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VSE Corporation reports developments in aviation aftermarket distribution and repair services. The company serves commercial aviation and business and general aviation markets through aftermarket parts distribution and maintenance, repair, and overhaul services for engine components and engine and airframe accessories.
Recurring VSEC news includes quarterly operating results, dividend declarations, investor conference participation, capital actions, refinancing activity, and acquisition-related updates. Following the completed acquisition of Precision Aviation Group, company updates also address expanded MRO, distribution, and supply-chain capabilities serving business and general aviation, rotorcraft, defense, OEM, and commercial aviation customers.
VSE Corporation (NASDAQ: VSEC) will release its first quarter 2021 results on April 28, 2021, after market close. A conference call is scheduled for April 29 at 8:30 A.M. ET to review financial results and recent events. Participants can access a live broadcast and presentation materials on VSE's Investor Relations website. The press release highlights VSE's position as a provider of aftermarket distribution and MRO services for transportation assets across government and commercial markets. The company also offers IT and energy consulting services.
VSE Corporation (NASDAQ: VSEC) has secured a transformative 15-year distribution agreement worth approximately $1 billion with a global aircraft engine manufacturer. This deal enables VSE Aviation to distribute over 6,000 flight-critical components for more than 100 aviation platforms. The contract is expected to generate about $12 million in 2021 and $45 million in 2022, with an anticipated annual revenue exceeding $60 million after full implementation. VSE plans to invest around $56 million in inventory to meet customer demand.
VSE Corporation (NASDAQ: VSEC) reported fourth quarter 2020 revenues of $150.0 million, a decline of 23.2% year-over-year, with GAAP net income down 39.8% to $6.0 million. Adjusted net income decreased 49.8% to $5.8 million, and adjusted EBITDA fell 25.2% to $17.3 million. The Aviation segment saw a significant revenue drop of 26.2%, while Federal and Defense revenues declined 28.8%. However, the Fleet segment reported a slight increase of 0.7%. A follow-on equity offering raised approximately $52 million to support growth initiatives, including recent acquisitions and strategic investments.
VSE Corporation (NASDAQ: VSEC) has announced a quarterly cash dividend of $0.09 per share of common stock. This dividend is set to be paid on May 12, 2021, to stockholders of record as of April 28, 2021. VSE is recognized for providing aftermarket distribution and maintenance, repair, and overhaul services for various transportation assets across public and private sectors.
VSE Corporation (NASDAQ: VSEC) has acquired HAECO Special Services, LLC for an undisclosed cash amount. This acquisition enhances VSE's MRO capabilities for military aircraft, specifically supporting the U.S. Air Force's KC-10 fleet. HSS boasts a skilled workforce of 280 employees and a strong backlog of contracts expected to provide consistent cash flows through 2025. The transaction is immediately accretive, enabling VSE to pursue higher-margin technical services and diversify contract opportunities.
VSE Corporation (NASDAQ: VSEC) has announced it will release its fourth quarter and full-year 2020 financial results after market close on March 4, 2021. A conference call is scheduled for March 5, 2021, at 8:30 A.M. ET to discuss these results and recent events. Interested parties can access a live webcast through VSE's Investor Relations website.
This company is recognized for providing maintenance, repair, and overhaul (MRO) services, along with parts distribution and supply chain management for transportation assets across various sectors.
VSE Corporation (NASDAQ: VSEC) has priced its public offering of 1,428,600 shares at $35.00 per share, raising net proceeds of approximately $47 million. The offering will close on February 2, 2021, pending standard conditions. Funds will be used for general corporate purposes, including financing strategic acquisitions and working capital for new programs. The underwriters have a 30-day option to purchase an additional 214,290 shares. William Blair & Company and Canaccord Genuity LLC are leading the offering.
VSE Corporation (NASDAQ: VSEC) has initiated an underwritten public offering of its common stock, subject to market conditions. The company plans to grant underwriters a 30-day option to purchase an additional 15% of the shares offered. Proceeds will be utilized for general corporate purposes, including financing acquisitions and working capital for new programs. William Blair & Company and Canaccord Genuity are serving as joint book-running managers for the offering. The offering is made under an effective shelf registration statement filed with the SEC.
VSE Corporation (NASDAQ: VSEC) has secured an exclusive, life-of-program distribution agreement with Pratt & Whitney Canada for the APS500 Auxiliary Power Unit (APU). VSE Aviation will distribute over 1,500 aftermarket parts for various aircraft, enhancing its role as a leading distributor of flight-critical components. This partnership aims to expand VSE's reach in MRO services for regional jets and business aviation. With this agreement, VSE anticipates significant growth opportunities in niche markets, supported by Pratt & Whitney's manufacturing capabilities.
VSE Corporation (NASDAQ: VSEC) has declared a quarterly cash dividend of $0.09 per share, payable on February 10, 2021 to stockholders of record by January 27, 2021. As a prominent provider of aftermarket distribution and maintenance services across transportation sectors, VSE emphasizes its commitment to shareholder returns. The company continues to serve government and commercial markets with core services including maintenance, repair, and supply chain management.