Gaming Partners International Corporation Reports Financial Results for the First Quarter of 2012

May 10, 2012, 12:37 ET from Gaming Partners International Corporation

LAS VEGAS, May 10, 2012 /PRNewswire/ -- Gaming Partners International Corporation (Nasdaq: GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced today financial results for the first quarter ending March 31, 2012.

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

For its first quarter of 2012, the Company posted revenues of $15.4 million and net income of $1.3 million, or $0.16 per basic and diluted share. These results compare to revenues of $17.8 million and net income of $1.7 million, or $0.21 per basic and diluted share, for the first quarter of 2011. Gross profit for the quarter was $5.2 million, or 34% of revenues, compared to $6.3 million, or 36% of revenues, in the prior year period.

The primary reason for the decrease in revenues in first quarter 2012 net income was comparably lower sales of chips to casinos in Macau.

The Company ended the quarter with $23.6 million in cash, cash equivalents and marketable securities and no debt.

"We saw strong revenue growth in the United States in the first quarter, compared to last year's first quarter, with an increase in openings and replacement orders," commented Greg Gronau, GPIC President and Chief Executive Officer. "While sales in Asia were down in the first quarter, due to large orders in Macau with the Galaxy and Sociedade de Jogos de Macau S.A. casinos in the first quarter of 2011, we expect an increase in Asian orders for the remainder the year, as reflected in our recent announcement of three new orders for $4.7 million in chip sales to casinos in Macau."

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®, Bourgogne et Grasset® and Bud Jones®, GPI provides casino currency such as chips, plaques and jetons; gaming furniture and accessories; table layouts; playing cards; dice; and roulette wheels. GPI pioneered the use of security features such as RFID technology in casino chips and provides radio frequency identification device (RFID) solutions including chips, readers and displays. Headquartered in Las Vegas, Nevada, GPIC also has offices 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 http://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; fulfillment of product orders; the long-term growth and prospects of our business or any jurisdiction; and the long term potential of the RFID casino currency solutions 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, 2011, 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.

 

GAMING PARTNERS INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share amounts)

March 31,

December 31,

2012

2011

ASSETS

Current Assets:

Cash and cash equivalents

$             10,430

$               9,282

Marketable securities

13,128

14,867

Accounts receivable, net

6,001

5,976

Inventories

7,669

7,749

Prepaid expenses

891

1,015

Deferred income tax asset

807

893

Other current assets

2,386

1,564

  Total current assets

41,312

41,346

Property and equipment, net

11,855

11,836

Intangibles, net

621

646

Deferred income tax asset

1,507

1,740

Inventories, non-current

113

160

Other assets, net

239

314

       Total assets

$             55,647

$             56,042

LIABILITIES AND STOCKHOLDERS' EQUITY 

Current Liabilities:

Short-term debt

$                      -

$                    17

Accounts payable

2,702

2,376

Accrued liabilities

5,278

5,876

Customer deposits and deferred revenue

2,710

4,585

Income taxes payable

144

-

  Total current liabilities

10,834

12,854

Long-term debt

-

15

Deferred income tax liability

710

689

      Total liabilities

11,544

13,558

Commitments and contingencies - see Note 8

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,

8,207,077 and 8,140,675 issued and outstanding, respectively, 

as of March 31, 2012, and 8,207,077 and 8,187,764 issued 

and outstanding, respectively, as of December 31, 2011

82

82

   Additional paid-in capital

19,453

19,401

   Treasury stock, at cost: 66,402 and 19,313 shares

(595)

(267)

   Retained earnings

23,713

22,442

   Accumulated other comprehensive income

1,450

826

Total stockholders' equity

44,103

42,484

Total liabilities and stockholders' equity

$             55,647

$             56,042

 

GAMING PARTNERS INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts)

Three Months Ended

March 31,

2012

2011

Revenues

$      15,425

$      17,821

Cost of revenues

10,203

11,492

Gross profit

5,222

6,329

Marketing and sales

1,409

1,277

General and administrative

2,269

2,550

Operating income

1,544

2,502

Other income and (expense)

110

110

Income before income taxes

1,654

2,612

Income tax provision

383

883

Net income

$        1,271

$        1,729

Earnings per share:

Basic

$          0.16

$          0.21

Diluted

$          0.16

$          0.21

Weighted-average shares of common stock outstanding:

Basic

8,169

8,199

Diluted

8,184

8,220

 

For Further Information Contact: Gregory S. Gronau, President and Chief Executive Officer Gerald W. Koslow, Chief Financial Officer PH: 702.384.2425 FX: 702.384.1965

SOURCE Gaming Partners International Corporation



RELATED LINKS

http://www.gpigaming.com