VSE Coporation Logo
           
Search 

Financials

v3.7.0.1
Unaudited Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 717 $ 428
Receivables, net 80,945 101,218
Inventories, net 135,812 136,340
Other current assets 10,932 20,477
Total current assets 228,406 258,463
Property and equipment, net 58,202 62,061
Intangible assets, net 118,917 126,926
Goodwill 198,622 198,622
Other assets 15,699 15,767
Total assets 619,846 661,839
Current liabilities:    
Current portion of long-term debt 23,835 21,023
Accounts payable 51,932 93,999
Accrued expenses and other current liabilities 31,638 32,772
Dividends payable 759 648
Total current liabilities 108,164 148,442
Long-term debt, less current portion 175,609 193,621
Deferred compensation 15,307 12,751
Long-term lease obligations, less current portion 21,292 21,959
Deferred tax liabilities 28,941 29,872
Total liabilities 349,313 406,645
Commitments and contingencies
Stockholders' equity:    
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 10,838,435 and 10,798,927, respectively 542 540
Additional paid-in capital 24,455 22,876
Retained earnings 245,422 231,733
Accumulated other comprehensive income 114 45
Total stockholders' equity 270,533 255,194
Total liabilities and stockholders' equity $ 619,846 $ 661,839
v3.7.0.1
Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Products $ 89,254 $ 81,994 $ 178,271 $ 167,265
Services 104,606 78,479 212,883 136,844
Total revenues 193,860 160,473 391,154 304,109
Costs and operating expenses:        
Products 74,222 66,827 148,928 136,117
Services 100,150 75,606 204,094 131,810
Selling, general and administrative expenses 479 2,140 923 3,521
Amortization of intangible assets 4,004 4,021 8,008 8,041
Total costs and operating expenses 178,855 148,594 361,953 279,489
Operating income 15,005 11,879 29,201 24,620
Interest expense, net 2,376 2,400 4,811 4,897
Income before income taxes 12,629 9,479 24,390 19,723
Provision for income taxes 4,822 3,510 9,290 7,202
Net income $ 7,807 $ 5,969 $ 15,100 $ 12,521
Basic earnings per share (in dollars per share) $ 0.72 $ 0.56 $ 1.39 $ 1.16
Basic weighted average common shares outstanding (in shares) 10,838,435 10,798,684 10,830,595 10,788,691
Diluted earnings per share (in dollars per share) $ 0.72 $ 0.55 $ 1.39 $ 1.16
Diluted weighted average shares outstanding (in shares) 10,861,769 10,826,490 10,855,632 10,816,507
Dividends declared per share (in dollars per share) $ 0.07 $ 0.06 $ 0.13 $ 0.115
v3.7.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 15,100 $ 12,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,204 12,935
Deferred taxes (974) (1,161)
Stock-based compensation 1,464 1,361
Earn-out obligation adjustment 0 (1,329)
Changes in operating assets and liabilities:    
Receivables, net 20,273 (12,547)
Inventories, net 528 (8,250)
Other current assets and noncurrent assets 9,725 (5,762)
Accounts payable and deferred compensation (39,511) 15,474
Accrued expenses and other current liabilities (105) 2,492
Long-term lease obligations (667) (619)
Net cash provided by operating activities 19,037 15,115
Cash flows from investing activities:    
Purchases of property and equipment (1,252) (4,224)
Proceeds from the sale of property and equipment 400 28
Net cash used in investing activities (852) (4,196)
Cash flows from financing activities:    
Borrowings on loan agreement 181,673 133,279
Repayments on loan agreement (197,142) (134,012)
Earn-out obligation payments 0 (8,015)
Payments on capital lease obligations (627) (546)
Payments of taxes for equity transactions (500) (499)
Dividends paid (1,300) (1,186)
Net cash used in financing activities (17,896) (10,979)
Net increase (decrease) in cash and cash equivalents 289 (60)
Cash and cash equivalents at beginning of period 428 740
Cash and cash equivalents at end of period $ 717 $ 680
Copyright 2014 VSE Corporation.  All rights reserved Privacy Policy Link