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

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

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