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<SEC-DOCUMENT>0000102752-08-000023.txt : 20080801
<SEC-HEADER>0000102752-08-000023.hdr.sgml : 20080801
<ACCEPTANCE-DATETIME>20080801170035
ACCESSION NUMBER:		0000102752-08-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080630
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080801
DATE AS OF CHANGE:		20080801

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:		08985765

	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>vse8k08012008.txt
<DESCRIPTION>VSE CORPORATION FORM 8-K JULY 31, 2008
<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 31, 2008


                               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))



VSE CORPORATION

Item 2.02  Results of Operations

Attached hereto as Exhibit 99.1 is a copy of the Registrant's news release
dated July 31, 2008 announcing the consolidated financial results for the
three and six months ended June 30, 2008.

Item 9.01  Financial Statements and Exhibits

         (C)  Exhibits

              Exhibit
              Number
              -------
               99.1    News Release, July 31, 2008 entitled "VSE Reports
                       Second Quarter 2008 Results"



                                     -2-


                                 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, 2008                             /s/ T. R. Loftus
                                                  -----------------------------
                                                  T. R. Loftus
                                                  Executive Vice President and
                                                  Chief Financial Officer









                                     -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.txt
<DESCRIPTION>NEWS RELEASE "VSE REPORTS SECOND QUARTER 2008 RESULTS"
<TEXT>
                                                                   EXHIBIT 99.1


                   VSE REPORTS SECOND QUARTER 2008 RESULTS

          Company Earns $0.94 Per Share Diluted in Quarter (up 32%)
             and $1.64 Per Share Diluted for Six Months (up 29%)

       Alexandria, Virginia, July 31, 2008 - VSE Corporation (Nasdaq: VSEC)
reported the following consolidated financial results for the periods ended
June 30, 2008 and 2007:

<TABLE>
VSE Corporation and Subsidiaries
Consolidated  Statements of Income (unaudited)
(in thousands, except share and per share amounts)
<CAPTION>
______________________________________________________________________________________
                             	            Three Months Ended       Six Months Ended
                                                 June 30,                June 30,
                                             2008        2007        2008        2007
                                             ----        ----        ----        ----
<S>                                      <C>         <C>         <C>         <C>

Revenues  		                 $ 251,688   $ 159,644	 $ 440,411   $ 280,333
Costs and expenses of contracts            243,208     153,904	   425,767     270,152
                                         ---------   ---------   ---------   ---------
Gross profit                                 8,480       5,740	    14,644      10,181
Selling, general and
  administrative expenses  		       651         243       1,071         394
Interest expense (income), net                  34        (255)	      (113)       (371)
                                         ---------   ---------   ---------   ---------
Income before income taxes                   7,795       5,752	    13,686      10,158
Provision for income taxes                   3,026       2,205	     5,319       3,882
                                         ---------   ---------   ---------   ---------
Net income                               $   4,769   $   3,547	 $   8,367   $   6,276
                                         ==========  =========   =========   =========


Basic earnings per share                 $    0.94   $    0.72	 $    1.65   $    1.29

Basic weighted average shares
  outstanding  	                         5,065,799   4,931,942	 5,062,292   4,870,027


Diluted earnings per share               $    0.94   $    0.71	 $    1.64   $    1.27

Diluted weighted shares
  outstanding                            5,094,615   4,977,390	 5,090,643   4,933,705


Dividends declared per share             $   0.045   $    0.04	 $   0.085   $   0.075

</TABLE>


Financial Results

       VSE revenues increased approximately $92.0 million (up 58%) and $160.1
million (up 57%) for the three- and six-month periods of 2008 compared to the
same periods of 2007. These increases occurred in several U.S. Army programs
including the Army's Equipment Support Program and the Assured Mobility Systems
program, offsetting decreases in BAV ship transfer division revenues and in
Tanker Ballistic Protection System (TBPS) revenues as the TBPS program comes to
successful completion. Additionally, revenues from new VSE subsidiaries
Integrated Concepts and Resources Corporation (ICRC) and G&B Solutions, Inc.
added to the increase in revenues in 2008.

       VSE net income increased approximately $1.2 million (up 34%) and $2.1
million (up 33%) for the three- and six-month periods of 2008 compared to the
same periods of 2007. The increases in net income were primarily due to the
profits associated with the increases in revenues reported above and to the
profits earned by ICRC and G&B Solutions.

                                   - more -

VSE Corporation News Release (continued)

CEO Comments

	VSE CEO Mo Gauthier said, "Our rapid growth in 2008 reflects the
Company's diverse capabilities and our commitment to meeting the needs of an
expanding list of clients. We are positioning ourselves to enhance our current
role in the repair, maintenance and modernization of legacy defense equipment
and systems. Concurrently, we are seeking to expand our market share in civilian
Federal agencies. Our core capabilities include technical and consulting
services applied to requirements across an array of defense and civilian markets
including infrastructure, information technology, energy management programs,
homeland security, and law enforcement."

	"Our funded backlog was approximately $674 million at June 30, 2008
compared to approximately $408 million at December 31, 2007. Based on these and
other indicators, such as recently announced contract awards and our favorable
position in several of the markets we serve, we anticipate 2008 will be an
excellent year, capping off 50 years of service (1959-2008) as a trusted
Government contractor."

	"We continue to seek opportunities for organic growth with the customers
we serve, as well as acquisition opportunities that have the potential to
contribute to our growth and earnings in the years ahead."

        VSE encourages investors and others to review the detailed reporting and
disclosures contained in VSE public filings for further information and analysis
of VSE's financial condition and results of operations. The public filings
include additional discussion about the status of specific customer programs
and contract awards, risks, revenue sources and funding, dependence on material
customers, and management's discussion of short and long term business
challenges and opportunities.


Safe Harbor

        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.

       	VSE is a diversified professional services company established in 1959.
The Company provides engineering and consulting services, systems integration,
infrastructure support, and information technology management and solutions,
principally to agencies of the United States Government and other government
prime contractors at locations across the United States and around the world.
For additional information on VSE services and products, please see our web site
at www.vsecorp.com or contact Len Goldstein, Director of Business and New
Product Development, at (703) 317-5202.

VSE News Contact: Craig Weber -- (703) 329-4770.

                                     ###



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