VSE Corporation Reports Second Quarter 1998 Results
ALEXANDRIA, Va., Aug. 11 /PRNewswire/ -- VSE Corporation (VSE) (Nasdaq: VSEC) reported the following consolidated financial results for the three and six month periods ended June 30, 1998 and 1997.
VSE Corporation and Subsidiaries
Consolidated Statements of Income (unaudited)
(dollars in thousands, except share data)
Three Months Six Months
1998 1997 1998 1997
Revenues, principally
from contracts $39,031 $32,170 $80,695 $79,664
Costs and expenses of
contracts 38,324 32,159 79,347 79,511
Gross profit 707 11 1,348 153
Selling, general and
administrative expenses 196 150 404 630
Interest expense 151 131 252 277
Pretax income (loss) 360 (270) 692 (754)
Provision (benefit)
for income taxes 171 (114) 325 (321)
Net income(loss) $189 $(156) $367 $(433)
Weighted average
shares outstanding 2,132,061 2,121,710 2,130,353 2,131,937
Basic earnings (loss)
per share: $.09 $(.07) $.17 $(.20)
The company attributed the increase in quarterly sales to an increase in the amount of work performed by its engineering, logistics, management, and technical services segment, while the increase in quarterly net income was attributed to a reduction in the loss incurred by its software products and services segment. |
