VSE (VSEC) FY2013 results: revenue $472 million, down 13.7% on the year
VSE Corp. (VSEC) reported revenue of $472 million for fiscal 2013, the year ended 31 December 2013, down 13.7% on the year before. Net income was $23 million, up 7.3%, and diluted earnings per share $2.14. The figures are the company's own, from the 10-K it filed with the SEC on 7 March 2014.
Revenue
$472 million
-13.7% on the year
FY2009FY2013
Operating margin
9.4%
9.3% a year earlier
FY2009FY2013
Net income
$23 million
+7.3% on the year
FY2009FY2013
Diluted EPS
$2.14
+6.7% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
472
547
581
-13.7%
Cost of revenue
424
491
539
-13.5%
Gross profit
47.4
56.1
41.3
-15.5%
Gross margin
10.0%
10.3%
7.1%
Selling, general and administrative
3.3
4.0
5.2
-17.2%
Operating income
44.1
51.1
36.1
-13.7%
Operating margin
9.4%
9.3%
6.2%
Interest expense
3.7
5.2
3.1
-28.8%
Pre-tax income
38.3
43.9
32.4
-12.6%
Income tax
14.3
16.5
12.2
-13.1%
Effective tax rate
37.4%
37.6%
37.7%
Net income
22.9
21.3
20.6
+7.3%
Net margin
4.8%
3.9%
3.5%
Diluted EPS
$2.14
$2.00
$1.97
+6.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
56.6
59.8
34.7
-5.4%
Capital expenditure
4.4
20.9
6.6
-78.8%
Free cash flow
52.2
38.9
28.1
+34.0%
Free cash flow margin
11.1%
7.1%
4.8%
Cash from investing
-4.4
-25.5
-182
Cash from financing
-53.5
-33.3
142
Depreciation and amortisation
20.0
21.2
15.1
-5.4%
Share-based compensation
1.6
1.1
1.4
+46.5%
Dividends paid
1.8
1.6
1.4
+14.3%
Dividend per share
$0.17
$0.12
$0.14
+52.2%
Diluted shares, weighted
11m
11m
10m
+0.6%
Shares outstanding at period end
11m
11m
10m
+0.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
187
164
144
+13.7%
Debt
89.7
140
164
-36.0%
Other liabilities
104
106
147
-1.6%
Total liabilities and equity
381
410
455
-7.2%
Fixed assets
57.7
62.5
57.1
-7.6%
Goodwill
92.1
92.1
98.9
0.0%
Intangible assets
82.3
92.4
107
-11.0%
Cash and equivalents
0.2
1.5
0.5
-85.3%
Receivables
78.4
90.6
118
-13.5%
Other assets
69.9
71.1
74.0
-1.8%
Total assets
381
410
455
-7.2%
10-K for the year ended 31 December 2013, filed 7 March 2014: the filing.