Gp Strategies Corp (GPX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Gp Strategies Corp

CIK: 917225 Ticker: GPX

Exhibit 99.1


GP Strategies Reports First Quarter 2020 Financial Results

Columbia, MD. May 11, 2020.
Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter ended March 31, 2020.
Cash flow from operations of $9.8 million for first quarter of 2020 compared to cash used in operations of $2.6 million for first quarter of 2019
Reduced long term-debt balance by $8.0 million to $74.8 million as of March 31, 2020 compared to $82.9 million as of December 31, 2019
Revenue of $128.3 million for first quarter of 2020 compared to $139.5 million for first quarter of 2019 (revenue from divested businesses in 2019 was $3.9 million in first quarter of 2019)
Gross profit of $17.6 million, or 13.7% of revenue, for first quarter of 2020 compared to $21.3 million, or 15.3%, for first quarter of 2019
Diluted loss per share of $(0.08) for first quarter of 2020 compared to earnings of $0.02 per share for first quarter of 2019
Backlog of $341.2 million as of March 31, 2020 compared to $334.7 million as of March 31, 2019

“During the first quarter, we addressed the challenge of COVID-19 by supporting our customers, generating free cash flow, reducing leverage and lowering expenses,” stated Scott N. Greenberg, Chief Executive Officer of GP Strategies. “The Company reduced its debt outstanding to approximately $74.8 million at March 31, 2020 from $82.9 million at December 31, 2019. In addition, the Company has reduced costs in all areas as it deals with the ongoing impact of reduced revenue, with further reductions to come in the second quarter. We have prioritized maintaining liquidity and supporting our customer base during these trying times.”

"Because of the global scale and variability of the impacts of COVID-19, there is uncertainty in forecasting the impact on our business," stated Adam H. Stedham, President of GP Strategies. "That said, I remain confident that the progress we made last year in terms of our client relationships, the capabilities of our sales force and operations, and improving our balance sheet, position us to weather this storm. Although we expect our revenues will decline more significantly in the second quarter compared to the first quarter, due to significant cost scaling and cost cutting measures enacted beginning in mid-March 2020, we expect second quarter 2020 Adjusted EBITDA to be consistent with or greater than the first quarter of 2020. Looking to a post COVID-19 world, while

The following information was filed by Gp Strategies Corp (GPX) on Monday, May 11, 2020 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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Ticker: GPX
CIK: 70415
Form Type: 10-Q Quarterly Report
Accession Number: 0000070415-20-000079
Submitted to the SEC: Mon May 11 2020 4:44:52 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Educational Services

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