This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GSE Systems Announces 2011 Third Quarter Financial Results

Stocks in this article: GVP

GSE Systems, Inc. (“GSE” or “the Company”) (NYSE Amex: GVP), a global energy services solutions provider, today announced financial results for the third quarter ended September 30, 2011.

Jim Eberle, Chief Executive Officer of GSE, commented, “For Q3 2011, we reported increased revenues, higher gross profit, and a $1.4 million improvement in net income. During Q3 2011, we received a $3.0 million change order related to the Company’s contract to build a new nuclear power plant simulator and distributed control system for a two-unit reactor plant in Slovakia, which increased the total contract value from $23.8 million to $26.8 million. This change order also increased the overall gross profit on the project and generated an additional $0.7 million in project gross profit for the three and nine months ended September 30, 2011. Higher margin revenue generated by GSE EnVision also contributed to improved gross profit in Q3 2011.

“During the third and fourth quarters of 2011, we were awarded contracts totaling $14.4 million, comprised of $11.5 million in nuclear projects and $2.9 million in non-nuclear (fossil and process) projects. $5.9 million of these orders were not included in the Company’s backlog of $50.8 million at September 30, 2011. These awards reflect our strong global market position in the nuclear simulation industry, as well as our ongoing efforts to diversify our business model and revenue streams. We are also actively pursuing opportunities in areas such as training new employees and providing ongoing education for more seasoned professionals. This initiative is in response to the anticipated consequences of an aging national and global demographic. Over the next five years, it is estimated that retirement and attrition will require the replacement of 40-50% of the U.S. nuclear and non-nuclear energy operations workforce.

“Our financial position at September 30, 2011 included cash and cash equivalents of $17.7 million, working capital of $29.4 million, and no long-term debt. Our balance sheet at quarter-end also included $5.0 million of restricted cash as compared to $1.0 million of restricted cash at December 31, 2010.”

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs