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<SEC-DOCUMENT>0000102752-09-000030.txt : 20090430
<SEC-HEADER>0000102752-09-000030.hdr.sgml : 20090430
<ACCEPTANCE-DATETIME>20090430155711
ACCESSION NUMBER:		0000102752-09-000030
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090331
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090430
DATE AS OF CHANGE:		20090430

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:		09783657

	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>vse8k04292009.txt
<DESCRIPTION>VSE CORPORATION FORM 8-K APRIL 29, 2009
<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, 2009


                               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 April 29, 2009 announcing the consolidated financial results for the
three months ended March 31, 2009.

Item 9.01  Financial Statements and Exhibits

         (C)  Exhibits

              Exhibit
              Number
              -------
               99.1    News Release, Arpil 29, 2009 entitled "VSE Reports
                       First Quarter 2009 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:  April 30, 2009                             /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 FIRST QUARTER 2009 RESULTS"
<TEXT>

                   VSE Reports First Quarter 2009 Results

         Company Earns $0.91 Per Diluted Share in Quarter (up 28%);
                            Revenues Increase 27%


       Alexandria, Virginia, April 29, 2009 - VSE Corporation (Nasdaq: VSEC)
reported the following consolidated financial results for the periods ended
March 31, 2009 and 2008:

VSE Corporation and Subsidiaries
Consolidated Statements of Income (unaudited)
(in thousands, except share and per share amounts)
_______________________________________________________________________________
	               				         Three Months Ended
                                 		              March 31,
                                                       2009		2008

Revenues . . . . . . . . . . . . . . .            $ 240,455        $ 188,723
Contract costs . . . . . . . . . . . .              232,809          182,816
                                                  --------         ---------
Gross profit . . . . . . . . . . . . .                7,646            5,907
Selling, general and administrative
  expenses . . . . . . . . . . . . . .                  202              163
Interest income, net . . . . . . . . .	                (59)	        (147)
                                                  ---------        ---------
Income before income taxes . . . . . .                7,503            5,891
Provision for income taxes . . . . . .                2,863            2,293
                                                  ---------        ---------
Net income . . . . . . . . . . . . . .            $   4,640        $   3,598
                                                  =========        =========

Basic earnings per share . . . . . . .            $    0.91        $    0.71
                                                  =========        =========
Basic weighted average shares
  outstanding  . . . . . . . . . . . .            5,112,356        5,058,784
                                                  =========        =========

Diluted earnings per share . . . . . .            $    0.91        $    0.71
                                                  =========        =========
Diluted weighted average shares
  outstanding  . . . . . . . . . . . .            5,126,629        5,086,670
                                                  =========        =========

Dividends declared per share  		          $   0.045	   $   0.040
                                                  =========        =========

Financial Results

       VSE revenues increased approximately $52 million (up 27%) for the
three-month period of 2009 compared to the same period of 2008. The increase
is due primarily to: an increase in our Communications and Engineering
Division (CED) revenues from work on contract task orders, including the
Route Clearing Vehicle Modernization program; an increase in International
Group revenues; the inclusion of G&B Solutions revenues in our consolidated
financial results in 2009 as compared to 2008 when G&B had not yet been
acquired; and growth in the equipment refurbishment services provided by our
Engineering and Logistics (ELD) division.

                                  - more -

VSE Corporation News Release (continued)

       VSE net income increased approximately $1.04 million (up 29%) for the
three-month period of 2009 compared to the same period of 2008. The increase
in net income was primarily due to the profits associated with the increases
in revenues reported above and to the profits earned by our information
technology services subsidiary G&B Solutions.

       VSE's funded backlog was approximately $555 million at March 31, 2009
compared to approximately $567 million at December 31, 2008.

CEO Comments

	VSE CEO Mo Gauthier commented, "VSE continues to grow and our revenues
have increased by meeting requirements from existing and new customers.
Profits have increased as our volume increases, and improving our margins
remains a top goal. Our key indicators are positive, including significant
new contract awards, identified opportunities for new work, and a substantial
increase in employees.  Since the beginning of 2008 to the end of the first
quarter of 2009, we have nearly doubled our employee count from 1,223 to
2,244. The current prospects for 2009 continue to be favorable; however, 2009
is a federal government transition year and government spending priorities
may change in ways that we cannot predict. We look forward to reporting on
our progress."

VSE Services

       VSE marked its 50th year as a government contractor in January 2009.
Established in 1959, VSE is a diversified professional services company
providing 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 Randy Hollstein, Corporate Vice President
of Marketing, at (703) 329-3206.

       The company 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 News Contact: Keren Ackerman -- (703) 329-4605.

                                     ###


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</DOCUMENT>
</SEC-DOCUMENT>
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