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Gaming Partners International Corporation Reports Financial Results for the Third Quarter and First Nine Months of 2016 and Announces Change in Earnings Release Policy

Nov 10, 2016
9:00am

LAS VEGAS, Nov. 10, 2016 /PRNewswire/ -- Gaming Partners International Corporation (NASDAQ: GPIC) (Company or GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced financial results for the third quarter and nine months ended September 30, 2016.

Gaming Partners International Corporation logo.

During the third quarter of 2016, the Company had revenues of $22.6 million, compared to revenues of $19.8 million in the third quarter of 2015. During the third quarter ended September 30, 2016, the Company posted net income of $2.4 million, or $0.30 per diluted share, compared to net income of $1.7 million, or $0.21 per diluted share, in the same period in 2015.

During the first nine months of 2016, the Company had revenues of $59.0 million, compared to revenues of $54.7 million in the same period of 2015. During the first nine months of 2016, the Company posted net income of $4.4 million, or $0.55 per diluted share, compared to net income of $3.5 million, or $0.43 per diluted share, for the comparable period of 2015.

The increase in our net income for the three and nine months ended September 30, 2016 is primarily due to an increase in casino currency sales and a decrease in our general and administrative expenses.

The Company announced that it intends to discontinue providing a press release on annual or quarterly basis in connection with the filing of its Form 10-K or Forms 10-Q after the issuance of this earnings release. The Company's Forms 10-K and Forms 10-Q will continue to be available on the SEC website at www.sec.gov and the Company website at www.gpigaming.com.

About Gaming Partners International Corporation

GPIC manufactures and supplies casino table game equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bourgogne et Grasset®, Gemaco®, Dolphin® 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 and par value)










September 30,


December 31,




2016


2015







ASSETS




Current Assets:





Cash and cash equivalents

$           10,505


$          17,788


Marketable securities

-


3,503


Accounts receivable, net

12,859


10,677


Inventories

15,781


10,199


Prepaid expenses

724


947


Deferred income tax assets

1,798


1,640


Other current assets

2,160


1,576


       Total current assets


43,827


46,330

Property and equipment, net

23,283


14,102

Goodwill

10,292


10,292

Intangible assets, net

2,300


2,505

Deferred income tax assets

602


710

Inventories, non-current

609


670

Other assets, non-current

2,663


2,635


       Total assets


$           83,576


$          77,244







LIABILITIES AND STOCKHOLDERS' EQUITY 




Current Liabilities:





Accounts payable

$             4,582


$            4,498


Accrued liabilities

5,538


6,456


Customer deposits and deferred revenue

3,815


2,080


Current portion of long-term debt

1,359


1,343


Income taxes payable

1,501


824


       Total current liabilities


16,795


15,201

Long-term debt

6,991


8,002

Deferred income tax liabilities

119


170

Other liabilities, non-current

1,076


83


       Total liabilities


24,981


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

20,016


20,033

   Treasury stock at cost: 290,983 shares

(2,263)


(2,263)

   Retained earnings

42,258


37,812

   Accumulated other comprehensive loss

(1,498)


(1,876)


        Total stockholders' equity


58,595


53,788


        Total liabilities and stockholders' equity


$           83,576


$          77,244

 

GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)








Three Months Ended


Nine Months Ended



September 30,


September 30,



2016


2015


2016


2015

Revenues

$ 22,559


$ 19,844


$ 58,996


$ 54,749

Cost of revenues

15,036


13,391


40,187


37,338


Gross profit

7,523


6,453


18,809


17,411










Marketing and sales

1,613


1,616


4,711


4,800

General and administrative

2,129


2,565


6,821


7,448

Research and development

297


250


955


900


Operating income

3,484


2,022


6,322


4,263

Other income (expense), net

43


127


(32)


59


Income before income taxes

3,527


2,149


6,290


4,322

Income tax provision

1,080


474


1,844


832


Net income

$   2,447


$   1,675


$   4,446


$   3,490










Earnings per share:









Basic

$     0.31


$     0.21


$     0.56


$     0.44


Diluted

$     0.30


$     0.21


$     0.55


$     0.43

Weighted-average shares of common stock outstanding:






Basic

7,929


7,929


7,929


7,924


Diluted

8,057


8,049


8,039


8,038

 

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

 

SOURCE Gaming Partners International Corporation


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