Gaming Partners International Corporation Reports 2011 First Quarter Results
May 12, 2011, 09:00 ET
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 GAMING PARTNERS INTERNATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) |
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March 31, |
December 31, |
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2011 |
2010 |
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ASSETS |
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Current Assets: |
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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 |
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Other assets, net |
451 |
430 |
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Total assets |
$ 64,877 |
$ 61,807 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities: |
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Short-term debt |
$ 7,119 |
$ 6,696 |
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Accounts payable |
2,834 |
3,216 |
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Accrued liabilities |
6,666 |
6,204 |
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Customer deposits |
3,164 |
3,919 |
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Income taxes payable |
728 |
273 |
||||
Total current liabilities |
20,511 |
20,308 |
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Long-term debt |
28 |
32 |
||||
Deferred income tax liability |
542 |
491 |
||||
Other liabilities |
44 |
41 |
||||
Total liabilities |
21,125 |
20,872 |
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Stockholders' Equity: |
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Preferred stock, authorized 10,000,000 shares, $.01 par value, |
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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 |
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Total stockholders' equity |
43,752 |
40,935 |
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Total liabilities and stockholders' equity |
$ 64,877 |
$ 61,807 |
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GAMING PARTNERS INTERNATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) |
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(unaudited) |
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Three Months Ended |
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March 31, |
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2011 |
2010 |
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Revenues |
$ 17,821 |
$ 10,945 |
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Cost of revenues |
11,569 |
7,274 |
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Gross profit |
6,252 |
3,671 |
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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 |
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Net income |
$ 1,729 |
$ 37 |
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Earnings per share: |
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Basic |
$ 0.21 |
$ - |
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Diluted |
$ 0.21 |
$ - |
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Weighted-average shares of common stock outstanding: |
|||||
Basic |
8,199 |
8,199 |
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Diluted |
8,220 |
8,203 |
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SOURCE Gaming Partners International Corporation