-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TiCQIHsEbO822aowRX3Wyl3vOju5FdPo+1tSFZiJH4smRNFsFC+fUzYC/WBMuSc9
 4x/5bKzwFwFuPFLjC2OZbQ==

<SEC-DOCUMENT>0000102752-05-000002.txt : 20050225
<SEC-HEADER>0000102752-05-000002.hdr.sgml : 20050225
<ACCEPTANCE-DATETIME>20050225134223
ACCESSION NUMBER:		0000102752-05-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041231
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050225
DATE AS OF CHANGE:		20050225

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:		05640260

	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>vse8k0222.txt
<DESCRIPTION>VSE CORPORATION FORM 8-K  FEBRUARY 22, 2005
<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):  February 22, 2005


                               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 2.02  Results of Operations and Financial Condition

Attached hereto as Exhibit 99.1 is a copy of the Registrant's news release
dated February 22, 2005 announcing the consolidated financial results for 2004.


Item 9.01  Financial Statements and Exhibits

         (c)  Exhibits

              Exhibit
              Number
              ------
               99.1    News Release, February 22, 2005 entitled "VSE Reports
                       Financial Results for 2004"






<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:  February 22, 2005
                                         /s/ T. R. Loftus
                                         -------------------------------
                                         T. R. Loftus
                                         Senior Vice President and
                                         Chief Financial Officer



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>vse8kex991.txt
<DESCRIPTION>NEWS RELEASE "VSE REPORTS FINANCIAL RESULTS FOR 2004"
<TEXT>
                                                                   Exhibit 99.1

            VSE REPORTS FINANCIAL RESULTS FOR 2004

Fourth Quarter 2004 Compared to Fourth Quarter 2003:

     o Revenues Up 35% to $57.1 Million
     o Net Income Up 61% to $997 Thousand
     o Earnings Per Share Up 54% to $.43 Per Diluted Share

       Alexandria, Virginia, February 22, 2005 - VSE Corporation (Nasdaq: VSEC)
reported revenues  of $57.1 million and earnings of $997 thousand for the three-
month period ended December 31, 2004, compared to revenues of $42.2 million and
earnings of $620 thousand for the same period of 2003.

       During the quarter the company experienced significant revenue increases
in VSE's International and Federal operating groups. Profits increased based on
the higher business volume and on a lower rate for fixed corporate costs based
on the overall volume increase.

       Chairman and CEO Don Ervine commented, "VSE performed very well during
the fourth quarter and in 2004, exceeding our $200 million annual revenue goal
for the first time. An increase in profits followed the revenue growth. All of
this comes from the hard work of VSE managers and employees to identify and meet
customer requirements. By continuing to serve our customers first, we expect to
grow our business and continuously identify new opportunities for service."

Year Ended December 31, 2004, Compared to Year Ended December 31, 2003:

     o Revenues Up 62% to $216.0 Million
     o Net Income Up 71% to $3.4 Million
     o Earnings Per Share Up 65% to $1.49 Per Diluted Share
     o Funded Backlog Up 102% to $168 Million
     o Return on Equity Tops 18%

       VSE experienced a record year in 2004 and, based on projected activity
under existing contracts, expects further growth in 2005. The ship transfer work
performed by our BAV Division led our growth in 2004, and it is expected to
contribute significantly to our revenues through 2006. Other previously
announced indefinite quantity, indefinite delivery contracts won in 2003 and
2004 also contributed in 2004 and are expected to contribute in 2005 and beyond.
In addition, our Systems Engineering Division was awarded a contract in 2004 to
provide the U.S. Army with an innovative, self-sealing fuel tanker system which
could be important for VSE growth in 2005. During 2004 we significantly
increased our support to the U.S. Air Force, and we were awarded new contracts
to establish Army programs in corrosion control and driver vehicle upgrade kits.
Our subsidiary Energetics is recognized as a global leader in developing
technology roadmaps and also participated on the winning team to support the
National Energy Technology Laboratory. We continue to identify new bidding
opportunities, and our success rate is improving. Our funded backlog at
December 31, 2004, stood at $168 million, promising a fast start towards our
goals for 2005.

       Chairman and CEO Don Ervine continued, "During 2004 we experienced
significant increases in revenues, profits, return on equity, employees, and
customers. We increased our cash dividend by 25%, and our stock price reflected
an increase in shareholder value. These are excellent goals to exceed in 2005
and beyond, and I look forward to reporting on our progress."

                                   -more-

VSE Corporation News Release (continued)

<TABLE>
VSE Corporation and Subsidiaries
Consolidated  Statements of Income (unaudited)
(in thousands, except share and per share amounts)
________________________________________________________________________________________________________
<CAPTION>
                                                           Three Months            Twelve Months
                                                        Ended December 31,       Ended December 31,
                                                         2004        2003         2004        2003
                                                         ----        ----         ----        ----
<S>                                                  <C>         <C>          <C>        <C>
Revenues, principally from contracts                 $  57,142   $  42,185    $ 216,011   $ 133,059
Costs and expenses of contracts                         55,336      40,988      209,841     129,372
                                                     ---------   ---------    ---------   ---------
Gross profit                                             1,806       1,197        6,170       3,687
Selling, general and administrative expenses               186         193          636         351
Interest income, net                                       (26)        (20)        (102)        (69)
                                                     ---------   ---------    ---------   ---------
Income before income taxes                               1,646       1,024        5,636       3,405
Provision for income taxes                                 649         403        2,191       1,315
                                                     ---------   ---------    ---------   ---------
Income from continuing operations                          997         621        3,445       2,090
Loss from discontinued operations, net of tax benefit        -          (1)          (1)        (79)
                                                     ---------   ---------    ---------   ---------
Net income                                           $     997   $     620    $   3,444   $   2,011
                                                     =========   =========    =========   =========

Weighted average shares outstanding:
Basic                                                2,264,029   2,192,426    2,231,848   2,189,197
Diluted                                              2,345,865   2,239,722    2,309,932   2,230,226

Earnings per share:
Basic - Income from continuing operations            $     .44   $     .28    $    1.54   $     .96
Basic - Loss from discontinued operations                    -           -            -        (.04)
                                                     ---------   ---------    ---------   ---------
Basic - Net income                                         .44         .28         1.54         .92
                                                     =========   =========    =========   =========

Diluted - Income from continuing operations          $     .43       $ .28    $    1.49   $     .94
Diluted - Loss from discontinued operations                  -           -            -        (.04)
                                                     ---------   ---------    ---------   ---------
Diluted - Net income                                       .43         .28         1.49         .90
                                                     =========   =========    =========   =========
________________________________________________________________________________________________________
</TABLE>

       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.

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>
-----END PRIVACY-ENHANCED MESSAGE-----
