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Financials

v3.8.0.1
Unaudited Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 472 $ 428
Receivables, net 72,874 101,218
Inventories, net 135,525 136,340
Other current assets 24,376 20,477
Total current assets 233,247 258,463
Property and equipment, net 56,857 62,061
Intangible assets, net 114,913 126,926
Goodwill 198,622 198,622
Other assets 15,405 15,767
Total assets 619,044 661,839
Current liabilities:    
Current portion of long-term debt 25,710 21,023
Accounts payable 48,560 93,999
Accrued expenses and other current liabilities 47,852 32,772
Dividends payable 0 648
Total current liabilities 122,122 148,442
Long-term debt, less current portion 155,083 193,621
Deferred compensation 15,749 12,751
Long-term lease obligations, less current portion 20,917 21,959
Deferred tax liabilities 27,981 29,872
Total liabilities 341,852 406,645
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 252,061 231,733
Accumulated other comprehensive income 134 45
Total stockholders' equity 277,192 255,194
Total liabilities and stockholders' equity $ 619,044 $ 661,839
v3.8.0.1
Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Products $ 82,314 $ 87,060 $ 260,585 $ 254,325
Services 91,850 85,720 304,733 222,564
Total revenues 174,164 172,780 565,318 476,889
Costs and operating expenses:        
Products 68,678 70,884 217,606 207,001
Services 88,989 83,599 293,083 215,409
Selling, general and administrative expenses 255 652 1,178 4,173
Amortization of intangible assets 4,005 4,022 12,013 12,063
Total costs and operating expenses 161,927 159,157 523,880 438,646
Operating income 12,237 13,623 41,438 38,243
Interest expense, net 2,347 2,509 7,158 7,406
Income before income taxes 9,890 11,114 34,280 30,837
Provision for income taxes 3,251 4,026 12,541 11,228
Net income $ 6,639 $ 7,088 $ 21,739 $ 19,609
Basic earnings per share (in dollars per share) $ 0.61 $ 0.66 $ 2.01 $ 1.82
Basic weighted average common shares outstanding (in shares) 10,838,435 10,798,684 10,833,237 10,792,046
Diluted earnings per share (in dollars per share) $ 0.61 $ 0.65 $ 2.00 $ 1.81
Diluted weighted average shares outstanding (in shares) 10,856,675 10,826,007 10,855,983 10,819,697
Dividends declared per share (in dollars per share) $ 0 $ 0 $ 0.13 $ 0.115
v3.8.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 21,739 $ 19,609
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,584 19,515
Deferred taxes (1,947) (3,047)
Stock-based compensation 1,935 1,747
Earn-out obligation adjustment 0 (1,329)
Changes in operating assets and liabilities:    
Receivables, net 28,344 (7,636)
Inventories, net 815 (19,812)
Other current assets and noncurrent assets (3,392) (8,015)
Accounts payable and deferred compensation (42,441) 19,651
Accrued expenses and other current liabilities 15,916 8,639
Long-term lease obligations (1,042) (930)
Net cash provided by operating activities 39,511 28,392
Cash flows from investing activities:    
Purchases of property and equipment (2,387) (5,438)
Proceeds from the sale of property and equipment 689 74
Cash paid for acquisitions, net of cash acquired 0 (63)
Net cash used in investing activities (1,698) (5,427)
Cash flows from financing activities:    
Borrowings on loan agreement 258,657 231,139
Repayments on loan agreement (292,913) (232,608)
Earn-out obligation payments 0 (18,515)
Payments on capital lease obligations (954) (835)
Payments of taxes for equity transactions (500) (499)
Dividends paid (2,059) (1,834)
Net cash used in financing activities (37,769) (23,152)
Net increase (decrease) in cash and cash equivalents 44 (187)
Cash and cash equivalents at beginning of period 428 740
Cash and cash equivalents at end of period $ 472 $ 553
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