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GSE Systems Announces $3 Million Share Repurchase Program
G S E (AMEX:GVP)
Intraday Stock Chart
Today : Tuesday 22 March 2011
GSE Systems, Inc. (“GSE” or “the Company”) (NYSE Amex: GVP), a global energy services solutions provider, today anounced that its Board of Directors has authorized a share repurchase program under which GSE may, from time to time and depending on market conditions, share price and other factors, acquire shares of its common stock on the open market or in privately negotiated transactions up to an aggregate purchase price of $3.0 million. The share repurchase program has no expiration date. GSE currently has 19,224,031 shares of common stock outstanding.
Jim Eberle, Chief Executive Officer of the Company, commented, “This share repurchase plan reflects our confidence in the long-term prospects of our business and industry. We are also fortunate to be supported in our endeavors by a strong financial position. At December 31, 2010, we reported cash and equivalents of $26.6 million, or $1.40 per diluted share, no long-term debt, operating cash flows of $2.4 million, and a backlog of $55.9 million. In light of these factors, we believe that this plan is both a prudent use of capital and an additional avenue to create long-term value for our stockholders.”
