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GP Strategies Reports Strong First Quarter 2012 EPS of $0.23
Date:5/3/2012

ELKRIDGE, Md., May 3, 2012 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) today reported financial results for the quarter ended March 31, 2012.

Overview of First Quarter 2012 Results:

  • Revenue of $93.6 million for first quarter of 2012 compared to $64.3 million for first quarter of 2011
  • Operating income of $7.3 million for first quarter of 2012 compared to $4.3 million for first quarter of 2011
  • Diluted earnings per share of $0.23 for first quarter of 2012 compared to $0.14 per share for first quarter of 2011
  • EBITDA of $9.2 million for first quarter of 2012 compared to $5.5 million for first quarter of 2011
  • Cash flow from operations of $7.0 million for first quarter of 2012
  • The Company's revenue increased 46% or $29.3 million during the first quarter of 2012 compared to the first quarter of 2011.  The RWD consulting business, which was acquired from RWD Technologies in April 2011, contributed $17.7 million of revenue during the first quarter of 2012. All of the Company's operating segments achieved organic growth during the quarter, resulting in total organic revenue growth of 13% for the Company during the first quarter of 2012. The growth was driven by increased services for both new and existing customers across a variety of industries. Operating income increased 70% to $7.3 million for the first quarter of 2012 from $4.3 million for the first quarter of 2011. Net income was $4.4 million for the first quarter of 2012 compared to $2.6 million for the first quarter of 2011."I am pleased to report that our trend of extremely strong financial results continued into 2012," commented Scott N. Greenberg, Chief Executive Officer of GP Strategies. "We achieved double-digit organic revenue growth, led by solid performance across all of our operating segments. These positive results, combined with the successful execution of our acquisition strategy, continue to reinforce the Company's long-term growth prospects."

    Balance Sheet and Cash Flow Highlights
    As of March 31, 2012, the Company had cash and cash equivalents of $8.3 million compared to $4.2 million as of December 31, 2011. The Company had no short-term borrowings or long-term debt outstanding as of March 31, 2012. Cash provided by operating activities was $7.0 million for the quarter ended March 31, 2012 compared to $2.4 million for the same period in 2011.

    Investor Call
    The Company has scheduled an investor conference call for 10:00 a.m. ET on May 3, 2012. In addition to prepared remarks from management, there will be a question and answer session on the call. The dial-in numbers for the live conference call are 800-681-1608 or 303-223-2690, using conference ID number 21590137. A telephone replay of the call will also be available beginning at 12:00 p.m. on May 3rd, until 12:00 p.m. on May 17th. To listen to the replay, dial 800-633-8284 or 402-977-9140, using conference ID number 21590137.

    Presentation of Non-GAAP Information
    This press release contains non-GAAP financial measures, including EBITDA (earnings before interest, income taxes, depreciation and amortization). The Company believes this non-GAAP financial measure is useful to investors in evaluating the Company's results. This measure should be considered in addition to, and not as a replacement for, or superior to, either net income, as an indicator of the Company's operating performance, or cash flow, as a measure of the Company's liquidity. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. For a reconciliation of this non-GAAP financial measure to the most comparable GAAP equivalent, see the Non-GAAP Reconciliation – EBITDA, along with related footnotes, below.

    About GP Strategies
    GP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of sales and technical training, eLearning solutions, management consulting and engineering services. GP Strategies' solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers.  Additional information may be found at www.gpstrategies.com.

    Forward-Looking Statements
    We make statements in this press release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    TABLES FOLLOW GP STRATEGIES CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in thousands, except per share data)

    (Unaudited)Three months endedMarch 31,20122011Revenue$ 93,605$ 64,293Cost of revenue 77,99353,501Gross profit15,61210,792Selling, general and administrative expenses 8,2886,748Gain (loss) on change in fair value of contingent consideration, net(40)246Operating income7,2844,290Interest expense4033Other income 90181Income before income tax expense7,3344,438Income tax expense 2,9501,848Net income$   4,384$   2,590Basic weighted average shares outstanding18,83018,724Diluted weighted average shares outstanding19,18818,892

    Per common share data:Basic earnings per share

    $
    .23$
    .14Diluted earnings per share$
    .23$
    .14Other data:

    EBITDA (1)$ 9,232$ 5,537(1) The term (earnings before interest, income taxes, depreciation and amortization) is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results. For a reconciliation of this non-GAAP financial measure to the most comparable GAAP equivalent, see the Non-GAAP Reconciliation – EBITDA, along with related footnotes, below.  GP STRATEGIES CORPORATION AND SUBSIDIARIESSUPPLEMENTAL FINANCIAL INFORMATION(Dollars in thousands)

    (Unaudited)Quarters endedMarch 31,20122011Revenue by segment:Learning Solutions$35,904$  29,995Professional & Technical Services24,45017,261Sandy Training & Marketing13,32211,136RWD13,831--Energy Services6,0985,901Total revenue$  93,605$  64,293Gross profit by segment:Learning Solutions$ 6,845$ 4,852Professional & Technical Services3,5692,640Sandy Training & Marketing1,5421,588RWD1,575--Energy Services2,0811,712Total gross profit$ 15,612$ 10,792Operating income by segment:Learning Solutions $  3,546$  1,668Professional & Technical Services1,561923Sandy Training & Marketing 303300RWD245--Energy  Services1,6691,153Gain (loss) on change in fair value of contingentconsideration, net(40)246Total operating income$7,284$  4,290Supplemental Cash Flow Information:Net cash provided by operating activities$6,963$  2,376Capital expenditures(925)(758)Free cash flow$6,038$  1,618 GP STRATEGIES CORPORATION AND SUBSIDIARIESNon-GAAP Reconciliation –EBITDA (2)(Dollars in thousands)

    (Unaudited) 

    Three months endedMarch 31,20122011Net income$  4,384$  2,590Interest expense4033Income tax expense2,9501,848Depreciation and amortization1,8581,066EBITDA $  9,232$  5,537(2) Earnings before interest, income taxes, depreciation and amortization (EBITDA) is awidely used non-GAAP financial measure of operating performance. It is presentedas supplemental information that the Company believes is useful to investors toevaluate its results because it excludes certain items that are not directly related tothe Company's core operating performance. EBITDA is calculated by adding back tonet income interest expense, income tax expense, depreciation and amortization.EBITDA should not be considered as substitutes either for net income, as anindicator of the Company's operating performance, or for cash flow, as a measure ofthe Company's liquidity. In addition, because EBITDA may not be calculatedidentically by all companies, the presentation here may not be comparable to othersimilarly titled measures of other companies. GP STRATEGIES CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)March 31,December 31,20122011(Unaudited)Current assets:Cash and cash equivalents$
    8,261$
    4,151Accounts and other receivables61,98567,134Costs and estimated earnings in excess of

    billings on uncompleted contracts 

    20,126 

    15,576Prepaid expenses and other current assets9,8878,863Total current assets100,25995,724Property, plant and equipment, net5,9045,562Goodwill and other intangibles, net108,257108,460Other assets1,9321,830Total assets$ 216,352$   211,576Current liabilities:Accounts payable and accrued expenses$   41,024$
    42,500Billings in excess of costs and estimated

    earnings on uncompleted contracts 

    17,606 

    17,266Total current liabilities58,63059,766Other noncurrent liabilities7,9878,416Total liabilities66,61768,182Total stockholders' equity149,735143,394Total liabilities and stockholders' equity$ 216,352$   211,576 

    © 2012 GP Strategies Corporation. All rights reserved. GP Strategies and the GP Strategies logo design are trademarks of GP Strategies Corporation.

    (Logo: http://photos.prnewswire.com/prnh/20120327/MM77734LOGO )


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