GSE Systems Announces 2014 Second Quarter Financial Results
Q2 2014 OVERVIEW
- Revenue of $8.3 million compared to $11.0 million in Q2 2013.
- Gross profit of $2.6 million, or 32.0% of revenues, compared to gross profit (excluding non-cash charge) of $2.8 million, or 25.5% of revenues, in Q2 2013.
- Net loss of $2.0 million, or $0.11 per diluted share, compared to a net loss (excluding non-cash charges) of $1.6 million, or $0.09 per diluted share, in Q2 2013.
At June 30, 2014
- Total cash and equivalents of $18.1 million, or $1.01 per diluted share.
- Working capital of $21.8 million.
- $0 long-term debt.
- Backlog of $36.1 million.
Sykesville, MD – August 15, 2014 – GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP), a global energy services solutions provider, today announced financial results for the second quarter (“Q2”) ended June 30, 2014.
Jim Eberle, Chief Executive Officer of GSE, said, “Our Q2 results reflect the ongoing challenges of our nuclear and fossil end markets. Although economic and regulatory uncertainties, especially with respect to coal-fired power plants, have caused lingering delays in capital expenditure programs, we booked approximately $15.9 million of new orders during the first six months of 2014. This business development activity is reflected in our backlog at June 30, 2014, which rose by $1.3 million from March 31, 2014. We estimate that potential orders totaling $18.3 million are being delayed by our clients as they continue to address a dynamic industry landscape.”
About GSE Systems, Inc.
GSE is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training, consulting 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 Navarre, Florida and Beijing, China. Information about GSE Systems is available at www.gses.com.
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.