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

Gp Strategies Corp

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CIK: 917225 Ticker: GPX

Exhibit 99.1

               
NEWS RELEASE
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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.
Overview:
•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
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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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Gp Strategies Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Gp Strategies Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Stockholders Equity Statement
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
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Business Segments (Tables)
Debt And Financial Instruments (Details Textual)
Divestiture
Divestiture - Narrative (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Income Taxes
Income Taxes (Details Textual)
Intangible Assets
Intangible Assets (Details 1)
Intangible Assets (Details)
Intangible Assets (Tables)
Lease
Lease (Tables)
Lease - Schedule Of Lease Expenses (Details)
Lease - Schedule Of Reconciliation Of Future Undiscounted Cash Flows To Operating Lease Liabilities After Adoption Of 842 (Details)
Lease - Schedule Of Supplemental Information Related To Leases (Details)
Recent Accounting Standards
Recent Accounting Standards (Details)
Recent Accounting Standards (Policy)
Revenue
Revenue (Tables)
Revenue - Narrative (Details)
Revenue - Revenue By Category (Details)
Significant Customers &Amp; Concentration Of Credit Risk
Significant Customers &Amp; Concentration Of Credit Risk (Details Textual)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)

Material Contracts, Statements, Certifications & more

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

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: 0000070415-20-000079
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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