GSE Systems reports loss, lower revenue

Daily Record Staff//May 15, 2013//

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GSE Systems Inc., of Sykesville, reported a first-quarter net loss of $1.2 million, or 6 cents per diluted share, on revenue of $12.4 million, versus net income of $530,000, or 3 cents per diluted share, on revenue of $13.4 million in the prior-year period.

GSE, which makes real-time simulation and training software for the energy, process, manufacturing and government sectors, said revenue drops from several overseas projects, and higher general and administrative expenses, were responsible for its loss in this year’s first quarter.

The company said contract awards it expected early this year have been delayed until the last two quarters.

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