Gaming Partners International Corporation Reports 2011 First Quarter Results

LAS VEGAS, May 12, 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 first quarter ended March 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20110512/LA99804LOGO)

For the first quarter of 2011, the Company posted revenues of $17.8 million and net income of $1.7 million, or $0.21 per basic and diluted share. These results compare to revenues of $10.9 million and net income of $37,000, or $0.00 per basic and diluted share, for the first quarter of 2010. Gross profit for the quarter was $6.3 million, or 35% of revenues, compared to $3.7 million, or 34% of revenues, for the first quarter of 2010.

The primary reason for the significant increase in first quarter 2011 net income was comparably higher sales of chips to casinos in Macau.

The Company ended the quarter with $30.8 million in cash, cash equivalents and marketable securities, as well as $7.1 million in debt.

"We are pleased with our strong first quarter results, due to delivery of a significant chip order for the pending Galaxy Macau casino opening," commented Greg Gronau, GPIC President and Chief Executive Officer. "Given projected casino openings and our sales backlog for 2011, revenues and earnings in the next three quarters may not reach the same levels that we saw in the first quarter."

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 gaming-related 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 S.A.R. 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

(unaudited)





March 31,


December 31,




2011


2010

ASSETS




Current Assets:





Cash and cash equivalents

$   10,298


$          11,400


Marketable securities

20,489


18,350


Accounts receivable, net

8,567


6,838


Inventories

7,713


7,160


Prepaid expenses

736


790


Deferred income tax asset

490


949


Other current assets

1,249


1,578



 Total current assets

49,542


47,065

Property and equipment, net

12,151


11,926

Intangibles, net

730


782

Deferred income tax asset

1,525


1,108

Inventories, non-current

478


496

Other assets, net

451


430


      Total assets

$   64,877


$          61,807







LIABILITIES AND STOCKHOLDERS' EQUITY




Current Liabilities:





Short-term debt

$     7,119


$            6,696


Accounts payable

2,834


3,216


Accrued liabilities

6,666


6,204


Customer deposits

3,164


3,919


Income taxes payable

728


273



 Total current liabilities

20,511


20,308

Long-term debt

28


32

Deferred income tax liability

542


491

Other liabilities

44


41


     Total liabilities

21,125


20,872

Stockholders' Equity:




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





 none issued or outstanding

-


-

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





8,199,016 issued and outstanding

82


82

  Additional paid-in capital

19,254


19,196

  Treasury stock, at cost; 8,061 shares

(196)


(196)

  Retained earnings

21,998


20,269

  Accumulated other comprehensive income

2,614


1,584



Total stockholders' equity

43,752


40,935



Total liabilities and stockholders' equity

$   64,877


$          61,807



GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)




(unaudited)



Three Months Ended



March 31,



2011


2010

Revenues

$ 17,821


$ 10,945

Cost of revenues

   11,569


     7,274


Gross profit

     6,252


     3,671






Marketing and sales

     1,198


     1,086

General and administrative

     2,552


     2,594


Operating income (loss)

     2,502


          (9)

Other income and (expense)

        110


          63


Income before income taxes

     2,612


          54

Income tax provision

        883


          17


Net income

$   1,729


$        37






Earnings per share:





Basic

$     0.21


$         -  


Diluted

$     0.21


$         -  

Weighted-average shares of common stock outstanding:





Basic

     8,199


     8,199


Diluted

     8,220


     8,203



SOURCE Gaming Partners International Corporation



RELATED LINKS
http://www.gpigaming.com

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