VSE Reports Consolidated Financial Results for 1999; Strong Net Income in Fourth Quarter Adds to Annual Results
ALEXANDRIA, Va., March 15 /PRNewswire/ -- VSE (Nasdaq: VSEC) reported
continued strong growth in fourth quarter net income of $630,000 ($0.30 a
share) and ended the year on an accelerating note with total earnings of
$1,534,000 ($0.73 a share). Earnings for 1998 were $1,595,000 ($0.75 a share).
Consolidated revenues for 1999 were $157,399,000 compared to revenues of
$177,095,000 for 1998. VSE Chairman and CEO Don Ervine said, "While revenue
growth in 1999 was slowed by delays in certain foreign military sales under
our BAV contract, we still recorded the second highest revenue year in our
41-year history. We anticipate that our revenues for 2000 will continue at
about the current level, while our expectation for 2001, if current funding
trends continue, is for revenue growth. Our near term annual revenue target
remains at $200 million. We haven't made it yet, but we think the trends are
positive."
Mr. Ervine continued, "New contract awards reported during the fourth
quarter of 1999 and first few months of 2000, the start-up of our new West
Coast ship dismantlement contract, a projected increase in work under existing
contracts, and a number of promising bidding opportunities for new work have
established a climate of growth in VSE for the year 2000. In addition to our
focus on marketing and contract performance, we continue to stress VSE's
quality management system, which has been registered to ISO 9001, continued
investment in information technology and connectivity to improve productivity,
and an emphasis on improved marketing and expanded bidding opportunities."
"With the sale of our software products and services segment last year, we
have stopped the losses which were depressing our consolidated results. After
completing the sale in the second quarter of 1999, our bottom line has
improved significantly. While it is too early to project results for all of
2000, we are pleased with our recent earnings performance."
"During 2000 and 2001, we anticipate revenue growth in our successful Navy
ship transfer program, and we expect some of our recent contract awards to
begin yielding results." |
