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Gp Strategies Corp (GPX) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Gp Strategies Corp

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CIK: 917225 Ticker: GPX

Exhibit 99.1

                                
NEWS RELEASE
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GP Strategies Reports Second Quarter 2021 Financial Results

Columbia, MD. August 9, 2021.
 Global workforce transformation solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter ended June 30, 2021.
Highlights
•Revenue of $128.8 million, for the second quarter of 2021 compared to $106.1 million, for the second quarter of 2020, or an increase of 21.3%.
•Gross profit of $23.8 million, or 18.5% , for the second quarter of 2021 compared to $15.9 million, or 15.0%, for the second quarter of 2020
•Net income of $2.5 million for the second quarter of 2021 compared to a net loss of $0.6 million for the second quarter of 2020
•Earnings per share of $0.14 for the second quarter of 2021 compared to a net loss per share of $(0.04) for the second quarter of 2020
•Adjusted earnings per share of $0.33 for the second quarter of 2021 compared to an adjusted earnings per share of $0.12 for the second quarter of 2020

Revenue

Our revenue increased $22.6 million, or 21.3%, during the second quarter of 2021 compared to the second quarter of 2020. The net increase is due to a $10.1 million increase in our North America segment, a $8.2 million increase in our EMEA segment and a $4.4 million increase in our Emerging Markets segment. Excluding the effects of divestitures, and foreign currency exchange rate changes, our revenue increased $21.8 million for the second quarter of 2021 compared to the second quarter of 2020. Our revenue decreased $2.9 million during the second quarter of 2021 due to a divested revenue stream resulting from the sale of our IC Axon Division on October 1, 2020. The foreign currency exchange rate changes resulted in a $3.7 million increase in U.S. dollar reported revenue during the second quarter of 2021.

Operating income

Operating income increased $4.7 million to operating income of $3.7 million for the second quarter of 2021 compared to an operating loss of $1.0 million for the second quarter of 2020. The net increase is primarily due to a $7.9 million increase in gross profit to $23.8 million, or 18.5%, of revenue from $15.9 million, or 15.0%, of revenue primarily due to operating restructuring initiatives implemented in fiscal year 2020 that resulted in reduced costs and improved
1

The following information was filed by Gp Strategies Corp (GPX) on Monday, August 9, 2021 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders??? Equity
Basis Of Presentation
Basis Of Presentation (Details)
Business Segments
Business Segments (Tables)
Business Segments - Narrative (Details)
Business Segments - Reconciliation Of Revenue From Segments To Consolidated (Details)
Business Segments - Revenue By Category (Details)
Contingencies
Contingencies (Details)
Debt
Debt (Details)
Divestitures And Business Held For Sale
Divestitures And Business Held For Sale (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Amortization (Details)
Intangible Assets - Narrative (Details)
Intangible Assets - Summary Of Changes In Goodwill (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Lease Expenses (Details)
Leases - Schedule Of Reconciliation Of Future Undiscounted Cash Flows To Operating Lease Liabilities (Details)
Leases - Schedule Of Supplemental Information Related To Leases (Details)
Recent Accounting Standards
Recent Accounting Standards (Policy)
Restructuring
Restructuring (Details)
Revenue
Revenue - Narrative (Details)
Significant Customers &Amp; Concentration Of Credit Risk
Significant Customers &Amp; Concentration Of Credit Risk (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Subsequent Event
Subsequent Event (Details)

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: 0000070415-21-000107
Submitted to the SEC: Mon Aug 09 2021 4:16:58 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: Educational Services

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