GSE Systems Announces 2014 First Quarter Financial Results
Q1 2014 OVERVIEW
- Revenue of $8.7 million compared to $12.4 million in Q1 2013.
- Gross profit of $2.2 million, or 25.5% of revenues, compared to gross profit of $3.1 million, or 24.9% of revenues, in Q1 2013.
- Net loss of $2.0 million, or $0.11 per diluted share, compared to a net loss of $1.2 million, or $0.06 per diluted share, in Q1 2013.
At March 31, 2014
- Total cash and equivalents of $20.8 million, or $1.16 per diluted share.
- Working capital of $23.7 million.
- $0 long-term debt.
- Backlog of $34.8 million.
Sykesville, MD – May 15, 2014 – GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP), a global energy services solutions provider, today announced financial results for the first quarter (“Q1”) ended March 31, 2014.
Jim Eberle, Chief Executive Officer of GSE, commented, “Our Q1 results reflect that our end markets remain challenging as fossil fuel powered utilities delay their capital expenditures due to the economic and regulatory uncertainties of coal-fired power plants in light of low natural gas prices. Our balance sheet remains strong, and our acquisition initiatives are proceeding in earnest. We remain focused on diversifying our revenue base and solutions portfolio, while operating under the over-arching theme that our long-term market opportunity lies at the intersection of increasing global energy demand and the shortage of qualified energy workers.”
About GSE Systems, Inc.
GSE is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training and engineering solutions to the power and process industries. Its comprehensive and modular solutions help customers achieve performance excellence in design, training and operations. GSE’s products and services are tailored to meet specific client requirements such as scope, budget and timeline. 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 Huntsville, Alabama; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; Glasgow, UK; and Beijing, China.
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.