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Last10K.com | 10-Q Quarterly Report Fri Aug 07 2020
Exhibit 99.1
NEWS RELEASE
GP Strategies Reports Second Quarter 2020 Financial Results
Columbia, MD. August 7, 2020. Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter ended June 30, 2020.
Overview:
•Cash flow from operations of $22.9 million for second quarter of 2020 compared to cash used in operations of $3.7 million for second quarter of 2019
•Reduced long term-debt balance by $25.2 million to $57.7 million as of June 30, 2020 compared to $82.9 million as of December 31, 2019
•Revenue of $106.1 million for second quarter of 2020 compared to $149.4 million for second quarter of 2019
•Gross profit of $15.9 million, or 15.0% of revenue, for second quarter of 2020 compared to $23.0 million, or 15.4%, for second quarter of 2019
•Diluted loss per share of $(0.04) for second quarter of 2020 compared to earnings of $0.19 per share for second quarter of 2019
•Backlog of $327.0 million as of June 30, 2020 compared to $330.5 million as of June 30, 2019
“We continue to navigate through these unprecedented times and have taken swift and strategic actions, reducing leverage and lowering expenses, establishing a strong foundation to ensure our long-term success,” stated Adam Stedham, Chief Executive Officer & President of GP Strategies. “Clearly the second quarter was a challenge, but we delivered Adjusted EBITDA of $6.0 million, an increase of 75% compared to the first quarter of 2020. We expect our revenue to increase sequentially for the third and fourth quarters of the year, and Adjusted EBITDA for the second half of 2020 to improve compared to the first half.”
“We are successfully transitioning multiple programs to virtual modalities. In addition, we are beginning to see face-to-face training activities reschedule. The rate of marketplace adoption of virtual learning, remote performance support and e-learning creates significant opportunities for the Company to increase revenues from our current levels,” concluded Mr. Stedham.
The Company's revenue decreased $43.3 million, or 29.0%, to $106.1 million for the second quarter of 2020 from $149.4 million in the second quarter of 2019. Revenue in the Workforce Excellence segment decreased $18.1 million, or 21.6%, and revenue in the Business Transformation Services segment decreased $25.2 million, or 38.4%.
1
The following information was filed by Gp Strategies Corp (GPX) on Friday, August 7, 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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Financial - Cash Flow Highlight
The anticipated cash needs of our business could change significantly if events, including economic disruptions, arising from the COVID-19 pandemic worsen, or if other economic conditions change from those currently prevailing or from those now anticipated, or if 31 other unexpected circumstances arise that may have a material effect on the cash flow or profitability of our business, including material negative changes in the health and welfare of our employees or those of our clients, and the operating performance or financial results of our business.
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Other - Other Highlight
Because these forward-looking statements are based upon management's expectations and assumptions and are subject to risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, but not limited to, impact of the COVID-19 pandemic and related events that are beyond our control and difficult to predict, and the other factors set forth in Item 1A - Risk Factors of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Part II, Item 1A - Risk Factors of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (including but not limited to Risks Related to "COVID-19") and those other risks and uncertainties detailed in our periodic reports and registration statements filed with the Securities and Exchange Commission.
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Financial - Shares Highlight
However, if our actual results are lower than projected or our share price remains depressed for a sustained period of time, we could incur material goodwill impairment charges in the future.
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Financial - Expense Highlight
On May 7, 2020 we entered into an amendment to the Credit Agreement that increases the maximum leverage ratio we are required to maintain from 3.0 to 1.0 to 3.75 to 1.0 for the fiscal quarters ending June 30, 2020, September 30, 2020 and December 31, 2020, and 3.00 to 1.0 for fiscal quarters ending March 31, 2021 and thereafter, and a minimum interest expense coverage ratio of 3.0 to 1.0.
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Revenue - Product Highlight
The revenue decrease is due to the following: a $13.2 million decrease in revenue due to the cancellation or postponement of training events and other project related work due to COVID-19 shutdowns; a $4.6 million net decrease in revenue due to discontinued revenue streams from the divestiture of our alternative fuels division on January 1, 2020 and tuition program management business on October 1, 2019; $0.7 million net decrease in our Engineering & Technical Services practices primarily due to project completions for government clients; and a $1.3 million net decrease in revenue due to changes in foreign currency exchange rates.
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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
Basis Of Presentation
Business Segments
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Debt
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Divestiture
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Earnings Per Share
Earnings Per Share (Details)
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Income Taxes
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Intangible Assets
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Intangible Assets- Amortization (Details)
Lease
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Lease - Schedule Of Lease Expenses (Details)
Lease - Schedule Of Reconciliation Of Future Undiscounted Cash Flows To Operating Lease Liabilities After Adoption Of 842 (Details)
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Recent Accounting Standards
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Significant Customers &Amp; Concentration Of Credit Risk
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Gp Strategies Corp provided additional information to their SEC Filing as exhibits
Ticker: GPX
CIK: 70415
Form Type: 10-Q Quarterly Report
Accession Number: 0000070415-20-000127
Submitted to the SEC: Fri Aug 07 2020 4:23:54 PM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Educational Services
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