GSE 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.