VSE Reports First Quarter 2003 ResultsCompany Earns $0.20 Per Share in Quarter
PR NEWSWIRE - April 28, 2003 16:39
ALEXANDRIA, Va., Apr 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- VSE Corporation (Nasdaq: VSEC) reported the following consolidated financial results for the three months ended March 31, 2003 and 2002:
VSE Corporation and Subsidiaries
Consolidated Statements of Income (unaudited)
(dollars in thousands, except share data)
Three months ended March 31,
2003 2002
Revenues, principally from contracts $26,462 $29,080
Costs and expenses of contracts 25,765 28,816
Gross profit 697 264
Selling, general and administrative expenses 42 28
Interest (income) expense, net (16) 17
Income before income taxes 671 219
Provision for income taxes 239 100
Net income $432 $119
Weighted average shares outstanding:
Basic 2,187,038 2,150,540
Diluted 2,224,845 2,150,540
Earnings per share:
Basic $.20 $.06
Diluted .19 .06
Financial Results
Commenting on the financial results, VSE Chairman, President and CEO/COO Don Ervine said, "Our revenues for the quarter declined about $2.6 million (a 9% decrease) compared to the same quarter of last year, primarily due to our decision to discontinue marketing TTD services and to a decrease in the amount of subcontract costs in our Fleet Maintenance Division (FMD) revenues due, in part, to the deployment of Navy ships to the Middle East. Our net income for the quarter increased about $313 thousand (263%) compared to the same quarter of last year, primarily due to a reduction of losses associated with TTD work and to an elimination of losses in FMD work. The TTD net loss from operations for the quarter ended March 31, 2003, was approximately $60 thousand."
"As indicated in our results for the first quarter, we expect improving profitability in 2003 compared to 2002 due to the reduction of losses associated with the TTD work and to improved profit margins on the work performed by new divisions started in 2002." |
