VSE CORPORATION
Income Statement
| Line Item | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $760.1M | $691.8M | $534.0M | $424.1M | $471.6M | $546.8M | $580.8M | $811.0M |
| Cost of Revenue | $291.8M | $279.6M | $258.0M | $135.2M | $129.0M | $122.1M | $73.0M | $8.7M |
| Gross Profit | $468.3M | $412.2M | $276.0M | $288.8M | $342.6M | $424.6M | $507.8M | $802.2M |
| Gross Margin | 61.6% | 59.6% | 51.7% | 68.1% | 72.6% | 77.7% | 87.4% | 98.9% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $2.4M | $6.6M | $3.3M | $4.1M | $3.3M | $4.0M | $5.2M | $2.0M |
| Operating Income | $54.3M | $51.5M | $50.5M | $36.9M | $44.1M | $51.1M | $36.1M | $37.9M |
| Operating Margin | 7.1% | 7.4% | 9.5% | 8.7% | 9.4% | 9.3% | 6.2% | 4.7% |
| Interest Expense | — | — | — | $2.0M | $3.7M | $5.2M | $3.1M | — |
| Pretax Income | $45.1M | $41.7M | $41.0M | $32.9M | $38.3M | $43.9M | $32.4M | $37.7M |
| Income Tax Expense | $6.0M | $14.9M | $16.1M | $12.5M | $14.3M | $16.5M | $12.2M | $14.2M |
| Net Income | $39.1M | $26.8M | $24.9M | $19.4M | $22.9M | $21.3M | $20.6M | $23.7M |
| Net Margin | 5.1% | 3.9% | 4.7% | 4.6% | 4.8% | 3.9% | 3.5% | 2.9% |
| EPS (Basic) | $3.61 | $2.48 | $2.32 | $1.81 | $2.15 | $2.02 | $1.97 | $2.28 |
| EPS (Diluted) | $3.60 | $2.47 | $2.31 | $1.81 | $2.14 | $2.01 | $1.95 | $2.27 |
| Shares Outstanding (Basic) | 10.8M | 10.8M | 10.7M | 10.7M | 10.7M | 10.6M | 10.5M | 10.4M |
| Shares Outstanding (Diluted) | 10.9M | 10.8M | 10.8M | 10.7M | 10.7M | 10.6M | 10.5M | 10.4M |
| Dividends Per Share | $0.27 | $0.24 | $0.22 | $0.20 | $0.18 | $0.16 | $0.14 | $0.16 |