GSE Systems Inc.Dec. 31 .... .... .... 4th qtr...

EARNINGS

February 25, 1997

GSE Systems Inc.

Dec. 31 .... .... .... 4th qtr. ... ... Year ago .... .. Chg.

Revenue .... .... .... $25,211 ... .... $25,980 ... ... . -3%

Net Income ... ... ... $1,840 * ... ... $1,049 ... ... +75.4%

Primary EPS ... ... .. $0.36 ... ... .. $0.21 ... .... +71.4%

.... .... .... .... 12 mos. .... .... Year ago .... ... .. Chg.

Revenue ... ... ... $97,182 .... .... $96,061 ... ... ... +1.2%

Net Income .... ... $4,523 * ... .... $3,676 ... .... .... +23%

Primary EPS ... ... $0.89 ** ... .... $0.91 ... ... ... . -2.2%

Figures in thousands (except per share data)

* Includes one-time income tax reduction and one-time reposition and acquisition costs. Excluding these, net income would have been $1.1 million, or 20 cents a share, for the quarter and $4.0 million, or 78 cents a share, for the year.

** Reflects increase of approximately 1 million shares

Pub Date: 2/25/97

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