LAS VEGAS, March 30 /PRNewswire-FirstCall/ -- Gaming Partners International Corporation , the leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the fourth quarter and year ended December 31, 2008.
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For the fourth quarter of 2008, the Company reported revenues of $15.7 million, which were down 21% compared to revenues of $19.9 million for the fourth quarter of 2007. Gross profit for the quarter was $5.5 million, or 35% of revenues, compared to $6.8 million, or 34% of revenues, in the same period a year ago.
Net income for the fourth quarter of 2008 was $1.8 million, or $0.22 per basic and diluted share, and up 100% compared to a net income of $0.9 million, or $0.11 per basic and diluted share, in the fourth quarter of 2007.
For the year ended December 31, 2008, revenues were $60.5 million, which were up 3% compared to revenues of $58.8 million in the year ended December 31, 2007. Gross profit for the year was $19.9 million, or 33% of revenues, compared to $17.5 million, or 30% of revenues, in 2007.
Net income for the year ended December 31, 2008 was $4.5 million, or $0.55 per basic and diluted share, compared to $0.2 million, or $0.03 per basic and diluted share, for the year ended December 31, 2007.
As of December 31, 2008, the Company had cash and marketable securities of $13.1 million, compared to $9.4 million as of December 31, 2007.
As of December 31, 2008, the Company had $38.8 million of stockholders' equity, compared to $35.1 million as of December 31, 2007.
As of December 31, 2008, our backlog of unfilled orders, which are expected to be filled in 2009, was $13.0 million. Over $8.0 million of the backlog is for orders from two casinos in Asia that are expected to be delivered in the middle of the year, which the Company previously announced with its press release on January 16, 2009. At December 31, 2007, our backlog was $11.1 million.
Commenting on the results, Gerard Charlier, President and CEO, said, "We are pleased with our fourth quarter and year end results for 2008, especially given the difficult economic environment. Our continuing efforts to reduce costs contributed to these results. The move of our Bud Jones chip production from Las Vegas to Mexico is improving operating margins and we have made staff reductions as well as other cost reductions. This past year was the Company's second best year in terms of both revenues and net income. However, the challenges facing the gaming industry will make 2009 a difficult year, especially in the first quarter. Nonetheless, we are positioning the company to meet the challenges we face and believe we can find success in the marketplace, such as the large orders we announced in January for the City of Dreams casino in Macau and the Newport City casino in Manila."
About Gaming Partners International Corporation
GPIC manufactures and supplies (under the brand names of Paulson(R), Bourgogne et Grasset(R) and Bud Jones(R)) casino chips including plaques and jetons and low frequency and high frequency RFID chips, low and high frequency RFID readers, table layouts, playing cards, dice, gaming furniture, roulette wheels, table accessories, and other products that are used with casino table games such as blackjack, poker, baccarat, craps, and roulette. GPIC is headquartered in Las Vegas, Nevada, with offices in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey; and Gulfport, Mississippi. GPIC sells its casino products directly to licensed casinos throughout the world. For additional information about GPIC, visit our web site at http://www.gpigaming.com/.
Safe Harbor Statement
This release contains "forward-looking statements" based on current expectations but 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, including Macau, unfavorable economic conditions which may reduce our product sales, and the long term potential of the RFID gaming chips market and the ability of Gaming Partners International to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. Gaming Partners International'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, 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: For Gaming Partners International Corporation: GPIC Contact: David W. Grimes 702-598-2400 dgrimes@gpigaming.com GAMING PARTNERS INTERNATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS December 31, (in thousands, except share amounts) 2008 2007 ---- ---- ASSETS Current Assets: Cash and cash equivalents $5,547 $4,627 Marketable securities 7,561 4,730 Accounts receivable, less allowance for doubtful accounts of $342 and $327, respectively 5,422 5,811 Inventories 9,894 10,093 Prepaid expenses 431 487 Deferred income tax asset 691 893 Other current assets 790 1,459 --- ----- Total current assets 30,336 28,100 Property and equipment, net 14,158 15,596 Goodwill 1,599 1,680 Other intangibles, net 783 1,023 Deferred income tax asset 1,666 1,514 Long-term investments 696 736 Other assets, net 311 660 --- --- Total assets $49,549 $49,309 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term debt $523 $689 Accounts payable 2,613 2,964 Accrued liabilities 3,066 4,418 Customer deposits 1,432 2,715 Income taxes payable 312 27 Other current liabilities 459 406 --- --- Total current liabilities 8,405 11,219 Long-term debt, less current maturities 1,743 2,273 Deferred income tax liability 585 455 Other liabilities - 209 - --- Total liabilities 10,733 14,156 ------ ------ Commitments and contingencies - see Note 10 Stockholders' Equity: Preferred stock, authorized 10,000,000 shares, $.01 par value, none issued and outstanding - - Common stock, authorized 30,000,000 shares, $.01 par value, 8,103,401 and 8,103,401, respectively, issued and outstanding 81 81 Additional paid-in capital 19,033 18,766 Treasury stock, at cost; 8,061 shares (196) (196) Retained earnings 17,312 12,825 Accumulated other comprehensive income 2,586 3,677 ----- ----- Total stockholders' equity 38,816 35,153 ------ ------ Total liabilities and stockholders' equity $49,549 $49,309 ======= ======= See Notes to Consolidated Financial Statements GAMING PARTNERS INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS December 31, (in thousands, except per share amounts) 2008 2007 ---- ---- Revenues $60,546 $58,821 Cost of revenues 40,671 41,355 ------ ------ Gross profit 19,875 17,466 Product development 201 419 Marketing and sales 4,263 4,303 General and administrative 10,071 11,882 ------ ------ Operating income 5,340 862 Other income (expense) Gain (loss) on foreign currency transactions 268 (323) Interest income 252 334 Interest expense (137) (190) Other income, net 103 374 --- --- Income before income taxes 5,826 1,057 Income tax expense 1,339 817 ----- --- Net income $4,487 $240 ====== ==== Earnings per share: Basic $0.55 $0.03 ===== ===== Diluted $0.55 $0.03 ===== ===== Weighted-average shares of common stock outstanding: Basic 8,103 8,101 ===== ===== Diluted 8,184 8,242 ===== ===== See Notes to Consolidated Financial Statements Selected Quarterly Financial Information Year Ended December 31, 2008 ---------------------------- First Second Third Fourth Total ------ ------- ------ ------- ----- (in thousands, except per share data) Net revenues $12,125 $18,856 $13,820 $15,745 $60,546 Gross profit 3,659 6,333 4,420 5,463 19,875 Operating (loss) income (396) 2,407 1,318 2,011 5,340 Net (loss) income $(412) $1,850 $1,247 $1,802 $4,487 ===== ====== ====== ====== ====== Net (loss) income per share: Basic $(0.05) $0.23 $0.15 $0.22 $0.55 ====== ===== ===== ===== ===== Diluted $(0.05) $0.23 $0.15 $0.22 $0.55 ====== ===== ===== ===== ===== Year Ended December 31, 2007 ---------------------------- First Second Third Fourth Total ------ ------- ------ ------- ----- (in thousands, except per share data) Net revenues $8,921 $14,779 $15,196 $19,925 $58,821 Gross profit 1,441 4,470 4,708 6,847 17,466 Operating (loss) income (2,373) 289 958 1,988 862 Net (loss) income $(1,490) $440 $387 $903 $240 ======= ==== ==== ==== ==== Net (loss) income per share: Basic $(0.18) $0.05 $0.05 $0.11 $0.03 ====== ===== ===== ===== ===== Diluted $(0.18) $0.05 $0.05 $0.11 $0.03 ====== ===== ===== ===== =====
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Gaming Partners International Corporation
CONTACT: David W. Grimes of Gaming Partners International Corporation,
+1-702-598-2400, dgrimes@gpigaming.com
Web Site: http://www.gpigaming.com/
