GSE Systems Financials

$15.4 M

Revenue Q3, 2017

$67.5 M

Mkt cap, 16-Feb-2018
Gross profit (Q3, 2017)4.2 M
Gross profit margin (Q3, 2017), %27.4%
Net income (Q3, 2017)(605 K)
EBIT (Q3, 2017)(632 K)
Cash, 30-Sep-201715.5 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

45.4 m37.9 m56.8 m53.1 m

Revenue growth, %

(16%)50%(7%)

Cost of goods sold

35 m26.6 m42.4 m37.9 m

Gross profit

10.4 m11.4 m14.4 m15.2 m

Gross profit Margin, %

23%30%25%29%

R&D expense

1.4 m

General and administrative expense

11.1 m

Operating expense total

12.5 m

EBIT

(10.7 m)(6.9 m)(4.1 m)1.6 m

EBIT margin, %

(24%)(18%)(7%)3%

Pre tax profit

(10.4 m)(6.6 m)(4.2 m)1.8 m

Income tax expense

146 k166 k471 k350 k

Net Income

(10.5 m)(6.7 m)(4.7 m)1.4 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

11.9 m8.7 m8.3 m7.8 m14 m13.6 m15 m13 m12.4 m14.4 m16.3 m17.1 m15.4 m

Cost of goods sold

8.8 m6.5 m5.6 m5.4 m10.8 m10.7 m11.2 m9.4 m8.9 m10.7 m12.2 m12.1 m11.2 m

Gross profit

3.1 m2.2 m2.6 m2.5 m3.2 m2.9 m3.8 m3.6 m3.6 m3.7 m4.1 m5 m4.2 m

Gross profit Margin, %

26%25%32%31%23%21%25%28%29%26%25%29%27%

R&D expense

402 k348 k353 k

General and administrative expense

3.8 m4.1 m4.5 m4.2 m3.4 m4 m3.8 m3.1 m2.9 m3 m3.6 m3.8 m4.4 m

Operating expense total

4 m4.3 m4.6 m4.4 m3.6 m4.3 m5.7 m3.4 m3.3 m3.3 m4.2 m4.3 m4.9 m

Depreciation and amortization

79 k

EBIT

(922 k)(2.1 m)(2 m)(1.9 m)(396 k)(1.3 m)(3.4 m)215 k227 k433 k(57 k)762 k(632 k)

EBIT margin, %

(8%)(24%)(24%)(25%)(3%)(10%)(23%)2%2%3%0%4%(4%)

Interest income

15 k

Pre tax profit

(1 m)(2 m)(1.9 m)(1.8 m)(456 k)(1.4 m)(3.5 m)226 k219 k248 k(193 k)1.1 m(513 k)

Income tax expense

(32 k)54 k47 k61 k88 k73 k50 k88 k108 k80 k73 k234 k92 k

Net Income

(995 k)(2 m)(2 m)(1.9 m)(544 k)(1.5 m)(3.6 m)138 k111 k168 k(266 k)827 k(605 k)

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

15.6 m13.6 m11.1 m21.7 m

Inventories

3.7 m1.7 m2.5 m

Current Assets

43.9 m31.7 m28.4 m43.8 m

Goodwill

1 m5.6 m5.6 m5.6 m

Total Assets

48.8 m46 m39.4 m53.7 m

Accounts Payable

3.6 m2.3 m1.2 m923 k

Short-term debt

339 k

Current Liabilities

18 m20.3 m19.7 m31.4 m

Long-term debt

Total Debt

339 k

Total Liabilities

18.4 m22.3 m21 m32.5 m

Additional Paid-in Capital

72.2 m72.9 m73.5 m75.1 m

Retained Earnings

(38.4 m)(45.1 m)(50.8 m)(49.4 m)

Total Equity

30.4 m23.7 m18.4 m21.1 m

Debt to Equity Ratio

0 x

Debt to Assets Ratio

0 x

Financial Leverage

1.6 x1.9 x2.1 x2.5 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

17.6 m20.8 m18.1 m16 m11.6 m9.8 m12.8 m11.2 m10.9 m14.1 m21.6 m23.5 m15.5 m

Inventories

3 m

Current Assets

43.9 m39.1 m36.2 m32.5 m29.3 m29.1 m27.7 m28.8 m30.1 m34.8 m40.7 m41.7 m38.1 m

Goodwill

5.6 m5.6 m5.6 m5.6 m5.6 m5.6 m5.6 m5.6 m7.1 m

Total Assets

48.9 m44 m41.1 m40.2 m43.6 m43.4 m40.2 m39.6 m40.7 m45.1 m48.9 m49.9 m51 m

Accounts Payable

4 m1.2 m1.3 m1.8 m2 m1.7 m2 m2.1 m1.7 m2.4 m587 k580 k676 k

Current Liabilities

17.4 m15.4 m14.4 m15.5 m17.9 m19.2 m19.4 m19 m19.4 m22.9 m26.7 m26.3 m27 m

Long-term debt

Total Debt

Total Liabilities

18.2 m15.4 m14.5 m15.6 m20.5 m21.5 m21.8 m20.8 m21.4 m25 m27.9 m27.6 m28.5 m

Additional Paid-in Capital

72 m72.4 m72.5 m72.7 m73.1 m73.2 m73.3 m73.7 m74.3 m75 m75.1 m75.6 m76.2 m

Retained Earnings

(38.2 m)(40.4 m)(42.4 m)(44.3 m)(45.7 m)(47.2 m)(50.7 m)(50.7 m)(50.6 m)(50.4 m)(49.7 m)(48.9 m)(49.5 m)

Total Equity

30.6 m28.5 m26.6 m24.6 m23.1 m21.9 m18.4 m18.8 m19.3 m20.1 m21 m22.3 m22.5 m

Financial Leverage

1.6 x1.5 x1.5 x1.6 x1.9 x2 x2.2 x2.1 x2.1 x2.2 x2.3 x2.2 x2.3 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

(10.5 m)(6.7 m)(4.7 m)1.4 m

Depreciation and Amortization

570 k545 k493 k383 k

Cash From Operating Activities

(3.2 m)6.6 m1 m10.2 m

Cash From Investing Activities

(883 k)(7.3 m)(1.2 m)2.1 m

Cash From Financing Activities

(2.7 m)(910 k)(2 m)(1.2 m)

Free Cash Flow

(3.6 m)6.3 m739 k10.1 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Net Income

(10.3 m)(2 m)(4 m)(5.9 m)(544 k)(2 m)(5.6 m)138 k249 k418 k(266 k)561 k

Depreciation and Amortization

434 k139 k273 k413 k129 k264 k383 k100 k202 k294 k76 k175 k

Cash From Operating Activities

(671 k)5.8 m3.5 m5.2 m(472 k)(1.6 m)1.3 m1.6 m1 m3.9 m1.3 m3.2 m

Cash From Investing Activities

(1.7 m)(201 k)(456 k)(4 m)(646 k)(1.5 m)(952 k)(119 k)(9 k)31 k

Cash From Financing Activities

(2.5 m)(500 k)(500 k)(500 k)(657 k)(657 k)(839 k)(1.4 m)(1.1 m)(827 k)

Free Cash Flow

(958 k)5.7 m3.4 m4.9 m(576 k)(1.8 m)1.1 m1.6 m1 m3.8 m1.3 m3.1 m

Ratios

USDY, 2017

Financial Leverage

2.3 x
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Operating Metrics

FY, 2016

Countries

50

Installations

1.10 k
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