VSEC VSE Corp.
VSE Corp. is a logistics and services company, which engages in the provision of engineering and technical support services. It operates through the following segments: Supply Chain Management Group; Aviation Group and Federal Services Group. The Supply Chain Management Group segment supplies vehicle parts. The Aviation Group segment offers MRO services, parts supply and distribution and supply chain solutions for general aviation jet aircraft engines and engine accessories. The Federal Services Group segment includes engineering, industrial, logistics, foreign military sales, legacy equipment sustainment services, information technology and technical and consulting services. The company was founded in 1959 and is headquartered in Alexandria, VA.
Company profile
Ticker
VSEC
Exchange
Website
CEO
John Anthony Cuomo
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
Aecom • Tetra Tech • Hill International • Mistras • Englobal • Ecology & Environment • Acorn Energy • Willdan • TORtec • Engility ...
SEC CIK
Corporate docs
IRS number
540649263
VSEC stock data
()
Calendar
1 May 20
10 Jul 20
31 Dec 20
News
Company financial data Financial data
| Quarter (USD) | Mar 20 | Dec 19 | Sep 19 | Jun 19 | |
|---|---|---|---|---|---|
| Revenue | 177.42M | 195.27M | 198.33M | 189.11M | |
| Net income | 3.33M | 10M | 10.53M | 9.9M | |
| Diluted EPS | 0.3 | 0.9 | 0.95 | 0.89 | |
| Net profit margin | 1.88% | 5.12% | 5.31% | 5.23% | |
| Operating income | 9.73M | 14.81M | 17.22M | 16.42M | |
| Net change in cash | -191K | -361K | 335K | -69K | |
| Cash on hand | 543K | 734K | 1.1M | 760K | |
| Cost of revenue |
| Annual (USD) | Dec 19 | Dec 18 | Dec 17 | Dec 16 | |
|---|---|---|---|---|---|
| Revenue | 752.63M | 697.22M | 760.11M | 691.79M | |
| Net income | 37.02M | 35.08M | 39.1M | 26.79M | |
| Diluted EPS | 3.35 | 3.21 | 3.6 | 2.47 | |
| Net profit margin | 4.92% | 5.03% | 5.14% | 3.87% | |
| Operating income | 60.26M | 54.23M | 54.33M | 51.53M | |
| Net change in cash | 572K | -462K | 196K | -312K | |
| Cash on hand | 734K | 162K | 624K | 428K | |
| Cost of revenue | 395.57M | 337.96M |
Financial data from VSE earnings reports
Recent insider trades
| Date | Owner | Security | Transaction | Code | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|
| 27 May 20 | Ferguson Iii Mark E | Common Stock, par value $.05 | Buy | Aquire P | No | 25.38 | 250 | 6.35K | 8,200 |
| 15 Apr 20 | John A Cuomo | Common Stock, par value $.05 | Payment of exercise | Dispose F | No | 0 | 5,190 | 0 | 27,087 |
| 15 Apr 20 | John A Cuomo | Common Stock, par value $.05 | Grant | Aquire A | No | 0 | 19,267 | 0 | 32,277 |
| 18 Mar 20 | John A Cuomo | Common Stock, par value $.05 | Buy | Aquire P | No | 14.7 | 3,500 | 51.45K | 13,010 |
| 17 Mar 20 | Kiernan Thomas M | Common Stock, par value $.05 | Buy | Aquire P | No | 19.5 | 1,100 | 21.45K | 37,199 |
| 16 Mar 20 | Wheeler Chad | Common Stock, par value $.05 | Payment of exercise | Dispose F | No | 0 | 1,374 | 0 | 12,290 |
| 16 Mar 20 | Wheeler Chad | Common Stock, par value $.05 | Grant | Aquire A | No | 0 | 5,022 | 0 | 13,664 |
Institutional ownership Q1 2020
72.7% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 67 |
| Opened positions | 3 |
| Closed positions | 15 |
| Increased positions | 30 |
| Reduced positions | 21 |
13F shares |
Current |
|---|---|
| Total value | 173.88M |
| Total shares | 8.03M |
| Total puts | 0 |
| Total calls | 0 |
| Total put/call ratio | – |
Largest owners |
Shares | Value |
|---|---|---|
| Koonce Calvin Scott | 1.86M | $30.53M |
| FMR | 1.65M | $27.01M |
| Dimensional Fund Advisors | 669.63K | $10.98M |
| BLK BlackRock | 640.91K | $10.51M |
| Vanguard | 463.46K | $7.6M |
| PNC The PNC Financial Services Group Inc | 233.57K | $3.83M |
| Montgomery Investment Management | 227.05K | $3.72M |
| Mutual Of America Capital Management | 213.39K | $3.5M |
| STT State Street | 206.22K | $3.38M |
| Kendall Capital Management | 164.33K | $2.69M |
Financial report summary
?Risks
- The COVID-19 outbreak has adversely affected and could in the future continue to adversely affect our business.
- As a result of the disruptions caused by the COVID-19 global pandemic, if we are unable to re-commence normal operations in the near-term, we may be out of compliance with the financial covenants in our debt facility.
- The COVID-19 outbreak has adversely impacted our global supply chain network, which could result in significant shipping delays and a material reduction of available products.
Management Discussion
- Our revenues increased approximately $7.5 million or 4.4% for the first quarter of 2020 compared to the same period for the prior year. The change in revenues resulted from an increase in our Aviation segment of approximately $8.7 million, an increase in our Fleet segment of approximately $1.5 million, and a decrease in our Federal and Defense segment of approximately $2.7 million. See "Segment Operating Results" for a breakdown of our results of operations by segment.
- Our costs and operating expenses increased approximately $3.2 million or 2.0% for the first quarter of 2020 compared to the same period for the prior year. Costs and operating expenses for our Aviation segment and our Fleet segment increased for the quarter and costs and operating expenses for our Federal and Defense segment decreased for the quarter due to changes in revenues. Costs and operating expenses for 2020 included approximately $300 thousand of earn-out adjustment expense. Costs and operating expenses for 2019 included approximately $1.1 million of acquisition related and executive succession costs.
- Loss on sale of a business entity and certain assets of $7.5 million is comprised of the difference between the carrying value on our books for our Prime Turbines, LLC business and the sale price upon divestiture, plus the difference between the carrying value on our books of inventory sold that is used to support the operations of our divested Prime Turbines, LLC business and the sale price of the inventory upon divestiture.
Content analysis
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| Legalese | ||
| Litigous | ||
| Readability |
H.S. sophomore Avg
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New words:
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Removed:
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Financial reports
10-Q
2020 Q1
Quarterly report
1 May 20
10-K
2019 FY
Annual report
9 Mar 20
10-Q
2019 Q3
Quarterly report
31 Oct 19
10-Q
2019 Q2
Quarterly report
31 Jul 19
10-Q
2019 Q1
Quarterly report
3 May 19
10-K
2018 FY
Annual report
7 Mar 19
10-Q
2018 Q3
Quarterly report
31 Oct 18
10-Q
2018 Q2
Quarterly report
27 Jul 18
10-Q
2018 Q1
Quarterly report
2 May 18
10-K
2017 FY
Annual report
7 Mar 18
Current reports
8-K
Entry into a Material Definitive Agreement
30 Jun 20
8-K
Submission of Matters to a Vote of Security Holders
8 May 20
8-K
Vse Corporation Declares Quarterly Dividend
7 May 20
8-K
VSE Corporation Announces First Quarter 2020 Results
1 May 20
8-K
Departure of Directors or Certain Officers
24 Apr 20
8-K
VSE Corporation Announces Fourth Quarter and Full-Year 2019 Results
28 Feb 20
8-K
Other Events
28 Feb 20
8-K
VSE Corporation Announces Agreement to
31 Jan 20
8-K
Other Events
13 Dec 19
8-K
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
2 Dec 19
Registration and prospectus
S-8 POS
Registration of securities for employees (post-effective amendment)
13 May 14
S-8 POS
Registration of securities for employees (post-effective amendment)
13 May 14
S-8 POS
Registration of securities for employees (post-effective amendment)
13 May 14
S-8
Registration of securities for employees
7 May 14
S-8
Registration of securities for employees
7 May 14
S-8
Registration of securities for employees
4 Mar 10
S-8
Registration of securities for employees
19 May 06
S-8
Registration of securities for employees
6 May 04
S-8
Registration of securities for employees
8 Oct 03
S-8
Registration of securities for employees
9 Dec 99
Proxies
DEF 14A
Definitive proxy
9 Apr 20
DEF 14A
Definitive proxy
9 Apr 19
DEF 14A
Definitive proxy
2 Apr 18
DEF 14A
Definitive proxy
4 Apr 17
DEFA14A
Additional proxy soliciting materials
5 Apr 16
DEF 14A
Definitive proxy
10 Apr 15
DEF 14A
Definitive proxy
15 Apr 14
DEF 14A
Definitive proxy
15 Apr 13
DEF 14A
Definitive proxy
3 Apr 12
DEF 14A
Definitive proxy
5 Apr 11
Other
UPLOAD
Letter from SEC
3 Jan 17
CORRESP
Correspondence with SEC
16 Dec 16
UPLOAD
Letter from SEC
5 Dec 16
UPLOAD
Letter from SEC
10 Jan 14
CORRESP
Correspondence with SEC
17 Dec 13
UPLOAD
Letter from SEC
3 Dec 13
UPLOAD
Letter from SEC
29 Apr 09
CORRESP
Correspondence with SEC
17 Apr 09
UPLOAD
Letter from SEC
8 Apr 09
UPLOAD
Letter from SEC
26 Sep 07
Ownership
4
VSE / III MARK E FERGUSON ownership change
28 May 20
4
VSE / JOHN A CUOMO ownership change
15 Apr 20
4
VSE / III MARK E FERGUSON ownership change
31 Mar 20
4
VSE / JOHN A CUOMO ownership change
19 Mar 20
4
VSE / THOMAS M KIERNAN ownership change
18 Mar 20
4
VSE / JOHN A CUOMO ownership change
17 Mar 20
4
VSE / THOMAS R LOFTUS ownership change
17 Mar 20
4
VSE / THOMAS M KIERNAN ownership change
17 Mar 20
4
VSE / ROBERT ANDREW MOORE III ownership change
17 Mar 20
4
VSE / Paul William Goffredi ownership change
17 Mar 20