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<SEC-DOCUMENT>0000102752-03-000012.txt : 20030429
<SEC-HEADER>0000102752-03-000012.hdr.sgml : 20030429
<ACCEPTANCE-DATETIME>20030429161606
ACCESSION NUMBER:		0000102752-03-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030331
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VSE CORP
		CENTRAL INDEX KEY:			0000102752
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				540649263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03676
		FILM NUMBER:		03669734

	BUSINESS ADDRESS:	
		STREET 1:		2550 HUNTINGTON AVE
		CITY:			ALEXANDRIA
		STATE:			VA
		ZIP:			22303
		BUSINESS PHONE:		7039604600

	MAIL ADDRESS:	
		STREET 1:		2550 HUNTINGTON AVENUE
		CITY:			ALEXANDRIA
		STATE:			VA
		ZIP:			22303

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALUE ENGINEERING CO
		DATE OF NAME CHANGE:	19790612
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>vse8k429.txt
<DESCRIPTION>VSE CORPORATION FORM 8-K  APRIL 29, 2003
<TEXT>
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                   FORM 8-K


                                Current Report
                      Pursuant to Section 13 OR 15(d) of
                      the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported):  April 29, 2003


                               VSE CORPORATION
            (Exact Name of Registrant as Specified in its Charter)

                                   DELAWARE
        (State or Other Jurisdiction of Incorporation or Organization)


                 0-3676                            54-0649263
        (Commission File Number)         (I.R.S. Identification Number)


         2550 Huntington Avenue
          Alexandria, Virginia                     22303-1499
(Address of Principal Executive Offices)           (Zip Code)


      Registrant's Telephone Number, Including Area Code:  (703) 960-4600

<PAGE>
VSE CORPORATION


Item 7.  Financial Statements and Exhibits

         (c)  Exhibits

              Exhibit
              Number
              ------
               99.1    News Release, April 28, 2003 entitled "VSE Reports
                       First Quarter 2003 Results"

Item 9.  Regulation FD Disclosure

Attached hereto as Exhibit 99.1 is a copy of the Registrant's news release
dated April 28, 2003 announcing the financial results for the first quarter
2003.  This information is being provided in response to Items 9 and 12 of
this Form.

<PAGE>
                                SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                         VSE CORPORATION
                                         (Registrant)

Date:  April 29, 2003
                                         /s/ D. M. Ervine
                                         -------------------------------
                                         D. M. Ervine
                                         Chairman, President,
                                         Chief Executive Officer and
                                         Chief Operating Officer



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exh8k991.txt
<DESCRIPTION>NEWS RELEASE "VSE REPORTS FIRST QUARTER 2003 RESULTS"
<TEXT>
Exhibit 99.1

             VSE Reports First Quarter 2003 Results

            Company Earns $0.20 Per Share in Quarter

     Alexandria, Virginia, April 28, 2003 - VSE Corporation (Nasdaq: VSEC)
reported the following consolidated financial results for the three months
ended March 31, 2003 and 2002:

<TABLE>
VSE Corporation and Subsidiaries
Consolidated  Statements of Income (unaudited)
(dollars in thousands, except share data)
<CAPTION>
                                                  Three months ended March 31,
                                                        2003           2002
                                                        ----           ----
<S>                                               <C>            <C>
Revenues, principally from contracts              $   26,462     $   29,080
Costs and expenses of contracts                       25,765         28,816
                                                  ----------     ----------
Gross profit                                             697            264
Selling, general and administrative expenses              42             28
Interest (income) expense, net                           (16)            17
                                                  ----------     ----------
Income before income taxes                               671            219
Provision for income taxes                               239            100
                                                  ----------     ----------
Net income                                        $      432     $      119
                                                  ==========     ==========

Weighted average shares outstanding:
Basic                                              2,187,038      2,150,540
Diluted                                            2,224,845      2,150,540

Earnings per share:
Basic                                             $      .20     $       .06
Diluted                                                  .19             .06

</TABLE>

Financial Results

     Commenting on the financial results, VSE Chairman, President and CEO/COO
Don Ervine said, "Our revenues for the quarter declined about $2.6 million (a 9%
decrease) compared to the same quarter of last year, primarily due to our
decision to discontinue marketing TTD services and to a decrease in the amount
of subcontract costs in our Fleet Maintenance Division (FMD) revenues due, in
part, to the deployment of Navy ships to the Middle East. Our net income for the
quarter increased about $313 thousand (263%) compared to the same quarter of
last year, primarily due to a reduction of losses associated with TTD work and
to an elimination of losses in FMD work.  The TTD net loss from operations for
the quarter ended March 31, 2003, was approximately $60 thousand."

<PAGE>

     "As indicated in our results for the first quarter, we expect improving
profitability in 2003 compared to 2002 due to the reduction of losses associated
with the TTD work and to improved profit margins on the work performed by new
divisions started in 2002."

     VSE provides diversified services to the engineering, energy and
environment, security, and defense, services and homeland security markets from
more than 15 locations across the United States and around the world.

  For more information on VSE services and products, please see the Company's
web site at www.vsecorp.com or contact Len Goldstein, Director of Business and
New Product Development at (703)317-5202.

     VSE shares are traded on Nasdaq under the symbol "VSEC."


News Contact:  C. S. Weber, CAO, (703) 329-4770

This news release contains statements which, to the extent they are not
recitations of historical fact, constitute "forward looking statements" under
federal securities laws.  All such statements are intended to be subject to the
safe harbor protection provided by applicable securities laws.  For discussions
identifying some important factors that could cause actual VSE results to differ
materially from those anticipated in the forward looking statements in this news
release, see VSE's public filings with the Securities and Exchange Commission.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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