0000944480-16-000195.txt : 20161114 0000944480-16-000195.hdr.sgml : 20161111 20161114173345 ACCESSION NUMBER: 0000944480-16-000195 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161114 DATE AS OF CHANGE: 20161114 FILER: 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14785 FILM NUMBER: 161996221 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 10-Q 1 form10q.htm GSE SYSTEMS INC FORM 10-Q 1Q16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)
		Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended September 30, 2016

		or

		Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ____ to ____

Commission File Number 001-14785

GSE Systems, Inc.

(Exact name of registrant as specified in its charter)

Delaware		52-1868008
(State of incorporation)		(I.R.S. Employer Identification Number)
1332 Londontown Blvd., Suite 200, Sykesville MD		21784
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (410) 970-7800

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such period that the registrant was required to submit and post such files). Yes [ X ] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 	Accelerated filer 	Non-accelerated filer 	Smaller reporting company 
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in rule 12(b)-2 of the Exchange Act). Yes [ ] No [X]

There were 18,683,009 shares of common stock, with a par value of $.01 per share outstanding as of November 14, 2016.

GSE SYSTEMS, INC.

QUARTERLY REPORT ON FORM 10-Q

INDEX

		PAGE
PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements:
	Consolidated Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015	3
	Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2016, and September 30, 2015	4
	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2016, and September 30, 2015	5
	Unaudited Consolidated Statement of Changes in Stockholders' Equity for the Nine Months Ended September 30, 2016	6
	Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and September 30, 2015	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42

PART II.	OTHER INFORMATION	44
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	45
Item 6.	Exhibits	45
	SIGNATURES	46

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	Unaudited
	September 30, 2016			December 31, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	14,093		$	11,084
Restricted cash		1,601			1,771
Contract receivables, net		16,430			13,053
Prepaid expenses and other current assets		2,715			2,506
Total current assets		34,839			28,414

Equipment, software and leasehold improvements		6,862			7,003
Accumulated depreciation		(5,559	)		(5,407	)
Equipment, software and leasehold improvements, net		1,303			1,596

Software development costs, net		1,045			1,145
Goodwill		5,612			5,612
Intangible assets, net		533			775
Long-term restricted cash		1,735			1,779
Other assets		65			50
Total assets	$	45,132		$	39,371

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	2,367		$	1,238
Accrued expenses		1,930			1,723
Accrued compensation		3,196			2,431
Billings in excess of revenue earned		12,358			9,229
Accrued warranty		1,534			1,614
Current contingent consideration		731			2,647
Other current liabilities		827			826
Total current liabilities		22,943			19,708

Contingent consideration		1,210			1,085
Other liabilities		866			210
Total liabilities		25,019			21,003
Commitments and contingencies		-			-

Stockholders' equity:
Preferred stock $.01 par value, 2,000,000 shares authorized, no shares issued and outstanding		-			-
Common stock $.01 par value, 30,000,000 shares authorized, 20,281,920 shares issued and 18,683,009 shares outstanding in 2016, 19,510,770 shares issued and 17,911,859 shares outstanding in 2015		203			195
Additional paid-in capital		74,952			73,481
Accumulated deficit		(50,431	)		(50,849	)
Accumulated other comprehensive loss		(1,612	)		(1,460	)
Treasury stock at cost, 1,598,911 shares in 2016 and 2015		(2,999	)		(2,999	)
Total stockholders' equity		20,113			18,368
Total liabilities and stockholders' equity	$	45,132		$	39,371

The accompanying notes are an integral part of these consolidated financial statements.

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015

Revenue	$	14,428		$	14,809		$	39,820		$	42,476

Cost of revenue		10,704			11,214			28,913			32,701
Write-down of capitalized software development costs		-			1,538			-			1,538
Gross profit		3,724			2,057			10,907			8,237

Operating expenses:
Selling, general and administrative		3,043			3,811			9,032			11,031
Restructuring charges		85			1,600			487			1,746
Depreciation		91			119			294			383
Amortization of definite-lived intangible assets		72			123			219			370
Total operating expenses		3,291			5,653			10,032			13,530

Operating income (loss)		433			(3,596	)		875			(5,293	)

Interest income, net		11			19			52			67
(Loss) gain on derivative instruments, net		(211	)		20			(346	)		(59	)
Other income (expense), net		15			(156	)		112			(235	)
Income (loss) before income taxes		248			(3,713	)		693			(5,520	)

Provision for income taxes		80			50			275			211
Net income (loss)	$	168		$	(3,763	)	$	418		$	(5,731	)


Basic earnings (loss) per common share	$	0.01		$	(0.21	)	$	0.02		$	(0.32	)

Diluted earnings (loss) per common share	$	0.01		$	(0.21	)	$	0.02		$	(0.32	)

The accompanying notes are an integral part of these consolidated financial statements.

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015


Net income (loss)	$	168		$	(3,763	)	$	418		$	(5,731	)

Foreign currency translation adjustment		(50	)		(76	)		(152	)		(206	)

Comprehensive income (loss)	$	118		$	(3,839	)	$	266		$	(5,937	)

The accompanying notes are an integral part of these consolidated financial statements.

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

(in thousands)

(Unaudited)

	Common Stock													Treasury Stock
	Shares		Amount		Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Shares			Amount			Total
Balance, December 31, 2015		19,511	$	195	$	73,481		$	(50,849	)	$	(1,460	)		(1,599	)	$	(2,999	)	$	18,368

Stock-based compensation expense		-		-		882			-			-			-			-			882
Common stock issued for options exercised		322		3		594			-			-			-			-			597
Common stock issued for RSUs vested		449		5		(5	)		-			-			-			-			-
Foreign currency translation adjustment		-		-		-			-			(152	)		-			-			(152	)
Net income		-		-		-			418			-			-			-			418
Balance, September 30, 2016		20,282	$	203	$	74,952		$	(50,431	)	$	(1,612	)		(1,599	)	$	(2,999	)	$	20,113

The accompanying notes are an integral part of these consolidated financial statements.

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

	Nine months ended September 30,
	2016			2015
Cash flows from operating activities:
Net income (loss)	$	418		$	(5,731	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Write-down of capitalized software development costs		-			1,538
Depreciation and amortization		294			383
Amortization of definite-lived intangible assets		219			370
Capitalized software amortization		296			291
Change in fair value of contingent consideration		(370	)		739
Stock-based compensation expense		900			407
Equity loss on investments		-			233
Loss on derivative instruments		346			59
Deferred income taxes		96			-
Loss on sales of equipment, software, and leasehold improvements		3			-
Changes in assets and liabilities:
Contract receivables		(3,616	)		3,446
Prepaid expenses and other assets		(269	)		(358	)
Accounts payable, accrued compensation and accrued expenses		2,254			1,262
Billings in excess of revenue earned		3,183			(1,370	)
Accrued warranty		(80	)		158
Other liabilities		208			(120	)
Net cash provided by operating activities		3,882			1,307

Cash flows from investing activities:
Proceeds from sale of equipment, software and leasehold improvements		30			-
Capital expenditures		(53	)		(217	)
Capitalized software development costs		(196	)		(1,411	)
Restrictions of cash as collateral under letters of credit		(4	)		(1,148	)
Releases of cash as collateral under letters of credit		254			1,824
Net cash provided by (used in) investing activities		31			(952	)

Cash flows from financing activities:
Proceeds from issuance of common stock		594			-
Payments on line of credit		-			(339	)
Payments on contingent consideration		(1,421	)		(500	)
Net cash used in financing activities		(827	)		(839	)

Effect of exchange rate changes on cash		(77	)		(267	)
Net increase (decrease) in cash and cash equivalents		3,009			(751	)
Cash and cash equivalents at beginning of year		11,084			13,583
Cash and cash equivalents at end of period	$	14,093		$	12,832

The accompanying notes are an integral part of these consolidated financial statements.

1.	Summary of Significant Accounting Policies

Basis of Presentation

The consolidated interim financial statements included herein have been prepared by GSE Systems, Inc. (the "Company," "GSE," "we," "us," or "our") without independent audit. In the opinion of the Company's management, all adjustments and reclassifications of a normal and recurring nature necessary to present fairly the financial position, results of operations and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted. The results of operations for interim periods are not necessarily an indication of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 25, 2016. Certain reclassifications have been made to prior period amounts to conform to the current presentation.

The Company has two reportable segments as follows:

● Performance Improvement Solutions (approximately 69% of revenue)

The Company's Performance Improvement Solutions segment primarily encompasses next generation power plant and process high-fidelity simulation solutions, as well as engineering solutions. This segment includes various simulation products, engineering services, and operation training systems delivered across the industries the Company serves: primarily nuclear and fossil fuel power generation, and the process industries. Simulation solutions include the following: (1) simulation software and services, including operator training systems, for the nuclear power industry, (2) simulation software and services, including operator training systems, for the fossil power industry, and (3) simulation software and services for the process industries used to teach fundamental industry processes and control systems to newly hired employees and for ongoing workforce development and training. GSE and its predecessors have been providing these services since 1976.

● Nuclear Industry Training and Consulting (approximately 31% of revenue)

Nuclear Industry Training and Consulting provides highly specialized and skilled nuclear operations instructors and other consultants to the nuclear power industry. These employees work at clients' facilities under client direction. Examples of these highly skilled positions are senior reactor operations instructors, procedure writers, work management specialists, planners, and training material developers. This business is managed through the Company's Hyperspring subsidiary. The business model, management focus, margins, and other factors clearly separate this business line from the rest of the GSE product and service portfolio. Hyperspring has been providing these services since 2005.

Financial information about the two business segments is provided in Note 14 of the accompanying consolidated financial statements.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. The Company's most significant estimates relate to revenue recognition on long-term contracts, product warranties, capitalization of software development costs, valuation of goodwill and intangible assets acquired, valuation of contingent consideration issued in business acquisitions, and the recoverability of deferred tax assets. Actual results could differ from these estimates and those differences could be material.

Revenue Recognition

The Company has (1) fixed-price contracts for the sale of uniquely designed/customized systems containing hardware and software, (2) fixed-price contracts for the sale of software licenses which may include post-contract support ("PCS") and other elements such as installation and training, and (3) time and material contracts for support and service agreements.

In accordance with Accounting Standards Codification ("ASC") 605-35, "Construction-Type and Production-Type Contracts", the Performance Improvement Solutions segment recognizes revenue for its fixed-price contracts for the sale of customized systems using the percentage-of-completion method. This methodology recognizes revenue and earnings as work progresses on the contract and is based on an estimate of the revenue and earnings to date, less amounts recognized in prior periods. The Company bases its estimate of the degree of completion of the contract by reviewing the relationship of costs incurred to date to the expected total costs that will be incurred on the project. Estimated contract earnings are reviewed and revised periodically as the work progresses, and the cumulative effect of any change in estimate is recognized in the period in which the change is identified. Estimated losses are charged against earnings in the period such losses are identified. The Company recognizes revenue arising from contract claims either as income or as an offset against a potential loss only when the amount of the claim can be estimated reliably and realization is probable and there is a legal basis of the claim.

Uncertainties inherent in the performance of contracts include labor availability and productivity, material costs, change order scope and pricing, software modification and customer acceptance issues. The reliability of these cost estimates is critical to the Company's revenue recognition as a significant change in the estimates can cause the Company's revenue and related margins to change significantly from the amounts estimated in the early stages of the project.

The Company accrues for estimated warranty costs at the time the related revenue is recognized based on historical and projected claims experience. The Company's long-term contracts generally provide for a one-year warranty on parts, labor and any bug fixes as it relates to customized software embedded in the systems.

The Company evaluates customized system contracts for multiple deliverables under ASC 605-25, "Revenue Recognition-Multiple Element Arrangements", and when appropriate, separates the contracts into separate units of accounting for revenue recognition. Contracts with multiple element arrangements typically include, but are not limited to, components such as training and PCS, which are embedded in the contract. When a contract contains multiple deliverables, the Company allocates revenue to each deliverable based on its relative selling price which is determined based on its vendor specific objective evidence ("VSOE") if available, third party evidence ("TPE") if VSOE is not available, or estimated selling price if neither VSOE nor TPE is available. Amounts allocated to training and support services are based on VSOE and revenue is deferred until the services have been performed.

The Company also provides stand-alone PCS contracts. Such PCS arrangements are generally for a one-year period renewable annually and include customer support, unspecified software upgrades, and maintenance releases. The Company recognizes revenue from these contracts ratably over the life of the agreements.

Revenue from the sale of software licenses without other elements in the contract and which do not require significant modifications or customization for the Company's modeling tools are recognized when the license agreement is signed, the license fee is fixed and determinable, delivery has occurred, and collection is considered probable. The Company utilizes written contracts as a means to establish the terms and conditions by which product support and services are sold to customers. Delivery is considered to have occurred when title and risk of loss have been transferred to the customer, which generally occurs after a license key has been delivered electronically to the customer and as support and services are delivered.

The Company also recognizes revenue from the sale of software licenses with multiple deliverables. These software license sales are evaluated under ASC 985-605, "Software Revenue Recognition". Contracts with multiple element arrangements typically include, but are not limited to, components such as installation, training, licenses, and PCS listed in the contract. The Company has not established VSOE for all elements of its bundled software license arrangements. If a PCS element exists in the software license arrangement, revenue is recognized ratably over the PCS service period. If no PCS element exists in the arrangement, revenue is deferred until all elements have been delivered.

The Company recognizes revenue under time and materials contracts primarily from the Nuclear Industry Training and Consulting segment and certain cost-reimbursable contracts. Revenue on time and material contracts is recognized as services are rendered and performed. Under a typical time-and-materials billing arrangement, customers are billed on a regularly scheduled basis, such as biweekly or monthly. Any earned but unbilled amounts are typically billed the following month. Under cost-reimbursable contracts, which are subject to a contract ceiling amount, the Company is reimbursed for allowable costs and paid a fee, which may be fixed or performance based. However, if costs exceed the contract ceiling or are not allowable under the provisions of the contract or applicable regulations, the Company may not be able to obtain reimbursement for all such costs.

Revisions

Historically, the Company recognized revenue on multiple element arrangements which included sales of its EnVision software product as delivery occurred on each element except PCS. PCS revenue was recognized ratably over the PCS term. During the fourth quarter of 2015, management determined that the Company had not established VSOE of the fair value for any of the elements in multiple element transactions including sales of its EnVision software licenses. Accordingly, the consolidated financial statements were revised to recognize all revenue on multiple element transactions including EnVision software license sales ratably over the PCS terms on these transactions since VSOE did not exist for any of the non-software elements in these multiple element transactions. The revision resulted in a decrease to revenue of $152,000, an increase to cost of revenue of $56,000, and an increase in operating loss of $208,000 for the three months ended September 30, 2015. The revision resulted in an decrease to revenue of $113,000, an increase to cost of revenue of $52,000, and a increase in operating loss of $165,000 for the nine months ended September 30, 2015.

Certain prior year amounts have also been revised in the consolidated statements of cash flows to reflect the corrections to net loss and changes in billings in excess of revenue earned, prepaid expenses and other assets. The revision had no impact on cash provided by operations or the net decrease in cash and cash equivalents.

The Company assessed the materiality of these misstatements on prior periods' consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250, Accounting Changes and Error Corrections, and concluded that these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements"), the consolidated financial statements as of September 30, 2015, which are presented herein, have been revised.

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three months ended September 30, 2015									Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised			As Reported			Adjustment			As Revised

Revenue	$	14,961		$	(152	)	$	14,809		$	42,589		$	(113	)	$	42,476
Cost of revenue		11,158			56			11,214			32,649			52			32,701
Write-down of capitalized software development costs		1,538			-			1,538			1,538			-			1,538

Gross profit		2,265			(208	)		2,057			8,402			(165	)		8,237

Operating loss		(3,388	)		(208	)		(3,596	)		(5,128	)		(165	)		(5,293	)

Loss before income taxes		(3,505	)		(208	)		(3,713	)		(5,355	)		(165	)		(5,520	)

Net loss	$	(3,555	)	$	(208	)	$	(3,763	)	$	(5,566	)	$	(165	)	$	(5,731	)


Basic loss per common share	$	(0.20	)	$	(0.01	)	$	(0.21	)	$	(0.31	)	$	(0.01	)	$	(0.32	)

Diluted loss per common share	$	(0.20	)	$	(0.01	)	$	(0.21	)	$	(0.31	)	$	(0.01	)	$	(0.32	)

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

	Three months ended September 30, 2015									Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised			As Reported			Adjustment			As Revised

Net loss	$	(3,555	)	$	(208	)	$	(3,763	)	$	(5,566	)	$	(165	)	$	(5,731	)

Comprehensive loss	$	(3,631	)	$	(208	)	$	(3,839	)	$	(5,772	)	$	(165	)	$	(5,937	)

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised

Cash flows from operating activities:
Net loss	$	(5,566	)	$	(165	)	$	(5,731	)
Changes in assets and liabilities:
Contract receivables, net		3,580			(134	)		3,446
Prepaid expenses and other assets		(409	)		51			(358	)
Billings in excess of revenue earned		(1,618	)		248			(1,370	)
Net cash provided by operating activities	$	1,307		$	-		$	1,307

Net decrease in cash and cash equivalents	$	(751	)	$	-		$	(751	)

2.	Recent Accounting Pronouncements

Accounting Pronouncements Recently Adopted

In November 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The standard requires that deferred tax assets and liabilities be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. ASU 2015-17 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted and the standard may be applied either retrospectively or on a prospective basis to all deferred tax assets and liabilities. The Company adopted ASU 2015-17 effective January 1, 2016. The adoption of this guidance did not have a material effect on the Company's consolidated financial position.

Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today's guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. This guidance will be effective for the Company in the first quarter of its fiscal year ending December 31, 2018, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently in the process of evaluating the impact of its pending adoption of this ASU on the Company's consolidated financial statements and has not yet determined the method by which it will adopt the standard in 2018.

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. The Company is still evaluating the impact of the pending adoption of the new standard on the consolidated financial statements, and the Company expects that upon adoption the recognition of ROU assets and lease liabilities could be material.

In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation: Topic 718: Improvements to Employee Share Based Accounting". The new guidance is intended to simplify the accounting for share based payment award transactions. The amendments in the update include the following aspects for share based accounting: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. Adoption of ASU 2016-09 is required for fiscal reporting periods beginning after December 15, 2016, including interim reporting periods within those fiscal years. We are currently evaluating the potential impact of the adoption of ASU 2016-09 on our consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments". The new guidance addresses eight specific cash flow issues and applies to all entities that are required to present a statement of cash flows. Adoption of ASU 2016-15 is required for fiscal reporting periods beginning after December 15, 2017, including interim reporting periods within those fiscal years. We are currently evaluating the potential impact of the adoption of ASU 2016-15 on our consolidated financial statements.

3.	Basic and Diluted Earnings (Loss) per Common Share

Basic earnings (loss) per share is based on the weighted average number of outstanding common shares for the period. Diluted earnings (loss) per share adjusts the weighted average shares outstanding for the potential dilution that could occur if stock options or other common stock equivalents were exercised into common stock.

The number of common shares and common share equivalents used in the determination of basic and diluted earnings (loss) per share were as follows:

(in thousands, except for share amounts)	Three months ended					Nine months ended
	September 30,					September 30,
	2016		2015			2016		2015
Numerator:
Net income (loss)	$	168	$	(3,763	)	$	418	$	(5,731	)

Denominator:
Weighted-average shares outstanding for basic earnings per share		18,230,148		17,894,272			18,052,019		17,890,020

Effect of dilutive securities:
Employee stock options		239,969		-			235,851		-
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share		18,470,117		17,894,272			18,287,870		17,890,020

Shares related to dilutive securities excluded because inclusion would be anti-dilutive		734,833		2,513,321			741,862		2,548,401

4.	Contingent Consideration

ASC 805, "Business Combinations", requires that contingent consideration be recognized at fair value on the acquisition date and be re-measured each reporting period with subsequent adjustments recognized in the consolidated statement of operations. The Company estimates the fair value of contingent consideration based on financial projections of the acquired companies and estimated probabilities of achievement and then discounts the liabilities to present value using a weighted-average cost of capital. Contingent consideration is valued using significant inputs that are not observable in the market which are defined as Level 3 inputs pursuant to fair value measurement accounting. The Company believes that the estimates and assumptions are reasonable, however, there is significant judgment involved. At each reporting date, the contingent consideration obligation is revalued to estimated fair value, and changes in fair value subsequent to the acquisitions are reflected in income or expense in the consolidated statements of operations and could cause a material impact to, and volatility in, the operating results. Changes in the fair value of contingent consideration obligations may result from changes in discount periods, changes in the timing and amount of revenue and/or earnings estimates, and changes in probability assumptions with respect to the likelihood of achieving the various earn-out criteria.

As of September 30, 2016, and December 31, 2015, contingent consideration included in current liabilities totaled $0.7 million and $2.6 million, respectively. As of September 30, 2016, and December 31, 2015, the Company also had accrued contingent consideration totaling $1.2 million and $1.1 million, respectively, which was reported as a noncurrent liability and represents the portion estimated to be payable greater than twelve months from the balance sheet date. During the three and nine months ended September 30, 2016, the Company made no payments and a payment of $1.4 million, respectively, related to the liability-classified contingent consideration arrangements. During the three and nine months ended September 30, 2015, the Company made no payments and a payment of $500,000, respectively, related to the liability-classified contingent consideration arrangements.

5.	Contract Receivables

Contract receivables represent balances due from a broad base of both domestic and international customers. All contract receivables are considered to be collectible within twelve months. Unbilled receivables represent costs incurred and associated profit accrued on contracts that will become billable upon future milestones or completion of contracts.

The components of contract receivables are as follows:

(in thousands)	September 30,			December 31,
	2016			2015

Billed receivables	$	9,585		$	9,831
Unbilled receivables		6,866			3,325
Allowance for doubtful accounts		(21	)		(103	)
Total contract receivables, net	$	16,430		$	13,053

Unbilled receivables totaled $6.9 million and $3.3 million as of September 30, 2016, and December 31, 2015, respectively. During October 2016, the Company invoiced $0.6 million of the unbilled amounts related to the balance at September 30, 2016.

As of September 30, 2016, the Company had one customer that accounted for 11.3% of consolidated contract receivables. As of December 31, 2015, the Company did not have any customers that accounted for more than 10% of the Company's consolidated contract receivables.

Software Development Costs

Certain computer software development costs are capitalized in the accompanying consolidated balance sheets. Capitalization of computer software development costs begins upon the establishment of technological feasibility. Capitalization ceases and amortization of capitalized costs begins when the software product is commercially available for general release to customers. Amortization of capitalized computer software development costs is included in cost of revenue and is determined using the straight-line method over the remaining estimated economic life of the product, typically three years. On an annual basis, and more frequently as conditions indicate, the Company assesses the recovery of the unamortized software development costs by estimating the net undiscounted cash flows expected to be generated by the sale of the product. If the undiscounted cash flows are not sufficient to recover the unamortized software costs, the Company will write down the investment to its estimated fair value based on future undiscounted cash flows. The excess of any unamortized software development costs over the related net realizable value is written down and charged to cost of revenue.

Software development costs capitalized were $10,000 and $196,000 for the three and nine months ended September 30, 2016, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2015, respectively. Total amortization expense was $111,000 and $296,000 for the three and nine months ended September 30, 2016, respectively, and $96,000 and $291,000 for the three and nine months ended September 30, 2015, respectively.

7.	Goodwill and Intangible Assets

Goodwill

The Company reviews goodwill for impairment annually as of December 31 and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company tests goodwill at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment, as defined by U.S. GAAP. The Company's reporting units are: (i) Performance Improvement Solutions and (ii) Nuclear Industry Training and Consulting. The $5.6 million of goodwill originated from the Hyperspring acquisition in 2014 and is assigned to the Nuclear Industry Training and Consulting segment. No events or circumstances occurred during the current reporting period that would indicate impairment of such goodwill.

Intangible Assets Subject to Amortization

The Company's intangible assets include amounts recognized in connection with business acquisitions, including contractual customer relationships, contract backlog, and technology. Intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Amortization is recognized on a straight-line basis over the estimated useful life of the intangible assets, except for contract backlog and contractual customer relationships which are recognized in proportion to the related projected revenue streams. The Company reviews specific definite-lived intangible assets for impairment when events occur that may impact their value in accordance with the respective accounting guidance for long-lived assets.

8.	Fair Value of Financial Instruments

ASC 820, "Fair Value Measurement", defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The levels of the fair value hierarchy established by ASC 820 are:

Level 1: inputs are quoted prices, unadjusted, in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3: inputs are unobservable and reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability.

The Company considers the recorded value of certain of its financial assets and liabilities, which consist primarily of accounts receivable and accounts payable, to approximate the fair value of the respective assets and liabilities at September 30, 2016, and December 31, 2015, based upon the short-term nature of the assets and liabilities.

The following table presents assets and liabilities measured at fair value at September 30, 2016:

(in thousands)	Level 1		Level 2			Level 3			Total

Money market funds	$	11,219	$	-		$	-		$	11,219

Total assets	$	11,219	$	-		$	-		$	11,219

Foreign exchange contracts	$	-	$	(230	)	$	-		$	(230	)
Contingent consideration liability		-		-			(1,941	)		(1,941	)

Total liabilities	$	-	$	(230	)	$	(1,941	)	$	(2,171	)

The following table presents assets and liabilities measured at fair value at December 31, 2015:

(in thousands)	Level 1		Level 2			Level 3			Total

Money market funds	$	8,979	$	-		$	-		$	8,979
Foreign exchange contracts		-		121			-			121

Total assets	$	8,979	$	121		$	-		$	9,100

Foreign exchange contracts	$	-	$	(57	)	$	-		$	(57	)
Contingent consideration liability		-		-			(3,732	)		(3,732	)

Total liabilities	$	-	$	(57	)	$	(3,732	)	$	(3,789	)

The following table provides a roll-forward of the fair value of the contingent consideration categorized as Level 3 for the nine months ended September 30, 2016:

(in thousands)

Contingent consideration:
Beginning balance at January 1, 2016	$	3,732
Payments made on contingent liabilities		1,421
Change in fair value		370
Ending balance	$	1,941

9.	Derivative Instruments

The Company utilizes forward foreign currency exchange contracts to manage market risks associated with the fluctuations in foreign currency exchange rates. It is the Company's policy to use such derivative financial instruments to protect against market risk arising in the normal course of business in order to reduce the impact of these exposures. The Company minimizes credit exposure by limiting counterparties to nationally recognized financial institutions.

The Company has not designated any of the foreign exchange contracts outstanding as cash flow hedges and has recorded the estimated fair value of the contracts in the consolidated balance sheets as follows:

	September 30,			December 31,
(in thousands)	2016			2015

Asset derivatives
Prepaid expenses and other current assets	$	-		$	115
Other assets		-			6
		-			121
Liability derivatives
Other current liabilities		(178	)		(57	)
Other liabilities		(52	)		-
		(230	)		(57	)

Net fair value	$	(230	)	$	64

The changes in the fair value of the foreign exchange contracts are included in (Loss) gain on derivative instruments, net in the consolidated statements of operations.

The foreign currency denominated contract receivables, billings in excess of revenue earned and subcontractor accruals that are related to the outstanding foreign exchange contracts are remeasured at the end of each period into the functional currency using the current exchange rate at the end of the period. The gain or loss resulting from such remeasurement is also included in loss on derivative instruments, net in the consolidated statements of operations.

For the three and nine months ended September 30, 2016, and September 30, 2015, the Company recognized a net (loss) gain on its derivative instruments as outlined below:

	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2016			2015			2016			2015

Foreign exchange contracts-change in fair value	$	(125	)	$	34		$	(302	)	$	(53	)
Remeasurement of related contract receivables, billings in excess of revenue earned, and subcontractor accruals		(86	)		(14	)		(44	)		(6	)

(Loss) gain on derivative instruments, net	$	(211	)	$	20		$	(346	)	$	(59	)

10.	Stock-Based Compensation

The Company recognizes compensation expense for all equity-based compensation awards issued to employees, directors and non-employees that are expected to vest. Compensation cost is based on the fair value of awards as of the grant date. The Company recognized $412,000 and $136,000 of stock-based compensation expense for the three months ended September 30, 2016, and September 30, 2015, respectively, and recognized $900,000 and $407,000 of stock-based compensation expense for the nine months ended September 30, 2016, and September 30, 2015, respectively.

In the nine months ended September 30, 2016, the Company granted 1,322,500 performance-based restricted stock units ("RSUs") with an aggregate fair value of $1.9 million. In the three months ended September 30, 2016, the Company granted 1,162,500 performance-based RSUs with an aggregate fair value of $1.6 million. The RSUs vest upon the achievement of specific performance measures. The fair value of the RSUs is expensed ratably over the requisite service period, which ranges between one and five years.

The performance-based RSUs granted during 2016 include 450,000 RSUs, which were canceled and reissued in accordance with the Chief Executive Officer's amended employment agreement dated July 1, 2016 and approved by the Board of Directors. The aggregate fair value of the RSUs reissued totaled $469,000.

Additionally, on July 1, 2016, the Board of Directors approved an amendment to the performance-based RSU agreements with other employees, which reduced the time period from 90 to 30 consecutive trading days during which the volume weighted-average price ("VWAP") target must be attained in order for the RSUs to vest. This change resulted in an increase in the fair value of the RSUs granted of approximately $250,000, which will be expensed ratably over the remaining requisite service period.

In the three and nine months ended September 30, 2016, the Company granted 70,000 and 204,824 time-based RSUs with an aggregate fair value of $172,300 and $471,650, respectively. The fair value of the RSUs is expensed ratably over the requisite service period.

The Company granted no new options and 40,000 stock options for the three and nine months ended September 30, 2016, respectively. The fair value of the options granted for the nine months ended September 30, 2016 was $46,000. The Company granted no new options and 60,000 stock options for the three and nine months ended September 30, 2015, respectively. The fair value of the options granted for the nine months ended September 30, 2015 was $48,000.

11. Long-Term Debt

At September 30, 2016, and December 31, 2015, the Company had no long-term debt.

Lines of Credit

BB&T Bank

At September 30, 2016, the Company had a Master Loan and Security Agreement (the "Loan Agreement") and Revolving Credit Note with BB&T Bank. The Company and its subsidiary, GSE Performance Solutions, Inc., were jointly and severally liable as co-borrowers. The Loan Agreement provides a $7.5 million revolving line of credit for the purpose of (i) issuing stand-by letters of credit and (ii) providing working capital. Working capital advances bear interest at a rate equal to the Wall Street Journal Prime Rate of Interest, floating with a floor of 4.5%.

The agreement would have expired on September 30, 2016, but the Company and BB&T Bank amended the Loan Agreement to extend the expiration date until March 31, 2017. All other terms and conditions remained the same.

As collateral for the Company's obligations, the Company granted a first lien and security interest in all of the assets of the Company, including but not limited to, contract receivables, intangible assets, equipment, software and leasehold improvements.

The Company is obligated to maintain a segregated cash collateral account at BB&T Bank equal to the greater of (i) $3.0 million or (ii) the aggregate principal amounts of all loans outstanding under the revolving credit facility (including any issued and outstanding letters of credit, working capital advances, and negative foreign exchange positions) as security for the Company's obligations. Under this agreement, BB&T Bank has complete and unconditional control over the cash collateral account.

At September 30, 2016, and December 31, 2015, the cash collateral account supporting standby letters of credit totaled $3.3 million and $3.5 million, respectively. The balances were classified as restricted cash on the consolidated balance sheets.

The Loan Agreement contains certain restrictive covenants regarding future acquisitions and incurrence of debt. In addition, the Loan Agreement contains financial covenants with respect to the Company's minimum tangible capital base and quick ratio.

		As of
	Covenant	September 30, 2016

Minimum tangible capital base	Must exceed $10.5 million	$27.0 million
Quick ratio	Must exceed 1.00 : 1.00	1.52 : 1.00

As of September 30, 2016, the Company was in compliance with its financial covenants as described above.

Letters of Credit and Bonds

As of September 30, 2016, the Company has nine standby letters of credit totaling $3.3 million which represent advance payment and performance bonds on eight contracts. The Company has deposited the full value of nine standby letters of credit in escrow accounts, amounting to $3.3 million, which have been restricted in that the Company does not have access to these funds until the related letters of credit have expired. The cash has been recorded on the Company's consolidated balance sheets at September 30, 2016, as restricted cash, of which $1.6 million is categorized as current restricted cash and $1.7 million categorized as long-term restricted cash.

12.	Product Warranty

The Company accrues for estimated warranty costs at the time the related revenue is recognized based on historical experience and projected claims. The Company's long-term contracts generally provide for a one-year warranty on parts, labor and any bug fixes as it relates to customized software embedded in the systems. The portion of the warranty provision expected to be incurred within 12 months is classified as current within accrued warranty and totals $1.5 million, while the remaining $0.2 million is classified as long-term within other liabilities. The activity related to the warranty accrual is as follows:

(in thousands)

Balance at January 1, 2016	$	1,614
Warranty provision		459
Warranty claims		(385	)
Currency adjustment		(4	)
Balance at September 30, 2016	$	1,684

13.	Income Taxes

The Company's income tax expense for the nine months ended September 30, 2016, and September 30, 2015, differed from the expected income tax amounts computed by applying the federal corporate income tax rate of 35% to income (loss) before income taxes for the periods as shown in the table below.

(in thousands)	Three months ended September 30,								Nine months ended September 30,
	2016				2015				2016			2015

Provision for income taxes		$	80			$	50		$	275			$	211
Effective tax rate			32.3	%			(1.3	)%		39.7	%			(3.8	)%

The Company's increase in effective tax rate for 2016 as compared to 2015 resulted mainly from a reduction in pre-tax loss in the U.S. The Company's income tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising in that quarter. Tax expense in both years is comprised mainly of foreign income tax expense, Alternative Minimum Tax, state taxes, and deferred tax expense relating to the tax amortization of goodwill.

Because of its net operating loss carryforwards, the Company is subject to U.S. federal and state income tax examinations from the year 1997 forward. The Company is subject to foreign tax examinations by tax authorities for years 2010 forward for Sweden, 2012 forward for China, and 2014 forward for both India and the UK.

An uncertain tax position taken or expected to be taken in a tax return is recognized in the consolidated financial statements when it is more likely than not (i.e., a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities that have full knowledge of all relevant information. A recognized tax position is then measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Interest and penalties related to income taxes are accounted for as income tax expense.

The Company recognizes deferred tax assets to the extent that it is believed that these assets are more likely than not to be realized. The Company has evaluated all positive and negative evidence and determined that it will continue to assess a full valuation allowance on its U.S., Swedish, and Chinese net deferred assets as of September 30, 2016. The Company has determined that it is more likely than not that it will realize the benefits of its deferred taxes in the UK and India. In 2015, the Company paid income taxes in the UK and India and expects to do so again in 2016.

14. Segment Information

The Company has two reportable business segments. The Performance Improvement Solutions business segment provides simulation, training products, and engineering products and services delivered across the breadth of industries the Company serves. Solutions include simulation for both training and engineering applications. Engineering services include plant design verification and validation. The Company provides these services across all of its market segments. Contracts typically range from six months to three years, with the majority of contracts in the range from 12 months to two years. GSE and its predecessors have been providing these services since 1976.

The Nuclear Industry Training and Consulting business segment provides specialized workforce solutions primarily to the U.S. nuclear industry, working at client facilities. This business is managed through the Company's Hyperspring subsidiary. Contracts typically range from six months to three years. Hyperspring has been providing these services since 2005.

The following table sets forth the revenue and operating results attributable to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated income (loss) before income tax expense:

(in thousands)	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015

Revenue:
Performance Improvement Solutions	$	10,215		$	9,751		$	27,382		$	26,798
Nuclear Industry Training and Consulting		4,213			5,058			12,438			15,678
	$	14,428		$	14,809		$	39,820		$	42,476

Operating income (loss):
Performance Improvement Solutions	$	(412	)	$	(3,732	)	$	(890	)	$	(5,658	)
Nuclear Industry Training and Consulting		321			442			1,395			1,104
Gain (loss) on change in fair value of contingent consideration, net		524			(306	)		370			(739	)

Operating income (loss)	$	433		$	(3,596	)	$	875		$	(5,293	)

Interest income, net		11			19			52			67
(Loss) gain on derivative instruments, net		(211	)		20			(346	)		(59	)
Other income (expense), net		15			(156	)		112			(235	)
Income (loss) before income taxes	$	248		$	(3,713	)	$	693		$	(5,520	)

15. Commitments and Contingencies

The Company has contingent liabilities that, in management's judgment, are not probable of assertion. If such unasserted contingent liabilities were to be asserted, or become probable of assertion, the Company may be required to record significant expenses and liabilities in the period in which these liabilities are asserted or become probable of assertion.

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

GSE is a performance improvement company. We enhance plant performance with a combination of simulation, engineering, and plant services that help clients improve their plant's profitability, productivity, and safety. GSE is the parent company of the following entities:

●

GSE Performance Solutions, Inc. (formerly GSE Power Systems, Inc.), a Delaware corporation;

●

GSE Power Systems, AB, a Swedish corporation;

●

GSE Engineering Systems (Beijing) Co. Ltd., a Chinese limited liability company;

●

GSE Systems, Ltd., a Scottish limited liability company;

●

EnVision Systems (India) Pvt. Ltd., an Indian limited liability company; and

●

Hyperspring, LLC, an Alabama limited liability company.

The Company has a 50% interest in IntelliQlik, LLC, a Delaware limited liability company.

Cautionary Statement Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. We use words such as "expects", "intends", "believes", "may", "will" and "anticipates" to indicate forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, but not limited to, those factors set forth under Item 1A - Risk Factors of the Company's 2015 Annual Report on Form 10-K and those other risks and uncertainties detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. We caution that these risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors emerge from time to time. We cannot predict these new risk factors, nor can we assess the effect, if any, of the new risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ from those expressed or implied by these forward-looking statements.

If any one or more of these expectations and assumptions proves incorrect, actual results will likely differ materially from those contemplated by the forward-looking statements. Even if all of the foregoing assumptions and expectations prove correct, actual results may still differ materially from those expressed in the forward-looking statements as a result of factors we may not anticipate or that may be beyond our control. While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. We do not undertake to update any forward-looking statements made by us, whether as a result of new information, future events or otherwise. You are cautioned not to rely unduly on such forward-looking statements when evaluating the information presented in this report.

General Business Environment

We operate through two reportable business segments: Performance Improvement Solutions and Nuclear Industry Training and Consulting. Each segment focuses on delivering solutions to customers within our targeted markets - primarily the power and process industries. Marketing and communications, accounting, finance, legal, human resources, information systems and other administrative services are organized at the corporate level. Business development and sales resources are generally aligned with each segment to support existing customer accounts and new customer development. Our two business segments are:

Performance Improvement Solutions (approximately 69% of revenue)

Nuclear Industry Training and Consulting (approximately 31% of revenue)

Nuclear Industry Training and Consulting provides highly specialized and skilled nuclear operations instructors and other consultants to the nuclear power industry. These employees work at clients' facilities under client direction. Examples of these highly skilled positions are senior reactor operations instructors, procedure writers, work management specialists, planners, and training material developers. This business is managed through the Company's Hyperspring subsidiary. The business model, management focus, margins and other factors clearly separate this business line from the rest of the GSE product and service portfolio. Hyperspring has been providing these services since 2005.

Business Strategy

Our objective is to create a technology-enabled engineering, software and training services platform by capitalizing on near and long-term growth opportunities primarily in the nuclear power industry. We offer our differentiated suite of products and services to adjacent markets such as process industries where our offerings are a natural fit with a clear and compelling value proposition for the market. Our primary growth strategy is twofold: (1) expand organically within our core markets by leveraging our market leadership position and drive increased usage and product adoption via new products and services, and (2) seek acquisitions to accelerate our overall growth in a manner that is complementary to our core business. To accomplish this, we will pursue the following activities:

Expand our total addressable market. Our focus on growth means introducing product capabilities or new product categories that create value for our customers and therefore expand our total addressable market. Currently we are working on initiatives to expand our solution offerings in both our business segments which may include, but not be limited to, the following: expanding our software product portfolio to the industries we serve with enhanced power and process simulation tools and systems that are complementary to our core offerings; delivering enhanced learning management systems/solutions; offering fully outsourced training solutions to our customers; adding work flow process improvement solutions; and tailoring operational reporting and business intelligence solutions to address the unique need of our end user markets. Initiatives such as these will broaden our scope and enable us to engage more deeply with the segments we serve. Recently, we have delivered a compelling new solution, the GSE GPWR^TM Generic Pressurized Water Reactor simulation technology, proving that our modeling technology can be sold via traditional license terms and conditions to the nuclear industry ecosystem. We have both upgraded and expanded the EnVision library of simulation and eLearning tutorials for the process industries with specific new products for training clients in the upstream segment of the oil and gas industry. We continue to provide cutting edge training systems by adapting our technology to systems to meet the specific needs of customers such as U.S. government laboratories.

Pursue strategic acquisitions opportunistically. We intend to complement our organic growth strategy through selective acquisitions of other software, technical engineering, and service businesses, both domestic and international, which would enhance our existing portfolio of products, strengthen our relationships with our existing customers, and potentially expand our footprint to include new customers in our core served industries. We have made several small acquisitions in recent years and believe the opportunity exists to do more. For example, in January 2011 we acquired EnVision Systems Inc., which provided interactive multi-media tutorials and simulation models, primarily to the process industries. We have integrated the technology assets from this acquisition and expanded the firm's application to other industries, and we intend to repeat this successful process. In 2014, we acquired Hyperspring, which enabled GSE to offer highly skilled nuclear operations and consulting know-how on site at a large segment of our client base on an operational basis providing essential services. This deepened our relationship with existing clients and won business for us at new client sites in the nuclear industry. This acquisition has proven to be very synergistic, enabling cross selling domestically, and in 2015, expanding these services internationally for the first time.

Continue to provide technology-enabled, market-leading solutions. We invest in research and development ("R&D") in order to deliver unique solutions that add value to our end-user markets. We have delivered nuclear core and Balance-of-Plant modeling and visualization systems to the industry. To address the nuclear industry's need for more accurate simulation of both normal and accident scenarios, we provide our DesignEP^® and RELAP5-HD^® solutions. Our entire JADE^TM suite of simulation software, including industry leading JTOPMERET^® and JElectric^TM software, provides the most accurate simulation of Balance-of-Plant and electrical systems available to the nuclear and fossil plant simulation market. The significant enhancements we have made to our SimExec^® and OpenSim^TM platforms enables customers to be more efficient in the daily operation of their simulators. We are bringing SimExec^®and OpenSim^TMtogether into a next generation unified environment that will add new capabilities as requested by clients and driven by market need. We intend to continue to make prudent investments in R&D that first and foremost are driven by the market, and are complementary to advancing our growth strategy. Such investments in R&D may result in on-going enhancement of existing solutions as well as the creation of new solutions to serve our target markets, ensuring that we add greater value, in an easier to use fashion, than any alternative available to customers and that we delight them in the process. GSE has pioneered a number of industry standards over our lifetime and will continue to be one of the most innovative companies in our industry.

Strengthen and develop our human capital. Our experienced employees and management team are our most valuable resources. Attracting, training, and retaining key personnel have been and will remain critical to our success. To achieve our human capital goals, we intend to remain focused on providing our personnel with entrepreneurial opportunities to increase client contact within their areas of expertise and to expand our business within our service offerings. We will also continue to provide our personnel with training, personal and professional growth opportunities, performance-based incentives including opportunities for stock ownership, and other competitive benefits.

Continue to deliver industry-recognized high quality services. We believe that we have developed a strong reputation for quality services based upon our industry-recognized depth of experience, ability to attract and retain quality professionals, and expertise across multiple service sectors. We have received many industry certificates and awards including being recognized for outstanding work on projects by Bechtel's Nuclear, Security & Environmental global business unit (NS&E) at the Bechtel Supply Chain Recognition awards in April 2016. In addition, we have a recognized high-value brand as one of the most respected providers of software and services to the industry, as evidenced by our marquee client base and significant market wins over the past year. A recently conducted survey of clients with projects underway and/or just delivered validates our brand with a Net Promoter Score of +65, a compelling score for an industrial technology and services company.

Expand international operations in selected markets. We believe there are additional opportunities for us to market our software and services to international customers, and to do so in a cost effective manner. For example, we believe partnerships with Value Added Resellers ("VAR") could significantly expand our sales pipeline for the EnVision software suite. Such VARs may yield positive results for our pursuing international nuclear opportunities globally (see industry trends below). We may explore the creation of appropriate joint ventures to target nuclear new-build programs in key growth regions.

Employees. As of September 30, 2016, we had approximately 275 employees, which includes approximately 190 in our Performance Improvement segment and 85 in our Nuclear Industry Training and Consulting segment. In addition we have approximately 100 licensed engineers and other advanced degreed professionals. Excluding our Hyperspring business, which consists primarily of contracted instructors, our employee attrition rate for 2016 among all staff was approximately 10%. To date, we have been able to locate and engage highly qualified employees as needed and we expect our growth efforts to be addressed through attracting top talent.

Backlog. As of September 30, 2016, we had approximately $69.3 million of total gross revenue backlog. Most of our contracts range from 9 to 24 months. With respect to our backlog, it includes only those amounts that have been funded and authorized and does not reflect the full amounts we may receive over the term of such contracts. Our backlog includes future expected revenue at contract rates, excluding contract renewals or extensions that are at the discretion of the client. We calculate backlog without regard to possible project reductions or expansions or potential cancellations unless and until such changes may occur.

Backlog is expressed in terms of gross revenue and, therefore, may include significant estimated amounts of third-party or pass-through costs to subcontractors and other parties. Because backlog is not a defined accounting term, our computation of backlog may not necessarily be comparable to that of our industry peers.

Industry Trends

Industry need for building and sustaining a highly skilled workforce

We believe a critical ongoing challenge facing the industries we serve is access to and continued development of a highly trained and efficient workforce. This challenge manifests primarily in two ways: the increasing pace of the knowledge and experience lost as a significant percentage of the existing experienced workforce reaches retirement age over the next several years; and the fact that as new power plants come on-line, there is an increased demand for more workers to staff and operate those plants in addition to the plants in the existing fleet.

According to Power Engineering magazine, in the United States every sector in the energy industry is expected to lose a large percentage of its workforce within the next few years as baby boomers retire on the traditional schedule. The power sector alone will be forced to replace more than 100,000 skilled workers by 2018 simply to replace those retiring. The Nuclear Energy Institute estimates that 39% of the nuclear workforce will be eligible to retire by 2018. As the nuclear industry expands its fleet and strains to maintain the high standards of training the existing workforce, existing plant simulator systems, which provide these training services, are operating 24 hours a day. With workers retiring and the need to backfill as well as expand the workforce for new units, certain operators are exploring the opportunity to de-bottleneck their existing simulator capabilities through the creation of dual reference simulators.

Globally, as more people increase their standard of living, their demand for power will increase, which in turn will require the on-going construction of power plants to meet this surging demand. Developing a skilled labor force to operate these plants and keeping their skills current and their certifications in compliance with regulatory requirements is a key challenge facing the global power industry. Similar challenges face the process industries.

An important emerging trend to note seems to be a growing recognition that nuclear energy is an increasingly desirable form of energy production fulfilling a key component of zero carbon initiatives across the globe. Support for generating power from zero carbon emissions sources is evidenced by initiatives such as the 2015 United Nations Climate Change Conference. Nuclear power generation is a critical means of zero carbon power generation that is growing in importance as a result. We believe that GSE is well positioned to take advantage of these trends as they emerge and develop.

Growing global power demand and the increasing emphasis on nuclear power

World Energy Outlook 2015 projects that electricity demand will increase by more than 70% over the time period from 2013 to 2040. At the same time, countries globally are pledging to reduce greenhouse gas emissions despite this growth in demand for power. These trends are increasingly favorable to nuclear power. The United Kingdom illustrates this trend, with a recently announced energy policy that places a much greater reliance on nuclear power and unveiled plans for a new nuclear fleet, while slashing subsidies for solar energy and seeking to phase out coal fired power plants. With plans to build at least three new nuclear plants, the UK plans to add 16GWe of new nuclear capacity operating by 2030 according to World Nuclear Association.

There are currently 64 nuclear plants under construction in 15 countries, including 24 in China, nine in Russia, six in India and four in the United Arab Emirates according to the Nuclear Energy Institute. Four reactors are currently under construction in the U.S. including two for Southern Nuclear at the Vogtle, Georgia site and two at SCANA's VC Summer site. Tennessee Valley Authority's Watts Bar generating facility is up and running which represents a watershed for the US nuclear power industry. According to the World Nuclear Association, there are 165 reactors in 27 countries in specific phases of planning that will be operating by 2030. This pace of construction is surpassing the peak construction velocity of the 1970s and 1980s.

In addition to new plants, generating more power through enhanced plant performance - especially reducing unplanned outage time - is a critical objective for the nuclear power industry to meet growing global electricity demand. Capacity factors, also known as load factors, have been greater than 90% in the U.S. in five of the seven years from 2007 to 2013. The U.S. is recognized as the leader in load factor performance. The U.S. accounts for nearly one-third of the world's nuclear electricity, highlighting its importance as a market as well as its need for high levels of performance.

For the existing U.S. fleet, there is recognition that these nuclear plants are essential to meeting goals of reducing carbon emissions even as renewable energy sources are introduced. This recognition of the importance of nuclear providing zero-carbon baseload is demonstrated most recently by the state of New York's Clean Energy Standard that values the emission-free energy of New York's nuclear fleet and in so doing providing an emissions-free subsidy of 1.7¢/kWh. This subsidy helps ensure the state's existing nuclear plants remain economically viable in an era of low cost natural gas and even with wind and solar receiving a subsidy of 4.5¢/kWh. In regulated markets where the economy is growing, the nuclear fleet is profitable and expanding. In addition to the four reactors under construction in the US southeast, Georgia Power, a subsidiary of Southern Company, has gained approval from state regulators to spend up to $99 million on site investigation and licensing costs for a new nuclear power plant in Stewart County, Georgia. For the longer term, the trends for nuclear power are favorable as well. The US Department of Energy recently released a draft plan to double America's nuclear power capacity by 2050. The plan, dubbed "Vision 2050", promotes expanding America's nuclear capacity through advanced reactor designs including small modular reactors (SMRs).

As countries around the world recognize the importance of lowering carbon emissions from power generation, nuclear energy is an essential component of the solution. India and the UK have recently announced plans to significantly expand nuclear power generation capacity through new builds. China continues to aggressively build out its fleet. In Japan, the strategic importance of nuclear power had led the Institute of Energy and Economics to estimate that 19 of Japan's temporarily shut down reactors will restart before March 2018.

We believe GSE is well positioned to take full advantage of these strategic global and domestic trends by providing high fidelity simulation and training solutions to the global power and process industries.

Products and Services

Performance Improvement Solutions

To assist our clients in creating world-class internal training and engineering improvement processes, we offer a set of integrated and scalable products and services which provide a structured program focused on continuous skills improvement for experienced employees to engineering services, which include plant design verification and validation. We provide the right solution to solve our clients' most pressing needs.

Our major elements of the Entry2Expert^(R) Performance Solution include defining specific training needs by analyzing job functions, following proven processes to structure the entire training program for clients, providing world-class training content and series of simulation solutions for both the new employee and most experienced workers, and providing the expert training staff and consultants to ensure this is all implemented effectively.

For workforce development and training, students and instructors alike must have a high degree of confidence that their power plant simulator truly reflects plant behavior across the entire range of operations. To achieve this, GSE's simulation solution starts with the most robust engineering approach possible. Using state-of-the-art modeling tools combined with our leading nuclear power modeling expertise, GSE provides simulation solutions that achieve unparalleled fidelity and accuracy. The solutions that GSE provides are also known for ease of use, resulting in increased productivity by end-users. For these reasons, GSE has delivered more nuclear power plant simulators than any other company in the world.

For virtual commissioning, designers of first-of-a-kind plants or existing plants need a highly accurate dynamic simulation platform to model a wide variety of design assumptions and concepts from control strategies to plant behavior to human factors. Because new builds and upgrades to existing plants result in new technology being deployed, often involving the integration of disparate technologies for the first time, a high fidelity simulator allows designers to see the interaction between systems for the very first time. GSE's combination of simulation technology and expert engineering was chosen to build first-of-a-kind simulators for the AP1000, PBMR, NuScale, and mPower plants.

Examples of the types of simulators we sell include, but are not limited to, the following:

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Universal Training Simulators: These products complement the Self-Paced Training Tutorials by reinforcing what the student learned in the tutorial, putting it into practice on the Universal Simulator. The simulation models are high fidelity and engineering correct, but represent a typical plant or typical process, rather than the exact replication of a client's plant. We have delivered over 250 such simulation models to clients consisting of major oil companies and educational institutions.

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Part-Task Training Simulators: Like the Universal Simulators, we provide other unique training solutions such as a generic nuclear plant simulator and VPanel^(R) displays, which replicate control room hardware and simulator solutions specific to industry needs such as severe accident models to train on and aid in the understanding of events like the Fukushima Daiichi accident.

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Plant-Specific Operator Training Simulators: These simulators provide an exact replication of the plant control room and plant operations. They provide the highest level of realism and training and allow users to practice their own plant-specific procedures. Clients can safely practice startup, shutdown, normal operations, as well as response to abnormal events we all hope they never have to experience in real life. We have delivered nearly 450 plant-specific simulators to clients in the nuclear power, fossil power and process industries worldwide.

Nuclear Industry Training and Consulting

As our customers' experienced staff retire, access to experts that can help with training existing and new employees in how to operate their plants is essential to ensure safe ongoing plant operations. In addition, training needs change over time and sometimes our clients require specialized courses. Industry needs instructors who can step in and use the client's training material. Finding professional instructors, who know the subject, can teach it and can adapt to the client's culture, is critical. GSE provides both qualified instructors and turnkey courses that work within the client's system and complement the training methods they already have in place. Examples of our training program courses are senior reactor operator certification, generic fundamentals training, and simulation supervisor training. In addition, we also provide expert support through staff augmentation or turnkey projects for the training material upgrade and development, outage execution, planning and scheduling, corrective actions programs, and equipment reliability.

GSE brings together the collection of skills we have amassed over more than 40 years beginning with its traditional roots in custom high fidelity simulation and training solutions for the power industries, extended through the acquisition of specialized engineering capabilities, enhanced by the entry and intermediate level training solutions of EnVision and the extensive nuclear industry training and consulting services of Hyperspring.

Results of Operations

The following table sets forth the results of operations for the periods presented expressed in thousands of dollars and as a percentage of revenue:

(in thousands)	Three months ended September 30,												Nine months ended September 30,
	2016			%			2015			%			2016			%			2015			%
Revenue	$	14,428			100.0	%	$	14,809			100.0	%	$	39,820			100.0	%	$	42,476			100.0	%
Cost of revenue		10,704			74.2	%		11,214			75.7	%		28,913			72.6	%		32,701			77.0	%
Write-down of capitalized software development costs		-			0.0	%		1,538			10.4	%		-			0.0	%		1,538			3.6	%

Gross profit		3,724			25.8	%		2,057			13.9	%		10,907			27.4	%		8,237			19.4	%
Operating expenses:
Selling, general and administrative		3,043			21.2	%		3,811			25.7	%		9,032			22.8	%		11,031			26.0	%
Restructuring charges		85			0.6	%		1,600			10.8	%		487			1.2	%		1,746			4.1	%
Depreciation		91			0.6	%		119			0.8	%		294			0.7	%		383			0.9	%
Amortization of definite-lived intangible assets		72			0.5	%		123			0.8	%		219			0.5	%		370			0.9	%
Total operating expenses		3,291			22.8	%		5,653			38.2	%		10,032			25.2	%		13,530			31.9	%

Operating income (loss)		433			3.0	%		(3,596	)		(24.3	)%		875			2.2	%		(5,293	)		(12.5	)%

Interest income, net		11			0.1	%		19			0.1	%		52			0.1	%		67			0.2	%
(Loss) gain on derivative instruments, net		(211	)		(1.5	)%		20			0.1	%		(346	)		(0.9	)%		(59	)		(0.1	)%
Other income (expense), net		15			0.1	%		(156	)		(1.0	)%		112			0.3	%		(235	)		(0.6	)%

Income (loss) before income taxes		248			1.7	%		(3,713	)		(25.1	)%		693			1.7	%		(5,520	)		(13.0	)%

Provision for income taxes		80			0.6	%		50			0.4	%		275			0.7	%		211			0.5	%

Net income (loss)	$	168			1.2	%	$	(3,763	)		(25.4	)%	$	418			1.0	%	$	(5,731	)		(13.5	)%

Critical Accounting Policies and Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates.

A summary of the Company's significant accounting policies as of December 31, 2015, is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Certain of our accounting policies require higher degrees of judgment than others in their application. These include revenue recognition, impairment of intangible assets, including goodwill, capitalization of computer software development costs, valuation of contingent consideration for business acquisitions, and deferred income tax valuation allowance. These critical accounting policies and estimates are discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operations section in the 2015 Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Results of Operations - Three and nine months ended September 30, 2016, versus three and nine months ended September 30, 2015

Revenue. Total revenue for the three months ended September 30, 2016, totaled $14.4 million, which was 2.6% less than the $14.8 million total revenue for the three months ended September 30, 2015. For the nine months ended September 30, 2016, revenue totaled $39.8 million, which was 6.3% less than the $42.5 million of revenue for the nine months ended September 30, 2015. The decrease in revenue was primarily driven by the year over year decrease in revenue at Hyperspring, represented by our Nuclear Industry Training and Consulting segment, described below.

	Three months ended						Nine months ended
	September 30,						September 30,
(in thousands)	2016			2015			2016		2015
Revenue:
Performance Improvement Solutions		$	10,215		$	9,751	$	27,382		$	26,798
Nuclear Industry Training and Consulting			4,213			5,058		12,438			15,678
Total Revenue		$	14,428		$	14,809	$	39,820		$	42,476

Performance Improvement Solutions revenue increased 4.8% from $9.8 million for the three months ended September 30, 2015, to $10.2 million for the three months ended September 30, 2016. We recorded total Performance Improvement Solutions orders of $10.2 million in the three months ended September 30, 2016, as compared to $3.8 million in the three months ended September 30, 2015. For the nine months ended September 30, 2016, Performance Improvement Solutions revenue was $27.4 million compared to $26.8 million for the nine months ended September 30, 2015. We recorded total orders of $50.7 million in the nine months ended September 30, 2016, as compared to $27.6 million in the nine months ended September 30, 2015.

Nuclear Industry Training and Consulting revenue decreased 16.7% from $5.1 million for the three months ended September 30, 2015, to $4.2 million for the three months ended September 30, 2016. Nuclear Industry Training and Consulting orders totaled $3.6 million in the three months ended September 30, 2016, as compared to $1.5 million for the three months ended September 30, 2015. For the nine months ended September 30, 2016, Nuclear Industry Training and Consulting revenue totaled $12.4 million compared to $15.7 million for the nine months ended September 30, 2015. We recorded total orders of $12.1 million in the nine months ended September 30, 2016, compared to $14.6 million in the nine months ended September 30, 2015.

At September 30, 2016, backlog was $69.3 million: $63.5 million for the Performance Improvement Solutions business segment and $5.8 million for Nuclear Industry Training and Consulting. At December 31, 2015, the Company's backlog was $47.9 million: $41.9 million for the Performance Improvement Solutions business segment and $6.0 million for Nuclear Industry Training and Consulting.

Gross Profit. Gross profit totaled $3.7 million for the three months ended September 30, 2016, compared to $2.1 million for the same period in 2015. As a percentage of revenue, gross profit increased from 13.9% for the three months ended September 30, 2015, to 25.8% for the three months ended September 30, 2016. For the nine months ended September 30, 2016, gross profit was $10.9 million compared to $8.2 million for the same period in 2015. As a percentage of revenue, gross profit increased from 19.4% for the nine months ended September 30, 2015, to 27.4% for the nine months ended September 30, 2016.

	Three months ended												Nine months ended
	September 30,												September 30,
(in thousands)	2016			%			2015			%			2016			%			2015			%
Gross Profit:
Performance Improvement Solutions		$	3,233		31.6	%		$	2,919		29.9	%		$	9,287		33.9	%		$	7,993		29.8	%
Nuclear Industry Training and Consulting			491		11.7	%			676		13.4	%			1,620		13.0	%			1,782		11.4	%
Write-down of capitalized software development costs			-		0.0	%			1,538		10.4	%			-		0.0	%			1,538		3.6	%
Consolidated Gross Profit		$	3,724		25.8	%		$	2,057		13.9	%		$	10,907		27.4	%		$	8,237		19.4	%

Excluding the $1.5 million write-down of software development costs in the third quarter of fiscal year 2015, Performance Improvement Solutions had gross profit of $3.2 million or 31.6% of segment revenue for the three months ended September 30, 2016, compared to $2.9 million or 29.9% of segment revenue for the three months ended September 30, 2015.

Excluding the $1.5 million write-down of software development costs in the third quarter of fiscal year 2015, Performance Improvement Solutions had gross profit of $9.3 million or 33.9% of segment revenue for the nine months ended September 30, 2016, compared to gross profit of $8.0 million or 29.8% of segment revenue for the nine months ended September 30, 2015.

The increase in gross margin percent for Performance Improvement Solutions for the nine months ended September 30, 2016, as compared to the same period in 2015, is mainly due to the decrease in total overhead costs. Total overhead costs, including capitalized software amortization and excluding the write-down of capitalized software, decreased from approximately $3.4 million, or 13.9% of revenue, during the nine months ended September 30, 2015 to $2.5 million, or 9.7% during the same period of 2016. The reduction mainly reflects the reduction in operations headcount in conjunction with the Company's September 2015 restructuring.

Nuclear Industry Training and Consulting had gross profit of $0.5 million or 11.7% of segment revenue for the three months ended September 30, 2016, compared to $0.7 million or 13.4% of segment revenue for the three months ended September 30, 2015.

Nuclear Industry Training and Consulting had gross profit of $1.6 million or 13.0% of segment revenue for the nine months ended September 30, 2016, compared to gross profit of $1.8 million or 11.4% of segment revenue for the nine months ended September 30, 2015.

The increase in Nuclear Industry Consulting and Training gross profit percent for the nine months ended September 30, 2016, as compared to the nine months ended September 30, 2015, mainly reflects the reduction in Tennessee Valley Authority ("TVA") revenue as a percentage of total revenue. TVA generally has lower margins than most of Hyperspring's contracts.

Selling, General and Administrative Expenses. Selling, general and administrative ("SG&A") expenses totaled $3.0 million in the three months ended September 30, 2016, a 20.2% decrease from the $3.8 million for the same period in 2015. For the nine months ended September 30, 2016, and September 30, 2015, SG&A expenses totaled $9.0 million and $11.0 million, respectively. These decreases reflect the following spending variances:

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Business development and marketing costs decreased from $1.2 million for the three months ended September 30, 2015, to $0.8 million for the three months ended September 30, 2016, and decreased from $4.0 million for the nine months ended September 30, 2015, to $2.4 million for the nine months ended September 30, 2016. Bidding and proposal costs, a component of business development costs which are the costs of operations personnel assisting with the preparation of contract proposals, were $0.1 million and $0.2 million for the three months ended September 30, 2016, and September 30, 2015, respectively, and $0.3 million and $0.7 million for the nine months ended September 30, 2016, and September 30, 2015, respectively.

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The Company's general and administrative expenses ("G&A") decreased to $1.9 million from $2.2 million for the three months ended September 30, 2016, and September 30, 2015, respectively, and decreased to $5.6 million from $5.9 million for the nine months ended September 30, 2016, and September 30, 2015, respectively. Some components of G&A are as follows:

For the three months ended September 30, 2016, and September 30, 2015, contingent consideration accretion income was $0.5 million compared to accretion expense of $0.3 million, respectively. For the nine months ended September 30, 2016, and September 30, 2015, contingent consideration accretion income was $0.4 million compared to accretion expense of $0.7 million, respectively. The decrease in contingent consideration accretion expense in 2016 is a result of Hyperspring's former partners being paid their prior year earnout based on EBITDA targets as well as the former partners being paid their one-time payment for securing a long-term contract renewal with TVA in 2015.

During the nine months ended September 30, 2016, the Company hired an outside consultant to review and document its procedures regarding revenue recognition, with special focus on software license and software maintenance revenue. The total cost incurred for these services was $0.2 million.

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Gross spending on software product development expenses for the three and nine months ended September 30, 2016, totaled $0.4 million and $1.3 million, respectively, as compared to $0.9 million and $2.6 million for the three and nine months ended September 30, 2015, respectively. The Company capitalized less than $0.1 million and $0.2 million of software product development expenses for the three and nine months ended September 30, 2016, respectively, and $0.4 million and $1.4 million for the same periods in 2015, respectively. Net software product development spending was $0.4 million for the three months ended September 30, 2016 and September 30, 2015, and decreased from $1.2 million for the nine months ended September 30, 2015, to $1.1 million for the nine months ended September 30, 2016. Spending on simulator software development and modeling tools totaled $0.3 million and $0.9 million for the three and nine months ended September 30, 2016, respectively. Spending on software product development totaled $0.5 million and $1.7 million for the three and nine months ended September 30, 2015, respectively. The Company's software product development expenses were mainly related to a new configuration management system and the enhancement of JADE™ and SimExec® applications.

Restructuring Charges. Restructuring charges totaled $0.1 million and $1.6 million for the three months ended September 30, 2016, and September 30, 2015, respectively. For the nine months ended September 30, 2016, and September 30, 2015, restructuring charges totaled $0.5 million and $1.7 million, respectively. Restructuring charges for the nine months ended September 30, 2016, are primarily due to severance costs for two departing executives.

Depreciation. Depreciation expense totaled $0.1 million for the three months ended September 30, 2016, and September 30, 2015. For the nine months ended September 30, 2016, and September 30, 2015, depreciation expense totaled $0.3 million and $0.4 million, respectively.

Amortization of Definite-lived Intangible Assets. Amortization expense related to definite-lived intangible assets totaled $0.1 million for the three months ended September 30, 2016 and September 30, 2015. For the nine months ended September 30, 2016 and September 30, 2015, amortization expense related to definite-lived intangible assets totaled $0.2 million and $0.4 million, respectively. The decrease in 2016 amortization expense reflects a decrease of amortization related to the intangible assets recorded with the Hyperspring acquisition in November 2014 which are being amortized over seven years.

Operating Income (Loss). The Company had operating income of $0.4 million, or 3.0% of revenue, during the three months ended September 30, 2016, compared to an operating loss of $3.6 million, or 24.3% of revenue, for the same period in 2015. For the nine months ended September 30, 2016 and September 30, 2015, the Company had operating income of $0.9 million, or 2.2% of revenue, and an operating loss of $5.3 million, or 12.5% of revenue, respectively. The variances were due to the factors outlined above.

(Loss) Gain on Derivative Instruments, Net. The Company periodically enters into forward foreign exchange contracts to manage market risks associated with the fluctuations in foreign currency exchange rates on foreign-denominated trade receivables. As of September 30, 2016, the Company had foreign exchange contracts outstanding of approximately 341.4 million Japanese Yen, 1.6 million Euro, 0.7 million Australian Dollars and 0.5 million Canadian Dollars at fixed rates. The contracts expire on various dates through December 2018. The Company has not designated the contracts as cash flow hedges and has recognized a loss on the change in the estimated fair value of the contracts of $125,000 and $302,000 for the three and nine months ended September 30, 2016, respectively.

As of September 30, 2015, the Company had foreign exchange contracts outstanding of approximately 2.6 million Euro, 0.5 million Australian Dollars, and 0.6 million Pounds Sterling at fixed rates. The contracts expire on various dates through December 2016. The Company had not designated the contracts as hedges and had recognized a gain of $34,000 and a loss of $53,000 for the three and nine months ended September 30, 2015, respectively.

The foreign currency denominated contract receivables, billings in excess of revenue earned, and subcontractor accruals that are related to the outstanding foreign exchange contracts were remeasured into the functional currency using the current exchange rate at the end of the period. For the three and nine months ended September 30, 2016, the Company recognized a loss of $86,000 and $44,000, respectively. For the three and nine months ended September 30, 2015, the Company recognized losses of $14,000 and $6,000, respectively.

Other Income (Expense), Net. For the three and nine months ended September 30, 2016, the Company recognized other income, net, of $15,000 and $112,000, respectively. For the three and nine months ended September 30, 2015, the Company recognized other expense, net, of $156,000 and $235,000, respectively. During the first quarter of 2016, the Company's Chinese subsidiary received a $101,000 refund of Value Added Tax.

Provision for Income Taxes

Income tax expense was $80,000 and $275,000 with effective income tax rates of 32.3% and 39.7% for the three and nine months ended September 30, 2016, respectively. This is compared to income tax expense of $50,000 and $211,000 with effective income tax rates of (1.3%) and (3.8%), for the three and nine months ended September 30, 2015, respectively. The Company's income tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising in that quarter. Tax expense in both years is comprised mainly of foreign income tax expense, Alternative Minimum Tax, state taxes, and deferred tax expense relating to the tax amortization of goodwill.

Our income tax expense, deferred tax assets and liabilities and liabilities for unrecognized tax benefits reflect management's best estimate of current and future taxes to be paid. We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgments and estimates are required in the determination of the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets in the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. The Company has evaluated each jurisdiction independently and determined that is more likely than not that it will place a full valuation allowance on its U.S., Swedish, and Chinese net deferred tax assets at September 30, 2016. In 2015, the Company paid income taxes in the UK and India and expects to do so again in 2016. Therefore, it will not place a valuation allowance on these deferred tax assets.

Liquidity and Capital Resources

As of September 30, 2016, the Company's cash and cash equivalents totaled $14.1 million compared to $11.1 million at December 31, 2015.

Cash provided by operating activities. For the nine months ended September 30, 2016, net cash provided by operations totaled $3.9 million. Significant changes in the Company's assets and liabilities in the nine months ended September 30, 2016, included:

●

A $3.6 million increase in the Company's contract receivables, which is comprised of trade receivables and unbilled receivables. The Company's unbilled receivables increased by approximately $3.5 million to $6.9 million at September 30, 2016, as compared to December 31, 2015. The increase in the unbilled receivables is due to the timing of contracted billing milestones of the Company's current projects, including $3.2 million from the Company's largest customer. In October 2016, the Company invoiced $0.6 million of the unbilled amounts; the remaining balance is expected to be invoiced and collected within one year.

●

A $3.2 million increase in billings in excess of revenue earned. The increase is due to the timing of contracted billing milestones of the Company's current projects.

●

A $2.3 million increase in accounts payable, accrued compensation and accrued expenses. The increase reflects an increase in Hyperspring accrued payroll due to the timing of their biweekly payroll cycle and the timing of payments made by the Company to vendors and subcontractors.

For the nine months ended September 30, 2015, net cash provided by operations totaled $1.3 million. Significant changes in the Company's assets and liabilities in the nine months ended September 30, 2015, included:

●

A $3.4 million decrease in the Company's contract receivables. The company's trade receivables, net of allowance for doubtful accounts, decreased from $10.8 million at December 31, 2014 to $7.5 million at September 30, 2015. At September 30, 2015, trade receivables outstanding greater than 90 days, net of bad debt reserve, totaled approximately $1.1 million as compared to $0.4 million at December 31, 2014. The Company's unbilled receivables decreased by approximately $0.3 million to $4.8 million at September 30, 2015 as compared to December 31, 2014. The decrease in unbilled receivables is due to the timing of contracted billing milestones of the Company's current projects.

●

A $1.4 million decrease in billings in excess of revenue earned. The decrease is due to the timing of contracted billing milestones of the Company's current projects.

●

A $1.3 million increase in accounts payable, accrued compensation and accrued expenses. The increase was due to the timing of payments made by the Company to vendors and subcontractors.

Cash provided by (used in) investing activities. Net cash provided by investing activities totaled $31,000 for the nine months ended September 30, 2016. Capital expenditures totaled $53,000, capitalized software development costs totaled $196,000, and releases of restricted cash totaled $254,000 for the nine months ended September 30, 2016. Proceeds from the sale of fixed assets totaled $30,000.

Net cash used in investing activities totaled $1.0 million for the nine months ended September 30, 2015. Capital expenditures totaled $217,000 and capitalized software development costs totaled $1.4 million for the nine months ended September 30, 2015. For the nine months ended September 30, 2015 releases of restricted cash as collateral under letters of credit totaled $1.8 million and restrictions of cash used as collateral for outstanding letters of credit increased $1.1 million.

Cash used in financing activities. Net cash used in financing activities totaled $0.8 million for the nine months ended September 30, 2016. During the nine months ended September 30, 2016, the Company made payments of $1.4 million to the former Hyperspring owners in accordance with the 2014 purchase agreement due to the achievement of certain EBITDA targets in 2015. During the same period, the Company received $0.6 million for stock options exercised.

Net cash used in financing activities totaled $0.8 million for the nine months ended September 30, 2015. The Company paid down $339,000 of the outstanding balance of the line of credit during the nine months ended September 30, 2015. During the same period, the Company made payments of $500,000 to the former EnVision Systems, Inc. members in accordance with the 2011 purchase agreement due to the achievement of certain revenue targets in 2014.

At September 30, 2016, the Company had cash and cash equivalents of $14.1 million. The Company believes that its (i) cash and cash equivalents and (ii) cash generated from normal operations will be sufficient to fund its working capital and other requirements for at least the next twelve months.

Lines of Credit

BB&T Bank

The Company is to maintain a segregated cash collateral account at BB&T Bank equal to the greater of (i) $3.0 million or (ii) the aggregate principal amounts of all loans outstanding under the revolving credit facility (including any issued and outstanding letters of credit, working capital advances, and negative foreign exchange positions) as security for the Company's obligations. Under this amendment, BB&T Bank has complete and unconditional control over the cash collateral account.

		As of
	Covenant	September 30, 2016

Minimum tangible capital base	Must exceed $10.5 million	$27.0 million
Quick ratio	Must exceed 1.00 : 1.00	1.52 : 1.00

As of September 30, 2016, the Company was in compliance with its financial covenants as defined above.

Letters of Credit and Bonds

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

The Company's market risk is principally confined to changes in foreign currency exchange rates. The Company's exposure to foreign exchange rate fluctuations arises in part from customer contracts that are denominated in currencies other than the Company's functional currency as well as from inter-company accounts in which costs incurred in one entity are charged to other entities in different foreign jurisdictions. The Company is also exposed to foreign exchange rate fluctuations as the financial results of all foreign subsidiaries are translated into U.S. dollars in consolidation. As exchange rates vary, those results when translated may vary from expectations and adversely impact overall expected profitability.

The Company utilizes forward foreign currency exchange contracts to manage market risks associated with the fluctuations in foreign currency exchange rates. The principal currencies for which such forward exchange contracts are entered into are the Japanese Yen, the Euro, the Australian Dollar, the Canadian Dollar and Pound Sterling. It is the Company's policy to use such derivative financial instruments to protect against market risk arising in the normal course of business in order to reduce the impact of these exposures. The Company minimizes credit exposure by limiting counterparties to nationally recognized financial institutions.

As of September 30, 2016, the Company had foreign exchange contracts outstanding of approximately 341.4 million Japanese Yen, 1.6 million Euro, 0.7 million Australian Dollars, and 0.5 million Canadian Dollars. The contracts expire on various dates through December 2018. The Company has not designated the contracts as cash flow hedges and has recognized a loss on the change in the estimated fair value of the contracts of $125,000 for the three months ended September 30, 2016, and a loss of $302,000 for the nine months ended September 30, 2016. The foreign currency denominated contract receivables, billings in excess of revenue earned, and subcontractor accruals that are related to the outstanding foreign exchange contracts were remeasured into the functional currency using the current exchange rate at the end of the period. The gain or loss resulting from such remeasurement is also included in gain (loss) on derivative instruments, net in the consolidated statements of operations. For the three and nine months ended September 30, 2016, the Company recognized a loss of $86,000 and $44,000, respectively, from the remeasurement of such contract receivables, billings in excess of revenue earned and subcontractor accruals. For the same periods in 2015, the Company recognized losses of $14,000 and $6,000, respectively. A 10% fluctuation in the foreign currency exchange rates up or down as of September 30, 2016, would have increased/decreased the change in the estimated fair value of the contracts by $11,300.

Item 4.

Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by it in its reports filed or submitted pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that information required to be disclosed by the Company in its Exchange Act reports is accumulated and communicated to management, including the Company's Chief Executive Officer ("CEO"), who is its principal executive officer, and Chief Financial Officer ("CFO"), who is its principal financial officer, to allow timely decisions regarding required disclosure. At the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management including our CEO and our CFO, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13-15(e) of the Exchange Act. Based on the evaluation of our disclosure controls and procedures as of September 30, 2016, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were not effective because of the material weakness identified below.

(b) Changes in Internal Control over Financial Reporting

As described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, management assessed the effectiveness of the Company's internal control over financial reporting and identified a material weakness in internal control over financial reporting related to ineffective controls over revenue recognition on software license sales with multiple deliverables.

As of September 30, 2016, the Company has not completed the implementation of control procedures to ensure that the material weakness related to revenue recognition on software license sales has been mitigated. As a result of this material weakness in our internal control over financial reporting, we performed additional review and analysis over our consolidated financial statements for the nine months ended September 30, 2016. As a result of these procedures, we believe that our consolidated financial statements are presented in accordance with U.S. GAAP. We anticipate that we will complete the revision of our controls over revenue recognition on software license sales with multiple deliverables in the fourth quarter 2016. We believe the measures will remediate the control deficiencies; however, the material weakness will not be considered remediated until management has concluded, through required testing, that these controls are operating effectively.

Except as described above, there were no changes in the Company's internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

Internal control over financial reporting has inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements will not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

None.

Item 1A.

Risk Factors

The Company has no material changes to the disclosure on this matter made in its Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

The Board of Directors authorized and directed that the Company file a Certificate of Elimination to eliminate the Series A Cumulative Convertible Preferred Stock, par value $0.01 per share, none of which was outstanding, and cause such shares to resume the status of authorized and unissued shares of preferred stock of the Company, without designation as to series. On November 14, 2016, the Company filed such Certificate of Elimination and it became effective on such date.

Item 6.

Exhibits

	3.1	Restatement of Certificate of Incorporation dated November 14, 2016.

	3.2	Certificate of the Elimination of the Series A Cumulative Convertible Preferred Stock dated November 14, 2016.

	3.3	Third Amended and Restated Bylaws of GSE Systems, Inc. Incorporated herein by reference to Exhibit 3.2 of GSE Systems, Inc. Form 8-K filed with the Securities and Exchange Commission on September 16, 2016.

	10.1	Letter dated October 31, 2016, from Branch Banking and Trust Company, agreeing to extend the Revolving Credit Expiration Date as defined in the Master Loan and Security Agreement dated November 22, 2011, between the Company, GSE Performance Solutions (as co-borrowers), and Branch Banking and Trust Company (as successor by merger to Susquehanna Bank), until March 31, 2017.

	10.2	Form of Restricted Share Unit Agreement pursuant to the GSE Systems, Inc. 1995 Long-Term Incentive Plan, as amended and restated dated as of ________, 2016.

	10.3	Employment Agreement between Christopher D. Sorrells and GSE Systems, Inc. dated as of August 15, 2016. Incorporated herein by reference to Exhibit 10.1 of GSE Systems, Inc. Form 8-K filed with the Securities and Exchange Commission on August 19, 2016.

	10.4	Restricted Share Unit Agreement between Christopher D. Sorrells and GSE Systems, Inc. dated as of August 15, 2016. Incorporated herein by reference to Exhibit 10.2 of GSE Systems, Inc. Form 8-K filed with the Securities and Exchange Commission on August 19, 2016.

	10.5	Restricted Share Unit Agreement between Christopher D. Sorrells and GSE Systems, Inc. dated as of August 15, 2016. Incorporated herein by reference to Exhibit 10.3 of GSE Systems, Inc. Form 8-K filed with the Securities and Exchange Commission on August 19, 2016.

	10.6	Restricted Share Unit Agreement (Cash Award) between Christopher D. Sorrells and GSE Systems, Inc. dated as of August 15, 2016. Incorporated herein by reference to Exhibit 10.4 of GSE Systems, Inc. Form 8-K filed with the Securities and Exchange Commission on August 19, 2016.

	31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002, filed herewith.

	31.2	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.

	32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.

	101.INS*	XBRL Instance Document

	101.SCH*	XBRL Taxonomy Extension Schema

	101.CAL*	XBRL Taxonomy Extension Calculation Linkbase

	101.DEF*	XBRL Taxonomy Extension Definition Linkbase

	101.LAB*	XBRL Taxonomy Extension Label Linkbase

	101.PRE*	XBRL Taxonomy Extension Presentation Linkbase

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 thereunto duly authorized.

Date: November 14, 2016

GSE SYSTEMS, INC.

/S/ KYLE J. LOUDERMILK

Kyle J. Loudermilk

Chief Executive Officer

(Principal Executive Officer)

/S/ EMMETT A. PEPE

Emmett A. Pepe

Senior Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-3.1 2 exh3-1.htm RESTATEMENT OF CERTIFICATE OF INCORPORATION

Exhibit 3.1

RESTATED CERTIFICATE OF INCORPORATION

GSE SYSTEMS, INC.

(Pursuant to Section 245 of the Delaware General Corporation Law)

The present name of the corporation is GSE Systems, Inc. The original name of the corporation was GSE Systems, Inc. The original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on March 30, 1994. This Restated Certificate of Incorporation of the corporation only restates and integrates and does not further amend the provisions of the corporation's Certificate of Incorporation as theretofore amended or supplemented and there is no discrepancy between the provisions of the Certificate of Incorporation as theretofore amended and supplemented and the provisions of this Restated Certificate. This Restated Certificate was duly adopted in accordance with the provisions of Section 245 of the General Corporation Law of the State of Delaware. The Certificate of Incorporation of the corporation is hereby integrated and restated to read in its entirety as follows:

ARTICLE I

NAME

The name of the corporation is GSE Systems, Inc. (the "Corporation").

ARTICLE II

REGISTERED OFFICE; REGISTERED AGENT

The address of the registered office of the Corporation in the State of Delaware is c/o TRAC- The Registered Agent Company, 800 North State Street, Suite 402, Dover, Kent County, Delaware, and the name of its registered agent is TRAC- The Registered Agent Company.

ARTICLE III

PURPOSE AND POWERS

The purpose of the Corporation is to engage in any lawful act or activity for which a corporation now or hereafter may be organized under the Delaware General Corporation Law (the "GCL") GCL. It shall have all powers that now or hereafter may be lawful for a corporation to exercise under the GCL.

ARTICLE IV

CAPITAL STOCK

Section 4.1. Total Number of Shares of Capital Stock. The total number of shares of capital stock of all classes that the Corporation shall have authority to issue is 32,000,000 shares. The authorized stock is divided into 2,000,000 shares of Preferred Stock, with the par value of $0.01 each (the "Preferred Stock"), and 30,000,000 shares of voting common stock, with the par value of $0.01 each (the "Common Stock"). The Common and/or Preferred Stock of the Company may be issued from time to without prior approval by shareholders and for such consideration as may be fixed from time to time by the Board. The Board may issue such shares of Common and/or Preferred Stock in one or more series, with such voting powers, designations, preferences and rights or qualifications, limitations or restrictions thereof as shall be stated in the resolution or resolutions.

Section 4.2. Preferred Stock. Authority is hereby expressly granted to the Board of Directors of the Corporation, subject to the provisions of this Article IV and to the limitations prescribed by the GCL, to authorize the issue of one or more classes of Preferred Stock and, with respect to each such class, to fix by resolution or resolutions providing for the issue of such class the voting powers, full or limited, if any, of the shares of such class, the designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof. The authority of the Board of Directors with respect to each class thereof shall include, but not be limited to, the determination or fixing of the following:

(i) the designation of such class;

(ii) the number of shares to compose such class, which number the Board of Directors may thereafter (except where otherwise provided in a resolution designating a particular class) increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares thereof then outstanding);

(iii) the dividend rate of such class, the conditions and dates upon which such dividends shall be payable, the relation which such dividends shall bear to the dividends payable on any other class or classes of capital stock of the Corporation and whether such dividends shall be cumulative or noncumulative;

(iv) whether the shares of such class shall be subject to redemption by the Corporation, and if made subject to such redemption, the times, prices and other terms and conditions of such redemption;

(v) the terms and amount of any sinking fund provided for the purchase or redemption of the shares of such class;

(vi) whether the shares of such class shall be convertible into or exchangeable for shares of any other class or classes of any capital stock or any other securities of the Corporation, and, if provision is made for conversion or exchange, the times, prices, rates, adjustments and other terms and conditions of such conversion or exchange;

(vii) the extent, if any, to which the holders of shares of such class shall be entitled to vote with respect to the election of directors or otherwise;

(viii) the restrictions, if any, on the issue or reissue of any additional Preferred Stock;

(ix) the rights of the holders of the shares of such class upon the dissolution of, voluntary or involuntary liquidation, winding up or upon the distribution of assets of the Corporation; and

(x) the manner in which any facts ascertainable outside the resolution or resolutions providing for the issue of such class shall operate upon the voting powers, designations, preferences, rights and qualifications, limitations or restrictions of such class.

Section 4.3 Common Stock.

(a) Subject to all of the rights of the holders of Preferred Stock provided for by resolution or resolutions of the Board of Directors pursuant to this Article IV or by the GLC, each holder of Common Stock shall have one vote per share of Common Stock held by such holder on all matters on which holders of Common Stock are entitled to vote and shall have the right to receive notice of and to vote at all meetings of the stockholders of the Corporation.

(b) The holders of Common Stock shall have the right to receive dividends as and when declared by the Board of Directors in its sole discretion, subject to any limitations on the declaring of dividends imposed by the GCL or the rights of holders of Preferred Stock provided for by resolutions or resolutions of the Board of Directors pursuant to this Article IV.

(c) Stockholders shall not have preemptive rights to acquire additional shares of stock of any class which the Corporation may elect to issue or sell.

Section 4.4 Issuance of Rights to Purchase Securities and Other Property. Subject to all of the rights of the holders of Preferred Stock provided for by resolution or resolutions of the Board of Directors pursuant to this Article IV or by the GCL, the Board of Directors is hereby authorized to create and to authorize and direct the issuance (on either a pro rata or a non-pro rata basis) by the Corporation of rights, options and warrants for the purchase of shares of capital stock of the Corporation, other securities of the Corporation or shares or other securities of any successor in interest of the Corporation (a "Successor"), at such times, in such amounts, to such person, for such consideration (if any), with such form and content (including without limitation the consideration for which any shares of capital stock of the Corporation, other securities of the Corporation or shares or other securities of any Successor are to be issued) and upon such terms and conditions as it may from time to time determine, subject only to the restrictions, limitations, conditions and requirements imposed by the GCL, other applicable laws and this Certificate.

ARTICLE V

BOARD OF DIRECTORS

Section 5.1. Power of the Board of Directors. The business and affairs of the Corporation shall be managed by or under the direction of its Board of Directors. In furtherance, and not limitation, of the powers conferred by the GCL, the Board of Directors is expressly authorized to:

(a) adopt, amend, alter, change or repeal the Bylaws of the Corporation (the "Bylaws"); provided, however, that no Bylaws hereafter adopted shall invalidate any prior act of the directors that was valid at the time such action was taken;

(b) determine the rights, powers, duties, rules and procedures that affect the power of the Board of Directors to manage and direct the business and affairs of the Corporation, including the power to designate and empower committees of the Board of Directors to elect, appoint and empower the officers and other agents of the Corporation, and to determine the time and place of, and the notice requirements for, Board meetings, as well as quorum and voting requirements for, and the manner of taking, Board action, and

(c) exercise all such powers and do all such acts as may be exercised or done by the Corporation, subject to the provisions of the GCL, this Certificate, and the Bylaws.

Section 5.2. Number of Directors. The number of directors constituting the Board of Directors shall be as specified in the Bylaws of the Corporation.

Section 5.3. Classes, Election and Term. The Board of Directors shall be divided into three classes, with each class to be as nearly equal in number as reasonably possible, and with the initial term of office of the first class of directors to expire at the annual meeting of stockholders to be held after the end of the Corporation's 1995 fiscal year, the initial term of office of the second class of directors to expire at the annual meeting of stockholders to be held after the end of the Corporation's 1996 fiscal year and the initial term of office of the third class of directors to expire at the annual meeting of stockholders to be held after the end of the Corporation's 1997 fiscal year. Commencing with the annual meeting of stockholders to be held after the end of the Corporation's 1995 fiscal year, directors elected to succeed those directors whose terms have thereupon expired shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders after their election, and upon the election and qualification of their successors. If the number of directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain or attain, if possible, the number of directors in each class as nearly equal as reasonably possible, but in no case will a decrease in the number of directors shorten the term of any incumbent director. The provisions of this Section 5.3 shall become effective as of the completion of the first Board of Directors meeting held after consummation of the first underwritten public offering of Common Stock of the Corporation (the "First BOD Meeting"). At the First BOD Meeting, the Board of Directors by resolution shall establish and determine the classes into which the directors in office as of the completion of such First BOD Meeting shall be divided.

Section 5.4 Vacancies. Any vacancies in the Board of Directors for any reason and any newly created directorships resulting by reason of any increase in the number of directors may be filled only by the Board of Directors, acting by a majority of the remaining directors then in office, although less than a quorum, or by a sole remaining director, and any directors so appointed shall hold office until the next election of the class for which such directors have been chosen and until their successors are elected and qualified.

Section 5.5. Removal of Directors. Except as may be provided in a resolution of resolutions providing for any class of Preferred Stock pursuant to Article IV hereof, with respect to any directors elected by the holders of such class, any director, or the entire Board of Directors, may be removed from the office at any time for cause by the affirmative vote of the holders of at least a majority of the voting power of all of the shares of capital stock of the Corporation then entitled to vote generally in the election of directors, voting together as a single class.

ARTICLE VI

STOCKHOLDER ACTIONS

Except as may be provided in a resolution or resolutions providing for any class of Preferred Stock pursuant to Article IV hereof, any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders. Elections of directors need not be by written ballot, unless otherwise provided in the Bylaws of the Corporation.

ARTICLE VII

INDEMNIFICATION

Section 7.1. Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a "proceeding"), by reason of the fact:

(a) that he or she is or was a director or officer of the Corporation, or

(b) that he or she, being at the time a director of officer of the Corporation, is or was serving at the request of the Corporation as a director, trustee, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (collectively, "another enterprise" or "other enterprise"),

whether either in case (a) or in case (b) the basis of such proceeding is alleged action or inaction (x) in an official capacity as a director or officer of the Corporation, or as a director, trustee, officer, employee or agent of such other enterprise, or (y) in any other capacity related to the Corporation or such other enterprise while so serving as a director, trustee, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent not prohibited by Section 145 of the GCL (or any successor provision or provisions) as the same exists or may hereafter be amended (but, in the case of any such amendment, with respect to actions taken prior to such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than permitted prior thereto), against all expense, liability and loss (including, without limitation, attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such person in connection therewith if such person satisfied the applicable level of care to permit such indemnification under the GCL. The persons indemnified by this Article VII are hereinafter referred to as "indemnitees." Such indemnification as to such alleged action or inaction shall continue as to an indemnitee who has after such alleged action or inaction ceased to be a director or officer of the Corporation, or director, officer, employee or agent of another enterprise; and shall inure to the benefit of the indemnitee's heirs, executors and administrators. The right to indemnification conferred in this Article VII: (i) shall be a contractor right; (ii) shall not be affected adversely as to any indemnitee by any amendment of this Certificate with respect to any action or inaction occurring prior to such amendment; and (iii) shall, subject to any requirements imposed by law and the Bylaws, include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition.

Section 7.2. Relationship to Other Rights and Provisions Concerning Indemnification. The rights to indemnification and to the advancement of expenses conferred in this Article VII shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, this Certificate, Bylaws, agreement, vote of stockholders or disinterested directors or otherwise. The Bylaws may contain such other provisions concerning indemnification, including provisions specifying reasonable procedures relating to any conditions to the receipt by indemnitees of indemnification, provided that such provisions are not inconsistent with the provisions of this Article VII.

Section 7.3. Agents and Employees. The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification, and to the advancement of expenses, to any employee or agent of the Corporation (or any person serving at the Corporation's request as a director, trustee, officer, employee or agent of another enterprise) or to persons who are or were a director, officer, employee or agent of any of the Corporation's affiliates, predecessor or subsidiary corporations or of a constituent corporation absorbed by the Corporation in a consolidation or merger or who is or was serving at the request of such affiliate, predecessor or subsidiary corporation or of such constituent corporation as a director, officer, employee or agent of another enterprise, in each case as determined by the Board of Directors to the fullest extent of the provisions of this Article VII in cases of the indemnification and advancement of expenses of directors and officers of the Corporation, or to any lesser extent (or greater extent, if permitted by law) determined by the Board of Directors.

ARTICLE VIII

LIMITATION OF LIABILITY OF DIRECTORS

A director of the Corporation shall, to the maximum extent now or hereafter permitted by Section 102 (b) (7) of the GCL (or any successor provision or provisions), have no personal liability to the Corporation or its stockholders of monetary damages for breach of fiduciary duty as a director.

ARTICLE IX

COMPROMISE

Whenever a compromise or arrangement is proposed between this Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this Corporation under the provisions of Section 291 of the GCL, trustees in dissolution or any receiver or receivers appointed for this Corporation under the provisions of Section 297 of the GCL, order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation.

ARTICLE X

AMENDMENT OF BYLAWS

The Board of Directors shall have power to adopt, amend, alter, change and repeal any Bylaws by a vote of the majority of the Board of Directors then in office. In addition to any requirements of the GCL (and notwithstanding the fact that a lesser percentage may be specified by the GCL), any adoption, amendment, alternation, change or repeal of any Bylaws by the stockholders of the Corporation shall require the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the combined voting power of all of the shares of all classes of capital stock of the Corporation then entitled to vote generally in the election of directors.

ARTICLE XI

AMENDMENT OF CERTIFICATE OF INCORPORATION

The Corporation hereby reserves the right to amend, alter, change or repeal any provision contained in this Certificate. Except as may be provided in a resolution or resolutions providing for any class of Preferred Stock pursuant to Article IV hereof and which relate to such class of Preferred Stock and except as provided in Article IV hereof, and such amendment, alternation, change or repeal shall require the affirmative vote of both (a) a majority of the members of the Board of Directors then in office and (b) a majority of the combined voting power of all of the shares of all classes of capital stock of the Corporation then entitled to vote generally in the election of directors.

By a vote of the majority of the Board of Directors then in office, the Board may adopt a resolution providing that at any time prior to the filing of the amendment with the Secretary of State, notwithstanding authorization of the proposed amendment by the stockholders, the Board of Directors may abandon such proposed amendment without further action by the stockholders.

Notwithstanding anything contained in this Certificate to the contrary, the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the combined voting power of all of the shares of all classes of capital stock of the Corporation then entitled to vote shall be required to amend, repeal or adopt any provision inconsistent with Article V herein.

[Remainder of the Page Intentionally Blank]

IN WITNESS WHEREOF, the Corporation has caused this Restated Certificate of Incorporation to be signed by Daniel Pugh, Senior Executive Vice President, General Counsel and Corporate Secretary, this 14th day of November, 2016.

GSE SYSTEMS, INC.

By: /s/ Daniel Pugh

Name: Daniel Pugh

Title: Senior Vice President, General Counsel and Corporate Secretary

EX-3.2 3 exh3-2.htm CERTIFICATE OF ELIMINATION OF SERIES A CUMULATIVE CONVERTIBLE PREFERRED STOCK

Exhibit 3.2

GSE SYSTEMS, INC.

CERTIFICATE OF ELIMINATION OF THE SERIES A CUMULATIVE CONVERTIBLE PREFERRED STOCK

(Pursuant to Section 151(g) of the Delaware General Corporation Law)

GSE Systems, Inc., a Delaware corporation (the "Corporation"), certifies as follows:

FIRST: The Certificate of Designation filed on March 8, 2006 (the "Certificate of Designation") authorizes the issuance of 42,500 shares of preferred stock of the Corporation, par value $0.01 per share, designated as Series A Cumulative Convertible Preferred Stock (the "Series A Preferred Stock").

SECOND: That no shares of the Series A Preferred Stock are outstanding and no shares thereof will be issued subject to the Certificate of Designation.

THIRD: Pursuant to the provisions of Section 151(g) of the General Corporation Law of the State of Delaware (the "DGCL"), the Board of Directors of the Corporation adopted the following resolutions:

RESOLVED, that none of the authorized shares of the Series A Preferred Stock are outstanding and none of the authorized shares of such series of preferred stock will be issued subject to the Certificate of Designation; and

RESOLVED, that the Secretary of the Corporation is authorized and directed to execute a Certificate of Elimination as provided by Section 151(g) of the Delaware General Corporation Law, substantially in the form attached as an exhibit to these resolutions, and to file the same with the Secretary of State of the State of Delaware, and when such Certificate of Elimination becomes effective, the shares of the Series A Preferred Stock shall resume the status of authorized and unissued shares of preferred stock of the Corporation, without designation as to series.

FOURTH: That, accordingly, all matters set forth in the Certificate of Designation with respect to the Series A Preferred Stock be, and hereby are, eliminated from the Certificate of Incorporation, as heretofore amended, of the Corporation.

FIFTH: Pursuant to the provisions of Section 151(g) of the DGCL, the shares that were designated to the Series A Preferred Stock hereby are returned to the status of authorized but unissued shares of preferred stock of the Corporation, without designation as to series.

[Remainder of the Page Intentionally Blank]

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Elimination to be signed by Daniel Pugh, Senior Executive Vice President, General Counsel and Corporate Secretary, this 14th day of November, 2016.

GSE SYSTEMS, INC.

By: /s/ Danial Pugh

Name: Daniel Pugh

Title: Senior Vice President, General Counsel and Corporate Secretary

EX-10.1 4 exh10-1.htm BB&T LOAN AGREEMENT EXTENSION LETTER

Exhibit 10.1

[Branch Banking and Trust Company Letterhead]

October 31, 2016

Mr. Emmett Pepe

Chief Financial Officer

GSE Systems, Inc.

1332 Londontown Blvd.

Sykesville, MD 21784

Dear Emmett:

The purpose of this letter is to confirm that the Bank has agreed to the following:

The Bank has agreed to extend the Revolving Credit Expiration Date until March 31, 2017, as defined in the Master Loan and Security Agreement dated November 22, 2011 in Section 1.1(a), by and among GSE Systems, Inc. and GSE Performance Solutions (collectively, the Co-Borrowers) and Branch Banking and Trust Company (successor by merger to Susquehanna Bank).

Respectfully,

Robert P Whelen, Jr.

Senior Vice President

Tel (410) 230-1073

EX-10.2 5 exh10-2.htm FORM OF RESTRICTED SHARE UNIT AGREEMENT PURSUANT TO THE GSE SYSTEMS, INC. 1995 LONG-TERM INCENTIVE PLAN, AS AMENDED AND RESTATED

Exhibit 10.2

Restricted Share Unit Agreement

This Restricted Share Unit Agreement (this "Agreement") is made and entered into as of _ (the "Grant Date") by and between GSE Systems, Inc., a Delaware corporation, (the "Company") and _ (the "Grantee").

WHEREAS, the Company has adopted the GSE Systems, Inc. 1995 Long-Term Incentive Plan, as amended and restated from time to time (the "Plan"), pursuant to which Restricted Share Units may be granted;

WHEREAS, as of the date hereof, the Company and the Grantee have entered into a Confidentiality, Non-Competition and Proprietary Rights Agreement (the "Employment Agreement"); and

WHEREAS, the Company has determined that it is in the best interests of the Company and its stockholders to grant the award of Restricted Share Units provided for herein.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

1. Grant of Performance Restricted Share Units. Pursuant to Section 6 of the Plan, the Company hereby grants to the Grantee an Award for a target number of Restricted Share Units. Each Restricted Share Unit ("RSU") represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. The number of RSUs that actually vest for the Performance Period will be determined by the level of achievement of the Performance Goals in accordance with Exhibit 1 attached hereto. Capitalized terms that are used but not defined herein have the meanings ascribed to them in the Plan.

2. Performance Period. For purposes of this Agreement, the term "Performance Period" shall be the period commencing on the Grant Date and ending on _.

3. Performance Goals.

3.1 The number of RSUs vested will be determined based on the achievement of the Performance Goal in accordance with Exhibit 1. All determinations of whether the Performance Goal has been achieved, the number of RSUs vested, and all other matters related to this Section 3 shall be made by the Board of Directors, in their sole discretion.

3.2 Promptly following achievement of the Performance Goal, the Board of Directors will review and certify in writing (a) when the Performance Goal has been achieved, and (b) the number of RSUs that vest, subject to compliance with the requirements of Section 4. Such certification shall be final, conclusive and binding on the Grantee, and on all other persons, to the maximum extent permitted by law.

4. Vesting of RSUs. The RSUs are subject to forfeiture until they vest. Except as otherwise provided herein, the RSUs will vest and become nonforfeitable as of the day the Performance Goal is satisfied as certified by the Board of Directors in accordance with Section 3.2. The number of RSUs that vest and become payable under this Agreement shall be determined by the Board of Directors based on the achievement of the Performance Goal set forth in Exhibit 1. Notwithstanding anything herein to the contrary, any unvested RSUs will expire on _.

5. Termination of Employment. Except as otherwise expressly provided in this Agreement, if the Grantee's employment with the Company terminates for any reason at any time before all of his or her RSUs have vested, the Grantee's unvested RSUs shall be automatically forfeited upon such termination of employment, and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.

6. Effect of a Change in Control. If there is a Change in Control (as defined below), this Section 6 shall determine the vesting of any unvested RSUs.

(a) If a Change of Control occurs prior to _, and if the VWAP of the Common Stock is greater than or equal to $_ for the ten trading day period ending on the trading day immediately prior to the effective date of the Change in Control, all of the unvested RSUs shall vest on the effective date of the Change in Control.

(b) For purposes of this Agreement, a "Change of Control" of the Company shall be deemed to have occurred as of the first day that any one or more of the following conditions shall have been satisfied:

(a)

(i)

The stockholders of the Company approve: (x) an agreement for the sale or disposition of all or substantially all the Company's assets; or (y) a merger, consolidation, or reorganization of the Company with or involving any other corporation, other than a merger, consolidation, or reorganization that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least a majority of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation, or reorganization.

7. Payment of RSUs. Payment in respect of the RSUs vested for the Performance Period shall be made in shares of Common Stock and shall be issued to the Grantee as soon as practicable following the vesting date and, in any event, within 30 days following the vesting date. The Company shall (a) issue and deliver to the Grantee the number of shares of Common Stock equal to the number of vested RSUs, and (b) enter the Grantee's name on the books of the Company as the stockholder of record with respect to the shares of Common Stock delivered to the Grantee.

8. Transferability. Subject to any exceptions set forth in this Agreement or the Plan, the RSUs or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee.

9. Rights as Stockholder; Dividend Equivalents.

9.1 The Grantee shall not have any rights of a stockholder with respect to the shares of Common Stock underlying the RSUs, including, but not limited to, voting rights and the right to receive or accrue dividends or dividend equivalents.

9.2 Upon and following the vesting of the RSUs and the issuance of shares, the Grantee shall be the record owner of the shares of Common Stock underlying the RSUs unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a stockholder of the Company (including voting and dividend rights).

9.3 Grantee is aware that the Company has a policy governing the trades of its insiders and, in accordance therewith, Grantee acknowledges that he has been advised to consider execution of a Rule 10b5-1 plan to provide for any future transactions in the Company's securities that he may desire to make in order to meet his personal planning needs. The Company will assist the Grantee in the preparation of a Rule 10b-5-1 plan, at the Company's expense, upon Grantee's request.

10. No Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position with the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Grantee's employment at any time, with or without cause.

11. Adjustments. If any change is made to the outstanding Common Stock or the capital structure of the Company, if required, the RSUs shall be adjusted or terminated in any manner as contemplated by Section 7 of the Plan.

12. Tax Liability and Withholding.

12.1 The Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the RSUs and to take all such other action as the Board of Directors deems reasonably necessary to satisfy all obligations for the payment of such withholding taxes. The Board of Directors may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means:

(a) tendering a cash payment;

(b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to the Grantee as a result of the vesting of the RSUs; provided, however, that no shares of Common Stock shall be withheld with a value exceeding the limit necessary to avoid liability-accounting treatment; or

12.2 Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Grantee's responsibility, and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or settlement of the RSUs or the subsequent sale of any shares, and (b) does not commit to structure the RSUs to reduce or eliminate the Grantee's liability for Tax-Related Items. Within 5 days of any vesting date of an RSU, the Company has the right, but not the obligation, to purchase from Grantee a number of the vested shares of common stock underlying such vested RSU in an amount up to 33% of the value of the vested common stock, using the VWAP of the Common Stock for the five trading day period, ending on the trading date prior to the vesting event, as reported on the NYSE MKT or, if the Company's common stock is not then listed on the NYSE MKT, as reported by such other exchange as shall then have the Company's common stock listed.

13. Compliance with Law. The issuance and transfer of shares of Common Stock in connection with the RSUs shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company's shares of Common Stock may be listed. No shares of Common Stock shall be transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Company will ensure that a sufficient number of shares of its common stock are registered on Form S-8 prior to the vesting of any RSU.

14. Notices. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Senior Vice President and General Counsel of the Company at the Company's principal corporate offices. Any notice required to be delivered to the Grantee under this Agreement shall be in writing and addressed to the Grantee at the Grantee's address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

15. Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Maryland without regard to conflict of law principles.

16. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Board of Directors for review. The resolution of such dispute by the Board of Directors shall be final and binding on the Grantee and the Company.

17. RSUs Subject to Plan. This Agreement is subject to the Plan as approved by the Company's stockholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

18. Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee's beneficiaries, executors and administrators.

19. Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

20. Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the RSUs in this Agreement does not create any contractual right or other right to receive any RSUs or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Board of Directors of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee's employment with the Company.

21. Amendment. The Board of Directors has the right to amend, alter, suspend, discontinue or cancel the RSUs, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Grantee's material rights under this Agreement without the Grantee's consent.

22. Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and any exemption from Section 409A of the Code, and shall in all respects be administered in accordance with and interpreted to ensure compliance with Section 409A of the Code. Grantee's termination of employment events under this Agreement shall be interpreted in a manner consistent with the separation from service rules under Section 409A of the Code. Furthermore, if, at the time of termination of employment with the Company, Company has stock which is publicly traded on an established securities market and Grantee is a "specified employee" (as defined in Section 409A of the Code) and it is necessary to postpone the vesting or distribution of Common Stock otherwise payable pursuant to this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under Section 409A of the Code, then Company shall postpone the commencement of the payment of such payment or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Grantee) that are not otherwise paid within the short-deferral exception under Section 409A of the Code and are in excess of the lessor of two (2) times (i) Grantee's then annual compensation or (ii) the limit on compensation then set forth in Section 401(a)(17) of the Code, until the first payroll date that occurs after the date that is six months following Grantee's separation from service with the Company (within the meaning of Section 409A of the Code). The accumulated postponed distribution of shares of Common Stock shall be made within ten days after the end of the six month period.

23. No Impact on Other Benefits. The value of the Grantee's RSUs is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

24. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

25. Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the RSUs subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges that there may be adverse tax consequences upon the vesting or settlement of the RSUs or disposition of the underlying shares and that the Grantee has been advised to consult a tax advisor prior to such vesting, settlement or disposition.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

	GSE SYSTEMS, INC.
	By: ___________________________ Name: ___________________________ Title: ___________________________

	__________________________

EXHIBIT 1

Performance Period

The Performance Period shall be the period commencing on the Grant Date and ending on _.

Performance Measures

The number of RSUs vested shall be determined by reference to the Volume Weighted Average Price ("VWAP") of the Company's common stock, calculated to two decimal places, using all trades completed on a trading day as reported by the NYSE MKT or, if the Company's common stock is not then listed on the NYSE MKT, by such other exchange on which the Company lists its common stock. For example, if the Company's common stock traded three times on a single trading date in the following amounts (20 shares traded at $2.50, 55 shares traded at $2.51 and 100 shares traded at $2.48), the VWAP for that day would be $2.49.

Determining RSUs Earned

Except as otherwise provided in the Plan, upon execution of the Employment Agreement, the Grantee will receive _ RSUs which will vest in their entirety if the VWAP of the Common Stock as quoted on the NYSE MKT exceeds $_ for a 30 consecutive trading day period.

EX-31.1 6 exh31-1.htm GSE CERTIFICATION CEO

Exhibit 31.1

Certification of the Chief Executive Officer

I, Kyle J. Loudermilk, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of GSE Systems, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting;

Date: November 14, 2016		/s/ Kyle J. Loudermilk
		Kyle J. Loudermilk
		Chief Executive Officer (Principal Executive Officer)

EX-31.2 7 exh31-2.htm GSE CERTIFICATION OF CFO

Exhibit 31.2

Certification of the Chief Financial Officer

I, Emmett A. Pepe, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of GSE Systems, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report;

c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting;

Date: November 14, 2016		/s/ Emmett A. Pepe
		Emmett A. Pepe
		Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32.1 8 exh32-1.htm GSE SECTION 906 SOX CERTIFICATION

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of GSE Systems, Inc. (the "Company") for the quarter ended September 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kyle J. Loudermilk, Chief Executive Officer of the Company, and I, Emmett A. Pepe, Senior Vice President and Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that,

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2016	/s/ Kyle J. Loudermilk	/s/ Emmett A. Pepe
	Kyle J. Loudermilk	Emmett A. Pepe
	Chief Executive Officer	Senior Vice President and Chief
		Financial Officer

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5559000

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21000

103000

123000

219000

72000

370000

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734833

2548401

2513321

45132000

39371000

8979000

11219000

9100000

11219000

121000

28414000

34839000

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739000

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13583000

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3009000

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8979000

11219000

8979000

11219000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</font><font style="font-size: 5.14pt;">            </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitments and Contingencies</font></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: left; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has contingent liabilities that, in management's judgment, are not probable of assertion.  If such unasserted contingent liabilities were to be asserted, or become probable of assertion, the Company may be required to record significant expenses and liabilities in the period in which these liabilities are asserted or become probable of assertion.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

20281920

19510770

30000000

203000

195000

0.01

18683009

17911859

-1598911

19510770

-1598911

20281920

118000

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-3839000

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Basis of Presentation</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consolidated interim financial statements included herein have been prepared by GSE Systems, Inc. (the "Company," "GSE," "we," "us," or "our") without independent audit.  In the opinion of the Company's management, all adjustments and reclassifications of a normal and recurring nature necessary to present fairly the financial position, results of operations and cash flows for the periods presented have been made.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted.  The results of operations for interim periods are not necessarily an indication of the results for the full year.  These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 25, 2016.  Certain reclassifications have been made to prior period amounts to conform to the current presentation.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has two reportable segments as follows:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; margin-left: 18pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">●</font><font style="font-size: 6pt;">    </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Performance Improvement Solutions (approximately 69% of revenue)</font></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-top: 3pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's Performance Improvement Solutions segment primarily encompasses next generation power plant and process high-fidelity simulation solutions, as well as engineering solutions.  This segment includes various simulation products, engineering services, and operation training systems delivered across the industries the Company serves: primarily nuclear and fossil fuel power generation, and the process industries.  Simulation solutions include the following: (1) simulation software and services, including operator training systems, for the nuclear power industry, (2) simulation software and services, including operator training systems, for the fossil power industry, and (3) simulation software and services for the process industries used to teach fundamental industry processes and control systems to newly hired employees and for ongoing workforce development and training.  GSE and its predecessors have been providing these services since 1976.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: left; margin-left: 18pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">●</font><font style="font-size: 6pt;">    </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nuclear Industry Training and Consulting (approximately 31% of revenue)</font></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nuclear Industry Training and Consulting provides highly specialized and skilled nuclear operations instructors and other consultants to the nuclear power industry.   These employees work at clients' facilities under client direction.  Examples of these highly skilled positions are senior reactor operations instructors, procedure writers, work management specialists, planners, and training material developers.  This business is managed through the Company's Hyperspring subsidiary.  The business model, management focus, margins, and other factors clearly separate this business line from the rest of the GSE product and service portfolio.  Hyperspring has been providing these services since 2005.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial information about the two business segments is provided in Note 14 of the accompanying consolidated financial statements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period.  The Company's most significant estimates relate to revenue recognition on long-term contracts, product warranties, capitalization of software development costs, valuation of goodwill and intangible assets acquired, valuation of contingent consideration issued in business acquisitions, and the recoverability of deferred tax assets.  Actual results could differ from these estimates and those differences could be material.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

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42476000

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14961000

42589000

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32701000

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52000

32701000

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11214000

56000

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1824000

254000

96000

383000

119000

294000

91000

-230000

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-57000

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-230000

64000

121000

115000

6000

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0.01

-0.21

-0.20

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-0.01

-0.32

-0.01

-0.32

0.01

0.02

-0.21

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-0.21

-0.01

-0.20

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents assets and liabilities measured at fair value at September 30, 2016:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Money market funds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,219</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,219</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,219</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,219</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign exchange contracts</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contingent consideration liability</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents assets and liabilities measured at fair value at December 31, 2015:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Money market funds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,979</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,979</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign exchange contracts</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,979</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,100</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign exchange contracts</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contingent consideration liability</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 10pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table provides a roll-forward of the fair value of the contingent consideration categorized as Level 3 for the nine months ended September 30, 2016:</div><div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contingent consideration:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Beginning balance at January 1, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payments made on contingent liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,421</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Change in fair value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ending balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

-370000

P3Y

-230000

-57000

-230000

121000

34000

-302000

-53000

-125000

-211000

-346000

20000

-59000

-3000

5612000

10907000

8237000

2057000

3724000

8402000

-165000

8237000

2265000

2057000

-208000

-233000

-3713000

693000

-5520000

248000

-3505000

-208000

-5520000

-165000

-3713000

-5355000

80000

211000

275000

50000

158000

-80000

1262000

2254000

-1370000

3183000

-1618000

248000

-1370000

3616000

-3446000

3446000

-134000

3580000

1148000

4000

600000

208000

-120000

358000

269000

51000

-409000

-358000

235851

239969

775000

533000

67000

52000

11000

19000

25019000

21003000

45132000

39371000

-230000

-1941000

-2171000

-3732000

-57000

-3789000

22943000

19708000

2017-03-31

7500000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; line-height: 11.5pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</td><td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Contract Receivables</td></tr></table></div><div style="line-height: 11.5pt;"><br style="line-height: 11.5pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contract receivables represent balances due from a broad base of both domestic and international customers.  All contract receivables are considered to be collectible within twelve months.  Unbilled receivables represent costs incurred and associated profit accrued on contracts that will become billable upon future milestones or completion of contracts.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The components of contract receivables are as follows:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Billed receivables</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,585</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,831</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unbilled receivables</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,866</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,325</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Allowance for doubtful accounts</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total contract receivables, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,430</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unbilled receivables totaled $6.9 million and $3.3 million as of September 30, 2016, and December 31, 2015, respectively.  During October 2016, the Company invoiced $0.6 million of the unbilled amounts related to the balance at September 30, 2016.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of September 30, 2016, the Company had one customer that accounted for 11.3% of consolidated contract receivables. As of December 31, 2015, the Company did not have any customers that accounted for more than 10% of the Company's consolidated contract receivables.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 12.55pt; margin-bottom: 11pt;"><br style="line-height: 12.55pt;" /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.  Long-Term Debt</div><div style="line-height: 10.6pt;"><br style="line-height: 10.6pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 10.6pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At September 30, 2016, and December 31, 2015, the Company had no long-term debt.</div><div style="line-height: 10.6pt;"><br style="line-height: 10.6pt;" /></div><div style="text-align: justify; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lines of Credit</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; line-height: 11.4pt; font-style: italic; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>BB&T Bank</u></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 10.6pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At September 30, 2016, the Company had a Master Loan and Security Agreement (the "Loan Agreement") and Revolving Credit Note with BB&T Bank.  The Company and its subsidiary, GSE Performance Solutions, Inc., were jointly and severally liable as co-borrowers.  The Loan Agreement provides a $7.5 million revolving line of credit for the purpose of (i) issuing stand-by letters of credit and (ii) providing working capital. Working capital advances bear interest at a rate equal to the Wall Street Journal Prime Rate of Interest, floating with a floor of 4.5%.</div><div style="line-height: 10.6pt;"><br style="line-height: 10.6pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 10.6pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The agreement would have expired on September 30, 2016, but the Company and BB&T Bank amended the Loan Agreement to extend the expiration date until March 31, 2017.  All other terms and conditions remained the same.</div><div style="line-height: 10.6pt;"><br style="line-height: 10.6pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 10.6pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As collateral for the Company's obligations, the Company granted a first lien and security interest in all of the assets of the Company, including but not limited to, contract receivables, intangible assets, equipment, software and leasehold improvements.</div><div style="line-height: 10.6pt;"><br style="line-height: 10.6pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 10.6pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is obligated to maintain a segregated cash collateral account at BB&T Bank equal to the greater of (i) $3.0 million or (ii) the aggregate principal amounts of all loans outstanding under the revolving credit facility (including any issued and outstanding letters of credit, working capital advances, and negative foreign exchange positions) as security for the Company's obligations.  Under this agreement, BB&T Bank has complete and unconditional control over the cash collateral account.</div><div style="line-height: 10.6pt;"><br style="line-height: 10.6pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 10.6pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At September 30, 2016, and December 31, 2015, the cash collateral account supporting standby letters of credit totaled $3.3 million and $3.5 million, respectively. The balances were classified as restricted cash on the consolidated balance sheets.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 0pt;"><br style="line-height: 0pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Loan Agreement contains certain restrictive covenants regarding future acquisitions and incurrence of debt.  In addition, the Loan Agreement contains financial covenants with respect to the Company's minimum tangible capital base and quick ratio.  </div><div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">    As of</div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Covenant</div></td><td style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30, 2016</div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">     </div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minimum tangible capital base</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Must exceed $10.5 million</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$27.0 million</div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Quick ratio</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Must exceed 1.00 : 1.00</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.52 : 1.00</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of September 30, 2016, the Company was in compliance with its financial covenants as described above.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; line-height: 11.4pt; font-style: italic; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Letters of Credit and Bonds</u></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of September 30, 2016, the Company has nine standby letters of credit totaling $3.3 million which represent advance payment and performance bonds on eight contracts.  The Company has deposited the full value of nine standby letters of credit in escrow accounts, amounting to $3.3 million, which have been restricted in that the Company does not have access to these funds until the related letters of credit have expired.  The cash has been recorded on the Company's consolidated balance sheets at September 30, 2016, as restricted cash, of which $1.6 million is categorized as current restricted cash and $1.7 million categorized as long-term restricted cash.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

3882000

1307000

-952000

31000

-3763000

-5731000

168000

418000

-3763000

-5731000

-208000

-3555000

-5566000

-165000

-839000

-827000

3291000

5653000

13530000

10032000

-5293000

875000

-3596000

433000

-5128000

-3388000

-5293000

-208000

-165000

-3596000

321000

1104000

442000

-412000

-890000

-5658000

1395000

-3732000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; line-height: 11.4pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</td><td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Summary of Significant Accounting Policies</td></tr></table></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Basis of Presentation</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consolidated interim financial statements included herein have been prepared by GSE Systems, Inc. (the "Company," "GSE," "we," "us," or "our") without independent audit.  In the opinion of the Company's management, all adjustments and reclassifications of a normal and recurring nature necessary to present fairly the financial position, results of operations and cash flows for the periods presented have been made.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted.  The results of operations for interim periods are not necessarily an indication of the results for the full year.  These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 25, 2016.  Certain reclassifications have been made to prior period amounts to conform to the current presentation.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has two reportable segments as follows:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; margin-left: 18pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">●</font><font style="font-size: 6pt;">    </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Performance Improvement Solutions (approximately 69% of revenue)</font></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-top: 3pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's Performance Improvement Solutions segment primarily encompasses next generation power plant and process high-fidelity simulation solutions, as well as engineering solutions.  This segment includes various simulation products, engineering services, and operation training systems delivered across the industries the Company serves: primarily nuclear and fossil fuel power generation, and the process industries.  Simulation solutions include the following: (1) simulation software and services, including operator training systems, for the nuclear power industry, (2) simulation software and services, including operator training systems, for the fossil power industry, and (3) simulation software and services for the process industries used to teach fundamental industry processes and control systems to newly hired employees and for ongoing workforce development and training.  GSE and its predecessors have been providing these services since 1976.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: left; margin-left: 18pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">●</font><font style="font-size: 6pt;">    </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nuclear Industry Training and Consulting (approximately 31% of revenue)</font></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nuclear Industry Training and Consulting provides highly specialized and skilled nuclear operations instructors and other consultants to the nuclear power industry.   These employees work at clients' facilities under client direction.  Examples of these highly skilled positions are senior reactor operations instructors, procedure writers, work management specialists, planners, and training material developers.  This business is managed through the Company's Hyperspring subsidiary.  The business model, management focus, margins, and other factors clearly separate this business line from the rest of the GSE product and service portfolio.  Hyperspring has been providing these services since 2005.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial information about the two business segments is provided in Note 14 of the accompanying consolidated financial statements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period.  The Company's most significant estimates relate to revenue recognition on long-term contracts, product warranties, capitalization of software development costs, valuation of goodwill and intangible assets acquired, valuation of contingent consideration issued in business acquisitions, and the recoverability of deferred tax assets.  Actual results could differ from these estimates and those differences could be material.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue Recognition</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has (1) fixed-price contracts for the sale of uniquely designed/customized systems containing hardware and software, (2) fixed-price contracts for the sale of software licenses which may include post-contract support ("PCS") and other elements such as installation and training, and (3) time and material contracts for support and service agreements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with Accounting Standards Codification ("ASC") 605-35<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">, "Construction-Type and Production-Type Contracts",</font> the Performance Improvement Solutions segment recognizes revenue for its fixed-price contracts for the sale of customized systems using the percentage-of-completion method.  This methodology recognizes revenue and earnings as work progresses on the contract and is based on an estimate of the revenue and earnings to date, less amounts recognized in prior periods.  The Company bases its estimate of the degree of completion of the contract by reviewing the relationship of costs incurred to date to the expected total costs that will be incurred on the project.  Estimated contract earnings are reviewed and revised periodically as the work progresses, and the cumulative effect of any change in estimate is recognized in the period in which the change is identified.  Estimated losses are charged against earnings in the period such losses are identified.  The Company recognizes revenue arising from contract claims either as income or as an offset against a potential loss only when the amount of the claim can be estimated reliably and realization is probable and there is a legal basis of the claim.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Uncertainties inherent in the performance of contracts include labor availability and productivity, material costs, change order scope and pricing, software modification and customer acceptance issues.  The reliability of these cost estimates is critical to the Company's revenue recognition as a significant change in the estimates can cause the Company's revenue and related margins to change significantly from the amounts estimated in the early stages of the project.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company accrues for estimated warranty costs at the time the related revenue is recognized based on historical and projected claims experience.  The Company's long-term contracts generally provide for a one-year warranty on parts, labor and any bug fixes as it relates to customized software embedded in the systems.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company evaluates customized system contracts for multiple deliverables under ASC 605-25,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> "Revenue Recognition-Multiple Element Arrangements"</font>, and when appropriate, separates the contracts into separate units of accounting for revenue recognition. Contracts with multiple element arrangements typically include, but are not limited to, components such as training and PCS, which are embedded in the contract. When a contract contains multiple deliverables, the Company allocates revenue to each deliverable based on its relative selling price which is determined based on its vendor specific objective evidence ("VSOE") if available, third party evidence ("TPE") if VSOE is not available, or estimated selling price if neither VSOE nor TPE is available. Amounts allocated to training and support services are based on VSOE and revenue is deferred until the services have been performed.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also provides stand-alone PCS contracts.  Such PCS arrangements are generally for a one-year period renewable annually and include customer support, unspecified software upgrades, and maintenance releases.  The Company recognizes revenue from these contracts ratably over the life of the agreements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue from the sale of software licenses without other elements in the contract and which do not require significant modifications or customization for the Company's modeling tools are recognized when the license agreement is signed, the license fee is fixed and determinable, delivery has occurred, and collection is considered probable.  The Company utilizes written contracts as a means to establish the terms and conditions by which product support and services are sold to customers.  Delivery is considered to have occurred when title and risk of loss have been transferred to the customer, which generally occurs after a license key has been delivered electronically to the customer and as support and services are delivered.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also recognizes revenue from the sale of software licenses with multiple deliverables.  These software license sales are evaluated under ASC 985-605, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Software Revenue Recognition"</font>.  Contracts with multiple element arrangements typically include, but are not limited to, components such as installation, training, licenses, and PCS listed in the contract.  The Company has not established VSOE for all elements of its bundled software license arrangements.  If a PCS element exists in the software license arrangement, revenue is recognized ratably over the PCS service period.  If no PCS element exists in the arrangement, revenue is deferred until all elements have been delivered.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recognizes revenue under time and materials contracts primarily from the Nuclear Industry Training and Consulting segment and certain cost-reimbursable contracts.  Revenue on time and material contracts is recognized as services are rendered and performed.  Under a typical time-and-materials billing arrangement, customers are billed on a regularly scheduled basis, such as biweekly or monthly.  Any earned but unbilled amounts are typically billed the following month.   Under cost-reimbursable contracts, which are subject to a contract ceiling amount, the Company is reimbursed for allowable costs and paid a fee, which may be fixed or performance based.  However, if costs exceed the contract ceiling or are not allowable under the provisions of the contract or applicable regulations, the Company may not be able to obtain reimbursement for all such costs.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revisions</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Historically, the Company recognized revenue on multiple element arrangements which included sales of its EnVision software product as delivery occurred on each element except PCS.  PCS revenue was recognized ratably over the PCS term.  During the fourth quarter of 2015, management determined that the Company had not established VSOE of the fair value for any of the elements in multiple element transactions including sales of its EnVision software licenses.  Accordingly, the consolidated financial statements were revised to recognize all revenue on multiple element transactions including EnVision software license sales ratably over the PCS terms on these transactions since VSOE did not exist for any of the non-software elements in these multiple element transactions.  The revision resulted in a decrease to revenue of $152,000, an increase to cost of revenue of $56,000, and an increase in operating loss of $208,000 for the three months ended September 30, 2015.  The revision resulted in an decrease to revenue of $113,000, an increase to cost of revenue of $52,000, and a increase in operating loss of $165,000 for the nine months ended September 30, 2015.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain prior year amounts have also been revised in the consolidated statements of cash flows to reflect the corrections to net loss and changes in billings in excess of revenue earned, prepaid expenses and other assets.  The revision had no impact on cash provided by operations or the net decrease in cash and cash equivalents.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company assessed the materiality of these misstatements on prior periods' consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Materiality</font>, codified in ASC 250, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Accounting Changes and Error Corrections</font>, and concluded that these misstatements were not material to any prior annual or interim periods.  Accordingly, in accordance with ASC 250 (SAB No. 108, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">"Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements"</font>), the consolidated financial statements as of September 30, 2015, which are presented herein, have been revised.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: center; margin-left: 5.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSE SYSTEMS, INC. AND SUBSIDIARIES</div><div style="text-align: center; margin-left: 5.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSOLIDATED STATEMENTS OF OPERATIONS</div><div style="text-align: center; margin-left: 5.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands, except per share data)</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,961</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(152</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,809</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(113</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,476</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of revenue</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,158</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">56</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,214</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,701</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Write-down of capitalized software development costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross profit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,057</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,402</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,237</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,596</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,128</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss before income taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,355</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,520</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic loss per common share</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted loss per common share</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSE SYSTEMS, INC. AND SUBSIDIARIES</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Comprehensive loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,631</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,839</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,772</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,937</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;" /></div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSE SYSTEMS, INC. AND SUBSIDIARIES</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div><div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash flows from operating activities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes in assets and liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contract receivables, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,580</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(134</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepaid expenses and other assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(409</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(358</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Billings in excess of revenue earned</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,618</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net cash provided by operating activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,307</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,307</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net decrease in cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

-3732000

-1941000

50000

65000

-156000

-235000

15000

112000

210000

866000

827000

826000

-206000

-76000

-50000

-152000

500000

1421000

53000

217000

2000000

0.01

2506000

2715000

-339000

594000

30000

1534000

1614000

1303000

1596000

6862000

7003000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth the revenue and operating results attributable to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated income (loss) before income tax expense:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div><div style="line-height: 11.4pt;"> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Performance Improvement Solutions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27,382</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nuclear Industry Training and Consulting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,213</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,058</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,438</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15,678</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,428</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,809</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39,820</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,476</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating income (loss):</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Performance Improvement Solutions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(412</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,658</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nuclear Industry Training and Consulting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">321</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">442</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,395</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,104</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain (loss) on change in fair value of contingent consideration, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">524</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(306</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(739</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating income (loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,596</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">875</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest income, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">67</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Loss) gain on derivative instruments, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other income (expense), net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(156</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">112</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(235</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income (loss) before income taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">693</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,520</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

1779000

1735000

3500000

3300000

449071

5000

-5000

1771000

1601000

-50431000

-50849000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue Recognition</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has (1) fixed-price contracts for the sale of uniquely designed/customized systems containing hardware and software, (2) fixed-price contracts for the sale of software licenses which may include post-contract support ("PCS") and other elements such as installation and training, and (3) time and material contracts for support and service agreements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with Accounting Standards Codification ("ASC") 605-35<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">, "Construction-Type and Production-Type Contracts",</font> the Performance Improvement Solutions segment recognizes revenue for its fixed-price contracts for the sale of customized systems using the percentage-of-completion method.  This methodology recognizes revenue and earnings as work progresses on the contract and is based on an estimate of the revenue and earnings to date, less amounts recognized in prior periods.  The Company bases its estimate of the degree of completion of the contract by reviewing the relationship of costs incurred to date to the expected total costs that will be incurred on the project.  Estimated contract earnings are reviewed and revised periodically as the work progresses, and the cumulative effect of any change in estimate is recognized in the period in which the change is identified.  Estimated losses are charged against earnings in the period such losses are identified.  The Company recognizes revenue arising from contract claims either as income or as an offset against a potential loss only when the amount of the claim can be estimated reliably and realization is probable and there is a legal basis of the claim.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Uncertainties inherent in the performance of contracts include labor availability and productivity, material costs, change order scope and pricing, software modification and customer acceptance issues.  The reliability of these cost estimates is critical to the Company's revenue recognition as a significant change in the estimates can cause the Company's revenue and related margins to change significantly from the amounts estimated in the early stages of the project.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company accrues for estimated warranty costs at the time the related revenue is recognized based on historical and projected claims experience.  The Company's long-term contracts generally provide for a one-year warranty on parts, labor and any bug fixes as it relates to customized software embedded in the systems.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company evaluates customized system contracts for multiple deliverables under ASC 605-25,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> "Revenue Recognition-Multiple Element Arrangements"</font>, and when appropriate, separates the contracts into separate units of accounting for revenue recognition. Contracts with multiple element arrangements typically include, but are not limited to, components such as training and PCS, which are embedded in the contract. When a contract contains multiple deliverables, the Company allocates revenue to each deliverable based on its relative selling price which is determined based on its vendor specific objective evidence ("VSOE") if available, third party evidence ("TPE") if VSOE is not available, or estimated selling price if neither VSOE nor TPE is available. Amounts allocated to training and support services are based on VSOE and revenue is deferred until the services have been performed.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also provides stand-alone PCS contracts.  Such PCS arrangements are generally for a one-year period renewable annually and include customer support, unspecified software upgrades, and maintenance releases.  The Company recognizes revenue from these contracts ratably over the life of the agreements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue from the sale of software licenses without other elements in the contract and which do not require significant modifications or customization for the Company's modeling tools are recognized when the license agreement is signed, the license fee is fixed and determinable, delivery has occurred, and collection is considered probable.  The Company utilizes written contracts as a means to establish the terms and conditions by which product support and services are sold to customers.  Delivery is considered to have occurred when title and risk of loss have been transferred to the customer, which generally occurs after a license key has been delivered electronically to the customer and as support and services are delivered.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also recognizes revenue from the sale of software licenses with multiple deliverables.  These software license sales are evaluated under ASC 985-605, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Software Revenue Recognition"</font>.  Contracts with multiple element arrangements typically include, but are not limited to, components such as installation, training, licenses, and PCS listed in the contract.  The Company has not established VSOE for all elements of its bundled software license arrangements.  If a PCS element exists in the software license arrangement, revenue is recognized ratably over the PCS service period.  If no PCS element exists in the arrangement, revenue is deferred until all elements have been delivered.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recognizes revenue under time and materials contracts primarily from the Nuclear Industry Training and Consulting segment and certain cost-reimbursable contracts.  Revenue on time and material contracts is recognized as services are rendered and performed.  Under a typical time-and-materials billing arrangement, customers are billed on a regularly scheduled basis, such as biweekly or monthly.  Any earned but unbilled amounts are typically billed the following month.   Under cost-reimbursable contracts, which are subject to a contract ceiling amount, the Company is reimbursed for allowable costs and paid a fee, which may be fixed or performance based.  However, if costs exceed the contract ceiling or are not allowable under the provisions of the contract or applicable regulations, the Company may not be able to obtain reimbursement for all such costs.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

5058000

9751000

42476000

39820000

12438000

10215000

15678000

14428000

14809000

4213000

26798000

27382000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's income tax expense for the nine months ended September 30, 2016, and September 30, 2015, differed from the expected income tax amounts computed by applying the federal corporate income tax rate of 35% to income (loss) before income taxes for the periods as shown in the table below.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div><div style="line-height: 11.4pt;"> </div></td><td colspan="7" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provision for income taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective tax rate</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32.3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.8</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)%</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The number of common shares and common share equivalents used in the determination of basic and diluted earnings (loss) per share were as follows:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands, except for share amounts)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Numerator:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income (loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">168</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">418</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denominator:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted-average shares outstanding for basic earnings per share</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,230,148</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,894,272</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,052,019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,890,020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect of dilutive securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Employee stock options</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">239,969</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">235,851</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,470,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,894,272</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,287,870</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,890,020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares related to dilutive securities excluded because inclusion would be anti-dilutive</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">734,833</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,513,321</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">741,862</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,548,401</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company assessed the materiality of these misstatements on prior periods' consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Materiality</font>, codified in ASC 250, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Accounting Changes and Error Corrections</font>, and concluded that these misstatements were not material to any prior annual or interim periods.  Accordingly, in accordance with ASC 250 (SAB No. 108, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">"Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements"</font>), the consolidated financial statements as of September 30, 2015, which are presented herein, have been revised.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: center; margin-left: 5.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSE SYSTEMS, INC. AND SUBSIDIARIES</div><div style="text-align: center; margin-left: 5.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSOLIDATED STATEMENTS OF OPERATIONS</div><div style="text-align: center; margin-left: 5.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands, except per share data)</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,961</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(152</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,809</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(113</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,476</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of revenue</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,158</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">56</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,214</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,701</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Write-down of capitalized software development costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross profit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,057</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,402</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,237</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,596</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,128</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss before income taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,355</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,520</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic loss per common share</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted loss per common share</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSE SYSTEMS, INC. AND SUBSIDIARIES</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; text-indent: -7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Comprehensive loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,631</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,839</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,772</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,937</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;" /></div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSE SYSTEMS, INC. AND SUBSIDIARIES</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div><div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended September 30, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Revised</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash flows from operating activities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes in assets and liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contract receivables, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,580</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(134</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepaid expenses and other assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(409</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(358</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Billings in excess of revenue earned</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,618</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net cash provided by operating activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,307</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,307</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net decrease in cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="line-height: 0pt;"><br style="line-height: 0pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Loan Agreement contains certain restrictive covenants regarding future acquisitions and incurrence of debt.  In addition, the Loan Agreement contains financial covenants with respect to the Company's minimum tangible capital base and quick ratio.  </div><div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">    As of</div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Covenant</div></td><td style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30, 2016</div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">     </div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minimum tangible capital base</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Must exceed $10.5 million</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$27.0 million</div></td></tr><tr><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Quick ratio</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Must exceed 1.00 : 1.00</div></td><td style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.52 : 1.00</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has not designated any of the foreign exchange contracts outstanding as cash flow hedges and has recorded the estimated fair value of the contracts in the consolidated balance sheets as follows:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Asset derivatives</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 18pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepaid expenses and other current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">115</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; margin-left: 18pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liability derivatives</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 18pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(178</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; margin-left: 18pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 18pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net fair value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three and nine months ended September 30, 2016, and September 30, 2015, the Company recognized a net (loss) gain on its derivative instruments as outlined below:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign exchange contracts-change in fair value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">34</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(302</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Remeasurement of related contract receivables,</div><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> billings in excess of revenue earned, and</div><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> subcontractor accruals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(86</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(14</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(44</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Loss) gain on derivative instruments, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; line-height: 11.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</font><font style="font-size: 5.14pt;">            </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Segment Information</font></div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has two reportable business segments.  The Performance Improvement Solutions business segment provides simulation, training products, and engineering products and services delivered across the breadth of industries the Company serves.  Solutions include simulation for both training and engineering applications.  Engineering services include plant design verification and validation. The Company provides these services across all of its market segments.  Contracts typically range from six months to three years, with the majority of contracts in the range from 12 months to two years.  GSE and its predecessors have been providing these services since 1976.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Nuclear Industry Training and Consulting business segment provides specialized workforce solutions primarily to the U.S. nuclear industry, working at client facilities.  This business is managed through the Company's Hyperspring subsidiary.  Contracts typically range from six months to three years.  Hyperspring has been providing these services since 2005.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth the revenue and operating results attributable to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated income (loss) before income tax expense:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div><div style="line-height: 11.4pt;"> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nine months ended</div><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Performance Improvement Solutions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27,382</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nuclear Industry Training and Consulting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,213</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,058</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,438</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15,678</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,428</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,809</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39,820</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,476</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating income (loss):</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Performance Improvement Solutions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(412</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,658</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nuclear Industry Training and Consulting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">321</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">442</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,395</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,104</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain (loss) on change in fair value of contingent consideration, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">524</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(306</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(739</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating income (loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,596</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">875</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest income, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">67</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Loss) gain on derivative instruments, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other income (expense), net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(156</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">112</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(235</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income (loss) before income taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">693</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,520</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div>

3811000

9032000

3043000

11031000

407000

900000

P5Y

P1Y

450000

469000

60000

40000

459000

1614000

1684000

1534000

150000

385000

-4000

594000

3000

597000

322079

20113000

18368000

-2999000

-1460000

195000

73481000

-50849000

74952000

203000

-1612000

-2999000

-50431000

1598911

2999000

6866000

3325000

17894272

17890020

18470117

18287870

17890020

18052019

17894272

18230148

P3Y P3Y P6M P6M P2Y P12M 48000 46000 P30D P90D 250000 471650 172300 70000 204824 1882377 1600377 1162500 1322500 1.52 1.00 27000000 3000000 9 9 3300000 10500000 8 -44000 -86000 -14000 -6000 1085000 1210000 2647000 731000 196000 1411000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The components of contract receivables are as follows:</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Billed receivables</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,585</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,831</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unbilled receivables</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,866</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,325</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Allowance for doubtful accounts</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total contract receivables, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,430</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="line-height: 11.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div> 0 1 P12M P1Y P1Y

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Nov. 14, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	GSE SYSTEMS INC
Entity Central Index Key	0000944480
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,683,009
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016

XML 17 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 14,093	$ 11,084
Restricted cash	1,601	1,771
Contract receivables, net	16,430	13,053
Prepaid expenses and other current assets	2,715	2,506
Total current assets	34,839	28,414
Equipment, software and leasehold improvements	6,862	7,003
Accumulated depreciation	(5,559)	(5,407)
Equipment, software and leasehold improvements, net	1,303	1,596
Software development costs, net	1,045	1,145
Goodwill	5,612	5,612
Intangible assets, net	533	775
Long-term restricted cash	1,735	1,779
Other assets	65	50
Total assets	45,132	39,371
Current liabilities:
Accounts payable	2,367	1,238
Accrued expenses	1,930	1,723
Accrued compensation	3,196	2,431
Billings in excess of revenue earned	12,358	9,229
Accrued warranty	1,534	1,614
Current contingent consideration	731	2,647
Other current liabilities	827	826
Total current liabilities	22,943	19,708
Contingent consideration	1,210	1,085
Other liabilities	866	210
Total liabilities	25,019	21,003
Commitments and contingencies
Stockholders' equity:
Preferred stock $.01 par value, 2,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock $.01 par value, 30,000,000 shares authorized, 20,281,920 shares issued and 18,683,009 shares outstanding in 2016, 19,510,770 shares issued and 17,911,859 shares outstanding in 2015	203	195
Additional paid-in capital	74,952	73,481
Accumulated deficit	(50,431)	(50,849)
Accumulated other comprehensive loss	(1,612)	(1,460)
Treasury stock at cost, 1,598,911 shares in 2016 and 2015	(2,999)	(2,999)
Total stockholders' equity	20,113	18,368
Total liabilities and stockholders' equity	$ 45,132	$ 39,371

XML 18 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	20,281,920	19,510,770
Common stock, shares outstanding (in shares)	18,683,009	17,911,859
Treasury stock (in shares)	1,598,911	1,598,911

XML 19 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
Revenue	$ 14,428	$ 14,809	$ 39,820	$ 42,476
Cost of revenue	10,704	11,214	28,913	32,701
Write-down of capitalized software development costs	0	1,538	0	1,538
Gross profit	3,724	2,057	10,907	8,237
Operating expenses:
Selling, general and administrative	3,043	3,811	9,032	11,031
Restructuring charges	85	1,600	487	1,746
Depreciation	91	119	294	383
Amortization of definite-lived intangible assets	72	123	219	370
Total operating expenses	3,291	5,653	10,032	13,530
Operating income (loss)	433	(3,596)	875	(5,293)
Interest income, net	11	19	52	67
(Loss) gain on derivative instruments, net	(211)	20	(346)	(59)
Other income (expense), net	15	(156)	112	(235)
Income (loss) before income taxes	248	(3,713)	693	(5,520)
Provision for income taxes	80	50	275	211
Net income (loss)	$ 168	$ (3,763)	$ 418	$ (5,731)
Basic earnings (loss) per common share (in dollars per share)	$ 0.01	$ (0.21)	$ 0.02	$ (0.32)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.01	$ (0.21)	$ 0.02	$ (0.32)

XML 20 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract]
Net income (loss)	$ 168	$ (3,763)	$ 418	$ (5,731)
Foreign currency translation adjustment	(50)	(76)	(152)	(206)
Comprehensive income (loss)	$ 118	$ (3,839)	$ 266	$ (5,937)

XML 21 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2015	$ 195	$ 73,481	$ (50,849)	$ (1,460)	$ (2,999)	$ 18,368
Balance (in shares) at Dec. 31, 2015	19,510,770				(1,598,911)	17,911,859
Stock-based compensation expense		882				$ 882
Common stock issued for options exercised (in shares)	322,079
Common stock issued for options exercised	$ 3	594				597
Common stock issued for RSUs vested (in shares)	449,071
Common stock issued for RSUs vested	$ 5	(5)				0
Foreign currency translation adjustment				(152)		(152)
Net income			418			418
Balance at Sep. 30, 2016	$ 203	$ 74,952	$ (50,431)	$ (1,612)	$ (2,999)	$ 20,113
Balance (in shares) at Sep. 30, 2016	20,281,920				(1,598,911)	18,683,009

XML 22 R7.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 418	$ (5,731)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Write-down of capitalized software development costs	0	1,538
Depreciation and amortization	294	383
Amortization of definite-lived intangible assets	219	370
Capitalized software amortization	296	291
Change in fair value of contingent consideration	(370)	739
Stock-based compensation expense	900	407
Equity loss on investments	0	233
Loss on derivative instruments	346	59
Deferred income taxes	96	0
Loss on sales of equipment, software, and leasehold improvements	3	0
Changes in assets and liabilities:
Contract receivables	(3,616)	3,446
Prepaid expenses and other assets	(269)	(358)
Accounts payable, accrued compensation and accrued expenses	2,254	1,262
Billings in excess of revenue earned	3,183	(1,370)
Accrued warranty	(80)	158
Other liabilities	208	(120)
Net cash provided by operating activities	3,882	1,307
Cash flows from investing activities:
Proceeds from sale of equipment, software and leasehold improvements	30	0
Capital expenditures	(53)	(217)
Capitalized software development costs	(196)	(1,411)
Restrictions of cash as collateral under letters of credit	(4)	(1,148)
Releases of cash as collateral under letters of credit	254	1,824
Net cash provided by (used in) investing activities	31	(952)
Cash flows from financing activities:
Proceeds from issuance of common stock	594	0
Payments on line of credit	0	(339)
Payments on contingent consideration	(1,421)	(500)
Net cash used in financing activities	(827)	(839)
Effect of exchange rate changes on cash	(77)	(267)
Net increase (decrease) in cash and cash equivalents	3,009	(751)
Cash and cash equivalents at beginning of year	11,084	13,583
Cash and cash equivalents at end of period	$ 14,093	$ 12,832

XML 23 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1.	Summary of Significant Accounting Policies

Basis of Presentation

The Company has two reportable segments as follows:

● Performance Improvement Solutions (approximately 69% of revenue)

● Nuclear Industry Training and Consulting (approximately 31% of revenue)

Financial information about the two business segments is provided in Note 14 of the accompanying consolidated financial statements.

Revenue Recognition

Revisions

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three months ended September 30, 2015									Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised			As Reported			Adjustment			As Revised

Revenue	$	14,961		$	(152	)	$	14,809		$	42,589		$	(113	)	$	42,476
Cost of revenue		11,158			56			11,214			32,649			52			32,701
Write-down of capitalized software development costs		1,538			-			1,538			1,538			-			1,538

Gross profit		2,265			(208	)		2,057			8,402			(165	)		8,237

Operating loss		(3,388	)		(208	)		(3,596	)		(5,128	)		(165	)		(5,293	)

Loss before income taxes		(3,505	)		(208	)		(3,713	)		(5,355	)		(165	)		(5,520	)

Net loss	$	(3,555	)	$	(208	)	$	(3,763	)	$	(5,566	)	$	(165	)	$	(5,731	)


Basic loss per common share	$	(0.20	)	$	(0.01	)	$	(0.21	)	$	(0.31	)	$	(0.01	)	$	(0.32	)

Diluted loss per common share	$	(0.20	)	$	(0.01	)	$	(0.21	)	$	(0.31	)	$	(0.01	)	$	(0.32	)

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

	Three months ended September 30, 2015									Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised			As Reported			Adjustment			As Revised

Net loss	$	(3,555	)	$	(208	)	$	(3,763	)	$	(5,566	)	$	(165	)	$	(5,731	)

Comprehensive loss	$	(3,631	)	$	(208	)	$	(3,839	)	$	(5,772	)	$	(165	)	$	(5,937	)

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised

Cash flows from operating activities:
Net loss	$	(5,566	)	$	(165	)	$	(5,731	)
Changes in assets and liabilities:
Contract receivables, net		3,580			(134	)		3,446
Prepaid expenses and other assets		(409	)		51			(358	)
Billings in excess of revenue earned		(1,618	)		248			(1,370	)
Net cash provided by operating activities	$	1,307		$	-		$	1,307

Net decrease in cash and cash equivalents	$	(751	)	$	-		$	(751	)

XML 24 R9.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2016

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements Not Yet Adopted [Text Block]

2.	Recent Accounting Pronouncements

Accounting Pronouncements Recently Adopted

Accounting Pronouncements Not Yet Adopted

XML 25 R10.htm IDEA: XBRL DOCUMENT

Basic and Diluted Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2016

Basic and Diluted Earnings (Loss) Per Common Share [Abstract]

Basic and Diluted Earnings (Loss) Per Common Share

3.	Basic and Diluted Earnings (Loss) per Common Share

The number of common shares and common share equivalents used in the determination of basic and diluted earnings (loss) per share were as follows:

(in thousands, except for share amounts)	Three months ended					Nine months ended
	September 30,					September 30,
	2016		2015			2016		2015
Numerator:
Net income (loss)	$	168	$	(3,763	)	$	418	$	(5,731	)

Denominator:
Weighted-average shares outstanding for basic earnings per share		18,230,148		17,894,272			18,052,019		17,890,020

Effect of dilutive securities:
Employee stock options		239,969		-			235,851		-
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share		18,470,117		17,894,272			18,287,870		17,890,020

Shares related to dilutive securities excluded because inclusion would be anti-dilutive		734,833		2,513,321			741,862		2,548,401

XML 26 R11.htm IDEA: XBRL DOCUMENT

Contingent Consideration

9 Months Ended

Sep. 30, 2016

Contingent Consideration [Abstract]

Contingent Consideration

4.	Contingent Consideration

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14472-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12021-110248

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14394-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14557-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12053-110248

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14453-108349

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14615-108349

+ Details

XML 27 R12.htm IDEA: XBRL DOCUMENT

Contract Receivables

9 Months Ended

Sep. 30, 2016

Contract Receivables [Abstract]

Contract Receivables

5.	Contract Receivables

The components of contract receivables are as follows:

(in thousands)	September 30,			December 31,
	2016			2015

Billed receivables	$	9,585		$	9,831
Unbilled receivables		6,866			3,325
Allowance for doubtful accounts		(21	)		(103	)
Total contract receivables, net	$	16,430		$	13,053

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 28 R13.htm IDEA: XBRL DOCUMENT

Software Development Costs

9 Months Ended

Sep. 30, 2016

Software Development Costs [Abstract]

Software Development Costs

- Definition

The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.

+ References + Details

XML 29 R14.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

7.	Goodwill and Intangible Assets

Goodwill

Intangible Assets Subject to Amortization

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

XML 30 R15.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2016

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

8.	Fair Value of Financial Instruments

The levels of the fair value hierarchy established by ASC 820 are:

Level 1: inputs are quoted prices, unadjusted, in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 3: inputs are unobservable and reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability.

The following table presents assets and liabilities measured at fair value at September 30, 2016:

(in thousands)	Level 1		Level 2			Level 3			Total

Money market funds	$	11,219	$	-		$	-		$	11,219

Total assets	$	11,219	$	-		$	-		$	11,219

Foreign exchange contracts	$	-	$	(230	)	$	-		$	(230	)
Contingent consideration liability		-		-			(1,941	)		(1,941	)

Total liabilities	$	-	$	(230	)	$	(1,941	)	$	(2,171	)

The following table presents assets and liabilities measured at fair value at December 31, 2015:

(in thousands)	Level 1		Level 2			Level 3			Total

Money market funds	$	8,979	$	-		$	-		$	8,979
Foreign exchange contracts		-		121			-			121

Total assets	$	8,979	$	121		$	-		$	9,100

Foreign exchange contracts	$	-	$	(57	)	$	-		$	(57	)
Contingent consideration liability		-		-			(3,732	)		(3,732	)

Total liabilities	$	-	$	(57	)	$	(3,732	)	$	(3,789	)

The following table provides a roll-forward of the fair value of the contingent consideration categorized as Level 3 for the nine months ended September 30, 2016:

(in thousands)

Contingent consideration:
Beginning balance at January 1, 2016	$	3,732
Payments made on contingent liabilities		1,421
Change in fair value		370
Ending balance	$	1,941

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Derivative Instruments

9 Months Ended

Sep. 30, 2016

Derivative Instruments [Abstract]

Derivative Instruments

9.	Derivative Instruments

	September 30,			December 31,
(in thousands)	2016			2015

Asset derivatives
Prepaid expenses and other current assets	$	-		$	115
Other assets		-			6
		-			121
Liability derivatives
Other current liabilities		(178	)		(57	)
Other liabilities		(52	)		-
		(230	)		(57	)

Net fair value	$	(230	)	$	64

The changes in the fair value of the foreign exchange contracts are included in (Loss) gain on derivative instruments, net in the consolidated statements of operations.

For the three and nine months ended September 30, 2016, and September 30, 2015, the Company recognized a net (loss) gain on its derivative instruments as outlined below:

	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2016			2015			2016			2015

Foreign exchange contracts-change in fair value	$	(125	)	$	34		$	(302	)	$	(53	)
Remeasurement of related contract receivables, billings in excess of revenue earned, and subcontractor accruals		(86	)		(14	)		(44	)		(6	)

(Loss) gain on derivative instruments, net	$	(211	)	$	20		$	(346	)	$	(59	)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

XML 32 R17.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

Stock-Based Compensation [Abstract]

Stock-Based Compensation

10.	Stock-Based Compensation

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 33 R18.htm IDEA: XBRL DOCUMENT

Long-Term Debt

9 Months Ended

Sep. 30, 2016

Long-Term Debt [Abstract]

Long-Term Debt

11. Long-Term Debt

At September 30, 2016, and December 31, 2015, the Company had no long-term debt.

Lines of Credit

BB&T Bank

		As of
	Covenant	September 30, 2016

Minimum tangible capital base	Must exceed $10.5 million	$27.0 million
Quick ratio	Must exceed 1.00 : 1.00	1.52 : 1.00

As of September 30, 2016, the Company was in compliance with its financial covenants as described above.

Letters of Credit and Bonds

XML 34 R19.htm IDEA: XBRL DOCUMENT

Product Warranty

9 Months Ended

Sep. 30, 2016

Product Warranty [Abstract]

Product Warranty

12.	Product Warranty

(in thousands)

Balance at January 1, 2016	$	1,614
Warranty provision		459
Warranty claims		(385	)
Currency adjustment		(4	)
Balance at September 30, 2016	$	1,684

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Income Taxes

9 Months Ended

Sep. 30, 2016

Income Taxes [Abstract]

Income Taxes

13.	Income Taxes

(in thousands)	Three months ended September 30,								Nine months ended September 30,
	2016				2015				2016			2015

Provision for income taxes		$	80			$	50		$	275			$	211
Effective tax rate			32.3	%			(1.3	)%		39.7	%			(3.8	)%

XML 36 R21.htm IDEA: XBRL DOCUMENT

Segment Information

9 Months Ended

Sep. 30, 2016

Segment Information [Abstract]

Segment Information

14. Segment Information

(in thousands)	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015

Revenue:
Performance Improvement Solutions	$	10,215		$	9,751		$	27,382		$	26,798
Nuclear Industry Training and Consulting		4,213			5,058			12,438			15,678
	$	14,428		$	14,809		$	39,820		$	42,476

Operating income (loss):
Performance Improvement Solutions	$	(412	)	$	(3,732	)	$	(890	)	$	(5,658	)
Nuclear Industry Training and Consulting		321			442			1,395			1,104
Gain (loss) on change in fair value of contingent consideration, net		524			(306	)		370			(739	)

Operating income (loss)	$	433		$	(3,596	)	$	875		$	(5,293	)

Interest income, net		11			19			52			67
(Loss) gain on derivative instruments, net		(211	)		20			(346	)		(59	)
Other income (expense), net		15			(156	)		112			(235	)
Income (loss) before income taxes	$	248		$	(3,713	)	$	693		$	(5,520	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

XML 37 R22.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies The Company has contingent liabilities that, in management's judgment, are not probable of assertion. If such unasserted contingent liabilities were to be asserted, or become probable of assertion, the Company may be required to record significant expenses and liabilities in the period in which these liabilities are asserted or become probable of assertion.

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Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated interim financial statements included herein have been prepared by GSE Systems, Inc. (the "Company," "GSE," "we," "us," or "our") without independent audit. In the opinion of the Company's management, all adjustments and reclassifications of a normal and recurring nature necessary to present fairly the financial position, results of operations and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted. The results of operations for interim periods are not necessarily an indication of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 25, 2016. Certain reclassifications have been made to prior period amounts to conform to the current presentation. The Company has two reportable segments as follows: ● Performance Improvement Solutions (approximately 69% of revenue) The Company's Performance Improvement Solutions segment primarily encompasses next generation power plant and process high-fidelity simulation solutions, as well as engineering solutions. This segment includes various simulation products, engineering services, and operation training systems delivered across the industries the Company serves: primarily nuclear and fossil fuel power generation, and the process industries. Simulation solutions include the following: (1) simulation software and services, including operator training systems, for the nuclear power industry, (2) simulation software and services, including operator training systems, for the fossil power industry, and (3) simulation software and services for the process industries used to teach fundamental industry processes and control systems to newly hired employees and for ongoing workforce development and training. GSE and its predecessors have been providing these services since 1976. ● Nuclear Industry Training and Consulting (approximately 31% of revenue) Nuclear Industry Training and Consulting provides highly specialized and skilled nuclear operations instructors and other consultants to the nuclear power industry. These employees work at clients' facilities under client direction. Examples of these highly skilled positions are senior reactor operations instructors, procedure writers, work management specialists, planners, and training material developers. This business is managed through the Company's Hyperspring subsidiary. The business model, management focus, margins, and other factors clearly separate this business line from the rest of the GSE product and service portfolio. Hyperspring has been providing these services since 2005. Financial information about the two business segments is provided in Note 14 of the accompanying consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. The Company's most significant estimates relate to revenue recognition on long-term contracts, product warranties, capitalization of software development costs, valuation of goodwill and intangible assets acquired, valuation of contingent consideration issued in business acquisitions, and the recoverability of deferred tax assets. Actual results could differ from these estimates and those differences could be material.
Revenue Recognition	Revenue Recognition The Company has (1) fixed-price contracts for the sale of uniquely designed/customized systems containing hardware and software, (2) fixed-price contracts for the sale of software licenses which may include post-contract support ("PCS") and other elements such as installation and training, and (3) time and material contracts for support and service agreements. In accordance with Accounting Standards Codification ("ASC") 605-35, "Construction-Type and Production-Type Contracts", the Performance Improvement Solutions segment recognizes revenue for its fixed-price contracts for the sale of customized systems using the percentage-of-completion method. This methodology recognizes revenue and earnings as work progresses on the contract and is based on an estimate of the revenue and earnings to date, less amounts recognized in prior periods. The Company bases its estimate of the degree of completion of the contract by reviewing the relationship of costs incurred to date to the expected total costs that will be incurred on the project. Estimated contract earnings are reviewed and revised periodically as the work progresses, and the cumulative effect of any change in estimate is recognized in the period in which the change is identified. Estimated losses are charged against earnings in the period such losses are identified. The Company recognizes revenue arising from contract claims either as income or as an offset against a potential loss only when the amount of the claim can be estimated reliably and realization is probable and there is a legal basis of the claim. Uncertainties inherent in the performance of contracts include labor availability and productivity, material costs, change order scope and pricing, software modification and customer acceptance issues. The reliability of these cost estimates is critical to the Company's revenue recognition as a significant change in the estimates can cause the Company's revenue and related margins to change significantly from the amounts estimated in the early stages of the project. The Company accrues for estimated warranty costs at the time the related revenue is recognized based on historical and projected claims experience. The Company's long-term contracts generally provide for a one-year warranty on parts, labor and any bug fixes as it relates to customized software embedded in the systems. The Company evaluates customized system contracts for multiple deliverables under ASC 605-25, "Revenue Recognition-Multiple Element Arrangements", and when appropriate, separates the contracts into separate units of accounting for revenue recognition. Contracts with multiple element arrangements typically include, but are not limited to, components such as training and PCS, which are embedded in the contract. When a contract contains multiple deliverables, the Company allocates revenue to each deliverable based on its relative selling price which is determined based on its vendor specific objective evidence ("VSOE") if available, third party evidence ("TPE") if VSOE is not available, or estimated selling price if neither VSOE nor TPE is available. Amounts allocated to training and support services are based on VSOE and revenue is deferred until the services have been performed. The Company also provides stand-alone PCS contracts. Such PCS arrangements are generally for a one-year period renewable annually and include customer support, unspecified software upgrades, and maintenance releases. The Company recognizes revenue from these contracts ratably over the life of the agreements. Revenue from the sale of software licenses without other elements in the contract and which do not require significant modifications or customization for the Company's modeling tools are recognized when the license agreement is signed, the license fee is fixed and determinable, delivery has occurred, and collection is considered probable. The Company utilizes written contracts as a means to establish the terms and conditions by which product support and services are sold to customers. Delivery is considered to have occurred when title and risk of loss have been transferred to the customer, which generally occurs after a license key has been delivered electronically to the customer and as support and services are delivered. The Company also recognizes revenue from the sale of software licenses with multiple deliverables. These software license sales are evaluated under ASC 985-605, "Software Revenue Recognition". Contracts with multiple element arrangements typically include, but are not limited to, components such as installation, training, licenses, and PCS listed in the contract. The Company has not established VSOE for all elements of its bundled software license arrangements. If a PCS element exists in the software license arrangement, revenue is recognized ratably over the PCS service period. If no PCS element exists in the arrangement, revenue is deferred until all elements have been delivered. The Company recognizes revenue under time and materials contracts primarily from the Nuclear Industry Training and Consulting segment and certain cost-reimbursable contracts. Revenue on time and material contracts is recognized as services are rendered and performed. Under a typical time-and-materials billing arrangement, customers are billed on a regularly scheduled basis, such as biweekly or monthly. Any earned but unbilled amounts are typically billed the following month. Under cost-reimbursable contracts, which are subject to a contract ceiling amount, the Company is reimbursed for allowable costs and paid a fee, which may be fixed or performance based. However, if costs exceed the contract ceiling or are not allowable under the provisions of the contract or applicable regulations, the Company may not be able to obtain reimbursement for all such costs.

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Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2016

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

2.	Recent Accounting Pronouncements

Accounting Pronouncements Recently Adopted

Accounting Pronouncements Not Yet Adopted

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Significant Accounting Policies [Abstract]

Revisions

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three months ended September 30, 2015									Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised			As Reported			Adjustment			As Revised

Revenue	$	14,961		$	(152	)	$	14,809		$	42,589		$	(113	)	$	42,476
Cost of revenue		11,158			56			11,214			32,649			52			32,701
Write-down of capitalized software development costs		1,538			-			1,538			1,538			-			1,538

Gross profit		2,265			(208	)		2,057			8,402			(165	)		8,237

Operating loss		(3,388	)		(208	)		(3,596	)		(5,128	)		(165	)		(5,293	)

Loss before income taxes		(3,505	)		(208	)		(3,713	)		(5,355	)		(165	)		(5,520	)

Net loss	$	(3,555	)	$	(208	)	$	(3,763	)	$	(5,566	)	$	(165	)	$	(5,731	)


Basic loss per common share	$	(0.20	)	$	(0.01	)	$	(0.21	)	$	(0.31	)	$	(0.01	)	$	(0.32	)

Diluted loss per common share	$	(0.20	)	$	(0.01	)	$	(0.21	)	$	(0.31	)	$	(0.01	)	$	(0.32	)

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

	Three months ended September 30, 2015									Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised			As Reported			Adjustment			As Revised

Net loss	$	(3,555	)	$	(208	)	$	(3,763	)	$	(5,566	)	$	(165	)	$	(5,731	)

Comprehensive loss	$	(3,631	)	$	(208	)	$	(3,839	)	$	(5,772	)	$	(165	)	$	(5,937	)

GSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Nine months ended September 30, 2015
	As Reported			Adjustment			As Revised

Cash flows from operating activities:
Net loss	$	(5,566	)	$	(165	)	$	(5,731	)
Changes in assets and liabilities:
Contract receivables, net		3,580			(134	)		3,446
Prepaid expenses and other assets		(409	)		51			(358	)
Billings in excess of revenue earned		(1,618	)		248			(1,370	)
Net cash provided by operating activities	$	1,307		$	-		$	1,307

Net decrease in cash and cash equivalents	$	(751	)	$	-		$	(751	)

XML 41 R26.htm IDEA: XBRL DOCUMENT

Basic and Diluted Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2016

Basic and Diluted Earnings (Loss) Per Common Share [Abstract]

Number of Common Shares and Common Share Equivalents Used in the Determination of Basic and Diluted Income (Loss) per Share

The number of common shares and common share equivalents used in the determination of basic and diluted earnings (loss) per share were as follows:

(in thousands, except for share amounts)	Three months ended					Nine months ended
	September 30,					September 30,
	2016		2015			2016		2015
Numerator:
Net income (loss)	$	168	$	(3,763	)	$	418	$	(5,731	)

Denominator:
Weighted-average shares outstanding for basic earnings per share		18,230,148		17,894,272			18,052,019		17,890,020

Effect of dilutive securities:
Employee stock options		239,969		-			235,851		-
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share		18,470,117		17,894,272			18,287,870		17,890,020

Shares related to dilutive securities excluded because inclusion would be anti-dilutive		734,833		2,513,321			741,862		2,548,401

XML 42 R27.htm IDEA: XBRL DOCUMENT

Contract Receivables (Tables)

9 Months Ended

Sep. 30, 2016

Contract Receivables [Abstract]

Components of Contract Receivables

The components of contract receivables are as follows:

(in thousands)	September 30,			December 31,
	2016			2015

Billed receivables	$	9,585		$	9,831
Unbilled receivables		6,866			3,325
Allowance for doubtful accounts		(21	)		(103	)
Total contract receivables, net	$	16,430		$	13,053

XML 43 R28.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value of Financial Instruments [Abstract]

Assets and Liabilities Measured at Fair Value

The following table presents assets and liabilities measured at fair value at September 30, 2016:

(in thousands)	Level 1		Level 2			Level 3			Total

Money market funds	$	11,219	$	-		$	-		$	11,219

Total assets	$	11,219	$	-		$	-		$	11,219

Foreign exchange contracts	$	-	$	(230	)	$	-		$	(230	)
Contingent consideration liability		-		-			(1,941	)		(1,941	)

Total liabilities	$	-	$	(230	)	$	(1,941	)	$	(2,171	)

The following table presents assets and liabilities measured at fair value at December 31, 2015:

(in thousands)	Level 1		Level 2			Level 3			Total

Money market funds	$	8,979	$	-		$	-		$	8,979
Foreign exchange contracts		-		121			-			121

Total assets	$	8,979	$	121		$	-		$	9,100

Foreign exchange contracts	$	-	$	(57	)	$	-		$	(57	)
Contingent consideration liability		-		-			(3,732	)		(3,732	)

Total liabilities	$	-	$	(57	)	$	(3,732	)	$	(3,789	)

The following table provides a roll-forward of the fair value of the contingent consideration categorized as Level 3 for the nine months ended September 30, 2016:

(in thousands)

Contingent consideration:
Beginning balance at January 1, 2016	$	3,732
Payments made on contingent liabilities		1,421
Change in fair value		370
Ending balance	$	1,941

XML 44 R29.htm IDEA: XBRL DOCUMENT

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments [Abstract]

Estimated Fair Value of the Contracts in the Consolidated Balance Sheets

	September 30,			December 31,
(in thousands)	2016			2015

Asset derivatives
Prepaid expenses and other current assets	$	-		$	115
Other assets		-			6
		-			121
Liability derivatives
Other current liabilities		(178	)		(57	)
Other liabilities		(52	)		-
		(230	)		(57	)

Net fair value	$	(230	)	$	64

Net (Loss) Gain on Derivative Instruments

For the three and nine months ended September 30, 2016, and September 30, 2015, the Company recognized a net (loss) gain on its derivative instruments as outlined below:

	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2016			2015			2016			2015

Foreign exchange contracts-change in fair value	$	(125	)	$	34		$	(302	)	$	(53	)
Remeasurement of related contract receivables, billings in excess of revenue earned, and subcontractor accruals		(86	)		(14	)		(44	)		(6	)

(Loss) gain on derivative instruments, net	$	(211	)	$	20		$	(346	)	$	(59	)

XML 45 R30.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2016

Long-Term Debt [Abstract]

Susquehanna Bank Loan Agreement Debt Covenants

		As of
	Covenant	September 30, 2016

Minimum tangible capital base	Must exceed $10.5 million	$27.0 million
Quick ratio	Must exceed 1.00 : 1.00	1.52 : 1.00

XML 46 R31.htm IDEA: XBRL DOCUMENT

Product Warranty (Tables)

9 Months Ended

Sep. 30, 2016

Product Warranty [Abstract]

Activities in the Product Warranty Accounts

(in thousands)

Balance at January 1, 2016	$	1,614
Warranty provision		459
Warranty claims		(385	)
Currency adjustment		(4	)
Balance at September 30, 2016	$	1,684

XML 47 R32.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2016

Income Taxes [Abstract]

Schedule of Income Taxes

(in thousands)	Three months ended September 30,								Nine months ended September 30,
	2016				2015				2016			2015

Provision for income taxes		$	80			$	50		$	275			$	211
Effective tax rate			32.3	%			(1.3	)%		39.7	%			(3.8	)%

XML 48 R33.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

9 Months Ended

Sep. 30, 2016

Segment Information [Abstract]

Reconciliation of Revenue and Operating Results to Consolidated Income (Loss) Before Income Tax Expense

(in thousands)	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015

Revenue:
Performance Improvement Solutions	$	10,215		$	9,751		$	27,382		$	26,798
Nuclear Industry Training and Consulting		4,213			5,058			12,438			15,678
	$	14,428		$	14,809		$	39,820		$	42,476

Operating income (loss):
Performance Improvement Solutions	$	(412	)	$	(3,732	)	$	(890	)	$	(5,658	)
Nuclear Industry Training and Consulting		321			442			1,395			1,104
Gain (loss) on change in fair value of contingent consideration, net		524			(306	)		370			(739	)

Operating income (loss)	$	433		$	(3,596	)	$	875		$	(5,293	)

Interest income, net		11			19			52			67
(Loss) gain on derivative instruments, net		(211	)		20			(346	)		(59	)
Other income (expense), net		15			(156	)		112			(235	)
Income (loss) before income taxes	$	248		$	(3,713	)	$	693		$	(5,520	)

XML 49 R34.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2016 Segment
Summary of Significant Accounting Policies [Abstract]
Number of reportable segment	2
Term of warranty	1 year
Period of post customer support service (PCS)	1 year
Revenue [Member] \| Performance Improvement Solutions [Member]
Revenue by major customers [Abstract]
Percentage of revenue contributed by major customers	69.00%
Revenue [Member] \| Nuclear Industry Training and Consulting [Member]
Revenue by major customers [Abstract]
Percentage of revenue contributed by major customers	31.00%

XML 50 R35.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies, Revisions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenue	$ 14,428	$ 14,809	$ 39,820	$ 42,476
Cost of revenue	10,704	11,214	28,913	32,701
Write-down of capitalized software development costs	0	1,538	0	1,538
Gross profit	3,724	2,057	10,907	8,237
Operating loss	433	(3,596)	875	(5,293)
Loss before income taxes	248	(3,713)	693	(5,520)
Net loss	$ 168	$ (3,763)	$ 418	$ (5,731)
Basic loss per common share (in dollars per share)	$ 0.01	$ (0.21)	$ 0.02	$ (0.32)
Diluted loss per common share (in dollars per share)	$ 0.01	$ (0.21)	$ 0.02	$ (0.32)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss	$ 168	$ (3,763)	$ 418	$ (5,731)
Comprehensive loss	118	(3,839)	266	(5,937)
Cash flows from operating activities [Abstract]
Net income (loss)	$ 168	(3,763)	418	(5,731)
Changes in assets and liabilities [Abstract]
Contract receivables, net			3,616	(3,446)
Prepaid expenses and other assets			269	358
Billings in excess of revenue earned			3,183	(1,370)
Net cash provided by operating activities			3,882	1,307
Net decrease in cash and cash equivalents			$ 3,009	(751)
Revenue Recognized On Multiple Element Arrangements [Member]
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenue		14,809		42,476
Cost of revenue		11,214		32,701
Write-down of capitalized software development costs		1,538		1,538
Gross profit		2,057		8,237
Operating loss		(3,596)		(5,293)
Loss before income taxes		(3,713)		(5,520)
Net loss		$ (3,763)		$ (5,731)
Basic loss per common share (in dollars per share)		$ (0.21)		$ (0.32)
Diluted loss per common share (in dollars per share)		$ (0.21)		$ (0.32)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss		$ (3,763)		$ (5,731)
Comprehensive loss		(3,839)		(5,937)
Cash flows from operating activities [Abstract]
Net income (loss)		(3,763)		(5,731)
Changes in assets and liabilities [Abstract]
Contract receivables, net				3,446
Prepaid expenses and other assets				(358)
Billings in excess of revenue earned				(1,370)
Net cash provided by operating activities				1,307
Net decrease in cash and cash equivalents				(751)
Revenue Recognized On Multiple Element Arrangements [Member] \| As Reported [Member]
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenue		14,961		42,589
Cost of revenue		11,158		32,649
Write-down of capitalized software development costs		1,538		1,538
Gross profit		2,265		8,402
Operating loss		(3,388)		(5,128)
Loss before income taxes		(3,505)		(5,355)
Net loss		$ (3,555)		$ (5,566)
Basic loss per common share (in dollars per share)		$ (0.20)		$ (0.31)
Diluted loss per common share (in dollars per share)		$ (0.20)		$ (0.31)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss		$ (3,555)		$ (5,566)
Comprehensive loss		(3,631)		(5,772)
Cash flows from operating activities [Abstract]
Net income (loss)		(3,555)		(5,566)
Changes in assets and liabilities [Abstract]
Contract receivables, net				3,580
Prepaid expenses and other assets				(409)
Billings in excess of revenue earned				(1,618)
Net cash provided by operating activities				1,307
Net decrease in cash and cash equivalents				(751)
Revenue Recognized On Multiple Element Arrangements [Member] \| Adjustment [Member]
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenue		(152)		(113)
Cost of revenue		56		52
Write-down of capitalized software development costs		0		0
Gross profit		(208)		(165)
Operating loss		(208)		(165)
Loss before income taxes		(208)		(165)
Net loss		$ (208)		$ (165)
Basic loss per common share (in dollars per share)		$ (0.01)		$ (0.01)
Diluted loss per common share (in dollars per share)		$ (0.01)		$ (0.01)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss		$ (208)		$ (165)
Comprehensive loss				(165)
Cash flows from operating activities [Abstract]
Net income (loss)		$ (208)		(165)
Changes in assets and liabilities [Abstract]
Contract receivables, net				(134)
Prepaid expenses and other assets				51
Billings in excess of revenue earned				248
Net cash provided by operating activities				0
Net decrease in cash and cash equivalents				$ 0

XML 51 R36.htm IDEA: XBRL DOCUMENT

Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator [Abstract]
Net income (loss)	$ 168	$ (3,763)	$ 418	$ (5,731)
Denominator [Abstract]
Weighted-average shares outstanding for basic earnings per share (in shares)	18,230,148	17,894,272	18,052,019	17,890,020
Effect of dilutive securities [Abstract]
Employee stock options (in shares)	239,969	0	235,851	0
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share (in shares)	18,470,117	17,894,272	18,287,870	17,890,020
Shares related to dilutive securities excluded because inclusion would be anti-dilutive (in shares)	734,833	2,513,321	741,862	2,548,401

XML 52 R37.htm IDEA: XBRL DOCUMENT

Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Contingent Consideration [Abstract]
Contingent consideration accrued, current	$ 731		$ 731		$ 2,647
Contingent consideration accrued, noncurrent	1,210		1,210		$ 1,085
Payments on contingent consideration	$ 0	$ 0	$ (1,421)	$ (500)

XML 53 R38.htm IDEA: XBRL DOCUMENT

Contract Receivables (Details) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
Contract Receivables (Details) $ in Thousands	Apr. 30, 2016 USD ($)	Sep. 30, 2016 USD ($) Customer	Dec. 31, 2015 USD ($) Customer
Contract Receivables [Abstract]
Maximum term of contract receivables		12 months
Components of contract receivables [Abstract]
Billed receivables		$ 9,585	$ 9,831
Unbilled receivables		6,866	3,325
Allowance for doubtful accounts		(21)	(103)
Total contract receivables, net		$ 16,430	$ 13,053
Unbilled contract receivables billed during October 2016	$ 600
Contract Receivable [Member]
Concentration Risk [Line Items]
Number of customers accounting for contract receivables \| Customer		1	0
Percentage of contract receivables accounted by major customers		11.30%	10.00%

XML 54 R39.htm IDEA: XBRL DOCUMENT

Software Development Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Software Development Costs [Abstract]
Economic life of product			3 years
Total capitalized software development cost	$ 10	$ 473	$ 196	$ 1,411
Capitalized software amortization	$ (111)	$ (96)	$ (296)	$ (291)

XML 55 R40.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Goodwill and Intangible Assets [Abstract]
Goodwill	$ 5,612	$ 5,612

XML 56 R41.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Assets and liabilities measured at fair value [Abstract]
Money market funds	$ 11,219	$ 8,979
Foreign exchange contracts - Assets		121
Total assets	11,219	9,100
Foreign exchange contracts - Liabilities	(230)	(57)
Contingent consideration liability	(1,941)	(3,732)
Total liabilities	(2,171)	(3,789)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance at January 1, 2016	3,732
Payments made on contingent liabilities	1,421
Change in fair value	370
Ending balance	1,941
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets and liabilities measured at fair value [Abstract]
Money market funds	11,219	8,979
Foreign exchange contracts - Assets		0
Total assets	11,219	8,979
Foreign exchange contracts - Liabilities	0	0
Contingent consideration liability	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets and liabilities measured at fair value [Abstract]
Money market funds	0	0
Foreign exchange contracts - Assets		121
Total assets	0	121
Foreign exchange contracts - Liabilities	(230)	(57)
Contingent consideration liability	0	0
Total liabilities	(230)	(57)
Significant Unobservable Inputs (Level 3) [Member]
Assets and liabilities measured at fair value [Abstract]
Money market funds	0	0
Foreign exchange contracts - Assets		0
Total assets	0	0
Foreign exchange contracts - Liabilities	0	0
Contingent consideration liability	(1,941)	(3,732)
Total liabilities	$ (1,941)	$ (3,732)

XML 57 R42.htm IDEA: XBRL DOCUMENT

Derivative Instruments, Foreign Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Millions, ¥ in Millions, £ in Millions, CAD in Millions, AUD in Millions	9 Months Ended
	Sep. 30, 2016 EUR (€)	Sep. 30, 2016 AUD	Sep. 30, 2016 JPY (¥)	Sep. 30, 2016 CAD	Dec. 31, 2015 GBP (£)	Dec. 31, 2015 EUR (€)	Dec. 31, 2015 AUD	Dec. 31, 2015 CAD
Derivative [Line Items]
Foreign exchange contract outstanding	€ 1.6	AUD 0.7	¥ 341.4	CAD 0.5	£ 0.5	€ 2.1	AUD 0.4	CAD 1.3
Expiration date of contract	Dec. 31, 2018

XML 58 R43.htm IDEA: XBRL DOCUMENT

Derivative Instruments, Fair Values Derivatives, Balance Sheet Location (Details) - Foreign Exchange Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Estimated fair value of the contracts in the consolidated balance sheets [Abstract]
Asset derivatives	$ 0	$ 121
Liability derivatives	(230)	(57)
Net fair value	(230)	64
Prepaid Expenses and Other Current Assets [Member]
Estimated fair value of the contracts in the consolidated balance sheets [Abstract]
Asset derivatives	0	115
Other Assets [Member]
Estimated fair value of the contracts in the consolidated balance sheets [Abstract]
Asset derivatives	0	6
Other Current Liabilities [Member]
Estimated fair value of the contracts in the consolidated balance sheets [Abstract]
Liability derivatives	(178)	(57)
Other Liabilities [Member]
Estimated fair value of the contracts in the consolidated balance sheets [Abstract]
Liability derivatives	$ (52)	$ 0

XML 59 R44.htm IDEA: XBRL DOCUMENT

Derivative Instruments, Gain (Loss) On Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Foreign exchange contracts- change in fair value	$ (125)	$ 34	$ (302)	$ (53)
Remeasurement of related contract receivables, billings in excess of revenue earned, and subcontractor accruals	(86)	(14)	(44)	(6)
(Loss) gain on derivative instruments, net	$ (211)	$ 20	$ (346)	$ (59)

XML 60 R45.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details) - USD ($)	3 Months Ended			9 Months Ended
Stock-Based Compensation (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 412,000		$ 136,000	$ 882,000	$ 407,000
Granted performance-based RSUs (in shares)	1,162,500			1,322,500
Aggregate fair value for performance-based RSUs	$ 1,600,377			$ 1,882,377
Granted time-based RSUs (in shares)	70,000			204,824
Aggregate fair value for time-based RSUs	$ 172,300			$ 471,650
Shares granted under stock options (in shares)	0		0	40,000	60,000
Fair value of shares granted under stock option plan				$ 46,000	$ 48,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				450,000
Aggregate fair value of grants				$ 469,000
Consecutive trading days	30 days	90 days
Increase in fair value of grants				$ 250,000
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period				1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period				5 years

XML 61 R46.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Details)	9 Months Ended
Long-Term Debt (Details)	Sep. 30, 2016 USD ($) Right	Dec. 31, 2015 USD ($)
Line of Credit Facility [Line Items]
Long-term debt	$ 0	$ 0
Tangible capital base amount	$ 27,000,000
Quick ratio	1.52
Performance Bond [Abstract]
Number of standby letters of credit \| Right	9
Letter of credit and surety bonds	$ 3,300,000
Number of Performance and Bid Bonds issued in relation to contracts \| Right	8
Number of stand by letters of credit deposited in escrow accounts \| Right	9
Restricted cash and investments	$ 3,300,000	3,500,000
Restricted cash, current	1,601,000	1,771,000
Restricted cash, noncurrent	1,735,000	$ 1,779,000
Minimum [Member]
Line of Credit Facility [Line Items]
Tangible capital base of covenant amount	$ 10,500,000
Quick ratio, covenant	1.00
BB&T Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Principal amount of the line of credit	$ 7,500,000
Expiration date of credit agreement	Mar. 31, 2017
Minimum cash balance requirement	$ 3,000,000
BB&T Bank [Member] \| Revolving Credit Facility [Member] \| Wall Street Journal Prime Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4.50%

XML 62 R47.htm IDEA: XBRL DOCUMENT

Product Warranty (Details) $ in Thousands	9 Months Ended
Product Warranty (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Activities in product warranty account [Abstract]
Beginning balance	$ 1,614
Warranty provision	459
Warranty claims	(385)
Currency adjustment	(4)
Ending balance	1,684
Accrued warranty, current	1,534
Accrued warranty, noncurrent	$ 150

XML 63 R48.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Taxes [Abstract]
Federal corporate income tax rate			35.00%
Provision for income taxes	$ 80	$ 50	$ 275	$ 211
Effective tax rate	32.30%	(1.30%)	39.70%	(3.80%)

XML 64 R49.htm IDEA: XBRL DOCUMENT

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) Segment	Sep. 30, 2015 USD ($)
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable business segments \| Segment			2
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	$ 14,428	$ 14,809	$ 39,820	$ 42,476
Gain (loss) on change in fair value of contingent consideration, net	524	(306)	370	(739)
Operating income (loss)	433	(3,596)	875	(5,293)
Interest income, net	11	19	52	67
(Loss) gain on derivative instruments, net	(211)	20	(346)	(59)
Other income (expense), net	15	(156)	112	(235)
Income (loss) before income taxes	248	(3,713)	693	(5,520)
Performance Improvement Solutions [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	10,215	9,751	27,382	26,798
Operating income (loss)	(412)	(3,732)	$ (890)	(5,658)
Performance Improvement Solutions [Member] \| Minimum [Member]
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Contract term			6 months
Contract term for the majority of contracts			12 months
Performance Improvement Solutions [Member] \| Maximum [Member]
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Contract term			3 years
Contract term for the majority of contracts			2 years
Nuclear Industry Training and Consulting [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	4,213	5,058	$ 12,438	15,678
Operating income (loss)	$ 321	$ 442	$ 1,395	$ 1,104
Nuclear Industry Training and Consulting [Member] \| Minimum [Member]
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Contract term			6 months
Nuclear Industry Training and Consulting [Member] \| Maximum [Member]
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Contract term			3 years

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