LAS VEGAS, Aug. 11 /PRNewswire-FirstCall/ -- Gaming Partners International Corporation , a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the second quarter and first six months of 2010.
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For its second quarter of 2010, the Company posted revenues of $19.9 million and net income of $2.7 million, or $0.33 and $0.32 per basic and diluted share, respectively. These results compare to revenues of $11.3 million and net income of $0.2 million, or $0.02 per basic and diluted share, for the second quarter of 2009. Gross profit for the quarter was $8.6 million, or 43% of revenues, compared to $3.1 million, or 28% of revenues, for the second quarter of 2009.
For the first six months of 2010, the Company posted revenues of $30.9 million and net income of $2.7 million, or $0.33 per basic and diluted share. These results compare to revenues of $20.3 million and a net loss of $0.3 million, or $(0.04) per basic and diluted share, for the first six months of 2009. Gross profit for the first six months of 2010 was $12.3 million, or 40% of revenues, compared to $5.5 million, or 27% of revenues, for the comparable period in 2009.
At June 30, 2010 the Company had cash, cash equivalents, and marketable securities of $18.5 million, compared to $18.8 million at December 31, 2009.
"GPIC had a record quarter for gross profit, net income, and earnings per share. Revenues for the first six months of 2010 were up more than 50% over last year and we earned $2.7 million in net income, compared to last year's slight loss," said Greg Gronau, GPIC's President and CEO. "We got off to a strong start in the second quarter with the shipment to Marina Bay Sands in Singapore and we finished the quarter by largely completing the delivery of our orders to casinos which recently commenced table game operations in Pennsylvania, Delaware, and West Virginia. We are proud of our results for the second quarter, but given our current backlog, our second half 2010 results are expected to be more in line with historical performance."
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®, GPIC provides casino currency such as chips, plaques and jetons; gaming furniture and accessories; table layouts; playing cards; dice; and roulette wheels. GPIC pioneered the use of security features such as RFID technology in casino chips and provides RFID solutions including chips, readers and displays. Headquartered in Las Vegas, Nevada, GPIC also has offices Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey, and Gulfport, Mississippi. 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; 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, 2009, 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: Gerald W. Koslow 702-384-2425 jkoslow@gpigaming.com GAMING PARTNERS INTERNATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share amounts) June 30, December 31, 2010 2009 ---- ---- ASSETS Current Assets: Cash and cash equivalents $4,510 $3,238 Marketable securities 14,038 15,600 Accounts receivable, less allowance for doubtful accounts of $169 and $220, respectively 9,588 7,035 Inventories 5,769 7,173 Prepaid expenses 479 506 Deferred income tax asset 558 707 Other current assets 704 1,241 --- ----- Total current assets 35,646 35,500 Property and equipment, net 11,847 13,454 Intangibles, net 638 676 Deferred income tax asset 1,147 1,657 Inventories, non-current 1,096 1,686 Other assets, net 346 305 Total assets $50,720 $53,278 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term debt $14 $546 Accounts payable 2,932 2,828 Accrued liabilities 3,914 3,516 Customer deposits 2,995 4,698 Income taxes payable 372 569 Other current liabilities 788 649 --- --- Total current liabilities 11,015 12,806 Long-term debt, less current maturities 40 314 Deferred income tax liability 447 623 Other liabilities 38 45 --- --- Total liabilities 11,540 13,788 ------ ------ 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 8,199,016 respectively, issued and outstanding 82 82 Additional paid-in capital 19,093 18,985 Treasury stock, at cost; 8,061 shares (196) (196) Retained earnings 20,049 17,346 Accumulated other comprehensive income 152 3,273 --- ----- Total stockholders' equity 39,180 39,490 Total liabilities and stockholders' equity $50,720 $53,278 ======= ======= GAMING PARTNERS INTERNATIONAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2010 2009 2010 2009 ---- ---- ---- ---- Revenues $19,906 $11,312 $30,851 $20,256 Cost of revenues 11,321 8,191 18,595 14,722 ------ ----- ------ ------ Gross profit 8,585 3,121 12,256 5,534 Marketing and sales 1,190 1,080 2,275 2,063 General and administrative 2,842 1,969 5,437 4,292 ----- ----- ----- ----- Operating income (loss) 4,553 72 4,544 (821) Other income and (expense) 92 (21) 155 110 --- --- --- --- Income (loss) before income taxes 4,645 51 4,699 (711) Income tax expense (benefit) 1,979 (119) 1,996 (383) ----- ---- ----- ---- Net income (loss) $2,666 $170 $2,703 $(328) ====== ==== ====== ===== Earnings (loss) per share: Basic $0.33 $0.02 $0.33 $(0.04) ===== ===== ===== ====== Diluted $0.32 $0.02 $0.33 $(0.04) ===== ===== ===== ====== Weighted-average shares of common stock outstanding: Basic 8,199 8,103 8,199 8,103 ===== ===== ===== ===== Diluted 8,207 8,185 8,205 8,103 ===== ===== ===== =====
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Gaming Partners International Corporation
CONTACT: Gerald W. Koslow of Gaming Partners International Corporation,
+1-702-384-2425, jkoslow@gpigaming.com
Web Site: http://www.gpigaming.com/
