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GSE Systems announces second quarter 2017 financial results

Aug 14, 2017 | 2017

SYKESVILLE, MD – August 14, 2017 – GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP), the world leader in real-time high-fidelity simulation systems and training/consulting solutions to the power and process industries, today announced financial results for the second quarter (Q2) ended June 30, 2017.


  • Revenue increased 37.9% to $17.1 million, from $12.4 million in Q2 2016.
  • Gross profit rose 40.9% to $5.0 million from $3.6 million in Q2 2016.
  • Net income grew to $0.8 million, or $0.04 per diluted share, from $0.1 million, or $0.01 per diluted share, in Q2 2016.
  • Adjusted net incomeincreased 92.5% to $1.6 million, or $0.08 per diluted share, from $0.9 million, or $0.05 per diluted share, in Q2 2016.
  • Adjusted EBITDA increased 71.8% to $2.1 million from $1.2 million in Q2 2016.
  • New orders totaled $8.1 million in Q2 2017.
  • Cash flow provided by (used in) operations was $1.8 million compared to $(0.6) million in Q2 2016.

1Refer to the non-GAAP reconciliation tables at the end of this press release for a definition of “adjusted EBITDA” and “adjusted net income”.

At June 30, 2017

  • Cash and equivalents of $24.5 million, including $1.0 million of restricted cash, compared to $22.9 million, including $1.1 million of restricted cash, at December 31, 2016.
  • Working capital of $15.4 million and current ratio of 1.6x.
  • No outstanding long-term debt.
  • Backlog totaled $68.6 million, compared to $73.2 million at December 31, 2016.

Kyle J. Loudermilk, GSE’s President and Chief Executive Officer, said, “In Q2 2017, GSE achieved strong revenue and net income growth, driven by robust demand for our Nuclear Industry Training and Consulting staffing services and the advancement of three major nuclear simulation projects in our Performance Improvement Solutions division. Our backlog remains strong, reflecting our focus on organic business initiatives and operational execution. We ended the quarter with almost $25 million of cash and no debt. I am delighted with our progress in the first half of 2017, and we are well positioned to create additional shareholder value through organic and inorganic growth initiatives.”

Download this release: GVP Q2’17 Financial Results

About GSE Systems, Inc.

GSE Systems, Inc. is a leading provider of professional and technical engineering, staffing services, and simulation software to clients in the power and process industries.  GSE’s products and services are tailored to help customers achieve performance excellence in design, training, compliance, and operations.  The Company has over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe.  GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in Columbia, Maryland, Navarre, Florida, Montrose, Colorado, and Beijing, China.  Information about GSE Systems is available at

Forward-Looking Statements

We make statements in this press release that are considered 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. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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