GSE Systems (GVP) Reports Q3 Loss of $0.20
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GSE Systems Announces 2015 Third Quarter Financial Results
November 12, 2015 4:05 PM ESTQ3 2015 OVERVIEW
Revenue increased 91% to $15.0 million from $7.8 million in Q3 2014, reflecting $5.1 million of incremental revenue from Hyperspring, LLC and a $2.1 million increase in Performance Improvement Solutions revenue, a 27% increase over Q3 2014. Implemented a company-wide restructuring program that is expected to deliver permanent annual cash savings of nearly $5 million. Adjusted EBITDA was $162,000, the Companys first positive quarterly adjusted EBITDA figure since Q4 2013. Operating loss totaled $3.4 million, including a write-down of capitalized software development costs totaling $1.5 million and restructuring charges totaling $1.6 million, compared to an operating loss of... More