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Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 428 $ 740
Receivables, net 101,218 78,471
Inventories, net 136,340 109,123
Other current assets 20,477 9,138
Total current assets 258,463 197,472
Property and equipment, net 62,061 64,308
Intangible assets, net 126,926 143,043
Goodwill 198,622 198,545
Other assets 15,767 13,986
Total assets 661,839 617,354
Current liabilities:    
Current portion of long-term debt 21,023 17,272
Accounts payable 93,999 40,084
Current portion of earn-out obligations 0 9,678
Accrued expenses and other current liabilities 32,772 29,067
Dividends payable 648 591
Total current liabilities 148,442 96,692
Long-term debt, less current portion 193,621 215,243
Deferred compensation 12,751 11,169
Long-term lease obligations, less current portion 21,959 23,251
Earn-out obligations, less current portion 0 10,166
Deferred tax liabilities 29,872 31,524
Total liabilities 406,645 388,045
Commitments and contingencies
Stockholders' equity:    
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 10,798,927 and 10,751,064 respectively 540 538
Additional paid-in capital 22,876 21,368
Retained earnings 231,733 207,478
Accumulated other comprehensive income (loss) 45 (75)
Total stockholders' equity 255,194 229,309
Total liabilities and stockholders' equity $ 661,839 $ 617,354
v3.6.0.2
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Products $ 341,776 $ 318,141 $ 172,986
Services 350,014 215,841 251,085
Total revenues 691,790 533,982 424,071
Costs and operating expenses:      
Products 279,629 258,009 135,242
Services 337,956 206,570 237,711
Selling, general and administrative expenses 6,609 3,288 4,140
Amortization of intangible assets 16,067 15,576 10,048
Total costs and operating expenses 640,261 483,443 387,141
Operating income 51,529 50,539 36,930
Interest expense, net 9,855 9,544 3,983
Income from continuing operations before income taxes 41,674 40,995 32,947
Provision for income taxes 14,881 16,077 12,458
Income from continuing operations 26,793 24,918 20,489
Loss from discontinued operations, net of tax 0 0 (1,124)
Net income $ 26,793 $ 24,918 $ 19,365
Basic earnings per share:      
Income from continuing operations (in dollars per share) $ 2.48 $ 2.32 $ 1.91
Loss from discontinued operations (in dollars per share) 0.00 0.00 (0.10)
Net income (in dollars per share) $ 2.48 $ 2.32 $ 1.81
Basic weighted average shares outstanding (in shares) 10,793,723 10,747,226 10,707,824
Diluted earnings per share:      
Income from continuing operations (in dollars per share) $ 2.47 $ 2.31 $ 1.91
Loss from discontinued operations (in dollars per share) 0.00 0.00 (0.10)
Net income (in dollars per share) $ 2.47 $ 2.31 $ 1.81
Diluted weighted average shares outstanding (in shares) 10,828,152 10,787,270 10,742,400
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 26,793 $ 24,918 $ 19,365
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 26,046 25,541 18,770
Deferred taxes (1,146) 84 3,083
Stock-based compensation 2,109 2,081 1,739
Earn-out obligation adjustment (1,329) 426 3,059
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables, net (22,747) (8,139) 18,996
Inventories (27,217) (10,381) (10,048)
Other current assets and noncurrent assets (13,020) 6,031 (627)
Accounts payable and deferred compensation 54,743 (362) (1,224)
Accrued expenses and other current liabilities 4,253 1,919 (1,024)
Long-term lease obligations (1,292) (1,275) (1,107)
Earn-out obligations 0 (3,269) 0
Other liabilities 0 0 (1,267)
Net cash provided by operating activities 47,193 37,574 49,715
Cash flows from investing activities:      
Purchases of property and equipment (6,546) (10,562) (3,414)
Proceeds from the sale of property and equipment 143 507 0
Cash paid for acquisitions, net of cash acquired (63) (195,135) 0
Net cash used in investing activities (6,466) (205,190) (3,414)
Cash flows from financing activities:      
Borrowings on loan agreement 321,630 519,313 295,513
Repayments on loan agreement (340,046) (333,222) (336,601)
Earn-out obligation payments (18,515) (11,713) (1,972)
Payment of debt financing costs 0 (2,699) 0
Payments on capital lease obligations (1,128) (986) (850)
Payment of taxes for equity transactions (499) (342) (314)
Dividends paid (2,481) (2,258) (2,034)
Net cash (used in) provided by financing activities (41,039) 168,093 (46,258)
Net (decrease) increase in cash and cash equivalents (312) 477 43
Cash and cash equivalents at beginning of year 740 263 220
Cash and cash equivalents at end of year 428 740 263
Cash paid for:      
Interest 8,230 6,621 2,135
Income taxes $ 18,886 $ 15,949 $ 9,934
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