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Exhibit 99.1
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NEWS RELEASE |
GP Strategies Reports Strong Fourth Quarter and Full Year 2012 Financial Results
Elkridge, MD. February 26, 2013. Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter and fiscal year ended December 31, 2012.
Overview of Fourth Quarter 2012 Results:
· | Revenue of $106.0 million for fourth quarter of 2012, up $12.1 million or 13% compared to $93.9 million for fourth quarter of 2011 |
· | Operating income of $10.2 million for fourth quarter of 2012, up $2.0 million or 24% compared to $8.2 million for fourth quarter of 2011 |
· | EBITDA of $12.4 million, up $2.1 million or 21% for fourth quarter of 2012 compared to $10.3 million for fourth quarter of 2011 |
· | Cash flow from operations of $8.3 million for fourth quarter of 2012, up $2.7 million or 47% compared to $5.6 million for fourth quarter of 2011 |
The Company’s revenue increased 13% or $12.1 million during the fourth quarter of 2012 compared to the fourth quarter of 2011. The revenue growth was driven by previously completed acquisitions combined with strong organic growth. The Learning Solutions, Sandy Training & Marketing and Energy Services segments achieved double-digit organic revenue growth during the fourth quarter of 2012 compared to the fourth quarter of 2011 due to increased training services for several new and existing customers. Operating income increased 24% or $2.0 million during the fourth quarter of 2012 primarily due to a $3.2 million increase in gross profit which was largely attributable to organic revenue growth. Net income was $6.1 million, or $0.32 per diluted share, for the fourth quarter of 2012 compared to $5.9 million, or $0.31 per diluted share, for the fourth quarter of 2011. The fourth quarter 2011 results include a $0.9 million, or $0.05 per share, income tax benefit due to the reduction of a tax liability. Excluding this item, diluted earnings per share increased $0.06 during the fourth quarter of 2012 compared to the fourth quarter of 2011.
The Company achieved record revenue of $401.6 million for the year ended December 31, 2012, resulting in a 21% overall increase and 10% organic growth over 2011. Operating income increased 28% or $7.7 million in 2012 to $35.7 million for the year ended December 31, 2012. Net income was $22.7 million, or $1.18 per diluted share, for the year ended December 31, 2012 compared to $17.9 million, or $0.94 per diluted share, for the year ended December 31, 2011.
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Gp Strategies Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Gp Strategies Corp provided additional information to their SEC Filing as exhibits
Ticker: GPX
CIK: 70415
Form Type: 10-K Annual Report
Accession Number: 0001144204-13-011131
Submitted to the SEC: Tue Feb 26 2013 11:44:49 AM EST
Accepted by the SEC: Tue Feb 26 2013
Period: Monday, December 31, 2012
Industry: Educational Services