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<SEC-DOCUMENT>0000102752-05-000033.txt : 20050801
<SEC-HEADER>0000102752-05-000033.hdr.sgml : 20050801
<ACCEPTANCE-DATETIME>20050801131910
ACCESSION NUMBER:		0000102752-05-000033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050728
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050801
DATE AS OF CHANGE:		20050801

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:		05987455

	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>vse8k0728.txt
<DESCRIPTION>VSE CORPORATION FORM 8-K  JULY 28, 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):  July 28, 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

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities
    Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
    Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))

<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 July 28, 2005 announcing the consolidated financial results for the
three- and six-month periods ended June 30, 2005.

Item 9.01  Financial Statements and Exhibits

         (c)  Exhibits

              Exhibit
              Number
              ------
               99.1  News Release, July 28, 2005 entitled "VSE Reports Second
                     Quarter 2005 Results"


<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:  August 1, 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>vseex99-1.txt
<DESCRIPTION>NEWS RELEASE "VSE REPORTS SECOND QUARTER 2005 RESULTS"
<TEXT>
                                                                   Exhibit 99.1

VSE Corporation

                   VSE REPORTS SECOND QUARTER 2005 RESULTS

               Company Earns $0.74 Per Share Diluted in Quarter

       Alexandria, Virginia, July 28, 2005 - VSE Corporation (Nasdaq: VSEC)
reported consolidated financial results for the three- and six-month periods
ended June 30, 2005 and 2004, as follows:

<TABLE>
VSE Corporation and Subsidiaries
Consolidated  Statements of Income (unaudited)
(dollars in thousands, except share data)
- -----------------------------------------------------------------------------------
<CAPTION>
                                               Three Months            Six Months
                                             2005       2004        2005       2004
                                             ----       ----        ----       ----
<S>                                       <C>        <C>        <C>         <C>
Revenues, principally from contracts      $72,682    $54,037    $138,601    $96,646
Costs and expenses of contracts            69,716     52,424     133,471     93,886
                                          -------    -------    --------    -------
Gross profit                                2,966      1,613       5,130      2,760
Selling, general and administrative
  expenses                                    111        245         167        257
Interest income, net                          (22)       (26)        (41)       (45)
                                          -------    -------    --------    -------
Income before income taxes                  2,877      1,394       5,004      2,548
Provision for income taxes                  1,112        539       1,935        985
                                          -------    -------    --------    -------
Income from continuing operations           1,765        855       3,069      1,563
Loss from discontinued operations,
  net of tax benefit                            -         (1)          -         (1)
                                          -------    -------    --------    -------
Net income                                $ 1,765    $   854    $  3,069    $ 1,562
                                          =======    =======    ========    =======
Basic  earnings per share:
Income from continuing operations         $   .76    $   .38    $   1.34    $   .70
Loss from discontinued operations             .00        .00         .00        .00
                                          -------    -------    --------    -------
Net income                                $   .76    $   .38    $   1.34    $   .70
                                          =======    =======    ========    =======
Diluted earnings per share:
Income from continuing operations         $   .74    $   .37    $   1.30    $   .68
Loss from discontinued operations             .00        .00         .00        .00
                                          -------    -------    --------    -------
Net income                                $   .74    $   .37    $   1.30    $   .68
                                          =======    =======    ========    =======
Weighted average shares outstanding:
Basic                                   2,310,864  2,221,559   2,295,182  2,218,887
Diluted                                 2,377,254  2,305,911   2,365,668  2,296,262
</TABLE>

     VSE revenues increased about $18.6 million (up 35%) for the quarter and
about $42.0 million (up 43%) for the six months compared to the same periods of
last year, primarily due to increases associated with VSE's Army work in Kuwait
and Iraq (TBPS Program), our Taiwan ship transfer work, revenues under the Rapid
Response contract, increased Navy waterfront work, and an increase in military
refurbishment services for U.S. Army Reserve equipment.

                                   - more -

VSE Corporation News Release (continued)

     VSE net income increased about $911 thousand (up 107%) for the quarter and
about $1.5 million (up 96%) for the six months compared to the same periods of
last year, primarily due to profits associated with work on the TBPS Program.
Profits associated with the increase in military equipment refurbishment
services, the increased revenues associated with Navy ship transfer and
waterfront work, an increase in Management Sciences Division consulting
services, and a decrease in the losses incurred under the Rapid Response
contract in 2005 as compared to 2004 also contributed to an increase in pretax
income during the 2005 periods as compared to the same periods of 2004.

     Commenting on the financial results, VSE Chairman, President and CEO/COO
Don Ervine said, "Second quarter revenues of about $73 million are a record for
the company, reflecting the boost provided by our work for the Army in Kuwait
and Iraq and the Taiwan ship transfer work begun last year, as well as growth in
other programs. Net income of about $1.8 million for the quarter ($.74 per share
diluted) is keeping pace with the increase in revenues, and margins in some of
our work are benefited by the higher volume."

     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 the fiscal year ended
December 31, 2004, VSE reported consolidated revenues of $216 million and
earnings of $3.4 million ($1.49 per share diluted).

     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.

     As identified in other publicly available reports filed by VSE, such as the
recently filed SEC Form 10-K for fiscal year 2004 and the 10-Qs VSE will file
throughout 2005, the Company's interim financial results are subject to numerous
performance and risk factors, some of which may be offsetting, and to timing
differences, including the receipt of contract funding documents and award fee
evaluations. VSE invites shareholders and others to refer to these public
documents for additional detailed information on contract programs, sources of
funding, and results of operations to better understand the variations and
trends in reported quarterly results.

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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