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December 27, 2012
10:11 EDTGVPGSE Systems receives $9.1M change order from Slovakian customer
GSE Systems announced that it has received a $9.1M change order from a customer in Slovakia with which GSE is contracted to provide a full-scope simulator for a two unit reactor plant. As previously announced, work on the simulator project was suspended in May due to regulatory changes in Slovakia requiring the customer to redesign certain aspects of the actual power plant. The $9.1M change order covers additional services associated with revisions to the design of the main plant, costs related to changes in control room hardware due to the redesign of the main plant, new work related to certain other building modifications, and costs incurred by GSE associated with the project's delay. The customer also withdrew all outstanding claims for project delays it made against GSE.
News For GVP From The Last 14 Days
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September 29, 2015
08:34 EDTGVPGSE Systems: Restructuring associated with global corporate review
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08:34 EDTGVPGSE Systems announces corporate restructuring program
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September 28, 2015
17:15 EDTGVPGSE Systems says restructuring inititatives will result in reduction of 36 jobs
On September 22, the Board of Directors of GSE Systems approved restructuring actions relating to the Company's worldwide operations. These actions are expected to involve an overall reduction of approximately 36 positions globally and be substantially complete by October. In connection with these actions, the Company expects to record total pre-tax charges of approximately $2.6M in the third quarter of 2015, which include an asset impairment charge of approximately $1.4M related to the write-down of capitalized software development costs described in Item 2.06 below. Approximately $1.2M of these pre-tax charges are expected to be paid in cash consisting of approximately $1.1M of employee severance and compensation benefits and approximately $117,000 in facility closing expenses.The Company expects that the restructuring actions and other policy changes will result in annual pre-tax savings of approximately $4.2M and annual cash savings of approximately $4.9M. In August, Kyle J. Loudermilk became the President and CEO of the Company and Christopher D. Sorrells became the Interim COO of the Company. At their direction, the Company undertook a review of its software product development programs. Based upon the results of such review, the Company has determined not to proceed with one of the software product development programs and estimates that it will incur an asset impairment charge of approximately $1.4M in the third quarter of 2015 related to the write-down of capitalized software development costs related to such software product development program. Approximately three positions related to such development program will be eliminated and are included in the 36 positions referred to above.
08:48 EDTGVPGSE Systems to provide up to $35M of nuclear operations support services
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