Gp Strategies Corp (GPX) 10-Q Quarterly Report August 2018

Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter ended June 30, 2018.

Overview:


•	Revenue of $133.7 million for second quarter of 2018 compared to $131.2 million for second quarter of 2017


•	Gross profit of $22.6 million for second quarter of 2018 compared to 22.4 million for second quarter of 2017


•	Diluted earnings per share of $0.22 for second quarter of 2018 compared to $0.35 per share for second quarter of 2017 (includes restructuring charges of $0.11 per share in the second quarter of 2018)

"In the second quarter of 2018, GP Strategies had higher revenue and gross profit compared to the second quarter of 2017," stated Scott N. Greenberg, Chief Executive Officer of GP Strategies. "We achieved these results with a strong contribution from our engineering and technical services practice which reported revenue growth of 11% or $3.0 million in the second quarter. We are pleased with the traction we are seeing as a result of our investment in business development efforts and the centralization of our sales organization. Our revenue and gross profit increase in the quarter was offset by a decline in UK job skills training services due to the previously discussed funding changes by the UK government for their apprenticeship programs. We are however adapting to these changes and have added new apprenticeship programs to our portfolio and expect that in 2019, our revenues in that business should return to levels more comparable to prior years. In addition, we are excited about the previously announced acquisition of IC Axon which is part of our long term strategy of growing revenues in the life sciences and pharmaceutical industry to become a major vertical of the Company."

The Company's revenue increased $2.5 million or 2% during the second quarter of 2018 compared to the same quarter in 2017. The revenue growth was primarily attributable to a $4.2 million or 5.6% increase in the Workforce Excellence segment, partially offset by a $1.7 million or 3.1% decline in the Business Transformation Services segment. Gross profit was $22.6 million, or 16.9% of revenue, second quarter of 2018 compared to $22.4 million, or 17.1% of revenue, in the second quarter of 2017.

Operating income decreased $3.4 million to $5.7 million for the second quarter of 2018 from $9.1 million for the second quarter of 2017. The decrease in operating income is primarily due to the following: (i) a $1.3 million increase in G&A expenses primarily due to an increase in bad debt expense and increased legal fees related to acquisitions; (ii) a $0.6 million increase in sales and marketing expense due to investment in business development; and (iii) $2.5 million, or $0.11 per share, of restructuring charges during the second quarter of 2018 in connection with the Company's restructuring

The following information was filed by Gp Strategies Corp (GPX) on Tuesday, July 31, 2018 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Gp Strategies Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: GPX
CIK: 70415
Form Type: 10-Q Quarterly Report
Accession Number: 0000070415-18-000106
Submitted to the SEC: Wed Aug 01 2018 12:57:26 PM EST
Accepted by the SEC: Wed Aug 01 2018
Period: Saturday, June 30, 2018
Industry: Educational Services