GSE Systems Receives $3.7 Million Payment from International Customer

Before you go, we thought you'd like these...
Before you go close icon

GSE Systems Receives $3.7 Million Payment from International Customer

SYKESVILLE, Md.--(BUSINESS WIRE)-- GSE Systems, Inc. ("GSE" or "the Company") (NYSE MKT: GVP), a global energy services solutions provider,today announced that it received a $3.7 million payment from its customer, Slovenské elektrárne, a.s. ("SE"), with which GSE is providing a full scope simulator for a two unit reactor plant in Slovakia. At June 30, 2012, GSE had a $5.6 million outstanding invoice related to the SE project included in contracts receivable; this $3.7 million payment will be reflected in GSE's financial statements for the third quarter ending September 30, 2012. SE has agreed to remit the $1.9 million balance at the project's completion, which is currently estimated to be November 2013.

As previously disclosed, in May 2012 SE notified GSE of its decision to suspend work under the contract due to changes in the Slovakian regulation requiring SE to redesign certain aspects of the plant; this suspension was not related to work being performed by GSE. Since May 2012, at the request of SE, GSE has provided a two-person engineering team who are supporting the project during its suspension, which is currently expected to continue until May 2013. Both parties continue to discuss a number of amendments to the existing contract.


ABOUT GSE SYSTEMS, INC.

GSE Systems, Inc. provides a wide range of simulation and training solutions to the global energy (nuclear and non-nuclear) industry, and is the world leader in nuclear simulation. The Company has over four decades of experience, more than 1,000 installations, and hundreds of customers in over 50 countries spanning the globe. Our software, hardware and integrated training solutions leverage proven technologies to deliver real-world business advantages to the energy, process, manufacturing and government sectors worldwide. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in St. Marys, Georgia; Tarrytown, New York; Madison, New Jersey; Cary, North Carolina; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; Glasgow, Scotland; and Beijing, China. Information about GSE Systems is available via the Internet at http://www.gses.com

FORWARD LOOKING STATEMENTS

We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as "expect," "intend," "believe," "may," "will," "should," "could," "anticipates," and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. 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. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.



Company
GSE Systems Inc.
Jim Eberle, 410-970-7950
Chief Executive Officer
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
or
Thomas Mei, 212-836-9614
Account Executive
tmei@equityny.com

KEYWORDS:   United States  Europe  North America  Maryland  Slovakia

INDUSTRY KEYWORDS:

The article GSE Systems Receives $3.7 Million Payment from International Customer originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners