“Worldwide Support”
“Worldwide Support”
2002 Annual Report
2002 Annual Report
2002 Annual Report
2002 Annual Report
VSE CORPORATION ANNUAL REPORT 2002
1
Registrar and Transfer Company
10 Commerce Drive
Cranford, New Jersey 07016-3572
1-800-368-5948
or to VSE at 2550 Huntington Avenue
Alexandria, Virginia 22303-1499
Attention: Corporate Secretary
703-329-4770
Quality Systems
Management:
VSE’s policy is to provide products and
services of the highest quality to meet the
expectations and requirements of our
customers – on time and at a fair price. VSE’s
quality management system is registered to
the ISO 9001:2000 standard.
Corporate Profile:
VSE Corporation is a diversified professional
services company established in 1959. The
company and its subsidiaries provide services
and products to the engineering, energy,
environment, and defense services markets
around the world. VSE’s principal customers
are agencies of the U.S. Government and
other government prime contractors.
Operations are conducted by VSE’s profes-
sional staff of 500 employees located at offices
across the United States and around the world.
Further information about VSE is available at
the company’s website at
www.vsecorp.com.
Stockholder Inquiries:
VSE is an employee and publicly owned
company, and its shares are traded on the
Nasdaq National Market System under the
symbol VSEC. Inquiries about stock owner-
ship, dividends, and stockholder changes of
address may be directed to our transfer agent:
Forward Looking Statements
This report contains statements which, to the
extent they are not recitations of historical
fact, constitute “forward looking statements”
within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the
Securities Act of 1934. All forward looking
statements involve risks and uncertainties.
The forward looking statements in this
document are intended to be subject to the
safe harbor protection provided by Sections
27A and 21E.
For discussions identifying some important
factors that could cause actual VSE results to
differ materially from those anticipated in the
forward looking statements, please see VSE’s
Securities and Exchange Report on Form 10-K
for the fiscal year ended December 31, 2002,
including discussions captioned “Narrative
Description of Business,” “Management’s
Discussion and Analysis,” and “Notes to
Consolidated Financial Statements.”
Readers are cautioned not to place undue
reliance on the forward looking statements,
which reflect management’s analysis only as of
the date hereof. VSE undertakes no obligation
to publicly revise the forward looking
statements to reflect events or circumstances
that arise after the date hereof. Readers
should carefully review the risk factors
described in other documents VSE files from
time to time with the Securities and Exchange
Commission, including the Quarterly Reports
on Form 10-Q to be filed by VSE and any
Current Reports on Form 8-K.
“Worldwide Support”
“Worldwide Support”
2002 Annual Report
2002 Annual Report
2002 Annual Report
2002 Annual Report
About the
Cover:
For the U.S. Navy and U.S.
Coast Guard, VSE has
supported customers in over
30 countries during the past
five years, principally
through our BAV Division
ship transfer and follow-on
technical support contract
awarded in 1995, and now
through our new Coast
Guard contract awarded in
January 2002.
From Egypt to Thailand and
from Turkey to Taiwan, VSE
employees have assisted in
the transfer of 30 naval
warships and 42 Coast
Guard vessels to interna-
tional navies and coastal
defense forces. Not to be
outdone, our subsidiary
Energetics also serves clients
in Russia and Australia.
“Worldwide Support” has
rapidly become an important
capability associated with
VSE. The corporate motto
guiding our efforts remains
unchanged—from day to
day and year to year, “Value
and Quality—the VSE
Advantage.”
Layout and Design:
Energetics Graphics Department
2
VSE CORPORATION 2002 ANNUAL REPORT
Financial Highlights
Selected Financial Data
(In thousands, except per share data)
Revenues, principally from contracts ........ $134,379
$111,572
$122,269
$157,354
$177,074
2002
2001
2000
1999
1998
Income from continuing operations ..........
Loss from discontinued operations ..........
Loss on disposal of discontinued
operations ...................................................
Net income .................................................
Basic earnings per common share:
Income from continuing operations ........
Loss from discontinued operations .........
Net income .................................................
Diluted earnings per common share:
Income from continuing operations ........
Loss from discontinued operations .........
Net income .................................................
$652
-
$855
-
$1,385
-
$652
$855
$.30
-
$.30
$.30
-
$.30
$.40
-
$.40
$.40
-
$.40
($417)
$968
$.65
($.19)
$.46
$.65
($.19)
$.46
$2,364
($256)
($574)
$1,534
$3,015
($1,420)
$1,595
$1.12
($.39)
$.73
$1.12
($.39)
$.73
$1.42
($.67)
$.75
$1.42
($.67)
$.75
Working capital ..............................................
$10,762
$8,807
$8,364
$7,078
$5,801
Total assets ......................................................
$31,677
$33,209
$31,523
$31,250
$47,248
Long-term debt ..............................................
-
$351
-
-
$1,503
Stockholders’ investment ............................
$17,043
$16,475
$15,793
$15,145
$13,852
Cash dividends per common share .............
$.16
$.16
$.16
$.144
$.144
This consolidated summary of selected financial data should be read in conjunction with the
consolidated financial statements and related notes included in VSE’s Securities and Exchange
Commission filings, including the company’s Annual Report on Form 10-K and other quarterly
and current period reports. The historical results set forth above are not necessarily indicative of
the results of operations to be expected in the future.
VSE CORPORATION ANNUAL REPORT 2002
3
Letter to Shareholders
Fellow Shareholders:
As indicated in the February 2003 reporting of
our 2002 financial results, VSE’s revenues
increased about 20% in 2002 compared to
2001, primarily as a result of increased work
in BAV, our “worldwide support” ship transfer
and follow-on technical support division.
BAV’s sales were about $72 million in 2002,
54% of total VSE sales for the year. In 2001
and 2000, BAV’s sales were about $42 million
(38%) and $50 million (40%), respectively.
We expect continued strength and year-to-
year volatility in BAV’s sales during the next
few years.
Profitability should improve in 2003 without
the drag of TTD’s losses. With steady
growth in our revenue base, our profitability
should return to previous levels. Our goal
for net income within five years remains
targeted at two to three percent of
consolidated annual revenues.
While there is no assurance that we can
achieve our revenue and profit goals, we are
very focused on satisfying our customers,
growing the company and increasing
shareholder value.
Net income in 2002 was below our expecta-
tion, primarily due to losses in our Telecom-
munications Technologies Division (TTD).
After attempting to resolve TTD operational
problems, we determined that management’s
time would be better used in achieving the
revenue and profit potential of our traditional
business areas and customer base. As a result,
we decided to exit the TTD marketplace.
TTD revenues of $6 million in 2002 and $8
million in 2001 were not material to VSE, and
with TTD’s losses ended, we expect to see a
prompt improvement in VSE profitability.
Outlook for Growth
Looking forward, we believe our prospects for
revenue growth are good. Based on current
information, including the series of contract
awards we have announced during the past six
months, our business volume should increase
over the next two to four years. Our target
for annual revenues within five years remains
within the $175 to $200 million range.
Here are some specific reasons why I
believe VSE should continue to grow and
prosper in the next few years.
(cid:132) Contract Backlog: During the past six
months VSE has been awarded several
large contracts to maintain and extend
our services for our largest customer,
the U. S. Navy. Also, in February 2003
we reported that the U.S. Army
awarded VSE a large ($2.9 billion
ceiling) multiple award, indefinite
delivery/indefinite quantity, omnibus
contract extending for an eight-year
term (if all options are exercised). We
also anticipate an increase in our BAV
ship transfer efforts with the announced
transfer of four Kidd class destroyers to
Taiwan commencing in late 2003 or
early 2004.
(cid:132) Process Improvement: During 2003
we were one of the first North
American companies to upgrade its
international quality management
system registration from ISO
9001:1994 to ISO 9001:2000. Serving
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VSE CORPORATION 2002 ANNUAL REPORT
customers well is very important to us,
for as we say, how we perform today is
how our past performance will be rated
tomorrow. Our quality management
system is one of the ways in which we
seek to improve our services and
capabilities on a daily basis. This effort
spills over into our internal processes as
well, as we seek, for example, to improve
our marketing results and the quality of
our proposals.
world, we contribute to achieving the U.S.
Navy’s mission. Our services for the
Departments of Defense, Energy and
Homeland Security make a difference in
readiness and field support, in policy and
technology, and in government preparedness.
We are proud of what we accomplish every
day.
As always, your comments and suggestions for
improvement are welcome at any time.
D. M. Ervine
Chairman of the Board
President and CEO/COO
March 6, 2003
(cid:132) Corporate Culture: VSE is known by its
customers and other business associates as
a company which stresses honesty and
integrity. We intend to maintain this
reputation. At the same time, our efforts
in process improvement have led us to
focus more closely on achieving higher
levels of customer service and profitabil-
ity on every contract and delivery order
we perform. If we “do what we say, and
say what we do,” we will satisfy our
customers and achieve our profit
objectives.
VSE People
VSE depends on the sustained contribution and
dedication of each employee and every VSE
business partner, consultant, supplier and
subcontractor. We have an active Board of
Directors, a seasoned management team and a
staff of experienced and qualified employees.
Together we will continue to set high goals
and strive to achieve them.
VSE performs an important role in the
defense of our nation. In providing “world-
wide support” to friendly navies around the
VSE CORPORATION ANNUAL REPORT 2002
5
INTERNATIONAL GROUP
BABABABABAV Division —
V Division —
V Division —
V Division — “FMS
V Division —
One-Stop Shopping”
Supporting the U.S. Navy’s Security Assistance
Program Office (PMS 380), BAV and its team
of subcontractors including shipyards, marine
engineering consultants, defense system
manufacturers, and system integrators provide
program management, engineering, logistics,
and training services to complete the
reactivation and transfer of ex-U.S. Navy ships
to foreign navies. BAV also provides lifecycle
logistics support, supply chain management,
training, and follow-on technical assistance
after the transfer of these vessels and helps
foreign navies execute long-range mainte-
nance plans.
Now in its eighth year of a ten-year $1.1
billion contract to provide technical support
services to the naval forces of U.S. allies and
friendly foreign governments around the
world, the BAV Team offers worldwide
capabilities to accomplish the mission of the
U. S. Navy’s ship transfer program. To date,
BAV has transferred 30 ex-U.S. Navy
combatant ships to foreign governments. BAV
has provided sustaining support services to the
navies of Egypt, Turkey, and Taiwan, and in
recent periods, has provided significant
supporting efforts to Poland and Bahrain.
During 2003 BAV expects to begin advance
planning efforts for its largest single project to
date, the transfer of four Kidd class destroyers
to Taiwan. This multi-year effort will include
towing, cold ship reactivation in a U.S.
shipyard, logistics, training, and crew support.
BAV’s quality management system is regis-
tered to the international standard, ISO
9001:2000.
Coast Guard Division
Coast Guard Division
Coast Guard Division –
Coast Guard Division
Coast Guard Division
“Worldwide FMS Support”
The success of VSE’s efforts in transferring 41
ex-U.S. Coast Guard small craft to 16 foreign
governments under the BAV contract led to
the competitive award of a new long-term
contract to VSE in January 2002. Under the
new contract, VSE provides support directly to
the U.S. Coast Guard Office of International
Affairs, FMS Program, for foreign military
sales requirements.
The Coast Guard Division provides a core
team of contractors who understand Coast
Guard program requirements and can execute
transfer and training tasks effectively, on time,
and at budgeted cost. Building on a team of
marine subcontractors and professional
organizations, American allies and friendly
foreign governments are assured of world-
class support to help meet the coastal defense
requirements of their countries.
The TCG Gokova (ex-Morrison, FFG-12) departing Charleston, South
Carolina, for Turkey.
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VSE CORPORATION 2002 ANNUAL REPORT
Fleet Maintenance
Fleet Maintenance
Fleet Maintenance
Fleet Maintenance
Fleet Maintenance
Division
Division
Division — “Supporting
Division
Division
Fleet Readiness and Sea
Power Projection”
The Fleet Maintenance Division (FMD)
provides ISO 9001 registered engineering and
technical support services to the U.S. Navy
and other customers. We are part of the
professional team that helps the Navy meet its
global sea power and surface warfare
challenges.
Supported by over $190 million in new
contract awards in 2002, FMD provides
engineering, design, and installation services;
hull, mechanical and electrical and combat
systems inspection; ship repair and overhaul
availability planning; ship surveys and
configuration management; and foreign
military sales support. Utilizing a total team
approach, we work with our partners to
perform alteration and installation services,
and we provide integrated logistics support.
Our customers include naval shipyards, surface
warfare centers, shipbuilding support offices,
supervisors of shipbuilding, and fleet technical
support centers, as well as other government
agencies, government prime contractors, and
foreign navies. We also provide technical and
management services to the contractor team
supporting the Marine Corps Blount Island
Command at Jacksonville, Florida.
As a principal support contractor for the Naval
Surface Warfare Center – Indian Head
Division, FMD also provides engineering and
technical support for a broad range of military
systems and equipment. The VSE team at
Indian Head includes more than 20 subcontrac-
tors, and together we provide state-of-the-art
support for Indian Head programs in systems
engineering and technical support, explosives
system safety engineering support, modeling
and simulation, test and evaluation, and
software engineering.
FMD also supports the Naval Air Systems
Command PMA-265 F/A-18 Hornet
Program, principally in the area of Automated
Maintenance Environment (AME) systems
administration and network and database
management support. We support the F/A-18
AME distributed database architecture that is
deployed throughout the Navy’s Fleet, and we
support AME integration into the new Navy-
wide Optimized NALCOMIS environment.
Coastal Patrol Boat with Sikorsky SH-60 Seahawk Helicopter during
underway replenishment.
VSE CORPORATION ANNUAL REPORT 2002
7
FEDERAL GROUP
Systems Engineering
Systems Engineering
Systems Engineering
Systems Engineering
Systems Engineering
Division
Division
Division – “VSE Supports
Division
Division
Team Army, Team Air
Force, and Team Marine
Corps”
The Systems Engineering Division (formerly
the Land Systems Division) is VSE’s premier,
ISO 9001 registered engineering and technical
services support center for tracked and
wheeled vehicles, ground weapons, and
support equipment, for logistics and training
services, and for material procurement
programs for U.S. Army active and reserve
components, U.S. Air Force, and U.S. Marine
Corps customers.
Boosted by an increase in U.S. Army Reserve
Command funding, the Systems Engineering
Division is providing Resource Transformation
engineering and technical support. In addition,
at the Army’s Tank-automotive & Armaments
Command (TACOM), Systems Engineering
participates as a team member in a new five-
year $30 million STS contract for production
support, post-production sustainment, system
modernization, and system improvement
activities for the entire M109 Family of
Vehicles, including the Field Artillery Ammuni-
tion Support Vehicle. In another teaming
effort, Systems Engineering provides
administrative, management, and technical
support services to support the TACOM
Program Executive Office (PEO) for Combat
Support and Combat Services Support. Areas
of support include project and product
management, life-cycle management, product
assurance and testing, product planning, and
technical engineering and logistics support.
Building on VSE’s experience in configuration
control and database management, computer
network engineering, and information
technology support, the Systems Engineering
Division has also established an initiative to
centralize and market VSE’s proven ability to
maintain and manage critical computer assets.
For example, we support U.S. Air Force
aircraft logistics and information technology at
the Warner Robins Air Logistics Center.
Service offerings are expected to range from
system and network design to full-scale system
integration, including the design and construc-
tion of computer command and control
facilities, operations centers, and multimedia
audio-visual conference centers.
Field Artillery Ammunition Support Vehicle (FAASV)
performing test maneuvers.
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VSE CORPORATION 2002 ANNUAL REPORT
Communications and
Communications and
Communications and
Communications and
Communications and
Engineering Division
Engineering Division
Engineering Division –
Engineering Division
Engineering Division
“Rapid Response”
As announced in February 2003, VSE has been
awarded a new multi-year Rapid Response
support contract by the U.S. Army Communi-
cations-Electronics Command (CECOM) at
Fort Monmouth, New Jersey. VSE led a 28-
member team with diverse engineering,
technical, and manufacturing capabilities in
seeking this contract. Depending on future
work requirements and funding availability,
the time and materials and firm fixed price
contract includes a two-year contract ceiling of
$712 million and a total ceiling of $2.9 billion
over an eight-year period if all options are
exercised. The contract is a multiple award,
indefinite delivery, indefinite quantity
contract, and accordingly actual revenue
estimates for the contract cannot be predicted.
Under this contract, the Communications and
Engineering Division will provide CECOM
with a broad spectrum of equipment and
services to research, develop, upgrade, install,
fabricate, test, operate, maintain and support
new and existing government platforms,
systems, subsystems, and other items.
Management Sciences
Division – – – – – “Six Sigma
“Six Sigma
“Six Sigma
“Six Sigma
“Six Sigma
Quality Programs and
Quality Programs and
Quality Programs and
Quality Programs and
Quality Programs and
Process Optimization”
Process Optimization”
Process Optimization”
Process Optimization”
Process Optimization”
In December 2001 VSE established a new
Management Sciences Division (MSD) to
provide Six Sigma-Lean Enterprise training,
certification, and business product and process
optimization consulting services. We provide
consulting services for product and process
optimization, quality engineering, integrated
product and process development, reliability
engineering, and the training and certification
of personnel and organizations in the imple-
mentation of Six Sigma quality programs and
Lean Manufacturing techniques.
The MSD team consists of engineers,
scientists, analysts, and statisticians
who are nationally and internation-
ally recognized experts and published
authors in the field of product and
process improvement. MSD offers
consulting and seminar training
support for a variety of industries
and environments, including defense,
aerospace, manufacturing, medical
products, healthcare and financial services.
MSD is currently supporting the implementa-
tion of Six Sigma quality programs at the U.S.
Army Research, Development, and Engineer-
ing Center (ARDEC), the Army’s Tank-
automotive and Armaments Command
(TACOM), and the Army Program Executive
Officers for Ground Combat and Support
Systems and Ammunition programs, as well as
numerous commercial clients doing business
with the Federal Government.
VSE CORPORATION ANNUAL REPORT 2002
9
VSS Division
VSS Division
VSS Division – “Meeting
VSS Division
VSS Division
Customer Goals and
Objectives”
The Value Systems Services (VSS) Division
supports Government requirements for
privatization outsourcing to commercial
companies. We provide experienced A-76
subject matter experts to support manage-
ment studies, performance work statements,
functional assessments and analysis, and the
“most efficient organization” concept of
operations. VSS also supports the U.S. Postal
Service with specialized HRSI project
management services to augment its nation-
wide Facilities Support Offices with the
development or modernization of USPS
facilities, including state-of-the-art retail postal
lobbies, and it provides human resource
program implementation support services to
the Treasury Department.
F/A-18 “Hornet” securing America’s freedom.
10
VSE CORPORATION 2002 ANNUAL REPORT
ENERGY AND ENVIRONMENT
GROUP
Energetics, Incorporated
Energetics, Incorporated
Energetics, Incorporated
Energetics, Incorporated
Energetics, Incorporated
— “Energy and Environ-
mental Consulting”
For over two decades Energetics has assisted
government and industry clients to develop
and implement new technology efforts and
policy options that meet the nation’s energy
needs while protecting the environment. The
professional staff provides consulting services
on industry processes and technologies,
planning and program analysis for energy-
efficiency and renewable technologies,
training and outreach, the Federal Energy
Management Program, technology assess-
ments for power conversion, transmission, and
utility programs, project and product manage-
ment support, and environmental compliance
support including environmental impact
analysis, outreach programs, and regulatory
analysis. Energetics also has an award winning
technical writing and graphics capability, and
designs and oversees a variety of conference
and meeting activities.
Our principal client is the Department of
Energy (DOE). We support DOE Headquar-
ters Program Offices for Energy Efficiency
and Renewable Energy, Engineering and
Construction Management, Environmental
Management and Restoration R & D, Fossil
Fuels and Power Generation, and Nuclear
Energy R & D Programs. Energetics also
provides technical and planning support for
advanced fossil-energy systems and environ-
mental remediation technology to the National
Energy Technology Laboratory at
Morgantown, West Virginia, and Pittsburgh,
Pennsylvania, in addition to supporting other
DOE field offices.
Our staff has the ability to integrate scientific
and technical expertise with industry specific,
business and policy related matters. We can
therefore assist clients to address technology
and policy challenges in a dynamic business
environment. This has allowed Energetics to
maintain a loyal client base because they can
rely on Energetics to provide technically
sound, responsive, and cost-effective solutions.
Energetics builds on these relationships by
continuously developing new, value added,
products and services.
In 2003 Energetics expects to
expand and increase the level
of services provided to
existing clients. We have
recently expanded into new
areas of DOE. In particular
we expect a significant
amount of new work
providing support to the
Office of Nuclear Energy.
We also hope to expand our
foothold in the Environmen-
tal Protection Agency, and to
secure new work with the
Department of Defense.
Wind turbines produce electricity from a
clean and renewable source of energy.
VSE CORPORATION ANNUAL REPORT 2002
11
“One Company – One Team –
One Goal”
The VSE Vision is to be a preferred provider of
professional support services to a diverse
customer base.
Through the effective use of people, systems, and
technology, we help organizations succeed. And
in helping others succeed, we build
value for our shareholders. We
believe that in meeting
customer goals first, we will
also achieve our corporate
goals for growth and
profitability.
“Value and Quality – the VSE Advantage”
VSE’s Quality Management System (QMS) has
been registered to the ISO 9001 international
quality standard since 1999. During 2002, VSE
successfully upgraded its QMS registration to
meet the new ISO 9001:2000 standard. At the
time VSE accomplished this upgrade in
August 2002, only about 6% of all
North America companies
“Process,
Performance,
and
Satisfaction –
the VSE QMS
Advantage”
currently registered to the
ISO 9000 family of
standards had successfully
transitioned to the new
2000 standard.
The new ISO standard
emphasizes two key quality
Our success is measured
by customers, and our
service goals are consistent:
delighting our customers,
expanding technical resources,
and building a great customer-
industry team.
system elements: improved
customer satisfaction and overall
process improvement. Both elements
are implemented and maintained through
the use of documented methods and processes,
measured against goals and targets and adjusted
as needed to obtain the required results. By
driving these two key quality elements,
customers are assured of VSE’s constant effort to
provide products and services that meet or
exceed their requirements.
VSE employees also benefit from having a
documented quality management system in
place. This system facilitates training for new
employees and guidance for existing employees.
Our QMS and all of its documentation are
available to every employee on a worldwide
basis, in the office or on the road, through our
worldwide computer network. Only the most
current version of any document is made
available through this system, assuring that every
employee is working to the same guidance
throughout the company.
Our reputation for success is
based on honesty and
integrity in everything we do.
We value full and open
communications, teamwork,
and leadership. From an
outstanding past perfor-
mance record to a registered
quality management system,
we believe in our commit-
ment to help our customers
achieve their goals, today,
tomorrow, and everyday, on
time, and at a fair price.
VSE Corporation, 2550 Huntington
Avenue, Alexandria, Virginia 22303.
12
VSE CORPORATION 2002 ANNUAL REPORT
Corporate Officers
Board of Directors
Chairman, President and CEO/COO
Donald M. Ervine
Executive Vice Presidents
James M. Knowlton
Craig S. Weber, CAO, Secretary
Senior Vice Presidents
Michael E. Hamerly
Thomas R. Loftus, CFO
Jayne M. Tuohig
Vice Presidents
Bryan E. Adams
Stephen W. Austin
Thomas G. Dacus
Peter J. Desrosiers
Richard J. Hannah, Treasurer
H. Eugene Hosier
Assistant Vice Presidents
David W. Chivers
James S. Fallon
Louis G. Lawrence
David K. Meier
Elizabeth M. Price
Director Emeritus
Harold P. Weinberg
formerly Senior Vice President
and Director (1961-1996),
VSE Corporation
Donald M. Ervine
Chairman of the Board,
President and CEO/COO
VSE Corporation
Robert J. Kelly
Admiral, USN (Ret.);
Chairman of the Board and
President, Energetics, Incorporated
Clifford M. Kendall
Chairman of the Board and
Director, On-Site Sourcing, Inc.
Calvin S. Koonce, Ph.D.
Chairman, Koonce Securities, Inc.
Securities Broker/Dealer
David M. Osnos, Esq.
Of Counsel
Arent Fox Kintner Plotkin & Kahn, PLLC
Attorneys-at-Law
Jimmy D. Ross
General, USA (Ret.);
Executive Vice President
Cypress International, Inc.
Bonnie K. Wachtel
Vice President and General Counsel
Wachtel & Co., Inc.
VSE CORPORATION ANNUAL REPORT 2002
13
Facilities Information
VSE Executive Offices
2550 Huntington Avenue
Alexandria, Virginia 22303
(703) 960-4600 or (703) 329-4602
VSE Divisions and
Subsidiaries:
BAV Division
2550 Huntington Avenue
Alexandria, Virginia 22303
(703) 317-5200
Charleston, South Carolina
Alexandria, Egypt
Tokyo, Japan
Mancanillo, Mexico
Suoa and Tsoying, Taiwan
Sattahip, Thailand
Golchuk, Turkey
Coast Guard Division
2550 Huntington Avenue
Alexandria, Virginia 22303
(703) 317-5200
Communications and Engineering
Division
170 Avenue at the Common
Shrewsbury, New Jersey 07702
(732) 389-3324
Energetics, Incorporated
7164 Gateway Drive
Columbia, Maryland 21046
(410) 290-0370
Washington, D.C.
Morgantown, West Virginia
Fleet Maintenance Division
500 Woodlake Drive, Suite 1
Chesapeake, Virginia 23320
(757) 523-7200
San Diego, California
Jacksonville, Florida
Indian Head, Maryland
Lexington Park, Maryland
Bridgeport, New Jersey
Haddon Heights, New Jersey
Langley, Virginia
HRSI and Postal Programs
2550 Huntington Avenue
Alexandria, Virginia 22303
(703) 329-4430
Management Sciences Division
11545 West Bernardo Court
Suite 209
San Diego, California 92127
(858) 385-1902
Systems Engineering Division
2550 Huntington Avenue
Alexandria, Virginia 22303
(703) 329-4722
Warner Robins, Georgia
Sterling Heights, Michigan
Ladysmith, Virginia
Triangle, Virginia
VSE Services International, Inc.
2550 Huntington Avenue
Alexandria, Virginia 22303
(703) 329-4601
VSS Division
2550 Huntington Avenue
Alexandria, Virginia 22303
(703) 329-4234
Lexington Park, Maryland
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VSE CORPORATION 2002 ANNUAL REPORT
VSE CORPORATION ANNUAL REPORT 2002
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VSE CORPORATION 2002 ANNUAL REPORT