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<SEC-DOCUMENT>0000102752-03-000031.txt : 20031030
<SEC-HEADER>0000102752-03-000031.hdr.sgml : 20031030
<ACCEPTANCE-DATETIME>20031030110643
ACCESSION NUMBER:		0000102752-03-000031
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030930
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031030

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:		03965560

	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>vse8k1030.txt
<DESCRIPTION>VSE CORPORATION FORM 8-K  OCTOBER 30, 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):  October 30, 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, October 28, 2003 entitled "VSE Reports
                       Third Quarter 2003 Results"

Item 12.  Results of Operations and Financial Condition

Attached hereto as Exhibit 99.1 is a copy of the Registrant's news release
dated October 28, 2003 announcing the financial results for the third quarter
2003.


<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:  October 30, 2003
                                         /s/ T. R. Loftus
                                         -------------------------------
                                         T. R. Loftus
                                         Senior Vice President and
                                         Chief Financial Officer




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>vse8kex991903.txt
<DESCRIPTION>NEWS RELEASE "VSE REPORTS THIRD QUARTER 2003 RESULTS"
<TEXT>

                    VSE Reports Third Quarter 2003 Results

                  Company Earns $0.24 Per Share in Quarter;
                         CEO Reports Favorable Trends

         Alexandria, Virginia, October 28, 2003 - VSE Corporation (Nasdaq: VSEC)
reported consolidated financial results for the three- and nine-month periods
ended September 30, 2003 and 2002, as follows:

<TABLE>
VSE Corporation and Subsidiaries
Consolidated  Statements of Income (unaudited)
(dollars in thousands, except share data)
________________________________________________________________________________________
<CAPTION>
                                                   Three Months           Nine Months
                                                 2003       2002        2003       2002
                                                 ----       ----        ----       ----
<S>                                          <C>        <C>         <C>        <C>
Revenues, principally from contracts         $  36,391  $  37,836   $  92,221  $ 103,269
Costs and expenses of contracts                 35,482     37,352      89,855    102,003
                                             ---------  ---------   ---------  ---------
Gross profit                                       909        484       2,366      1,266
Selling, general and administrative expenses        68         59         158        122
Interest expense (income)                          (18)        (3)        (49)        43
                                             ---------  ---------   ---------  ---------
Income before income taxes                         859        428       2,257      1,101
Provision for income taxes                         336        171         866        451
                                             ---------  ---------   ---------  ---------
Net income                                   $     523  $     257   $   1,391  $     650
                                             =========  =========   =========  =========

Basic average shares outstanding             2,188,635  2,181,540   2,188,108  2,169,140
Diluted average shares outstanding           2,235,779  2,204,803   2,227,026  2,192,599

Basic earnings per share                     $     .24  $     .12   $     .64  $     .30
Diluted earnings per share                   $     .23  $     .12   $     .62  $     .30
________________________________________________________________________________________
</TABLE>

Financial Results

         Net income increased $266 thousand (103%) and $741 thousand (114%) for
the three- and nine-month periods ended September 30, 2003, compared to the same
periods of 2002, while revenues decreased by $1.4 million (4%) and $11.0 million
(11%) for the comparative periods.

         The increases in consolidated net income are primarily due to improved
profitability in VSE's contract work and to a reduction in the losses associated
with TTD work. VSE expects to complete all residual TTD work in early 2004. The
decreases in period to period consolidated revenues are primarily due to a
decline in BAV subcontract efforts and to the decrease in TTD revenues.

CEO Comments

         VSE Chairman, President and CEO Don Ervine said, "The positive results
reported today are in line with recent VSE news releases. As announced, we
expect an increase in BAV revenues based on our

effort supporting the reactivation and transfer of four Kidd-class destroyers.
We are also seeing an increase in work orders issued under the U.S. Army Rapid
Response support contract awarded to VSE earlier this year. Based on these
increases, we anticipate continued strength in consolidated revenues and
profitability during the remainder of 2003, and early indications are that
revenues and profits in 2004 will continue the favorable trends we are
reporting."

         VSE provides diversified services to the engineering, energy and
environment, defense, 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."  Further
         information about VSE is available at www.vsecorp.com.


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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