Gp Strategies Corp (GPX) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Gp Strategies Corp

CIK: 917225 Ticker: GPX

Exhibit 99.1


GP Strategies Reports Third Quarter 2020 Financial Results

Columbia, MD. November 5, 2020.
Global workforce transformation solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter ended September 30, 2020.
Revenue of $115.6 million for third quarter of 2020 compared to $139.0 million for third quarter of 2019 and compared to $106.1 million for the second quarter of 2020
Gross profit of $20.7 million, or 17.9% of revenue, for third quarter of 2020 compared to $21.7 million, or 15.6%, for third quarter of 2019 and compared to $15.9 million, or 15.0% of revenue for the second quarter of 2020
Diluted earnings per share of $0.03 for third quarter of 2020 compared to $0.13 per share for third quarter of 2019 and compared to diluted loss per share of $0.04 for the second quarter of 2020. (Adjusted EPS of $0.24 for the third quarters of 2020 and 2019, respectively, and compared to $0.12 for the second quarter of 2020, after adjusting for special items)
Cash flow from operations of $12.6 million for third quarter of 2020 compared to $10.9 million for third quarter of 2019 and compared to $22.9 million for the second quarter of 2020
Reduced long term-debt balance by $39.1 million to $43.8 million as of September 30, 2020 compared to $82.9 million as of December 31, 2019
Divested IC Axon business on October 1, 2020 for approximately $28.0 million, less an escrow of $1.5 million, that will further reduce our debt during the fourth quarter of 2020

“In a tough environment, we are pleased with our third quarter of 2020 results that demonstrate the Company is effectively managing the business through the macroeconomic disruption caused by the COVID-19 pandemic. During the third quarter the Company delivered a sequential increase in revenue, gross margin, adjusted earnings per share and adjusted EBITDA compared to the second quarter of 2020.” stated Adam Stedham, Chief Executive Officer and President of GP Strategies.

“We successfully reduced our long-term debt and took actions to generate positive cash flow. The Company has reduced its long-term debt by $75.9 million, or 63%, in just 15 months. In addition, the sale of IC Axon further reduced debt in the fourth quarter of 2020. GP Strategies is in a position of strength with the flexibility to capitalize on opportunities as they develop in the marketplace.” concluded Mr. Stedham.


The following information was filed by Gp Strategies Corp (GPX) on Thursday, November 5, 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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Inside Gp Strategies Corp's 10-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

Ticker: GPX
CIK: 70415
Form Type: 10-Q Quarterly Report
Accession Number: 0000070415-20-000168
Submitted to the SEC: Fri Nov 06 2020 4:12:08 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Educational Services

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