0001144204-13-057864.txt : 20131031 0001144204-13-057864.hdr.sgml : 20131031 20131031091655 ACCESSION NUMBER: 0001144204-13-057864 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131031 DATE AS OF CHANGE: 20131031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GP STRATEGIES CORP CENTRAL INDEX KEY: 0000070415 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 131926739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07234 FILM NUMBER: 131181016 BUSINESS ADDRESS: STREET 1: 70 CORPORATE CENTER STREET 2: 11000 BROKEN LAND PARKWAY, SUITE 200 CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 443-367-9600 MAIL ADDRESS: STREET 1: 70 CORPORATE CENTER STREET 2: 11000 BROKEN LAND PARKWAY, SUITE 200 CITY: COLUMBIA STATE: MD ZIP: 21044 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL PATENT DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 8-K 1 v358638_8k.htm 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported)  October 31, 2013

 

GP Strategies Corporation

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

1-7234   52-0845774
(Commission File Number)   (IRS Employer Identification No.)

 

70 Corporate Center    
11000 Broken Land Parkway, Suite 200,    
Columbia, MD   21044
(Address of Principal Executive Offices)   (Zip Code)

 

(443) 367-9600

(Registrant’s Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 2.02 Results of Operations and Financial Condition

 

On October 31, 2013, GP Strategies Corporation announced its results for the quarter ended September 30, 2013. The earnings press release is attached hereto as an exhibit to this Form 8-K.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

99.1Press release of GP Strategies Corporation dated October 31, 2013 announcing its results for the quarter ended September 30, 2013.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  GP STRATEGIES CORPORATION
   
Date: October 31, 2013 /s/ Sharon Esposito-Mayer
  Sharon Esposito-Mayer
  Executive Vice President and Chief Financial Officer

 

 
 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
99.1   Press release of GP Strategies Corporation dated October 31, 2013 announcing its results for the quarter ended September 30, 2013.

 

 

 

EX-99.1 2 v358638_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

NEWS RELEASE

 

GP Strategies Reports Third Quarter 2013 Financial Results

 

Columbia, MD. October 31, 2013. Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter ended September 30, 2013.

 

Overview of Third Quarter 2013 Results:

 

·Revenue of $113.2 million for third quarter of 2013 compared to $99.7 million for third quarter of 2012
·Operating income of $10.3 million for third quarter of 2013 compared to $8.2 million for third quarter of 2012
·Diluted earnings per share of $0.32 for third quarters of both 2013 and 2012 (third quarter 2012 includes a $0.08 per share non-recurring income tax benefit)
·EBITDA of $12.6 million for third quarter of 2013 compared to $10.4 million for third quarter of 2012

 

The Company’s revenue increased $13.5 million or 13.6% during the third quarter of 2013 compared to the third quarter of 2012. The revenue growth is primarily attributable to strong organic growth in the Energy segment due to a large contract award in its alternative fuels business and acquisitions completed in 2012 and 2013. Operating income increased 25.4% to $10.3 million for the third quarter of 2013. Income before income tax expense was $10.3 million for the third quarter of 2013 compared to $8.2 million for the third quarter of 2012. Net income was $6.1 million, or $0.32 per diluted share, for the third quarter of 2013 compared to $6.2 million, or $0.32 per diluted share, for the third quarter of 2012. The third quarter 2012 results included a $1.6 million, or $0.08 per share, non-recurring income tax benefit due to the reduction of a tax liability.

 

“The third quarter of 2013 showed a significant increase in revenue and operating profit compared to the corresponding quarter in 2012,” commented Scott N. Greenberg, Chief Executive Officer of GP Strategies. “This improvement came while undertaking significant effort devoted to the start-up of our global agreement with HSBC, which we signed in July and then followed with local services agreements in September. We are also pleased with the success we are achieving in our Energy Group and we continue to diversify our business internationally as our global clients look for increased levels of support.”

 

 
 

 

Balance Sheet and Cash Flow Highlights

 

As of September 30, 2013, the Company had cash and cash equivalents of $4.4 million compared to $7.8 million as of December 31, 2012. The Company had $4.8 million of short-term borrowings outstanding, $45.2 million of available borrowings under its line of credit and no long-term debt as of September 30, 2013. Cash provided by operating activities was $10.2 million for the nine months ended September 30, 2013 compared to $17.0 million for the same period in 2012.

 

Investor Call

 

The Company has scheduled an investor conference call for 10:00 a.m. ET on October 31, 2013. In addition to prepared remarks from management, there will be a question and answer session on the call. The dial-in numbers for the live conference call are 800-732-8470 or 212-231-2900, using conference ID number 21682693. A telephone replay of the call will also be available beginning at 12:00 p.m. on October 31st, until 12:00 p.m. on November 14th. To listen to the replay, dial 800-633-8284 or 402-977-9140, using conference ID number 21682693.

 

Presentation of Non-GAAP Information

 

This press release contains non-GAAP financial measures, including EBITDA (earnings before interest, income taxes, depreciation and amortization). The Company believes this non-GAAP financial measure is useful to investors in evaluating the Company’s results. This measure should be considered in addition to, and not as a replacement for, or superior to, either net income, as an indicator of the Company’s operating performance, or cash flow, as a measure of the Company’s liquidity. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. For a reconciliation of this non-GAAP financial measure to the most comparable GAAP equivalent, see the Non-GAAP Reconciliation – EBITDA, along with related footnotes, below.

 

About GP Strategies

 

GP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of sales and technical training, eLearning solutions, management consulting and engineering services. GP Strategies’ solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at www.gpstrategies.com.

 

2
 

 

Forward-Looking Statements

 

We make statements in this press release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

TABLES FOLLOW

 

3
 

 

GP STRATEGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

   Quarters ended   Nine months ended 
   September 30,   September 30, 
                 
   2013   2012   2013   2012 
                     
Revenue  $113,197   $99,671   $319,469   $295,587 
Cost of revenue   93,136    81,742    264,832    243,041 
Gross profit   20,061    17,929    54,637    52,546 
Selling, general and administrative expenses   9,856    8,890    28,825    26,220 
Gain on reversal of deferred rent liability   -    -    -    - 
Gain (loss) on change in fair value of contingent consideration, net   135    (792)   427    (863)
Operating income   10,340    8,247    26,239    25,463 
Interest expense   90    75    256    175 
Other income   4    72    326    262 
Income before income tax expense   10,254    8,244    26,309    25,550 
Income tax expense   4,111    2,061    9,994    8,999 
Net income  $6,143   $6,183   $16,315   $16,551 
                     
Basic weighted average shares outstanding   19,125    19,009    19,089    18,912 
Diluted weighted average shares outstanding   19,404    19,328    19,344    19,255 
                     
Per common share data:                    
Basic earnings per share  $0.32   $0.33   $0.85   $0.88 
Diluted earnings per share  $0.32   $0.32   $0.84   $0.86 
                     
Other data:                    
EBITDA (1)  $12,649   $10,433   $32,820   $31,645 

 

(1)The term EBITDA (earnings before interest, income taxes, depreciation and amortization) is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results. For a reconciliation of this non-GAAP financial measure to the most comparable GAAP equivalent, see the Non-GAAP Reconciliation – EBITDA, along with related footnotes, below.

 

4
 

 

GP STRATEGIES CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(In thousands)

(Unaudited)

 

   Quarters ended   Nine months ended 
   September 30,   September 30, 
                 
   2013   2012   2013   2012 
Revenue by segment:                    
Learning Solutions  $49,304   $40,596   $137,223   $112,448 
Professional & Technical Services   19,157    20,337    54,220    63,613 
Sandy Training & Marketing   16,929    16,878    52,061    51,083 
Performance Readiness Group   13,037    13,682    41,491    42,810 
Energy Services   14,770    8,178    34,474    25,633 
Total revenue  $113,197   $99,671   $319,469   $295,587 
                     
Gross profit by segment:                    
Learning Solutions  $8,629   $7,806   $23,998   $21,278 
Professional & Technical Services   3,229    3,723    9,194    10,976 
Sandy Training & Marketing   2,433    2,588    7,295    7,782 
Performance Readiness Group   2,031    1,871    5,521    6,038 
Energy Services   3,739    1,941    8,629    6,472 
Total gross profit  $20,061   $17,929   $54,637   $52,546 
                     
Operating income by segment:                    
Learning Solutions  $4,120   $4,255   $10,886   $11,341 
Professional & Technical Services   1,530    1,874    4,335    5,209 
Sandy Training & Marketing   975    1,078    2,797    3,286 
Performance Readiness Group   907    556    1,802    2,007 
Energy Services   2,673    1,276    5,992    4,483 
Gain (loss) on change in fair value of contingent consideration, net   135    (792)   427    (863)
Total operating income  $10,340   $8,247   $26,239   $25,463 
                     
Supplemental Cash Flow Information:                    
Net cash provided by operating activities  $4,770   $12,596   $10,249   $17,000 
Capital expenditures   (2,447)   (688)   (4,608)   (2,155)
Free cash flow  $2,323   $11,908   $5,641   $14,845 

 

5
 

 

GP STRATEGIES CORPORATION AND SUBSIDIARIES

Non-GAAP Reconciliation – EBITDA (2)

(In thousands)

(Unaudited)

 

   Quarters ended   Nine months ended 
   September 30,   September 30, 
                 
   2013   2012   2013   2012 
Net income (3)  $6,143   $6,183   $16,315   $16,551 
Interest expense   90    75    256    175 
Income tax expense   4,111    2,061    9,994    8,999 
Depreciation and amortization   2,305    2,114    6,255    5,920 
EBITDA  $12,649   $10,433   $32,820   $31,645 

 

(2)Earnings before interest, income taxes, depreciation and amortization (EBITDA) is a widely used non-GAAP financial measure of operating performance. It is presented as supplemental information that the Company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the Company’s core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax expense, depreciation and amortization. EBITDA should not be considered as substitutes either for net income, as an indicator of the Company’s operating performance, or for cash flow, as a measure of the Company’s liquidity. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.

 

(3)Net income includes a $1,602,000 income tax benefit on the reduction of an uncertain tax position liability during the third quarter of 2012.

 

6
 

 

GP STRATEGIES CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

   September 30,   December 31, 
   2013   2012 
   (Unaudited)     
         
Current assets:          
Cash and cash equivalents  $4,373   $7,761 
Accounts and other receivables   84,101    83,597 
Costs and estimated earnings in excess of billings on uncompleted contracts   26,916    16,979 
Prepaid expenses and other current assets   13,385    10,143 
Total current assets   128,775    118,480 
Property, plant and equipment, net   8,219    5,511 
Goodwill and other intangibles, net   133,194    118,693 
Other assets   1,548    1,750 
Total assets  $271,736   $244,434 
           
Current liabilities:          
Short-term borrowings  $4,820   $ 
Accounts payable and accrued expenses   51,499    47,457 
Billings in excess of costs and estimated earnings on uncompleted contracts   21,282    21,877 
Total current liabilities   77,601    69,334 
Other noncurrent liabilities   8,817    7,763 
Total liabilities   86,418    77,097 
Total stockholders’ equity   185,318    167,337 
Total liabilities and stockholders’ equity  $271,736   $244,434 

 

© 2013 GP Strategies Corporation. All rights reserved. GP Strategies and the GP Strategies logo design are trademarks of GP Strategies Corporation.

 

# # # #

 

CONTACTS:        
Scott N. Greenberg   Sharon Esposito-Mayer   Ann M. Blank
Chief Executive Officer   Chief Financial Officer   Investor Relations
443-367-9640   443-367-9636   443-367-9925

 

7

 

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