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Gaming Partners International Corporation Reports Financial Results for the Second Quarter and First Six Months of 2016

Aug 11, 2016
9:31am

LAS VEGAS, Aug. 11, 2016 /PRNewswire/ -- Gaming Partners International Corporation (NASDAQ: GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced financial results for the second quarter and six months ended June 30, 2016.

Gaming Partners International Corporation logo.

During the second quarter of 2016, the Company had revenues of $20.3 million, compared to revenues of $16.2 million in the second quarter of 2015. During the second quarter ended June 30, 2016, the Company posted net income of $2.1 million, or $0.26 per basic and diluted share, compared to a net loss of $0.1 million, or ($0.02) per basic and diluted share, in the same period in 2015. The increase in our net income for the three months ended June 30, 2016 is primarily due to an increase in casino currency sales in the United States and an increase in sales of RFID solutions in Asia.

During the first six months of 2016, the Company had revenues of $36.4 million, compared to revenues of $34.9 million in the same period of the prior year. During the first six months of 2016, the Company posted net income of $2.0 million, or $0.25 per basic and diluted share, compared to a net income of $1.8 million, or $0.23 per basic and diluted share, for the comparable period of 2015. The increase in net income is primarily due to an increase in casino currency sales in the United States and in Europe and Africa, offset partially by a decline in casino currency sales in the Asia Pacific region.

"We are quite pleased with our sales and net income for the second quarter of 2016.  Increased sales of casino currency, RFID solutions and consumables compared to the same period last year drove these improved results," commented Gregory Gronau, GPIC President and Chief Executive Officer. "Our recent acquisition of Dolphin's gaming currency assets will help further strengthen our market position in Asia. We have a backlog of $13.1 million in orders from the Asia market, up from $9.1 million at the same time last year. In the United States, the rapid growth of our playing card business is helping to produce higher revenues but has generated operational challenges. In response, we have invested significantly in additional equipment and anticipate the opening of our expanded facilities in the second half of 2016."

About Gaming Partners International Corporation (GPIC)

GPIC manufactures and supplies casino table game equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bourgogne et Grasset®, Gemaco® and Bud Jones®, GPIC provides casino currency such as chips, plaques and jetons; playing cards; table layouts; gaming furniture and table accessories; dice; and roulette wheels. GPIC pioneered the use of security features such as radio frequency identification device (RFID) technology in casino currency and provides RFID solutions including RFID readers, software and displays. Headquartered in Las Vegas, Nevada, GPIC also has manufacturing facilities, warehouses and/or sales offices in Beaune, France; San Luis Rio Colorado, Mexico; Blue Springs, Missouri; Atlantic City, New Jersey; Gulfport, Mississippi; and Macau S.A.R., China. For additional information, please visit http://www.gpigaming.com.

Safe Harbor Statement

This release contains "forward-looking statements" based on current expectations that are inherently subject to known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; fulfillment of product orders; new products; future share repurchases; the long-term growth and prospects of our business or any jurisdiction in which we operate; and the long term potential of the RFID casino currency solutions market and our ability to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. Our plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing of and ability to consummate acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the period ended December 31, 2015, all of which are difficult or impossible to predict accurately and many of which are beyond our control and are subject to change. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

For more information please contact:

Gregory Gronau, Chief Executive Officer and President
+1.702.384.2425

GAMING PARTNERS INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share amounts)





June 30,


December 31,




2016


2015

ASSETS




Current Assets:





Cash and cash equivalents

$ 11,026


$            17,788


Marketable securities

1,674


3,503


Accounts receivable, net

11,591


10,677


Inventories

13,402


10,199


Prepaid expenses

726


947


Deferred income tax assets

2,085


1,640


Other current assets

2,708


1,576



Total current assets

43,212


46,330

Property and equipment, net

21,805


14,102

Goodwill

10,292


10,292

Intangible assets, net

2,368


2,505

Deferred income tax assets

644


710

Inventories, non-current

898


670

Other assets, non-current

2,642


2,635



Total assets

$ 81,861


$            77,244







LIABILITIES AND STOCKHOLDERS' EQUITY 




Current Liabilities:





Accounts payable

$   3,619


$              4,498


Accrued liabilities

6,154


6,456


Customer deposits and deferred revenue

5,101


2,080


Current portion of long-term debt

1,359


1,343


Income taxes payable

1,107


824



Total current liabilities

17,340


15,201

Long-term debt

7,325


8,002

Deferred income tax liabilities

107


170

Other liabilities, non-current

1,076


83



Total liabilities

25,848


23,456

Commitments and contingencies - see Note 9




Stockholders' Equity:




   Preferred stock, authorized 10,000,000 shares, $0.01 par value, none issued and outstanding

-


-

   Common stock, authorized 30,000,000 shares, $0.01 par value, 8,219,577 shares issued and 7,928,594 shares outstanding

82


82

   Additional paid-in capital

20,009


20,033

   Treasury stock at cost: 290,983 shares

(2,263)


(2,263)

   Retained earnings

39,809


37,812

   Accumulated other comprehensive loss

(1,624)


(1,876)



Total stockholders' equity

56,013


53,788



Total liabilities and stockholders' equity

$ 81,861


$            77,244

 

GAMING PARTNERS INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)




Three Months Ended


Six Months Ended



June 30,


June 30,



2016


2015


2016


2015

Revenues

$ 20,344


$ 16,249


$ 36,437


$ 34,905

Cost of revenues

13,027


11,615


25,152


23,947


Gross profit

7,317


4,634


11,285


10,958










Marketing and sales

1,573


1,384


3,098


3,184

General and administrative

2,519


2,466


4,692


4,882

Research and development

352


311


659


650


Operating income

2,873


473


2,836


2,242

Other income (expense), net

7


(103)


(75)


(68)


Income before income taxes

2,880


370


2,761


2,174

Income tax provision

803


511


764


358


Net income (loss)

$   2,077


$    (141)


$   1,997


$   1,816










Earnings per share:









Basic

$     0.26


$   (0.02)


$     0.25


$     0.23


Diluted

$     0.26


$   (0.02)


$     0.25


$     0.23

Weighted-average shares of common stock outstanding:






Basic

7,929


7,929


7,929


7,922


Diluted

8,037


7,929


8,038


8,035

 

Logo - http://photos.prnewswire.com/prnh/20110512/LA99804LOGO

 

SOURCE Gaming Partners International Corporation


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