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<SEC-DOCUMENT>0001157523-09-007446.txt : 20091029
<SEC-HEADER>0001157523-09-007446.hdr.sgml : 20091029
<ACCEPTANCE-DATETIME>20091029162710
ACCESSION NUMBER:		0001157523-09-007446
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091029
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091029
DATE AS OF CHANGE:		20091029

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:		091144917

	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>a6087233.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-family: Times New Roman; font-size: 10pt">
    <p style="white-space: nowrap; text-align: center">
      <font style="font-family: Times New Roman"><br style="font-family: Times New Roman">
      </font><font style="font-size: 16pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman">Washington,
      D.C.&#160; 20549</font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 18pt; font-family: Times New Roman">FORM&#160;8-K</font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font>
    </p>
    <p style="white-space: nowrap; text-align: center">
      <font style="font-size: 11pt; font-family: Times New Roman">Current
      Report</font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 11pt"></font><font style="font-size: 11pt; font-family: Times New Roman">Pursuant
      to Section&#160;13 or 15(d)&#160;of</font><br><font style="font-size: 11pt; font-family: Times New Roman">the
      Securities Exchange Act of 1934</font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font>
    </p>
    <p style="white-space: nowrap; text-align: center">
      <font style="font-size: 11pt; font-family: Times New Roman">Date of
      Report (Date of earliest event reported):&#160;October 29, 2009</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 18pt; font-family: Times New Roman">VSE
      CORPORATION</font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-family: Times New Roman">(Exact
      Name of Registrant as Specified in its Charter)</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">DELAWARE</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman">(State
      or Other Jurisdiction of Incorporation or Organization)</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="top">
          0-3676
        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" 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>
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2550 Huntington Avenue
          </p>
        </td>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="width: 40%">

        </td>
      </tr>
      <tr>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Alexandria, Virginia
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 40%; text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            22303-1499
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of Principal Executive Offices)
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      Telephone Number, Including Area Code: &#160;(703) 960-4600</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form&#160;8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">[ ]&#160; Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">[
      ]&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">[
      ]&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">[
      ] &#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font><br>
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">VSE
      CORPORATION</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          Item 2.02.
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          Results of Operations and Financial Condition
        </td>
      </tr>
    </table>
    </div>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">On October
      29, 2009, VSE Corporation issued a press release announcing its
      financial results for the quarter ended September 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.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          Item 9.01.
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          Financial Statements and Exhibits
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 7%; text-align: right; padding-left: 0.0px" valign="top">
          (d)
        </td>
        <td style="width: 3%">
          &#160;
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          Exhibits
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 10%">
          &#160;
        </td>
        <td style="width: 10%; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Exhibit<br>Number
        </td>
        <td style="width: 80%">

        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 10%">

        </td>
        <td style="width: 80%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 10%; text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="top">
          99.1
        </td>
        <td style="width: 80%; text-align: left; padding-left: 0.0px" valign="top">
          Press Release dated October 29, 2009 entitled, &quot;VSE Reports Third
          Quarter 2009 Results&quot;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURES</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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.</font>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          VSE CORPORATION
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 15%; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="width: 35%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 15%; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="width: 35%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; width: 30%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date: October 29, 2009
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 15%; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ T. R. Loftus
          </p>
        </td>
        <td style="width: 35%">

        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            T. R. Loftus
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Executive Vice President and Chief Financial Officer
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6087233_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-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>VSE
      Reports Third Quarter 2009 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>45%
      Increase in Third Quarter Net Income</b></font></i>
    </p>
    <p>
      ALEXANDRIA, Va.--(BUSINESS WIRE)--October 29, 2009--VSE Corporation
      (Nasdaq:VSEC) reported the following consolidated financial results for
      the three and nine months ended September 30, 2009 and 2008:
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="12" style="text-align: left; padding-left: 0.0px" valign="top">
          VSE Corporation and Subsidiaries
        </td>
      </tr>
      <tr>
        <td colspan="12" style="text-align: left; padding-left: 0.0px" valign="top">
          Consolidated Statements of Income (unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="12" style="text-align: left; padding-left: 0.0px" valign="top">
          (in thousands, except share and per share amounts)
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Nine Months Ended</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b>
          </p>
        </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; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2009</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2008</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2009</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2008</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 263,068
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 306,811
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 758,632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 747,222
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          250,144
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          297,790
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          727,393
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          724,245
        </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 style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,924
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          9,021
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          31,239
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,977
        </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 style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          422
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          681
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Interest expense (income), net
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (5
        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (116
        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (118
        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,499
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,728
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          30,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,414
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,773
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,419
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,743
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,738
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 7,726
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 5,309
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 18,808
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 13,676
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 1.51
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 1.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 3.67
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 2.70
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; 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="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,131,869
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,075,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,124,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,066,837
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 1.50
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 1.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 3.66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 2.68
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; 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="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,146,454
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,099,794
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,138,700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,093,715
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Dividends declared per share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 0.050
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 0.045
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 0.145
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $ 0.130
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>Financial Results</i>
    </p>
    <p>
      Third quarter revenues were $263.1 million compared to $306.8 million
      reported for last year&#8217;s third quarter. For the nine months ended
      September 30, 2009, revenues were $758.6 million, an increase of 2% from
      the same period of 2008. Third quarter net income was $7.7 million for
      2009, an increase from $5.3 million for 2008. Net income for the nine
      months ended September 30, 2009 was $18.8 million, up from $13.7 million
      for the same period of 2008.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      The revenue decreases for the third quarter resulted primarily from the
      expiration of our Army Equipment Support Program in February 2009, and
      temporary delays in our work on the Port of Anchorage Intermodal
      Expansion Project (&#8220;PIEP&#8221;) due to environmental and technical issues
      near the site. The revenue decreases from these two programs were
      partially offset by growth in revenues from the RCV Modernization and
      CED Assured Mobility Systems programs, an increase in the technical
      services performed by our Fleet Maintenance Division (&#8220;FMD&#8221;), and growth
      in the equipment refurbishment services provided by our Engineering and
      Logistics Division (&#8220;ELD&#8221;).
    </p>
    <p>
      The increase in net income for the third quarter and nine months of 2009
      was primarily due to increased profits on our ELD equipment
      refurbishment services, an annual incentive fee recognition under&#160;our
      U.S. Treasury Department Seized Asset Program, the inclusion of our G&amp;B
      Solutions subsidiary (&#8220;G&amp;B&#8221;) operating results for the full three-month
      and nine-month periods in 2009 as compared to partial comparable periods
      in 2008 when we acquired G&amp;B, and increased profits on our RCV
      Modernization Program.
    </p>
    <p>
      VSE&#8217;s funded backlog was approximately $597 million at September 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;We are seeing success in our strategy to
      incrementally displace low-to-no profit margin subcontractor work with
      direct labor in most of our operating divisions and subsidiaries. This
      is allowing us to benefit from improved profit margins associated with
      our strong employee growth, enhanced control of our client visibility
      and relationships, and reduced dependence on subcontractor performance
      and priorities.&#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 that 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, including VSE&#8217;s
      annual report on Form 10-K for the year ended December 31, 2008 and
      subsequent reports filed with the Securities and Exchange Commission.
    </p>
    <p>

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

    </p>
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