LAS VEGAS, NV -- Gaming Partners International Corp., a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the third quarter and nine months ended Sept. 30, 2011.
For the third quarter of 2011, the Company posted revenues of $13.8 million and net income of $0.5 million, or $0.06 per basic and diluted share. These results compare to revenues of $12.4 million and net income of $0.8 million, or $0.09 per basic and diluted share, for the third quarter of 2010. Gross profit for the third quarter of 2011 was $4.2 million, or 31% of revenues, compared to $4.1 million, or 33% of revenues, for the prior year quarter.
The increase in revenue for the third quarter of 2011, compared to the same prior year period, was due primarily to an approximate $1.0 million increase in sales of European-style casino chips to Asia, particularly to SJM casinos in Macau. Additionally, the Company realized $0.3 million in RFID solutions revenue in Asia in the third quarter of 2011.
For the first nine months of 2011, the Company posted revenues of $46.4 million and net income of $3.1 million, or $0.38 per basic and diluted share. These results compare to revenues of $43.2 million and net income of $3.5 million, or $0.42 per basic and diluted share, for the first nine months of 2010. Gross profit for the first nine months of 2011 was $15.1 million, or 33% of revenues, compared to $16.3 million, or 38% of revenues, for the first nine months of 2010.
The increase in revenue for the first nine months of 2011, compared to the same prior year period, was due primarily to an increase of nearly $8.3 million in sales of European-style casino chips for the Galaxy and SJM casinos in Macau, as well as in other parts of Asia, and $1.3 million in RFID solutions revenue. This increase was offset by a $4.3 million decline in American-style casino chip sales and a $2.1 million decline in furniture and accessories sales in the United States.
The Company ended the quarter with $25.2 million in cash, cash equivalents and marketable securities.
"Our results for the third quarter and the first nine months of 2011 were driven by continued higher revenues in Asia," said Gregory Gronau, GPIC president and CEO. “We have also recently received orders from the Sands Cotai Central Project Parcels 5 and 6 in Macau, the Star Casino in Australia and from the Genting Casinos UK in the United Kingdom, which together include chips and plaques from the Company’s Bud Jones and Bourgogne et Grasset product brands. Totaling approximately $6.2 million and to be delivered in 2012, these orders reflect our continued efforts to expand our relationships with key operators in every major gaming jurisdiction.”
About Gaming Partners International Corp.:
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.
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GAMING PARTNERS INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except per share amounts) |
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September 30, |
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 |
$ 8,521 |
$ 11,400 |
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Marketable securities |
16,635 |
18,350 |
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Accounts receivable, net |
5,115 |
6,838 |
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Inventories |
7,973 |
7,160 |
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Prepaid expenses |
1,028 |
790 |
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Deferred income tax asset |
536 |
949 |
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Other current assets |
2,285 |
1,578 |
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Total current assets |
42,093 |
47,065 |
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Property and equipment, net |
11,857 |
11,926 |
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Intangibles, net |
675 |
782 |
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Deferred income tax asset |
1,279 |
1,108 |
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Inventories, non-current |
304 |
496 |
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Other assets, net |
387 |
430 |
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Total assets |
$ 56,595 |
$ 61,807 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities: |
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Short-term debt |
$ 17 |
$ 6,696 |
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Accounts payable |
2,943 |
3,216 |
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Accrued liabilities |
5,464 |
6,204 |
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Customer deposits and deferred revenue |
3,136 |
3,919 |
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Income taxes payable |
173 |
273 |
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Total current liabilities |
11,733 |
20,308 |
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Long-term debt |
19 |
32 |
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Deferred income tax liability |
564 |
491 |
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Other liabilities |
42 |
41 |
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Total liabilities |
12,358 |
20,872 |
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Commitments and contingencies - see Note 8 |
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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 |
- |
- |
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Common stock, authorized 30,000,000 shares, $.01 par value, |
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8,199,016 issued and outstanding |
82 |
82 |
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Additional paid-in capital |
19,360 |
19,196 |
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Treasury stock, at cost; 8,061 shares |
(196) |
(196) |
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Retained earnings |
23,383 |
20,269 |
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Accumulated other comprehensive income |
1,608 |
1,584 |
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Total stockholders' equity |
44,237 |
40,935 |
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Total liabilities and stockholders' equity |
$ 56,595 |
$ 61,807 |
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GAMING PARTNERS INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts) |
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Three Months Ended |
Nine Months Ended |
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September 30, |
September 30, |
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2011 |
2010 |
2011 |
2010 |
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Revenues |
$ 13,834 |
$ 12,383 |
$ 46,446 |
$ 43,235 |
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Cost of revenues |
9,596 |
8,319 |
31,347 |
26,914 |
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Gross profit |
4,238 |
4,064 |
15,099 |
16,321 |
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Marketing and sales |
1,194 |
1,088 |
3,604 |
3,363 |
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General and administrative |
2,587 |
1,899 |
7,432 |
7,336 |
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Operating income |
457 |
1,077 |
4,063 |
5,622 |
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Other income and (expense) |
125 |
75 |
357 |
229 |
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Income before income taxes |
582 |
1,152 |
4,420 |
5,851 |
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Income tax provision |
105 |
391 |
1,306 |
2,387 |
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Net income |
$ 477 |
$ 761 |
$ 3,114 |
$ 3,464 |
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Earnings per share: |
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Basic |
$ 0.06 |
$ 0.09 |
$ 0.38 |
$ 0.42 |
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Diluted |
$ 0.06 |
$ 0.09 |
$ 0.38 |
$ 0.42 |
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Weighted-average shares of common stock outstanding: |
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Basic |
8,199 |
8,199 |
8,199 |
8,199 |
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Diluted |
8,234 |
8,207 |
8,226 |
8,205 |
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Source: Gaming Partners International Corp.
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