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Financials

v3.7.0.1
Unaudited Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 457 $ 428
Receivables, net 90,947 101,218
Inventories, net 141,122 136,340
Other current assets 15,747 20,477
Total current assets 248,273 258,463
Property and equipment, net 60,026 62,061
Intangible assets, net 122,922 126,926
Goodwill 198,622 198,622
Other assets 15,638 15,767
Total assets 645,481 661,839
Current liabilities:    
Current portion of long-term debt 21,960 21,023
Accounts payable 71,206 93,999
Accrued expenses and other current liabilities 27,835 32,772
Dividends payable 650 648
Total current liabilities 121,651 148,442
Long-term debt, less current portion 194,068 193,621
Deferred compensation 14,894 12,751
Long-term lease obligations, less current portion 21,652 21,959
Deferred tax liabilities 29,707 29,872
Total liabilities 381,972 406,645
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 238,374 231,733
Accumulated other comprehensive income 138 45
Total stockholders' equity 263,509 255,194
Total liabilities and stockholders' equity $ 645,481 $ 661,839
v3.7.0.1
Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Products $ 89,017 $ 85,271
Services 108,277 58,365
Total revenues 197,294 143,636
Costs and operating expenses:    
Products 74,706 69,290
Services 103,944 56,204
Selling, general and administrative expenses 444 1,381
Amortization of intangible assets 4,004 4,020
Total costs and operating expenses 183,098 130,895
Operating income 14,196 12,741
Interest expense, net 2,435 2,497
Income before income taxes 11,761 10,244
Provision for income taxes 4,468 3,692
Net income $ 7,293 $ 6,552
Basic earnings per share (in dollars per share) $ 0.67 $ 0.61
Basic weighted average common shares outstanding (in shares) 10,822,669 10,778,368
Diluted earnings per share (in dollars per share) $ 0.67 $ 0.61
Diluted weighted average shares outstanding (in shares) 10,849,427 10,806,194
Dividends declared per share (in dollars per share) $ 0.06 $ 0.055
v3.7.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 7,293 $ 6,552
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,711 6,241
Deferred taxes (223) (129)
Stock-based compensation 1,084 1,028
Earn-out obligation adjustment 0 (1,384)
Changes in operating assets and liabilities, net of impact of acquisition:    
Receivables, net 10,671 1,593
Inventories, net (4,782) (4,510)
Other current assets and noncurrent assets 5,010 (5,330)
Accounts payable and deferred compensation (20,955) 13,097
Accrued expenses and other current liabilities (3,851) (1,429)
Long-term lease obligations (307) (337)
Net cash provided by operating activities 651 15,392
Cash flows from investing activities:    
Purchases of property and equipment (414) (1,428)
Proceeds from the sale of property and equipment 0 6
Net cash used in investing activities (414) (1,422)
Cash flows from financing activities:    
Borrowings on loan agreement 96,124 49,699
Repayments on loan agreement (94,875) (62,468)
Payments on capital lease obligations (307) (264)
Payments of taxes for equity transactions (500) (499)
Dividends paid (650) (591)
Net cash used in financing activities (208) (14,123)
Net increase (decrease) in cash and cash equivalents 29 (153)
Cash and cash equivalents at beginning of period 428 740
Cash and cash equivalents at end of period $ 457 $ 587
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