<SEC-DOCUMENT>0000102752-14-000008.txt : 20140306
<SEC-HEADER>0000102752-14-000008.hdr.sgml : 20140306
<ACCEPTANCE-DATETIME>20140305192649
ACCESSION NUMBER:		0000102752-14-000008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140306
DATE AS OF CHANGE:		20140305

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:		14671004

	BUSINESS ADDRESS:	
		STREET 1:		6348 WALKER LANE
		CITY:			ALEXANDRIA
		STATE:			VA
		ZIP:			22310
		BUSINESS PHONE:		7039604600

	MAIL ADDRESS:	
		STREET 1:		6348 WALKER LANE
		CITY:			ALEXANDRIA
		STATE:			VA
		ZIP:			22310

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALUE ENGINEERING CO
		DATE OF NAME CHANGE:	19790612
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>vseform8-k.htm
<DESCRIPTION>VSE CORPORATION FORM 8-K DATED FEBRUARY 25, 2014
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">Pursuant to Section&#160;13 or 15(d)&#160;of the</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt"><font style="FONT-WEIGHT: normal">Date of Report (Date of earliest event reported):&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">February 25, 2014</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">(State or Other Jurisdiction</div>

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<a id="eolPage2" name="eolPage2"></a><a id="FIS_SECTION_5_CORPORATE_GOVERNANCE" name="FIS_SECTION_5_CORPORATE_GOVERNANCE"></a><a id="FIS_CHANGE_IN_DIRECTORS_OR_PRINCIPAL_OFF" name="FIS_CHANGE_IN_DIRECTORS_OR_PRINCIPAL_OFF"></a><br>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">Item 2.02<font style="LETTER-SPACING: 9pt" id="TAB2">&#160;&#160;&#160;</font>&#160;Results of Operations and Financial Condition</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
 &#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">On&#160;February 25, 2014, VSE Corporation issued a press release announcing&#160;its financial results for the&#160;fourth quarter&#160;and year ended&#160;December 31, 2013. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; FONT-WEIGHT: bold">Item 9.01<font style="LETTER-SPACING: 9pt" id="TAB2">&#160;&#160;&#160;</font>&#160;Financial Statements and Exhibits</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">(d) Exhibits</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;Exhibit</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><u>Number</u></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;&#160;&#160;<a href="exhibit99-1.htm"> 99.1</a><font style="LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font><font style="LETTER-SPACING: 9pt" id="TAB2">&#160;</font>&#160;Press release dated&#160;February 25, 2014, entitled, "VSE Reports Financial Results for&#160;Fourth Quarter and Year Ended&#160;2013."</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">(Registrant)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Date:&#160;March 5, 2014</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">/s/ Thomas R. Loftus</div>
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<td style="WIDTH: 14%; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt" valign="middle">&#160; </td>
<td style="WIDTH: 36%" valign="top" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Thomas R. Loftus</div>
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<tr>
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<td style="WIDTH: 14%; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt" valign="middle">&#160; </td>
<td style="WIDTH: 36%" valign="top" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Executive&#160;Vice President and Chief Financial Officer</div>
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<br>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE DATED FEBRUARY 25, 2014
<TEXT>
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<title>exhibit99-1.htm</title>
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">Exhibit 99.1</div>

<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">&#160;</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VSE Reports Financial Results for Fourth Quarter and Year Ended 2013</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Operating margins continue to improve despite revenue decline</div>

<div style="FONT-WEIGHT: normal"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: normal">Alexandria, Virginia, February 25, 2014 -&#160;VSE Corporation (Nasdaq:&#160;VSEC) reported the following unaudited consolidated financial results for the three-month and twelve-month periods ended December 31, 2013.&#160;</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="24">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financial Results</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="24">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(in thousands, except per-share data and percentages)</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Three Months Ended Dec 31</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Twelve Months Ended Dec 31</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% Change</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% Change</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Revenues</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">122,350</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">136,860</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(10.6</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">471,638</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">546,755</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(13.7</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Operating income</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">12,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">11,764</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">2.0</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">44,103</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">51,076</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(13.7</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Operating margin</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">9.81</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">8.60</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Up 121 bp</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">9.35</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">9.34</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Up 1 bp</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income from continuing operations</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">6,429</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">6,478</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(0.8</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">23,990</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">27,364</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(12.3</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Loss from discontinued operations, net of tax</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(1,023</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(4,111</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(1,138</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(6,070</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net income</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">5,406</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">2,367</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">128.4</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">22,852</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">21,294</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">7.3</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income from continuing operations EPS (diluted)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1.20</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1.22</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(1.6</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">4.49</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">5.15</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(12.8</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Loss from discontinued operations EPS (diluted)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(0.19</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(0.77</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(0.21</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(1.14</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
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<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">-</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net income EPS (diluted)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1.01</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">0.45</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">124.4</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">%</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">4.28</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">4.01</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">6.7</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">%</div>
</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal">"We continue to focus on newer markets and service offerings during a challenging time in our traditional markets," said Maurice "Mo" Gauthier, VSE CEO. "While temporary suspension of our U.S. Army Reserve ("USARC") program and declines in some of our other federal government work adversely impacted our operating results for the year, the bottom line impact was largely mitigated by effective cost balancing and contributions from our newer markets and service offerings. Our success with these efforts in the Supply Chain Management Group is evidenced by revenue growth and expansion into adjacent markets.<font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #1f497d; FONT-SIZE: 11pt">&#160;</font>In 2013, we now derive more than 50% of our revenue from non-DoD customers and our operating margins continue to improve."</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Mr. Gauthier continued, "Bottom line success has led to strong cash flow, allowing us to reduce our debt by approximately $50 million in 2013 and this positions us to consider a variety of options to increase shareholder value."</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Revenues were $122.4 million in the fourth quarter of 2013 compared to $136.9 million in the fourth quarter of 2012. For the full year, revenues were $471.6 million in 2013 compared to $546.8 million in 2012.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Our revenues decreased by approximately $75 million or 14% for the year ended December 31, 2013 as compared to the prior year. The revenue decrease was due primarily to contract expirations and declines in services ordered by clients on continuing contracts, including a $26 million reduction attributable to the expiration of a contract at the end of 2012 to provide mechanical maintenance services for Mine Resistance Ambush Protected ("MRAP") vehicles and systems in Kuwait; an $18 million reduction in revenues from our vehicle and equipment refurbishment work for the U.S. Army Reserve due to the interruption of contract coverage in the third quarter of 2013; an $18 million reduction in pass-through work provided on engineering and technical services task orders; and a $20 million reduction in IT and energy consulting revenues. These declines were offset partially by a $12 million increase in Supply Chain Management revenues.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Operating income was $12 million for the fourth quarter of 2013 compared to $11.8 million in the fourth quarter of 2012. For the full year, operating income was $44.1 million in 2013 compared to $51.1 million in 2012. The decrease in our 2013 operating income is primarily due to our revenue decline.</div>

<div style="FONT-WEIGHT: normal"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Fourth quarter of 2013 income from continuing operations was $6.4 million, or $1.20 per diluted share, and $6.5 million, or $1.22 per diluted share for the fourth quarter of 2012.&#160; For the full year, income from continuing operations was $24 million for 2013, or $4.49 per diluted share, compared to $27.4&#160;million, or $5.15 per diluted share for 2012.</div>

<div style="FONT-WEIGHT: normal"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Net income was $5.4 million for the fourth quarter of 2013, or $1.01 per diluted share, compared to $2.4 million, or $0.45 per diluted share for the fourth quarter of 2012. &#160;For the full year, net income was $22.9 million for 2013, or $4.28 per diluted share, compared to $21.3 million, or $4.01 per diluted share for 2012.</div>

<div style="FONT-WEIGHT: normal"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Bookings were $501&#160;million and revenue was $472 million for 2013. Bookings were $539 million and revenue was $547 million for 2012. Funded contract backlog at December 31, 2013 was $236 million, compared to $268 million at September 30, 2013 and $250&#160;million at December 31, 2012.</div>

<div><br>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Discontinued Operations</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">As of December 31, 2013, we have not completed a sale of the assets of our subsidiary Integrated Concepts and Research Corporation and there is no assurance that we will succeed in selling such assets. Accordingly, we have abandoned the operations of the subsidiary and have included in the loss from discontinued operations, net of tax, </font><font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #252525; FONT-SIZE: 11pt">a charge </font><font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">of approximately $1 million in the fourth quarter of 2013, which represents the write-off of their remaining assets.</font></div>

<div><br>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Operational Highlights in 2013</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our Wheeler Bros., Inc. subsidiary ("WBI") in our Supply Chain Management Group continues to operate efficiently and effectively, providing steady operating results that have made it a significant contributor to our business. WBI revenues grew by approximately $12 million, or about 8%, in 2013 compared to 2012.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">We appointed Chad Wheeler President and COO of WBI in July 2013. Also in July, Randy Davies, then CEO of WBI, was appointed to the Postal Supplier Council (PSC) Board of Advisors (BoA.) Nomination and appointment to the BoA is based on exceptional contribution to the PSC. WBI has been a PSC member since 2006.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our International Group was awarded an indefinite delivery/indefinite quantity (IDIQ) contract to provide program and technical support services for Security Assistance Projects administered by the U.S. Coast Guard Foreign Military Sales Program. This single-award contract has a five-year period of performance (a base year plus four one-year options) and a ceiling in excess of $99 million.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our International Group was awarded an IDIQ contract to support the U.S. Department of Justice (DOJ) Criminal Division, Asset Forfeiture and Money Laundering Section in international asset recovery services. This contract has a period of performance of 12-months with four 12&#8209;month options. The initial ceiling for this award is $9 million.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our Federal Group was awarded a task order under our Rapid Response Third Generation (R2&#8209;3G) prime contract to continue support services to the U.S. Army Reserve Command for its Equipment, Engineering, Maintenance and Logistics Readiness Program. The R2-3G task order has a 12-month period of performance with a funded value of $32 million and a ceiling of $46.5&#160;million.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our Federal Group was also awarded two firm fixed price (FFP) task orders in September 2013 under its Field and Installation Readiness Support Team (FIRST) prime contract to continue the support services to USARC for its 63rd and 88th Regional Support Command (RSC) Logistics Readiness Support programs. The 63rd RSC task order has a period of performance of 12&#8209;months with one 12-month option. The 88th RSC task order has a period of performance of 12-months with two 12-month options. The total combined value of both task orders is approximately $63 million.</div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt">Our Federal Group was awarded a delivery order to support Taiwan's Maritime Defense efforts, managed by the Army Aviation and Missile Command's Integrated Material Management Center (AMCOM IMMC) Lower Tier Project Office (LTPO). The delivery order has a four-year period of performance and a value of approximately $24 million.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our Federal Group was also awarded two FFP/IDIQ contracts to support the Marine Corps Logistics Command Marine Depot Maintenance Command (MDMC) in Albany, GA. We will support the rebuild effort of approximately 170 40-ton payload, three-axle Medium Heavy Equipment Transporters (MHET) semitrailers and 230 5,000-gallon fuel dispensing semitrailers. Both contracts have a period of performance that includes a 12-month base and four 12-month options with a total combined value of approximately $12 million.</div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">About VSE</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#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;&#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;&#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;&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Established in 1959, VSE is a diversified federal services company with experience in solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our clients successful by delivering talented people and innovative solutions for supply chain management, logistics, engineering, energy, IT services, and consulting. For additional information regarding VSE services and products, please see the Company's web site at www.vsecorp.com or contact Christine Kaineg, VSE Investor Relations, at (703) 329-3263.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Please refer to VSE's Annual Report on Form 10-K for the year ended December 31, 2013, which we expect to file with the U.S. Securities and Exchange Commission (SEC) on or about March 5, 2014. VSE encourages investors and others to review the detailed reporting and disclosures contained in VSE's public filings with the SEC 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.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Safe Harbor</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">This news release contains statements that 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 SEC, including VSE's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the SEC.</div>

<div><br>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">VSE Financial News Contact: Christine Kaineg -- (703) 329-3263.</div>

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