GP Strategies Corp. (GPX, Financial) filed Quarterly Report for the period ended 2010-09-30.
Gp Strategies Corp. has a market cap of $165.6 million; its shares were traded at around $8.88 with a P/E ratio of 17.3 and P/S ratio of 0.8. Gp Strategies Corp. had an annual average earning growth of 38.8% over the past 5 years.GPX is in the portfolios of John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors.
For the three months ended September 30, 2010, we had income before income tax expense of $5.5 million compared to $3.7 million for the three months ended September 30, 2009. The increase in income was primarily due to an increase in operating income of $1.7 million during the third quarter of 2010, the components of which are discussed below. The increase also included a $0.1 million loss on the change in estimated fair value of contingent consideration during the third quarter of 2010 related to acquisitions completed, which is discussed further below and in Note 4 to the Condensed Consolidated Financial Statements. Net income was $3.1 million, or $0.17 per diluted share, for the three months ended September 30, 2010, compared to net income of $2.0 million, or $0.13 per diluted share, for the three months ended September 30, 2009. For the three months period ended September 30, 2010, diluted weighted average shares outstanding increased by 2,883,000 to 18,725,000 shares outstanding compared to 15,842,000 shares for the same period in 2009, primarily due to the equity investment by Sagard Capital Partners, L.P. in December 2009. The increase in shares outstanding resulted in dilution of $0.03 per share for the third quarter of 2010 compared to the third quarter of 2009.
· $9.8 million increase in revenue attributable to acquisitions completed during 2009 and 2010, which includes $2.0 million for Milsom, $1.1 million for Option Six, $4.3 million for PerformTech and $2.4 million for Marton House;
For the nine months ended September 30, 2010, we had income before income tax expense of $14.7 million compared to a loss before income tax expense of $0.2 million for the nine months ended September 30, 2009. The increase in income was primarily due to a goodwill and intangible asset impairment loss of $10.2 million recognized during the second quarter of 2009 which did not recur in 2010. The increase also included a $1.5 million gain on the change in estimated fair value of contingent consideration for the nine months ended September 30, 2010 related to acquisitions, which is discussed further below and in Note 4 to the Condensed Consolidated Financial Statements. Excluding these items, we had an increase in operating income of $3.1 million during the nine months ended September 30, 2010, the components of which are discussed below. Net income was $8.5 million, or $0.45 per diluted share, for the nine months ended September 30, 2010, compared to net loss of $3.2 million, or $(0.20) per diluted share, for the nine months ended September 30, 2009.
· $25.2 million increase in revenue attributable to acquisitions completed during 2009 and 2010, which includes $7.8 million for Milsom, $3.6 million for Option Six, $9.6 million for PerformTech and $4.2 million for Marton House;
Selling, general and administrative expenses increased $1.9 million or 12.8% from $15.3 million for the nine months ended September 30, 2009 to $17.2 million for the same period in 2010. The increase is primarily due to a $0.4 million restructuring charge recognized during the second quarter of 2010 related to facility leases in the United Kingdom, $0.8 million of increased amortization expense related to intangible assets acquired and increased labor and benefits expense related to the acquisitions we completed in 2009 and 2010.
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Gp Strategies Corp. has a market cap of $165.6 million; its shares were traded at around $8.88 with a P/E ratio of 17.3 and P/S ratio of 0.8. Gp Strategies Corp. had an annual average earning growth of 38.8% over the past 5 years.GPX is in the portfolios of John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Since January 2006, our Board of Directors has authorized a total of $23 million of repurchases of our common stock from time to time in the open market, subject to prevailing business and market conditions and other factors. During the years ended December 31, 2009, 2008, 2007 and 2006, we repurchased approximately 526,000, 1,091,000, 678,500 and 420,000 shares, respectively, of our common stock in the open market for a total cost of approximately $2.2 million, $8.8 million, $6.5 million and $3.1 million, respectively. During the three and nine months ended September 30, 2010, we repurchased approximately 5,600 and 37,100 shares, respectively, of our common stock in the open market. As of September 30, 2010, there was approximately $2.1 million available for future repurchases under the buyback program. There is no expiration date for the repurchase program.For the three months ended September 30, 2010, we had income before income tax expense of $5.5 million compared to $3.7 million for the three months ended September 30, 2009. The increase in income was primarily due to an increase in operating income of $1.7 million during the third quarter of 2010, the components of which are discussed below. The increase also included a $0.1 million loss on the change in estimated fair value of contingent consideration during the third quarter of 2010 related to acquisitions completed, which is discussed further below and in Note 4 to the Condensed Consolidated Financial Statements. Net income was $3.1 million, or $0.17 per diluted share, for the three months ended September 30, 2010, compared to net income of $2.0 million, or $0.13 per diluted share, for the three months ended September 30, 2009. For the three months period ended September 30, 2010, diluted weighted average shares outstanding increased by 2,883,000 to 18,725,000 shares outstanding compared to 15,842,000 shares for the same period in 2009, primarily due to the equity investment by Sagard Capital Partners, L.P. in December 2009. The increase in shares outstanding resulted in dilution of $0.03 per share for the third quarter of 2010 compared to the third quarter of 2009.
· $9.8 million increase in revenue attributable to acquisitions completed during 2009 and 2010, which includes $2.0 million for Milsom, $1.1 million for Option Six, $4.3 million for PerformTech and $2.4 million for Marton House;
For the nine months ended September 30, 2010, we had income before income tax expense of $14.7 million compared to a loss before income tax expense of $0.2 million for the nine months ended September 30, 2009. The increase in income was primarily due to a goodwill and intangible asset impairment loss of $10.2 million recognized during the second quarter of 2009 which did not recur in 2010. The increase also included a $1.5 million gain on the change in estimated fair value of contingent consideration for the nine months ended September 30, 2010 related to acquisitions, which is discussed further below and in Note 4 to the Condensed Consolidated Financial Statements. Excluding these items, we had an increase in operating income of $3.1 million during the nine months ended September 30, 2010, the components of which are discussed below. Net income was $8.5 million, or $0.45 per diluted share, for the nine months ended September 30, 2010, compared to net loss of $3.2 million, or $(0.20) per diluted share, for the nine months ended September 30, 2009.
· $25.2 million increase in revenue attributable to acquisitions completed during 2009 and 2010, which includes $7.8 million for Milsom, $3.6 million for Option Six, $9.6 million for PerformTech and $4.2 million for Marton House;
Selling, general and administrative expenses increased $1.9 million or 12.8% from $15.3 million for the nine months ended September 30, 2009 to $17.2 million for the same period in 2010. The increase is primarily due to a $0.4 million restructuring charge recognized during the second quarter of 2010 related to facility leases in the United Kingdom, $0.8 million of increased amortization expense related to intangible assets acquired and increased labor and benefits expense related to the acquisitions we completed in 2009 and 2010.
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