GSE Systems (GVP) Reports Q2 EPS of $0.05

GSE Systems (NASDAQ: GVP) reported Q2 EPS of $0.05.

• Revenue increased 44% to $24.7 million from $17.1 million.
• Gross profit rose 26% to $6.3 million from $5.0 million.
• Net income increased 19% to $1.0 million, or $0.05 per diluted share, compared to $0.8 million, or $0.04 per diluted share.
• Adjusted net income1 grew 86% to $2.5 million, or $0.13 per diluted share, from $1.4 million, or $0.07 per diluted share.
• Adjusted EBITDA1 rose 34% to $2.4 million from $1.8 million.
• New orders increased 98% to $16.0 million from $8.1 million.

Kyle J. Loudermilk, GSE’s President and Chief Executive Officer, said, “On a year-over-year basis, GSE’s second quarter 2018 revenue increased 44% to $24.7 million, adjusted EBITDA grew 34% to $2.4 million and adjusted net income rose 86% to $2.5 million, all of which are the highest quarterly levels in the Company’s history. Our acquisitions of Absolute Consulting and True North Consulting helped drive this quarter’s strong performance, demonstrating the significant potential of our strategy to scale GSE and create value through rolling up a fractured vendor ecosystem in the nuclear power industry. With approximately $25 million of available liquidity, consisting of $10 million of cash and $15 million under our delayed draw term loan, we are ready to evaluate and pursue a robust pipeline of additional potential value-creating strategic acquisitions.”

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

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