Gse Holding, Inc. 10-Q Quarterly Report May 2013

HOUSTON, TX – May 9, 2013 – GSE Holding, Inc. (the “Company” or “GSE”) (NYSE: GSE), a leading global provider of highly engineered geosynthetic containment solutions for environmental protection and confinement applications, today reported its financial results for the Company’s first quarter of 2013.

Selected financial highlights for the first quarter of 2013:

·	Net sales of $95.1 million vs. $94.9 million in 1Q 2012

·	Gross margin of 13.9% vs. 15.2% in 1Q 2012

·	Adjusted EBITDA of $3.4 million vs. $7.0 million in 1Q 2012

·	Adjusted net loss of $1.9 million or a loss of $0.09 per fully diluted share

·	GAAP net loss of $2.4 million or a loss of $0.12 per fully diluted share, compared to a net loss of $12.8 million or a loss of $0.82 per fully diluted share in 1Q 2012

Mark Arnold, President and Chief Executive Officer stated that “During the first quarter, which has historically been our slowest season, we reported year-over-year revenue growth as a result of the continued adoption of our value-added technology in end-markets such as Oil and Gas Fracking and Coal Ash, as well as steady growth in our legacy Water Containment market. We are encouraged by this trend and expect the continued adoption of our advanced technologies over time. That said, the difficult economic environment in Europe, competitive headwinds in North America and the timing of projects in mining have negatively impacted our overall margins during the quarter.”

First Quarter Summary

Total net sales for the first quarter were $95.1 million, compared to $94.9 million for the prior year period. Strong sales growth in Coal Ash and Oil and Gas helped offset declines in the lumpy mining markets. Gross profit was $13.3 million in the first quarter of 2013 compared to $14.4 million in the prior year period, resulting in gross margin for the first quarter of 2013 to decline to 13.9% from 15.2% in the prior year period. This decline reflects the challenging competitive environment the Company typically faces during the first quarter.

Adjusted EBITDA was $3.4 million compared to $7.0 million in the prior year period. Adjusted net loss in the first quarter was $1.9 million, or ($0.09) per fully diluted share compared to $1.1 million or ($0.07) per fully diluted share in the prior year period. GAAP net loss for the quarter was $2.4 million, or ($0.12) per fully diluted share, compared to a net loss of $12.8 million, or ($0.82) per fully diluted share in the prior year period.

“The first quarter saw a competitive landscape much like what GSE has experienced in the years prior to 2011. While we expect the volume of bidding activity around the world to continue to be robust, we remain cautious about the persistence of this competitive environment and its impact on margins, especially in certain regions. Despite this headwind, we will continue to focus on our strategy of developing and selling higher margin products and applications, expanding our sales and technical capabilities in key regions and adding approximately 20% more manufacturing capacity in our growing international markets by the beginning of 2014,” Mr. Arnold continued.

Conference Call

GSE will hold a conference call today, May 9, 2013 at 9:30 a.m. Central Time to discuss the Company’s strategy and operating results. The conference call can be accessed by dialing 877-616-4476 (domestic) or 402-875-4763 (international). A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-855-859-2056, or for international callers, 1-404-537-3406. The passcode for the live call and the replay is 59577950. The telephonic replay will be available until 11:59 pm (Eastern Time) on May 16, 2013.

Interested parties may also listen to a simultaneous webcast of the conference call via the Investor Relations section of GSE’s website at http://ir.gseworld.com.

The following information was filed by Gse Holding, Inc. on Thursday, May 9, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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CIK: 1275712
Form Type: 10-Q Quarterly Report
Accession Number: 0001171843-13-001945
Submitted to the SEC: Thu May 09 2013 5:35:52 PM EST
Accepted by the SEC: Fri May 10 2013
Period: Sunday, March 31, 2013
Industry: Unsupported Plastics Film And Sheet