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 8, 2012 announcing the financial results for the three and twelve months ended December 31, 2011.
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2011 revenue rose 8.3% to $51.1 million from $47.2 million in 2010
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Gross profit increased to 32.0% from 23.6% in 2010
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Operating income of $2.2 million from an operating loss of $1.2 million in 2010
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Net income improved to $2.8 million, or $0.15 per diluted share, from a net loss of $2.2 million, or $0.12 per diluted share, in 2010
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EBITDA of $3.7 million compared to EBITDA loss of $1.4 million in 2010
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824,374 shares repurchased during 2011
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Q4 2011 revenues rose 21.7% to $15.0 million from $12.3 million in Q4 2010
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Q4 2011 gross profit increased to 30.0% from 15.7% in 2010
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Operating income increased to $1.3 million from an operating loss of $2.1 million in Q4 2010
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Net income improved to $1.2 million, or $0.06 per diluted share, from a net loss of $2.5 million, or $0.13 per diluted share, in Q4 2010
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EBITDA of $1.6 million compared to EBITDA loss of $2.2 in Q4 2010
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Total cash and equivalents of $20.3 million, or $1.09 per diluted share (excluding $6.2 million of restricted cash and unrestricted Certificates of Deposit)
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Working capital of $30.2 million
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$0 long-term debt
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Backlog of $51.5 million
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(877) 407-9753 (Domestic) or
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(201) 493-6739 (International)
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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, SVP
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Chief Executive Officer
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(212) 836-9608
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GSE Systems Inc.
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dsullivan@equityny.com
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(410) 970-7950
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Thomas Mei, AE
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(212) 836-9614
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tmei@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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2011
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2010
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2011
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2010
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Contract revenue
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$ | 14,998 | $ | 12,328 | $ | 51,126 | $ | 47,213 | ||||||||
Cost of revenue
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10,503 | 10,390 | 34,781 | 36,081 | ||||||||||||
Gross profit
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4,495 | 1,938 | 16,345 | 11,132 | ||||||||||||
Selling, general and administrative
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2,752 | 3,846 | 12,672 | 11,683 | ||||||||||||
Depreciation
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132 | 161 | 497 | 579 | ||||||||||||
Amortization of definite-lived intangible assets
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319 | 39 | 948 | 102 | ||||||||||||
Operating expenses
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3,203 | 4,046 | 14,117 | 12,364 | ||||||||||||
Operating income (loss)
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1,292 | (2,108 | ) | 2,228 | (1,232 | ) | ||||||||||
Interest income (expense), net
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40 | (29 | ) | 131 | 19 | |||||||||||
Loss on derivative instruments
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(117 | ) | (282 | ) | (68 | ) | (913 | ) | ||||||||
Other income, net
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2 | 18 | 72 | 83 | ||||||||||||
Income (loss) before income taxes
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1,217 | (2,401 | ) | 2,363 | (2,043 | ) | ||||||||||
Provision (benefit) for income taxes
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43 | 119 | (438 | ) | 206 | |||||||||||
Net income (loss)
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$ | 1,174 | $ | (2,520 | ) | $ | 2,801 | $ | (2,249 | ) | ||||||
Basic income (loss) per common share
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$ | 0.06 | $ | (0.13 | ) | $ | 0.15 | $ | (0.12 | ) | ||||||
Diluted income (loss) per common share
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$ | 0.06 | $ | (0.13 | ) | $ | 0.15 | $ | (0.12 | ) | ||||||
Weighted average shares outstanding - Basic
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18,518,687 | 19,155,782 | 18,952,401 | 18,975,007 | ||||||||||||
Weighted average shares outstanding - Diluted
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18,569,210 | 19,155,782 | 19,122,903 | 18,975,007 | ||||||||||||
GSE SYSTEMS, INC AND SUBSIDIARIES
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Selected balance sheet data
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(in thousands) | ||||||||
December 31,
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2011
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2010
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Cash and cash equivalents
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$ | 20,326 | $ | 26,577 | ||||
Restricted cash - current
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3,505 | 179 | ||||||
Current assets
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47,920 | 45,949 | ||||||
Long-term restricted cash
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897 | 794 | ||||||
Total assets
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58,815 | 53,614 | ||||||
Current liabilities
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$ | 17,680 | $ | 15,909 | ||||
Long-term liabilities
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2,352 | 799 | ||||||
Stockholders' equity
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38,783 | 36,906 |
(in thousands) |
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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2011
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2010
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2011
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2010
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Net income (loss)
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$ | 1,174 | $ | (2,520 | ) | $ | 2,801 | $ | (2,249 | ) | ||||||
Interest (income) expense, net
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(40 | ) | 29 | (131 | ) | (19 | ) | |||||||||
Provision (benefit) for income taxes
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43 | 119 | (438 | ) | 206 | |||||||||||
Depreciation and amortization
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451 | 200 | 1,445 | 681 | ||||||||||||
EBITDA
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$ | 1,628 | $ | (2,172 | ) | $ | 3,677 | $ | (1,381 | ) |