Search file for a string then get the next string

I am trying to search a file for a string and then setting a variable to the next word. It is a preferences file so, for example, I search for the string 'FONT' and the next word is 'TIMES'. I am using a ksh script. here is an example but the variable doesn't set. There is probably a better way but I wouldn't know and the output is "Current selection is : "

#!/bin/ksh
#
#
set nohup
set noclobber notify
#
echo "start"
set VERSA=grep VERSA $HOME/.vcomprc | awk '{print $2}'
echo "end"
echo "Current selection is $VERSA : "

#tput clear

echo " "
if (test ! -e $VERSA/versa) then
echo "Versa doesn't exist"

fi
exit 0

the .vcomprc file would look like this
VERSA /usr/mydir
EDITOR vi
PRNTR HP
PSOUT /output

Here is a partial answer: assuming the file is made of space delimited string values

Thanks for the response but it didn't work. but the problem was the set keyword. Once I removed set from

set VERSA=grep VERSA $HOME/.vcomprc | awk '{print $2}'

The program worked.

I am starting to dislike UNIX shell scripts.

spoke to soon. This only works for the first line. If I try to grep the second line awk still retruns the second string in the first line. I give up.

i.e.
...
EDITOR=`grep EDITOR $HOME/.vcomprc | awk '{print $2}'`
...

will return
/usr/mydir

where .vcomprc
VERSA /usr/mydir
EDITOR vi
PRNTR HP
PSOUT /output

That should have worked. So should Jim's code. From the comand line, try:
grep EDITOR $HOME/.vcomprc

Did that select the one appropriate line? Next from the command line, try:
grep EDITOR $HOME/.vcomprc | awk '{print $2'}

Did that display the correct value?