This Day On The Street
Continue to site
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 Fourth Quarter And Full Year Financial Results

GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP), a global energy services solutions provider, today announced financial results for the fourth quarter and year ended December 31, 2012.

Jim Eberle, Chief Executive Officer of GSE, commented, “Although gross profit improved as a percentage of revenue in Q4 2012 and we received a $9.1 million change order from our Slovakian customer, we incurred a loss in the quarter due to numerous factors, including lower total revenues, investments in various sales and marketing initiatives and a new global ERP system, and changes in the fair value of contingent consideration related to prior year acquisitions.

“Our financial position remained strong at year-end, with cash and equivalents of $22.4 million, or $1.22 per diluted share, and no long-term debt. Net cash provided by operating activities totaled $3.7 million in 2012, up $2.2 million from 2011, and our backlog rose to $51.9 million at December 31, 2012. During 2012, we successfully diversified the industries we serve, including placing a greater emphasis on the fossil, process, and training & education industries. Nuclear project revenue comprised 59% of total revenues in 2012, down from 68% in 2011, while projects associated with the training & education industry represented 10.1% of GSE’s 2012 total revenues, up from 6.5% in 2011.”

Mr. Eberle concluded, “2013 will be a pivotal year for GSE. While domestic and international markets remain challenging, we continue to focus on a number of pathways to pursue and capture new business. We believe that the statistics associated with long-term global energy demand, new plant construction, and aging workforces are indisputable. We will continue to serve our traditional customer base with full-scope simulators, pursue projects that combine our high fidelity simulation capabilities with training content and new visualization technology to provide totally integrated training solutions for the new workforce, and expand the use of high fidelity simulation beyond training to help with plant design, control system design and verification, and control room human factors design. At the same time, we are actively engaged in the purusit of M&A opportunities in the U.S. and abroad that are both supportive of and complementary to our position as a global energy services solutions provider.”

1 of 4

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs