Gaming Partners International Corporation Reports 2010 Fourth-Quarter and Year Results

LAS VEGAS, March 29, 2011 /PRNewswire/ -- Gaming Partners International Corporation (Nasdaq: GPIC), a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the fourth quarter and year ending December 31, 2010.

(Logo:  http://photos.prnewswire.com/prnh/20060127/LAF027LOGO-b)

For its fourth quarter of 2010, the Company posted revenues of $16.6 million and net income of $1.0 million, or $0.12 per basic and diluted share. These results compare to revenues of $15.8 million and net income of $1.7 million, or $0.21 per basic and diluted share, for the fourth quarter of 2009. Gross profit for the quarter was $5.4 million, or 32% of revenues, compared to $5.7 million, or 36% of revenues, in the prior year period.

For the year 2010, the Company recorded revenues of $59.9 million and net income of $4.4 million, or $0.54 per basic and $0.53 per diluted share. These results compare to revenues of $49.5 million and net income of $1.0 million, or $0.13 per basic and diluted share for the year 2009. The Company's 2010 gross profit was $21.7 million, or 36% of revenues, compared to $15.9 million, or 32% of revenues, in 2009.

The primary reasons for the increase in net income in 2010 were a significant increase in gross profit that was driven by higher sales, which caused fixed manufacturing costs to be allocated over higher production volumes, a sales mix shift toward higher-margin chips, and a $1.6 million charge for impairment of goodwill that reduced net income in 2009.

In December, the Company paid a cash dividend of $1.5 million, or $0.1825 per share, and ended 2010 with $29.8 million in cash, cash equivalents and marketable securities, as well as $6.7 million in debt.

"A significant contributor to our increased sales in 2010 was sales from casino openings in Pennsylvania, Delaware and Singapore," commented Greg Gronau, GPIC President and Chief Executive Officer.  "This helped us end 2010 with a very strong cash position and focuses us for potential future growth."

About Gaming Partners International Corporation (GPIC)

GPIC manufactures and supplies casino table games and equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bud Jones®, and Bourgogne et Grasset®, GPIC provides casino currency such as chips, plaques and jetons; casino tables, furniture and accessories; table layouts; playing cards; precision dice;  roulette wheels; and RFID technology and applications.  Headquartered in Las Vegas, Nevada, GPIC has additional locations in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey, Gulfport, Mississippi, and Macau SAR China.  For additional information, please visit www.gpigaming.com.

Safe Harbor Statement

This release contains "forward-looking statements" based on current expectations involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; the long-term growth and prospects of our business or any jurisdiction; the duration or effects of unfavorable economic conditions which may reduce our product sales; and the long term potential of the RFID gaming chips market and the ability of GPIC to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. GPIC's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the period ended December 31, 2010, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

For more information please contact:


Gerald W. Koslow, Chief Financial Officer

+1.702.384.2425

jkoslow@gpigaming.com



GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

December 31,

(audited)





2010


2009

ASSETS




Current Assets:





Cash and cash equivalents

$ 11,400


$   3,238


Marketable securities

18,350


15,600


Accounts receivable, net

6,838


7,035


Inventories

7,160


7,173


Prepaid expenses

790


506


Deferred income tax asset

949


707


Other current assets

1,578


1,241



 Total current assets

47,065


35,500


Property and equipment, net

11,926


13,454


Other intangibles, net

782


676


Deferred income tax asset

1,108


1,657


Inventories, non-current

496


1,686


Other assets, net

430


305


      Total assets

$ 61,807


$ 53,278







LIABILITIES AND STOCKHOLDERS' EQUITY




Current Liabilities:





Current maturities of long-term debt

$   6,696


$      546


Accounts payable

3,216


2,828


Accrued liabilities

6,204


4,165


Customer deposits

3,919


4,698


Income taxes payable

273


569



 Total current liabilities

20,308


12,806

Long-term debt, less current maturities

32


314

Deferred income tax liability

491


623

Other liabilities

41


45


     Total liabilities

20,872


13,788

Stockholders' Equity:




  Preferred stock, authorized 10,000,000 shares, $.01 par value,





 none issued and outstanding

-


-

  Common stock, authorized 30,000,000 shares, $.01 par value,





8,199,016 issued and outstanding

82


82

  Additional paid-in capital

19,196


18,985

  Treasury stock, at cost; 8,061 shares

(196)


(196)

  Retained earnings

20,269


17,346

  Accumulated other comprehensive income

1,584


3,273



Total stockholders' equity

40,935


39,490



Total liabilities and stockholders' equity

$ 61,807


$ 53,278



GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31,

(in thousands, except per share amounts)




(unaudited)


(audited)



Three Months Ended


Year Ended



December 31,


December 31,



2010


2009


2010


2009

Revenues

$ 16,641


$ 15,847


$ 59,875


$ 49,527

Cost of revenues

11,259


10,167


38,173


33,631


Gross profit

5,382


5,680


21,702


15,896










Marketing and sales

1,111


1,258


4,474


4,363

General and administrative

3,453


2,342


10,789


8,746

Impairment of goodwill

-


-


-


1,572


Operating income

818


2,080


6,439


1,215

Other income and (expense)

122


90


352


289


Income before income taxes

940


2,170


6,791


1,504

Income tax provision

(15)


466


2,372


457


Net income

$      955


$   1,704


$   4,419


$   1,047










Earnings per share:









Basic

$     0.12


$     0.21


$     0.54


$     0.13


Diluted

$     0.12


$     0.21


$     0.53


$     0.13










Weighted-average shares of common stock outstanding:









Basic

8,199


8,117


8,199


8,107


Diluted

8,205


8,177


8,207


8,189



SOURCE Gaming Partners International Corporation



RELATED LINKS
http://www.gpigaming.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.