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<SEC-DOCUMENT>0001157523-09-005410.txt : 20090731
<SEC-HEADER>0001157523-09-005410.hdr.sgml : 20090731
<ACCEPTANCE-DATETIME>20090730174441
ACCESSION NUMBER:		0001157523-09-005410
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090730
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090731
DATE AS OF CHANGE:		20090730

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:		09974851

	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>a6019518.htm
<DESCRIPTION>VSE CORPORATION 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2009 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-size: 12pt">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">Washington,
      D.C. 20549</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">FORM
      8-K</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Current Report</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">Pursuant
      to Section 13 or 15(d) of</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">the
      Securities Exchange Act of 1934</font>
    </p>
    <p style="text-align: center; white-space: nowrap">
      Date of Report (Date of earliest event reported):&#160;&#160;July 30, 2009<br><br><br><br><font style="font-size: 12pt">VSE
      CORPORATION</font><br>(Exact Name of Registrant as Specified in its
      Charter)<br><br>DELAWARE<br>(State or Other Jurisdiction of
      Incorporation or Organization)
    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; width: 80%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 50%; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          0-3676
        </td>
        <td style="width: 50%; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          54-0649263
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          (Commission File Number)
        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          (I.R.S. Identification Number)
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <br>

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; width: 60%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 65%; text-align: left; padding-left: 0.0px" valign="top">
          2550 Huntington Avenue
        </td>
        <td style="width: 35%">

        </td>
      </tr>
      <tr>
        <td style="width: 65%; text-align: left; padding-left: 0.0px" valign="top">
          Alexandria, Virginia
        </td>
        <td style="width: 35%; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          22303-1499
        </td>
      </tr>
      <tr>
        <td style="width: 65%; text-align: left; padding-left: 0.0px" valign="top">
          (Address of Principal Executive Offices)
        </td>
        <td style="width: 35%; text-align: center; padding-left: 0.0px" valign="top">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center; white-space: nowrap">
      Registrant's Telephone Number, Including Area Code:&#160;&#160;(703) 960-4600
    </p>
    <p>
      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:
    </p>
    <p style="white-space: nowrap">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)<br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)<br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))<br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      VSE CORPORATION
    </p>
    <p style="white-space: nowrap">
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition
    </p>
    <p>
      On July 30, 2009, VSE Corporation issued a press release announcing its
      financial results for the quarter ended June 30, 2009.&#160;&#160;A copy of the
      press release is being furnished as Exhibit 99.1 to this Form 8-K and is
      hereby incorporated by reference.
    </p>
    <p style="white-space: nowrap">
      Item 9.01.&#160;&#160;Financial Statements and Exhibits
    </p>
    <p style="margin-left: 30.0px; white-space: nowrap">
      (d)&#160;&#160;Exhibits
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="width: 8%; text-align: left; padding-left: 0.0px" valign="top">
          Exhibit
        </td>
        <td style="width: 87%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 8%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Number</u>
          </p>
        </td>
        <td style="width: 87%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 8%">

        </td>
        <td style="width: 87%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 8%; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 87%; text-align: left; padding-left: 0.0px" valign="top">
          Press Release dated July 30, 2009 entitled, &quot;VSE Reports Second
          Quarter 2009 Results&quot;
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">

    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      SIGNATURES
    </p>
    <p>
      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.
    </p>
    <p style="white-space: nowrap">

    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="width: 70%; text-align: left; padding-left: 0.0px" valign="top">
          VSE CORPORATION
        </td>
      </tr>
      <tr>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="width: 70%; text-align: left; padding-left: 0.0px" valign="top">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 70%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 70%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">
          Date: July 30, 2009
        </td>
        <td style="width: 70%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ T. R. Loftus&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="width: 70%; text-align: left; padding-left: 0.0px" valign="top">
          T. R. Loftus
        </td>
      </tr>
      <tr>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="width: 70%; text-align: left; padding-left: 0.0px" valign="top">
          Executive Vice President and Chief Financial Officer
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6019518-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2009 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>VSE
      Reports Second Quarter 2009 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>35%
      Increase in Second Quarter Net Income</b></font></i>
    </p>
    <p>
      ALEXANDRIA, Va.--(BUSINESS WIRE)--July 30, 2009--VSE Corporation
      (Nasdaq:&#160;VSEC) reported the following consolidated financial results for
      the three and six months ended June 30, 2009 and 2008:
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          VSE Corporation and Subsidiaries
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          Consolidated Statements of Income (unaudited)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          (dollars in thousands, except per share amounts)
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          Three Months Ended
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          Six Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          June 30,
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          June 30,
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          2009
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          2008
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          2009
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          2008
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          255,109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          251,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          495,564
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          440,411
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Contract costs
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          244,440
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          243,639
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          477,249
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          426,455
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,315
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,956
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Selling, general and administrative expenses
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          180
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          382
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          383
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Interest (income) expense, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (60
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          34
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (119
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (113
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,549
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,686
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,107
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,026
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,970
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,319
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,442
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,769
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,082
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,367
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Basic earnings per share
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.26
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.94
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2.16
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.65
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Basic weighted average shares outstanding
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,130,372
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,065,799
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,121,414
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,062,292
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Diluted earnings per share
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.25
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.94
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2.16
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.64
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Diluted weighted average shares outstanding
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,142,799
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,094,615
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,134,759
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,090,643
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Dividends declared per share
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.050
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.045
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.095
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.085
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>Financial Results</i>
    </p>
    <p>
      VSE revenues increased approximately $3.4 million (up 1%) and $55
      million (up 13%) for the three and six month periods of 2009 compared to
      the same periods of 2008. The increase is primarily due to: the Route
      Clearing Vehicle Modernization Program in our Communications and
      Engineering Division (CED); an increase in International Group revenues;
      growth in the equipment refurbishment services provided by our
      Engineering and Logistics Division (ELD); and an increase in G&amp;B
      Solutions (G&amp;B) revenues due partly to G&amp;B&#8217;s inclusion in our financial
      results for a full six months in 2009.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      VSE net income increased approximately $1.7 million (up 35%) and $2.7
      million (up 32%) for the three and six month periods of 2009 compared to
      the same periods of 2008. The increase in net income was primarily due
      to profits on our ELD equipment refurbishment services; the inclusion of
      G&amp;B in our financial results for a full six months in 2009; and profits
      on the Route Clearing Vehicle Modernization Program.
    </p>
    <p>
      VSE&#8217;s funded backlog was approximately $536 million at June 30, 2009
      compared to approximately $567 million at December 31, 2008.
    </p>
    <p>
      <i>CEO Comments</i>
    </p>
    <p>
      VSE CEO Mo Gauthier commented, &#8220;Our second quarter net income reflects
      an improvement consistent with our previously stated goal of increasing
      our profit margins. Since the beginning of 2009 we have added
      approximately 500 new employees as we increase our revenue generated by
      direct labor as compared to revenue from subcontractors. We believe that
      our position in the DoD market and our growth in Federal Civilian
      agencies will position us for steady and incremental progress; however
      the government funding priorities during this transition year may impact
      us in ways that are not anticipated. We look forward to reporting on our
      progress.&#8221;
    </p>
    <p>
      <i>VSE Services</i>
    </p>
    <p>
      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 <u>www.vsecorp.com</u> or contact
      Randy Hollstein, Corporate Vice President of Sales and Marketing, at
      (703) 329-3206.
    </p>
    <p>
      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&#8217;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&#8217;s
      discussion of short and long term business challenges and opportunities.
    </p>
    <p>
      <i>Safe Harbor</i>
    </p>
    <p>
      This news release contains statements which, to the extent they are not
      recitations of historical fact, constitute &#8220;forward looking statements&#8221;
      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&#8217;s public
      filings with the Securities and Exchange Commission.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>VSE Corporation<br>Keren Ackerman, 703-329-4605
    </p>
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