GSE Systems (GVP) Reports Q1 Loss of $0.01 on Revenues of $16.3M

GSE Systems (NYSE: GVP) reported Q1 EPS of ($0.01), versus $0.01 reported last year. Revenue for the quarter came in at $16.3 million, versus $13 million reported last year.

Q1 2017 OVERVIEW

• Revenue increased 25.9% to $16.3 million from $13.0 million in Q1 2016, the highest quarterly revenue in over 10 years.
• Gross profit rose 13.7% to $4.1 million from $3.6 million in Q1 2016.
• Net loss totaled $0.3 million, or $(0.01) per diluted share, compared to net income of $0.1 million, or $0.01 per diluted share, in Q1 2016.
• Adjusted net income1 equaled $0.6 million, or $0.03 per diluted share, compared to $0.5 million, or $0.03 per diluted share, in Q1 2016; sixth straight quarter of positive adjusted net income.
• Adjusted EBITDA1 totaled $0.8 million in both Q1 2017 and Q1 2016.
• New orders topped $19.8 million, the second-highest quarterly total in 7 years.
• Cash flow from operations exceeded $1.3 million compared to $1.6 million in Q1 2016.

At March 31, 2017

• Cash and equivalents of $22.8 million, including $1.1 million of restricted cash, compared to $22.9 million, including $1.1 million of restricted cash, at December 31, 2016.
• Working capital of $14.0 million and current ratio of 1.5x.
• No outstanding long-term debt.
• Backlog of $79.6 million, compared to $73.2 million at December 31, 2016.

For earnings history and earnings-related data on GSE Systems (GVP) click here.

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