Delaware
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001-14785
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52-1868008
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(State of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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1332 Londontown Blvd., Suite 200, Sykesville, MD 21784
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(Address of principal executive offices and zip code)
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99.1
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Press release of GSE Systems, Inc. dated March 14, 2011 announcing the financial results for the three and twelve months ended December 31, 2010.
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·
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Q4 2010 revenue rose to $12.3 million
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·
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Q4 2010 net loss of $2.5 million, or $0.13 per share on both a basic and diluted basis
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·
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At December 31, 2010:
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o
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Cash and equivalents totaled $26.6 million, or $1.40 per basic and diluted share
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o
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Working capital was $30.0 million
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o
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Backlog was $55.9 million
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·
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$9.5 million of new contracts awarded YTD 2011
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(877) 407-4019 (Domestic) or
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(201) 689-8337 (International)
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·
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http://www.investorcalendar.com/IC/CEPage.asp?ID=163441
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Company Contact
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The Equity Group Inc.
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Jim Eberle
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Devin Sullivan
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Chief Executive Officer
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Senior Vice President
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GSE Systems Inc.
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(212) 836-9608
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(410) 970-7950
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dsullivan@equityny.com
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GSE SYSTEMS, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(in thousands, except share and per share data)
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(unaudited)
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Three Months ended
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Year ended
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December 31,
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December 31,
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2010
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2009
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2010
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2009
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Contract revenue
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$ | 12,328 | $ | 11,065 | $ | 47,213 | $ | 40,060 | ||||||||
Cost of revenue
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10,390 | 8,338 | 36,081 | 29,736 | ||||||||||||
Gross profit
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1,938 | 2,727 | 11,132 | 10,324 | ||||||||||||
Selling, general and administrative
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3,846 | 2,138 | 11,683 | 7,749 | ||||||||||||
ESA related charges
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- | 1,508 | - | 1,508 | ||||||||||||
Depreciation and amortization
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200 | 135 | 681 | 504 | ||||||||||||
Operating expenses
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4,046 | 3,781 | 12,364 | 9,761 | ||||||||||||
Operating income (loss)
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(2,108 | ) | (1,054 | ) | (1,232 | ) | 563 | |||||||||
Interest income (expense), net
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(29 | ) | 6 | 19 | 56 | |||||||||||
ESA related charges
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- | (865 | ) | - | (865 | ) | ||||||||||
Gain (loss) on derivative instruments
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(282 | ) | 33 | (913 | ) | 763 | ||||||||||
Other income (expense), net
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18 | (79 | ) | 83 | (397 | ) | ||||||||||
Income (loss) before income taxes
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(2,401 | ) | (1,959 | ) | (2,043 | ) | 120 | |||||||||
Provision for income taxes
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119 | 200 | 206 | 917 | ||||||||||||
Net loss
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$ | (2,520 | ) | $ | (2,159 | ) | $ | (2,249 | ) | $ | (797 | ) | ||||
Basic loss per common share
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$ | (0.13 | ) | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.05 | ) | ||||
Diluted loss per common share
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$ | (0.13 | ) | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.05 | ) | ||||
Weighted average shares outstanding - Basic
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19,155,782 | 18,927,090 | 18,975,007 | 16,938,392 | ||||||||||||
Weighted average shares outstanding - Diluted
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19,155,782 | 18,927,090 | 18,975,007 | 16,938,392 |
GSE SYSTEMS, INC AND SUBSIDIARIES
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Selected balance sheet data
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December 31,
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2010
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2009
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Cash and cash equivalents
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$ | 26,577 | $ | 25,270 | ||||
Current assets
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45,949 | 43,640 | ||||||
Total assets
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53,614 | 49,520 | ||||||
Current liabilities
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$ | 15,909 | $ | 12,171 | ||||
Long-term liabilities
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799 | 206 | ||||||
Stockholders' equity
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36,906 | 37,143 | ||||||
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