VSE Retains Financial Advisor to Pursue Strategic Alternatives
PR NEWSWIRE - August 14, 2002 15:45
ALEXANDRIA, Va., Aug 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Board of Directors of VSE Corporation (Nasdaq: VSEC) announced today that VSE has engaged Quarterdeck Investment Partners, LLP, as financial advisor to assist VSE's Board in pursuing strategic business alternatives, including the potential sale of the business, mergers, or acquisitions, to maximize shareholder value.
"In view of continued consolidation in the defense industry and the need for greater size and resources to pursue to the business opportunities we target, VSE is considering several strategic alternatives to better position the company," said Don Ervine, VSE Chairman, President and CEO.
There is no assurance that any alternatives the company may identify will increase shareholder value or that any transactions will be completed.
VSE is a diversified professional services corporation serving the Departments of Defense, Energy, other U.S. Government agencies, and other government prime contractors. VSE reported unaudited revenues of $65.4 million and net income of $393 thousand ($.18 per share) for the six-month period ended June 30, 2002. |
