$GVP
GSE Systems Inc

2021 Q4 Form 10-Q Financial Statement

#000114036121037897 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $13.87M $14.69M $12.65M
YoY Change 9.65% 13.65% -26.84%
Cost Of Revenue $10.81M $11.50M $8.860M
YoY Change 22.04% 19.79% -27.79%
Gross Profit $3.058M $3.183M $3.790M
YoY Change -19.31% -4.1% -24.5%
Gross Profit Margin 22.05% 21.67% 29.96%
Selling, General & Admin $4.409M $3.265M $2.650M
YoY Change 66.38% 13.45% -32.74%
% of Gross Profit 144.18% 102.58% 69.92%
Research & Development $166.0K $149.0K $160.0K
YoY Change 3.75% 8.76% -11.11%
% of Gross Profit 5.43% 4.68% 4.22%
Depreciation & Amortization $439.0K $432.0K $580.0K
YoY Change -24.31% 468.42% -41.41%
% of Gross Profit 14.36% 13.57% 15.3%
Operating Expenses $4.927M $3.769M $3.300M
YoY Change 49.3% 2.14% -34.39%
Operating Profit -$1.869M -$579.0K $490.0K
YoY Change -481.43% 56.06% -5000.0%
Interest Expense -$5.000K -$32.00K -$120.0K
YoY Change -95.83% -68.0% 0.0%
% of Operating Profit -24.49%
Other Income/Expense, Net $31.00K $12.22M $20.00K
YoY Change 55.0% -15963.64% -99.0%
Pretax Income -$1.821M $11.60M -$1.280M
YoY Change 42.27% -2229.17%
Income Tax $36.00K $166.0K $190.0K
% Of Pretax Income 1.43%
Net Earnings -$1.857M $11.44M -$1.470M
YoY Change 26.33% -1830.41% -77.73%
Net Earnings / Revenue -13.39% 77.88% -11.62%
Basic Earnings Per Share $0.55
Diluted Earnings Per Share -$88.84K $0.55 -$71.92K
COMMON SHARES
Basic Shares Outstanding 20.90M 20.86M 20.62M
Diluted Shares Outstanding 20.86M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.550M $4.043M $6.700M
YoY Change -47.01% -47.22% -42.69%
Cash & Equivalents $3.550M $4.043M $6.700M
Short-Term Investments
Other Short-Term Assets $4.200M $4.781M $535.0K
YoY Change 685.05% 177.97% -31.59%
Inventory
Prepaid Expenses $933.0K $883.0K
Receivables $11.26M $12.53M $10.49M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.07M $21.35M $18.75M
YoY Change 7.03% 4.06% -39.08%
LONG-TERM ASSETS
Property, Plant & Equipment $839.0K $792.0K $616.0K
YoY Change 36.2% 15.96% -34.4%
Goodwill $13.34M $13.34M
YoY Change 0.0% 0.0%
Intangibles $3.020M $4.234M
YoY Change -28.67% -59.6%
Long-Term Investments
YoY Change
Other Assets $52.00K $58.00K $59.00K
YoY Change -11.86% 0.0% -3.28%
Total Long-Term Assets $18.98M $19.23M $20.44M
YoY Change -7.13% -8.85% -26.29%
TOTAL ASSETS
Total Short-Term Assets $20.07M $21.35M $18.75M
Total Long-Term Assets $18.98M $19.23M $20.44M
Total Assets $39.05M $40.58M $39.19M
YoY Change -0.35% -2.48% -33.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.179M $1.210M $570.0K
YoY Change 106.84% 151.04% -48.04%
Accrued Expenses $1.358M $5.165M $1.297M
YoY Change 4.7% 425.43% -30.68%
Deferred Revenue $5.029M $5.285M
YoY Change -4.84% -30.58%
Short-Term Debt $1.817M $2.067M $3.010M
YoY Change -39.63% -41.11%
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $15.04M $14.62M $21.48M
YoY Change -29.99% -19.4% -37.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $5.034M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $179.0K $1.292M $339.0K
YoY Change -47.2% 269.14% -64.54%
Total Long-Term Liabilities $179.0K $1.292M $5.373M
YoY Change -96.67% -87.01% 462.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.04M $14.62M $21.48M
Total Long-Term Liabilities $179.0K $1.292M $5.373M
Total Liabilities $16.01M $15.91M $28.69M
YoY Change -44.19% -47.29% -25.28%
SHAREHOLDERS EQUITY
Retained Earnings -$54.58M -$65.19M
YoY Change -16.27% 19.28%
Common Stock $225.0K $222.0K
YoY Change 1.35% 1.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.999M $2.999M
YoY Change 0.0% 0.0%
Treasury Stock Shares $1.599M $1.599M
Shareholders Equity $23.04M $24.67M $10.51M
YoY Change
Total Liabilities & Shareholders Equity $39.05M $40.58M $39.19M
YoY Change -0.35% -2.48% -33.02%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$1.857M $11.44M -$1.470M
YoY Change 26.33% -1830.41% -77.73%
Depreciation, Depletion And Amortization $439.0K $432.0K $580.0K
YoY Change -24.31% 468.42% -41.41%
Cash From Operating Activities $133.0K $843.0K -$530.0K
YoY Change -125.09% -327.84% -112.24%
INVESTING ACTIVITIES
Capital Expenditures -$158.0K -$147.0K -$90.00K
YoY Change 75.56% 47.0% 28.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$158.0K -$147.0K -$90.00K
YoY Change 75.56% 47.0% 12.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -487.0K -480.0K -730.0K
YoY Change -33.29% -95.26% -42.97%
NET CHANGE
Cash From Operating Activities 133.0K 843.0K -530.0K
Cash From Investing Activities -158.0K -147.0K -90.00K
Cash From Financing Activities -487.0K -480.0K -730.0K
Net Change In Cash -512.0K 216.0K -1.350M
YoY Change -62.07% -102.04% -145.45%
FREE CASH FLOW
Cash From Operating Activities $133.0K $843.0K -$530.0K
Capital Expenditures -$158.0K -$147.0K -$90.00K
Free Cash Flow $291.0K $990.0K -$440.0K
YoY Change -166.14% -466.67% -110.0%

Facts In Submission

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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2020 us-gaap Repayments Of Debt
RepaymentsOfDebt
18500000
gvp Warranty Terms For Sdb Contracts
WarrantyTermsForSDBContracts
P1Y
CY2021Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
560000
CY2021Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
171000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
922000
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
92000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
100000
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
1000
CY2021Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
731000
gvp Number Of Distinct Revenue Streams
NumberOfDistinctRevenueStreams
3
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14686000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12922000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41312000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
44967000
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
835000
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1520000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4139000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6221000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11604000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-545000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12591000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8902000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
166000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
116000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
127000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
166000
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.014
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.213
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.010
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.019
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.014
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.010
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.014
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.010
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.213
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.019
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
gvp Minimum Probability Of Uncertain Tax Position To Be Recognized
MinimumProbabilityOfUncertainTaxPositionToBeRecognized
0.50
gvp Probability Of Tax Position Realized Upon Ultimate Settlement Minimum
ProbabilityOfTaxPositionRealizedUponUltimateSettlementMinimum
0.50
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
900000
gvp Sublease Date May2019
SubleaseDateMay2019
2021-09-13
gvp Number Of Previous Subleases
NumberOfPreviousSubleases
2
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
179000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
207000
us-gaap Operating Lease Expense
OperatingLeaseExpense
625000
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
15000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
32000
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
33000
CY2021Q3 us-gaap Lease Cost
LeaseCost
162000
CY2020Q3 us-gaap Lease Cost
LeaseCost
174000
CY2021Q3 gvp Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
3000
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0500
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0500
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14686000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12922000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41312000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
44967000
CY2021Q3 gvp Provision For Legal Settlement
ProvisionForLegalSettlement
0
CY2020Q3 gvp Provision For Legal Settlement
ProvisionForLegalSettlement
952000
gvp Provision For Legal Settlement
ProvisionForLegalSettlement
0
gvp Provision For Legal Settlement
ProvisionForLegalSettlement
91000
CY2021Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
3000
CY2020Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
3000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
4302000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-579000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-371000
us-gaap Operating Income Loss
OperatingIncomeLoss
-4127000
us-gaap Operating Income Loss
OperatingIncomeLoss
-8357000
CY2021Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-32000
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-128000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-135000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-556000
CY2021Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
0
CY2020Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
31000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
0
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
35000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
12215000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-77000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
16853000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-24000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11604000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-545000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12591000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8902000
CY2020Q3 us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
625000
CY2020Q3 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1400000
CY2020Q3 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1000000.0
CY2020 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
500000

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