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.
GSE Systems Inc.
Jim Eberle, 410-970-7950
Chief Executive Officer
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
Thomas Mei, 212-836-9614
KEYWORDS: United States Europe North America Maryland Slovakia
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