VSE (VSEC) FY2015 results: revenue $534 million, up 25.9% on the year
VSE Corp. (VSEC) reported revenue of $534 million for fiscal 2015, the year ended 31 December 2015, up 25.9% on the year before. Net income was $25 million, up 28.7%, and diluted earnings per share $2.31. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2016.
Revenue
$534 million
+25.9% on the year
FY2009FY2015
Operating margin
9.5%
8.7% a year earlier
FY2009FY2015
Net income
$25 million
+28.7% on the year
FY2009FY2015
Diluted EPS
$2.31
+28.0% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
534
424
472
+25.9%
Cost of revenue
465
373
424
+24.6%
Gross profit
69.4
51.1
47.4
+35.8%
Gross margin
13.0%
12.1%
10.0%
Selling, general and administrative
3.3
4.1
3.3
-20.6%
Operating income
50.5
36.9
44.1
+36.9%
Operating margin
9.5%
8.7%
9.4%
Interest expense
n/a
2.0
3.7
Pre-tax income
41.0
32.9
38.3
+24.4%
Income tax
16.1
12.5
14.3
+29.0%
Effective tax rate
39.2%
37.8%
37.4%
Net income
24.9
19.4
22.9
+28.7%
Net margin
4.7%
4.6%
4.8%
Diluted EPS
$2.31
$1.80
$2.14
+28.0%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
37.6
49.7
56.6
-24.4%
Capital expenditure
10.6
3.4
4.4
+209.4%
Free cash flow
27.0
46.3
52.2
-41.7%
Free cash flow margin
5.1%
10.9%
11.1%
Cash from investing
-205
-3.4
-4.4
Cash from financing
168
-46.3
-53.5
Depreciation and amortisation
25.5
18.8
20.0
+36.1%
Share-based compensation
2.1
1.7
1.6
+19.7%
Dividends paid
2.3
2.0
1.8
+11.0%
Dividend per share
$0.21
$0.20
$0.17
+10.3%
Diluted shares, weighted
11m
11m
11m
+0.4%
Shares outstanding at period end
11m
11m
11m
+0.3%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
229
205
187
+11.6%
Debt
235
48.6
89.7
+383.5%
Other liabilities
153
101
104
+51.2%
Total liabilities and equity
617
355
381
+73.7%
Fixed assets
64.3
52.9
57.7
+21.5%
Goodwill
199
92.1
92.1
+115.7%
Intangible assets
143
72.2
82.3
+98.1%
Cash and equivalents
0.7
0.3
0.2
+181.4%
Receivables
78.5
59.4
78.4
+32.1%
Other assets
132
78.5
69.9
+68.5%
Total assets
617
355
381
+73.7%
10-K for the year ended 31 December 2015, filed 3 March 2016: the filing.