VSE Corporation Reports First Quarter 1998 Results
ALEXANDRIA, Va., May 14 /PRNewswire/ -- VSE Corporation (VSE) (Nasdaq: VSEC) reported the following consolidated financial results for the three month periods ended March 31, 1998 and 1997.
(Dollars in thousands, except share data)
Three months ended
March 31,
1998 1997
Quarter ended Mar 31:
Revenues, principally from contracts $41,664 $47,494
Costs and expenses of contracts 41,023 47,352
Gross profit 641 142
Selling, general and administrative expenses 208 480
Interest expense 101 146
Pretax income (loss) 332 (484)
Provision (benefit) for income taxes 154 (207)
Net income (loss) $178 $(277)
Weighted average shares outstanding 2,181,530 2,145,574
Basic earnings (loss) per share $.08 $(.13)
The company attributed the decline in quarterly sales to a reduction 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. |
