VSE (VSEC) FY2016 results: revenue $692 million, up 29.6% on the year
VSE Corp. (VSEC) reported revenue of $692 million for fiscal 2016, the year ended 31 December 2016, up 29.6% on the year before. Net income was $27 million, up 7.5%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2017.
Revenue
$692 million
+29.6% on the year
FY2009FY2016
Operating margin
7.4%
9.5% a year earlier
FY2009FY2016
Net income
$27 million
+7.5% on the year
FY2009FY2016
Diluted EPS
$2.47
+6.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
692
534
424
+29.6%
Cost of revenue
618
465
373
+32.9%
Gross profit
74.2
69.4
51.1
+6.9%
Gross margin
10.7%
13.0%
12.1%
Selling, general and administrative
6.6
3.3
4.1
+101.0%
Operating income
51.5
50.5
36.9
+2.0%
Operating margin
7.4%
9.5%
8.7%
Interest expense
n/a
n/a
2.0
Pre-tax income
41.7
41.0
32.9
+1.7%
Income tax
14.9
16.1
12.5
-7.4%
Effective tax rate
35.7%
39.2%
37.8%
Net income
26.8
24.9
19.4
+7.5%
Net margin
3.9%
4.7%
4.6%
Diluted EPS
$2.47
$2.31
$1.80
+6.9%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
47.2
37.6
49.7
+25.6%
Capital expenditure
6.5
10.6
3.4
-38.0%
Free cash flow
40.6
27.0
46.3
+50.5%
Free cash flow margin
5.9%
5.1%
10.9%
Cash from investing
-6.5
-205
-3.4
Cash from financing
-41.0
168
-46.3
Depreciation and amortisation
26.0
25.5
18.8
+2.0%
Share-based compensation
2.1
2.1
1.7
+1.3%
Dividends paid
2.5
2.3
2.0
+9.9%
Dividend per share
$0.23
$0.21
$0.20
+9.3%
Diluted shares, weighted
11m
11m
11m
+0.4%
Shares outstanding at period end
11m
11m
11m
+0.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
255
229
205
+11.3%
Debt
216
235
48.6
-8.0%
Operating lease liabilities
21.7
n/a
n/a
Other liabilities
169
153
101
+10.2%
Total liabilities and equity
662
617
355
+7.2%
Fixed assets
62.1
64.3
52.9
-3.5%
Goodwill
199
199
92.1
+0.0%
Intangible assets
127
143
72.2
-11.3%
Cash and equivalents
0.4
0.7
0.3
-42.2%
Receivables
101
78.5
59.4
+29.0%
Other assets
173
132
78.5
+30.5%
Total assets
662
617
355
+7.2%
10-K for the year ended 31 December 2016, filed 1 March 2017: the filing.