VSE Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Business Segments and Customer Information (Tables)

Business Segments and Customer Information (Tables)

12 Months Ended

Dec. 31, 2012

Business Segments and Customer Information [Abstract]

Our segment information is as follows (in thousands):

For the years ended December 31,
	2012			2011			2010
Revenues
Federal Group	$	140,424		$	184,147		$	454,660
International Group		167,193			206,746			261,499
IT, Energy and Management Consulting Group		94,225			106,817			94,796
Supply Chain Group		144,913			83,052			-
Total revenues	$	546,755		$	580,762		$	810,955

Income before income taxes:
Federal Group	$	10,130		$	6,099		$	20,574
International Group		5,604			5,342			9,376
IT, Energy and Management Consulting Group		11,802			12,440			10,275
Supply Chain		23,282			15,965			-
Corporate		(6,966	)		(7,454	)		(2,484	)
Income before income taxes	$	43,852		$	32,392		$	37,741

Interest expense (income)
Federal Group	$	291		$	(75	)	$	(31	)
International Group		448			(21	)		197
IT, Energy and Management Consulting Group		14			(73	)		(49	)
Supply Chain		729			350			-
Corporate		5,742			3,504			82
Total interest expense	$	7,224		$	3,685		$	199

Depreciation and amortization expense:
Federal Group	$	3,093		$	2,906		$	4,115
International Group		3,035			1,903			1,521
IT, Energy and Management Consulting Group		3,753			3,256			1,953
Supply Chain Group		9,914			5,402			-
Total depreciation and amortization	$	19,795		$	13,467		$	7,589

Capital expenditures:
Federal Group	$	763		$	547		$	496
International Group		83			573			816
IT, Energy and Management Consulting Group		53			236			305
Supply Chain Group		341			113			-
Corporate		19,623			5,166			3,188
Total capital expenditures	$	20,863		$	6,635		$	4,805

	December 31,
	2012		2011
Total assets:
Federal Group	$	30,130	$	29,653
International Group		31,485		49,734
IT, Energy and Management Consulting Group		64,502		70,108
Infrastructure Group		-		27,372
Supply Chain Group		193,214		203,241
Corporate		90,880		74,404
Total assets	$	410,211	$	454,512

Revenue by Customer

We are engaged principally in providing diversified logistics, engineering, IT and consulting services to the government, other government prime contractors, and commercial entities. The largest customer for our services is DoD, including agencies of the U.S. Army, Navy, and Air Force. Our revenue by customer is as follows for the years ended December 31, (in thousands):

Revenues by Customer
(dollars in thousands)
Years ended December 31,
Customer	2012		%		2011		%		2010		%
U.S. Army/Army Reserve	$	182,412		33.4	$	231,615		39.9	$	463,378		57.1
U.S. Navy		120,867		22.1		140,551		24.2		198,833		24.5
U.S. Air Force		6,963		1.3		11,971		2.0		13,304		1.7
Total - DoD		310,242		56.8		384,137		66.1		675,515		83.3

USPS		130,866		23.9		75,964		13.1		-		-
Department of Treasury		33,369		6.1		41,434		7.1		49,332		6.1
Department of Interior		16,884		3.1		24,254		4.2		29,810		3.7
Department of Energy		20,898		3.8		23,010		4.0		21,717		2.7
Other government		32,231		5.9		28,160		4.8		29,598		3.6
Total – Federal civilian agencies		234,248		42.8		192,822		33.2		130,457		16.1

Commercial		2,265		0.4		3,803		0.7		4,983		0.6

Total	$	546,755		100.0	$	580,762		100.0	$	810,955		100.0

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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