This Day On The Street
Continue to site
ADVERTISEMENT
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

GSE Systems Announces 2012 Third Quarter Financial Results

Gross profit in Q3 2012 rose to $5.0 million, or 38.8% of revenue, from $4.6 million, or 36.8% of revenue, in Q3 2011. The improvement in Q3 2012 was the result of the increased revenue generated from GSE EnVision, whose products typically generate a substantially higher gross profit margin than the Company’s normal gross profit margin. In 3Q 2011, the Company had received a $3.0 million change order from SE which increased the overall gross margin on the project and generated an additional $679,000 in gross margin on the project in 3Q 2011.

Operating income for Q3 2012 rose to $1.4 million from operating income of $1.0 million in Q3 2011, driven primarily by higher revenue and gross profit related to GSE EnVision, and maintaining our level of operating expenses on a year over year basis.

Pre-tax income for Q3 2012 rose to $1.3 million from $0.9 million in Q3 2011.

Net income for Q3 2012 was $0.8 million, or $0.04 per basic and diluted share, compared to a net income of $0.9 million, or $0.05 per basic and diluted share.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for Q3 2012 rose to $1.5 million from EBITDA of $1.2 million in Q3 2011.

Backlog at September 30, 2012 was $47.2 million, a decline from $51.3 million at June 30, 2012. At September 30, 2012, approximately $4.1 million of GSE’s backlog was related to the SE project.

GSE’s cash position at September 30, 2012 was $21.3 million, excluding $5.8 million of restricted cash and unrestricted Certificates of Deposit, as compared to cash and equivalents of $12.3 million, excluding $5.8 million of restricted cash at June 30, 2012, and cash and equivalents of $20.3 million, excluding $6.2 million of restricted cash and unrestricted Certificates of Deposit, at December 31, 2011.

SHARE REPURCHASE

Under the provisions of the share repurchase program authorized by GSE’s Board of Directors in March 2011, during the three and nine month periods ended September 30, 2012 GSE acquired 60,700 and 223,087 shares of common stock, respectively, for an aggregate purchase price of $119,000 and $422,000, respectively. Subsequent to the close of the third quarter and through November 13, 2012, GSE purchased an additional 26,905 shares of its common stock for an aggregate purchase price of $49,798.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs