New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 16, 2014
10:16 EDTGVPGSE Systems announces $9.5M in new orders
GSE Systems announced new contracts valued at approximately $9.5M involving accident modeling, simulation and engineering services. These projects were awarded during Q2. These new projects are expected to be executed over the next one to two years, and are comprised of $3.9M in nuclear simulator projects in China and Korea, including an order for GSE’s severe accident solution in China, $2.5M for three full-scope fossil simulators and several fossil simulator upgrades in the U.S., $1.3M for a variety of projects in Europe, including a basic principles simulator to teach fundamentals of Advanced Gas Reactor and other simulator upgrades, as well as engineering projects, $1.4M in upgrades to several nuclear simulators in the U.S., and $0.4M in various contracts for process simulation and training.
News For GVP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 29, 2015
08:34 EDTGVPGSE Systems: Restructuring associated with global corporate review
Subscribe for More Information
08:34 EDTGVPGSE Systems announces corporate restructuring program
Subscribe for More Information
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
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use