VSE (VSEC) FY2014 results: revenue $424 million, down 10.1% on the year
VSE Corp. (VSEC) reported revenue of $424 million for fiscal 2014, the year ended 31 December 2014, down 10.1% on the year before. Net income was $19 million, down 15.3%, and diluted earnings per share $1.80. The figures are the company's own, from the 10-K it filed with the SEC on 6 March 2015.
Revenue
$424 million
-10.1% on the year
FY2009FY2014
Operating margin
8.7%
9.4% a year earlier
FY2009FY2014
Net income
$19 million
-15.3% on the year
FY2009FY2014
Diluted EPS
$1.80
-15.7% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
424
472
547
-10.1%
Cost of revenue
373
424
491
-12.1%
Gross profit
51.1
47.4
56.1
+7.9%
Gross margin
12.1%
10.0%
10.3%
Selling, general and administrative
4.1
3.3
4.0
+26.0%
Operating income
36.9
44.1
51.1
-16.3%
Operating margin
8.7%
9.4%
9.3%
Interest expense
2.0
3.7
5.2
-45.9%
Pre-tax income
32.9
38.3
43.9
-14.0%
Income tax
12.5
14.3
16.5
-13.0%
Effective tax rate
37.8%
37.4%
37.6%
Net income
19.4
22.9
21.3
-15.3%
Net margin
4.6%
4.8%
3.9%
Diluted EPS
$1.80
$2.14
$2.00
-15.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
49.7
56.6
59.8
-12.2%
Capital expenditure
3.4
4.4
20.9
-22.7%
Free cash flow
46.3
52.2
38.9
-11.3%
Free cash flow margin
10.9%
11.1%
7.1%
Cash from investing
-3.4
-4.4
-25.5
Cash from financing
-46.3
-53.5
-33.3
Depreciation and amortisation
18.8
20.0
21.2
-6.2%
Share-based compensation
1.7
1.6
1.1
+10.3%
Dividends paid
2.0
1.8
1.6
+12.3%
Dividend per share
$0.20
$0.17
$0.12
+11.4%
Diluted shares, weighted
11m
11m
11m
+0.5%
Shares outstanding at period end
11m
11m
11m
+0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
205
187
164
+10.0%
Debt
48.6
89.7
140
-45.8%
Other liabilities
101
104
106
-2.7%
Total liabilities and equity
355
381
410
-6.6%
Fixed assets
52.9
57.7
62.5
-8.4%
Goodwill
92.1
92.1
92.1
0.0%
Intangible assets
72.2
82.3
92.4
-12.2%
Cash and equivalents
0.3
0.2
1.5
+19.5%
Receivables
59.4
78.4
90.6
-24.2%
Other assets
78.5
69.9
71.1
+12.3%
Total assets
355
381
410
-6.6%
10-K for the year ended 31 December 2014, filed 6 March 2015: the filing.