,848,884     
               
Earnings per share:             
Basic - Net income   $  0.89    $  0. 50    $  2.85    $  1.64   
Diluted - Net income     $  0.88        $  0. 49        $  2.82        $  1.61     

Financial Results

VSE revenues increased approximately $96.2 million (up 94%) and $289.4 million (up 80%) for the three and twelve-month periods of 2007 compared to the same periods of 2006. The primary reasons for the increases were 1) revenues associated with the U.S. Army Equipment Support Program and other revenues under VSE's R2 contract; 2) revenues from the Treasury Seized Property Management Program; and 3) revenues from VSE's recently acquired ICRC subsidiary.

VSE net income increased approximately $2.1 million (up 87%) and $6.3 million (up 81%) for the three and twelve-month periods of 2007 compared to the same periods of 2006. The increases were primarily due to 1) increased profitability on certain Army and Army Reserve programs; 2) earnings from the operations of ICRC acquired in June 2007; 3) earnings from the increase in revenues associated with the U.S. Army Equipment Support Program and other revenues under VSE's R2 contract; and 4) increased ship transfer fee income.

CEO Comments

VSE Chairman and Chief Executive Officer Don Ervine said, "The financial results reported today are in line with the positive trend in VSE operations and results reported in recent years. VSE revenues have grown significantly as our ability to meet customer needs has grown. With the increase in revenues, we have been able to allocate our corporate costs over a larger base and improve our margins on certain time and materials and fixed price contracts."

"As previously reported, during the fourth quarter of 2007 we received new contracts and delivery orders supporting our Tanker Ballistic Protection System Program and the operations of our subsidiary Energetics. Our funded backlog was approximately $408 million at December 31, 2007 compared to approximately $299 million at December 31, 2006, and our personnel count increased to approximately 1,223 employees at year end compared to approximately 836 at the beginning of the year. Based on these and other factors, and on our sense of VSE's favorable position in several of the markets we serve, we anticipate continued growth in 2008. We also continue to examine acquisition opportunities that have the potential to support our growth in the years ahead."

VSE encourages investors and others to review the detailed reporting and disclosures contained in VSE public filings for further information and analysis of VSE's financial condition and results of operations. The public filings include additional discussion about the status of specific customer programs, risks, revenue sources and funding, dependence on material customers, and management's discussion of short and longer term business challenges and opportunities.

Safe Harbor

This news release contains statements which, to the extent they are not recitations of historical fact, constitute "forward looking statements" under federal securities laws. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward looking statements in this news release, see VSE's public filings with the Securities and Exchange Commission.

VSE provides diversified services to the engineering, energy and environment, defense, and homeland security markets from locations across the United States and around the world. For more information on VSE services and products, please see the Company's web site at www.vsecorp.com or contact Len Goldstein, Director of Business and New Product Development, at (703) 317-5202.



Contact:
VSE Corporation
C. S. Weber, CAO, 703-329-4770

--------------------------------------------------------------------------------
Source: VSE Corporation

[BigSully1]

They had an outstanding 07 with an 80% increase in revenue and an 81% increase in net income (the quarter over quarter comparison was even better). They have no debt, an 12.3 PE, and a ROE of 30%. This is a small cap company (138M) that has not been discovered by any analyst. At a growth rate of 15 to 20%, the stock could easily be valued at $60 to $80 a share.

[BigSully1]

chart update

[BigSully1]

Hey setravis.

VSEC and VSE are different companies, but thanks for bringing up VSE. Looks real interesting

[setravis]

Sorry, I totally got the companies and ticker symbols confused

[setravis]

BigSully1,
I went back and split the two threads.
We now stand corrected...

[BigSully1]

update