VSE Corp. (VSEC, Financial) filed Quarterly Report for the period ended 2009-09-30.
VSE CORP. is a professional services company which provides diversifiedengineering development testing and management services principally toagencies of the U.S. Government and to other prime contractors. Vse Corp. has a market cap of $223.9 million; its shares were traded at around $43.65 with a P/E ratio of 10.3 and P/S ratio of 0.2. The dividend yield of Vse Corp. stocks is 0.4%. Vse Corp. had an annual average earning growth of 54% over the past 5 years.
contract backlog is an indicator of potential future revenues. A summary of
our bookings and revenues for the nine-month periods ended September 30, 2009
and 2008, and funded contract backlog as of September 30, 2009 and 2008 is as
follows:
(in millions)
2009 2008
- -
Bookings $789 $1,033
Revenue $759 $747
Funded backlog $597 $706
Revenues $263,068 $306,811 $758,632 $747,222 $(43,743) $11,410
Contract costs 250,144 297,790 727,393 724,245 (47,646) 3,148
- - - - - -
Gross Profit 12,924 9,021 31,239 22,977 3,903 8,262
Selling, general and
Administrative
Expenses 422 298 804 681 124 123
Interest expense
(income), net 3 (5) (116) (118) 8 2
- - - - - -
Income before income
taxes 12,499 8,728 30,551 22,414 3,771 8,137
Provision for income
taxes 4,773 3,419 11,743 8,738 1,354 3,005
- - - - - -
Net income $ 7,726 $ 5,309 $ 18,808 $ 13,676 $ 2,417 $ 5,132
= = = = = =
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $142,332 $188,934 $446,591 $475,400 $(46,602) $(28,809)
= = = = = =
Income before
income taxes $ 6,039 $ 4,830 $ 17,042 $ 13,149 $ 1,209 $ 3,893
= = = = = =
Profit percentage 4.2% 2.6% 3.8% 2.8%
The results of operations for our International Group are as follows (in
thousands):
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $88,675 $55,577 $226,098 $156,462 $ 33,098 $ 69,636
= = = = = =
Income before income
taxes $ 3,980 $ 1,005 $ 7,359 $ 4,080 $ 2,975 $ 3,279
= = = = = =
Profit percentage 4.5% 1.8% 3.3% 2.6%
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $19,377 $15,853 $54,702 $33,766 $ 3,524 $20,936
= = = = = =
Income before income
taxes $ 2,516 $ 1,413 $ 5,934 $ 3,172 $ 1,103 $ 2,762
= = = = = =
Profit percentage 13.0% 8.9% 10.8% 9.4%
The results of operations for our Infrastructure Group are as follows (in
thousands):
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $12,684 $46,443 $31,241 $81,581 $(33,759) $(50,340)
= = = = = =
Income before income
taxes $ 297 $ 2,011 $ 645 $ 3,369 $ (1,714) $ (2,724)
= = = = = =
Profit percentage 2.3% 4.3% 2.1% 4.1%
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VSE CORP. is a professional services company which provides diversifiedengineering development testing and management services principally toagencies of the U.S. Government and to other prime contractors. Vse Corp. has a market cap of $223.9 million; its shares were traded at around $43.65 with a P/E ratio of 10.3 and P/S ratio of 0.2. The dividend yield of Vse Corp. stocks is 0.4%. Vse Corp. had an annual average earning growth of 54% over the past 5 years.
Highlight of Business Operations:
Revenues in our industry depend on contract funding ("bookings") and fundedcontract backlog is an indicator of potential future revenues. A summary of
our bookings and revenues for the nine-month periods ended September 30, 2009
and 2008, and funded contract backlog as of September 30, 2009 and 2008 is as
follows:
(in millions)
2009 2008
- -
Bookings $789 $1,033
Revenue $759 $747
Funded backlog $597 $706
Revenues $263,068 $306,811 $758,632 $747,222 $(43,743) $11,410
Contract costs 250,144 297,790 727,393 724,245 (47,646) 3,148
- - - - - -
Gross Profit 12,924 9,021 31,239 22,977 3,903 8,262
Selling, general and
Administrative
Expenses 422 298 804 681 124 123
Interest expense
(income), net 3 (5) (116) (118) 8 2
- - - - - -
Income before income
taxes 12,499 8,728 30,551 22,414 3,771 8,137
Provision for income
taxes 4,773 3,419 11,743 8,738 1,354 3,005
- - - - - -
Net income $ 7,726 $ 5,309 $ 18,808 $ 13,676 $ 2,417 $ 5,132
= = = = = =
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $142,332 $188,934 $446,591 $475,400 $(46,602) $(28,809)
= = = = = =
Income before
income taxes $ 6,039 $ 4,830 $ 17,042 $ 13,149 $ 1,209 $ 3,893
= = = = = =
Profit percentage 4.2% 2.6% 3.8% 2.8%
The results of operations for our International Group are as follows (in
thousands):
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $88,675 $55,577 $226,098 $156,462 $ 33,098 $ 69,636
= = = = = =
Income before income
taxes $ 3,980 $ 1,005 $ 7,359 $ 4,080 $ 2,975 $ 3,279
= = = = = =
Profit percentage 4.5% 1.8% 3.3% 2.6%
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $19,377 $15,853 $54,702 $33,766 $ 3,524 $20,936
= = = = = =
Income before income
taxes $ 2,516 $ 1,413 $ 5,934 $ 3,172 $ 1,103 $ 2,762
= = = = = =
Profit percentage 13.0% 8.9% 10.8% 9.4%
The results of operations for our Infrastructure Group are as follows (in
thousands):
Three Months Nine Months
Ended Ended Change
September 30, September 30, Three Nine
Description 2009 2008 2009 2008 Months Months
- - - - - - -
Revenues $12,684 $46,443 $31,241 $81,581 $(33,759) $(50,340)
= = = = = =
Income before income
taxes $ 297 $ 2,011 $ 645 $ 3,369 $ (1,714) $ (2,724)
= = = = = =
Profit percentage 2.3% 4.3% 2.1% 4.1%
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