LAS VEGAS, NV - Gaming Partners International Corp., which makes casino gambling tables and furniture, as well as poker chips, said it will repurchase up to five percent of its common stock, or approximately 410,000 shares.
Last month Gaming Partners reported third quarter 2011 net income of $500,000, on revenues of $13.8 million, up 11 percent from $12.4 million in the 2010 period. Net income fell by $300,000 from the 2010 period.
Gaming Partners said the increase in revenue 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; and a $300,000 sale of RFID solutions to Asia.
For the first nine months of 2011 Gaming Partners said it realized an increase of $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, while the U.S saw a $4.3 million decline in American-style casino chips and a $2.1 million decline in furniture and accessories sales.
In announcing the results, Gregory Gronau, GPIC president and CEO, said the compay has recently received orders totaling $6.2 million 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.
"These orders reflect our continued efforts to expand our relationships with key operators in every major gaming jurisdiction,” Gronau said. Commenting on Gaming Partners stock buy-back, Gronau said, "This share repurchase program is an appropriate use of cash, while also providing us adequate flexibility for future initiatives."
Gaming Partners was created from joining three of the world’s leading gaming suppliers, Bourgogne et Grasset (B&G), Paulson Gaming Supplies, and The Bud Jones Company. Gaming Partners International Corporation was formed in 2002 through a reverse merger between Paulson Gaming and B&G.GPIC manufactures and supplies casino table games and equipment under the brand names of Paulson, Bud Jones, and Bourgogne et Grasset, producing 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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