0001476961-12-000015.txt : 20120214 0001476961-12-000015.hdr.sgml : 20120214 20120214154213 ACCESSION NUMBER: 0001476961-12-000015 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GSE SYSTEMS INC CENTRAL INDEX KEY: 0000944480 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 521868008 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45371 FILM NUMBER: 12609042 BUSINESS ADDRESS: STREET 1: 1332 LONDONTOWN BLVD CITY: SYKESVILLE STATE: MD ZIP: 21784 BUSINESS PHONE: 4109707874 MAIL ADDRESS: STREET 1: 1332 LONDONTOWN BLVD CITY: SYKESVILLE STATE: MD ZIP: 21784 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: NSB Advisors LLC CENTRAL INDEX KEY: 0001476961 IRS NUMBER: 800377379 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 200 WESTAGE CENTER DRIVE STREET 2: SUITE 228 CITY: FISHKILL STATE: NY ZIP: 12524 BUSINESS PHONE: 845-897-1560 MAIL ADDRESS: STREET 1: 200 WESTAGE CENTER DRIVE STREET 2: SUITE 228 CITY: FISHKILL STATE: NY ZIP: 12524 SC 13G/A 1 gse_123111_a1.txt GVP 123111 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A Under the Securities Exchange Act of 1934 (Amendment No. 1)* GSE SYSTEMS, INC. ------------------------------------------------------------------------------- (Name of Issuer) Common Stock ------------------------------------------------------------------------------- (Title of Class of Securities) 36227K106 ------------------------------------------------------------------------------- (CUSIP Number) 12/31/2011 ------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) Check the following box if a fee is being paid with this statement [ ]. A fee is not required only if the filing person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent there to reporting beneficial ownership of five percent or less of such class. (See Rule 13d-7). * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) NSB Advisors LLC ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] ------------------------------------------------------------------------------- 3. SEC Use Only ------------------------------------------------------------------------------- 4. Citizenship or Place of Organization State of Maryland ------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each 5. Sole Voting Power: 0 ------------------------------------------------------------------------------- 6. Shared Voting Power: 0 ------------------------------------------------------------------------------- 7. Sole Dispositive Power: 2,518,560 ------------------------------------------------------------------------------- 8. Shared Dispositive Power: 0 ------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 2,518,560 ------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] ------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 13.6% ------------------------------------------------------------------------------- 12. Type of Reporting Person: IA ------------------------------------------------------------------------------- Item 1. (a) Name of Issuer GSE SYSTEMS, INC. Item 1. (b) Address of Issuers Principal Executive Offices 1332 Londontown Blvd., Suite 200 Sykesville, MD 21784 Item 2. (a) Name of Person Filing: NSB Advisors LLC Item 2. (b) Address of Principal Business Office: 200 Westage Business Center Drive, Suite 228 Fishkill, NY 12524 Item 2. (c) Citizenship: USA, Maryland Item 2. (d) Title of Class of Securities: Common Stock Item 2. (e) CUSIP: 36227K106 Item 3. (e) [x] an Investment Advisor registered under section 203 of the Investment AdvisersAct of 1940 Item 4. Ownership. (a) Amount beneficially owned: 2,518,560 (b) Percent of class: 13.6% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 2,518,560 (iv) Shared power to dispose or to direct the disposition of: 0 Item 5. Ownership of Five Percent or Less of a Class not applicable Item 6. Ownership of More than Five Percent on Behalf of Another Person. not applicable Item 7. not applicable Item 8. Identification and Classification of Members of the Group not applicable Item 9. Notice of Dissolution of Group not applicable Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: 2/14/2012 Signature: WILLIAM F. NICKLIN Name/Title: William F. Nicklin / Manager