GP Strategies Reports Preliminary Annual and Fourth Quarter Revenues for 2001
NEW YORK--March 4, 2002--GP Strategies Corporation , a leader in workforce development and technical and soft skills training, today announced preliminary net sales for the fiscal year and fourth quarter ended December 31, 2001.Preliminary 2001 net sales were $186.7 million as compared to 2000 net sales of $197.5 million. 2000 net sales included net sales for the open enrollment IT business, which has been closed since September 2000. The Manufacturing and Process Group reported preliminary 2001 net sales of $164.4 million as compared to 2000 net sales of $161.9 million, an increase of 2%.
For the quarter ended December 31, 2001, preliminary net sales decreased by $6.2 million to $42.4 million from net sales of $48.6 million for the quarter ended December 31, 2000. This decrease was primarily attributable to a reduction in revenue for both the automotive division of the manufacturing and process segment and the information technology segment as a result of the downturn in the economy compounded by the effects of September 11, 2001. The Company has reduced expenses to coincide with current market conditions.
The Company anticipates making its full earning release for the year ended December 31, 2001 in the latter part of March 2002. The Company plans on discussing such earnings release in a conference call and will make an announcement indicating the time and date of such call.
An unaudited comparative summary of GP Strategies' preliminary consolidated net sales for the fourth quarter and year ended December 31, 2001 and GP Strategies' consolidated net sales for the fourth quarter and year ended December 31, 2000 is as follows (in thousands):
Quarter Ended Year Ended
December 31, December 31,
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2001(1) 2000 2001(1) 2000
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Manufacturing & Process $ 37,570 $ 42,480 $164,361 $161,859
Information Technology 2,460 3,476 11,061 24,593(2)
Other 2,407 2,597 11,189 11,015
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Net Sales $ 42,437 $ 48,553 $186,611 $197,467
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(1) Preliminary
(2) Includes revenues from the closed open enrollment IT business
About GP Strategies Corporation
GP Strategies, whose principal operating subsidiary is General Physics Corporation, is a NYSE listed company (GPX). General Physics is a workforce development company that improves the effectiveness of organizations by providing training, management systems and engineering services to meet the specific needs of clients. Programs have been developed for service managers and executives, engineers, sales associates, plant operators, the maintenance and purchasing workforces and information technology professionals in the public and private sectors in North and South America, Europe and Asia. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information about General Physics may be found at www.gpworldwide.com.
The forward-looking statements contained herein reflect GP Strategies' management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of GP Strategies, including, but not limited to the risks and uncertainties detailed in GP Strategies' periodic reports and registration statements filed with the Securities and Exchange Commission.