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GSE Systems Announces 2012 Third Quarter Financial Results

 
GSE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
       
(unaudited) (unaudited)
Three Months ended Nine Months ended
September 30, September 30,
2012 2011 2012 2011
 
 
Contract revenue $ 13,009 $ 12,549 $ 39,581 $ 36,128
Cost of revenue   7,960     7,931     26,143   24,278  
 
Gross profit 5,049 4,618 13,438 11,850
 
Selling, general and administrative 3,483 3,302 10,663 9,920
Depreciation 131 137 406 365
Amortization of definite-lived intangible assets   79     204     235   629  
Operating expenses   3,693     3,643     11,304   10,914  
 
Operating income 1,356 975 2,134 936
 
 
Interest income, net 36 29 121 91
Gain (loss) on derivative instruments 20 (129 ) 36 49
Other income (expense), net   (97 )   31     82   70  
 
Income before income taxes 1,315 906 2,373 1,146
 
Provision (benefit) for income taxes   499     48     869   (481 )
 
Net income $ 816   $ 858   $ 1,504 $ 1,627  
 
 
 
Basic income per common share $ 0.04   $ 0.05   $ 0.08 $ 0.09  
Diluted income per common share $ 0.04   $ 0.05   $ 0.08 $ 0.08  
 
 
Weighted average shares outstanding - Basic   18,390,034     18,879,757     18,370,907   19,101,284  
Weighted average shares outstanding - Diluted   18,459,934     18,992,598     18,483,142   19,304,197  
 
 
GSE SYSTEMS, INC AND SUBSIDIARIES
Selected balance sheet data
  (unaudited)  
September 30, 2012 December 31, 2011
 
Cash and cash equivalents $ 21,304 $ 20,326
Restricted cash - current 3,761 3,505
Current assets 47,820 47,920
Long-term restricted cash 1,177 897
Total assets 60,748 58,815
 
Current liabilities $ 18,428 $ 17,680
Long-term liabilities 1,213 2,352
Stockholders' equity 41,107 38,783
 

EBITDA Reconciliation

EBITDA is not a measure of financial performance under generally accepted accounting principles (“GAAP”). Management believes EBITDA, in addition to operating profit, net income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance. Investors should recognize that EBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows:
       
Three Months ended Nine Months ended
September 30, September 30,
2012 2011 2012 2011
 
Net income $ 816 $ 858 $ 1,504 $ 1,627
Interest income, net (36 ) (29 ) (121 ) (91 )
Provision (benefit) for income taxes 499 48 869 (481 )
Depreciation and amortization   210     341     641     994  
EBITDA $ 1,489   $ 1,218   $ 2,893   $ 2,049  
 

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