GSE Systems Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. Revenue declined to $12.4 million from $13.4 million in first quarter 2012. Higher revenue from the $36.0 million Slovakia simulator project in first quarter 2013 $2.9 million compared to first quarter 2012 $1.1 million was offset by a $2.1 million decline in revenue from nuclear simulation projects in Germany and Japan, along with a decrease of $800,000 in fossil fuel simulation revenue as compared to first quarter 2012. Operating loss for first quarter 2013 was $1.3 million compared to operating income of $218,000 in first quarter 2012, the result of lower total revenue, revenue mix, and a $679,000 increase in general & administrative expenses. Net loss for first quarter 2013 was $1.2 million, or $0.06 per basic and diluted share, compared to a net income of $530,000, or $0.03 per basic and diluted share, in the same period last year. The EBITDA (Earnings before interest, taxes, depreciation and amortization) loss for first quarter 2013 was $922,000 compared to EBITDA of $919,000 in first quarter 2012. Loss before income taxes was $1,088,000 against profit before income tax of $755,000 a year ago.

GSE Systems Inc. (AMEX:GVP) is looking for acquisition opportunities. Jim Eberle, Chief Executive Officer of GSE, said, "Lower revenue and ongoing investments in our business and infrastructure combined to produce a disappointing Q1 2013. Although we foresee a soft first half of this year, we believe that our results will improve in the second half of 2013 as many of the contract awards expected to take place early this year are now anticipated to occur in the third and fourth quarters. The investments we are committing to our people, processes, and infrastructure have us well-positioned to capitalize on this expected activity. Our bid and proposal activity spans geographies and end markets, and we are continuing to focus on improving our results through a combination of new business initiatives, the introduction of new solutions, and acquisition opportunities both in the U.S. and abroad. Our efforts remain supported by our strong financial position that, at quarter end, included cash and equivalents of $18.7 million, or $1.02 per diluted share, working capital of $28.2 million, and no long-term debt."

GSE Systems Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 14, 2013