COLUMBIA, Md., Jan. 3, 2020 /PRNewswire/ — Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) announced that it has achieved a significant reduction in its outstanding long-term debt under its Credit Agreement as of December 31, 2019. During the fourth quarter of 2019, the Company used cash flow generated from operations and proceeds from the previously announced sale of its tuition program management business to make net repayments of approximately $30 million of its outstanding borrowings under its revolving credit facility. The Company’s outstanding debt was approximately $82.9 million as of December 31, 2019, down from $113.2 million as of September 30, 2019 and $116.5 million as of December 31, 2018.
"I’m pleased to report that the Company has further strengthened its balance sheet by reducing its leverage during the fourth quarter of 2019," stated Scott N. Greenberg, Chief Executive Officer of GP Strategies. "We continue to execute on our strategic plan and the improved cash flow and debt position provide the Company great flexibility in 2020."
About GP Strategies
GP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of training, digital learning strategies and solutions, management consulting, and engineering services. GP Strategies’ solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting, and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers.
Forward Looking Statement
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as "expect," "intend," "believe," "may," "should," "could," "anticipates," and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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SOURCE GP Strategies Corporation