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$
4,151Accounts and other receivables61,98567,134Costs and estimated earnings in excess of
billings on uncompleted contracts
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 accru
|SOURCE GP Strategies Corporation|
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