Gaming Partners International Corporation Reports 2011 First Quarter Results

May 12, 2011, 09:00 ET from Gaming Partners International Corporation

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