Versar / VSR

About Versar

6850 Versar Center, Springfield, Va. 22151
www.versar.com | 703-750-3000 | Founded: 1969

Industry: Government And Professional Services | Category: Public Companies

While Versar has benefited from an increase in homeland security contracts in recent years, delays in domestic projects reduced its profit in 2006. Some major contracts were delayed by six to nine months. Revenue for its 2006 fiscal year, which ended in June, was 10 percent lower than in fiscal 2005. Profit for 2006 was $1.4 million, up from $202,000 in 2005.
The company expects to recover the loss in revenue with a buildup of projects that were delayed in the past year. President and chief executive Theodore M. Prociv said the company has adjusted its business approach to increase activities in Iraq.
In January 2007, its subsidiary Versar International Assistance Projects opened a branch in the Philippines, where about 45 engineers are stationed to work on reconstruction projects in Iraq and Afghanistan. The company established VIAP in 2004 to help rebuild regions after conflicts.
The company said it was able to increase its funding backlog by 55 percent by the end of its fiscal year because of increased government funding of construction work, especially in Iraq. It attributed an increase in revenue to work on supporting Air Force and Army reconstruction jobs.
Versar discontinued the operations of its biological laboratory, which reduced facility expenses.

President and CEO: Theodore M. Prociv

2006 Financial Data

Revenues: $60,888,000 | Net Income: $1,347,000
Asssets: $22,802,000 | Earnings Per Share: $0.16
Total employees: 295 | Local employees: 150