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| 8-K - CURRENT REPORT - Gaming Partners International CORP | v312083_8k.htm |
Exhibit 99.1
Gaming Partners International Corporation Reports Financial Results for the First Quarter of 2012
Las Vegas, NV (PR Newswire) (May 10, 2012) —Gaming Partners International Corporation (NASDAQ: GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced today financial results for the first quarter ending March 31, 2012.
For its first quarter of 2012, the Company posted revenues of $15.4 million and net income of $1.3 million, or $0.16 per basic and diluted share. These results compare to revenues of $17.8 million and net income of $1.7 million, or $0.21 per basic and diluted share, for the first quarter of 2011. Gross profit for the quarter was $5.2 million, or 34% of revenues, compared to $6.3 million, or 36% of revenues, in the prior year period.
The primary reason for the decrease in revenues in first quarter 2012 net income was comparably lower sales of chips to casinos in Macau.
The Company ended the quarter with $23.6 million in cash, cash equivalents and marketable securities and no debt.
“We saw strong revenue growth in the United States in the first quarter, compared to last year’s first quarter, with an increase in openings and replacement orders,” commented Greg Gronau, GPIC President and Chief Executive Officer. “While sales in Asia were down in the first quarter, due to large orders in Macau with the Galaxy and Sociedade de Jogos de Macau S.A. casinos in the first quarter of 2011, we expect an increase in Asian orders for the remainder the year, as reflected in our recent announcement of three new orders for $4.7 million in chip sales to casinos in Macau.”
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®, GPI provides casino currency such as chips, plaques and jetons; gaming furniture and accessories; table layouts; playing cards; dice; and roulette wheels. GPI pioneered the use of security features such as RFID technology in casino chips and provides radio frequency identification device (RFID) solutions including chips, readers and displays. Headquartered in Las Vegas, Nevada, GPIC also has offices in Beaune, France; San Luis Rio Colorado, Mexico; 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 involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; fulfillment of product orders; the long-term growth and prospects of our business or any jurisdiction; and the long term potential of the RFID casino currency solutions 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, 2011, 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:
Gerald W. Koslow, Chief Financial Officer
+1.702.384.2425
jkoslow@gpigaming.com
# #
GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share amounts)
| March 31, | December 31, | |||||||
| 2012 | 2011 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 10,430 | $ | 9,282 | ||||
| Marketable securities | 13,128 | 14,867 | ||||||
| Accounts receivable, net | 6,001 | 5,976 | ||||||
| Inventories | 7,669 | 7,749 | ||||||
| Prepaid expenses | 891 | 1,015 | ||||||
| Deferred income tax asset | 807 | 893 | ||||||
| Other current assets | 2,386 | 1,564 | ||||||
| Total current assets | 41,312 | 41,346 | ||||||
| Property and equipment, net | 11,855 | 11,836 | ||||||
| Intangibles, net | 621 | 646 | ||||||
| Deferred income tax asset | 1,507 | 1,740 | ||||||
| Inventories, non-current | 113 | 160 | ||||||
| Other assets, net | 239 | 314 | ||||||
| Total assets | $ | 55,647 | $ | 56,042 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Short-term debt | $ | - | $ | 17 | ||||
| Accounts payable | 2,702 | 2,376 | ||||||
| Accrued liabilities | 5,278 | 5,876 | ||||||
| Customer deposits and deferred revenue | 2,710 | 4,585 | ||||||
| Income taxes payable | 144 | - | ||||||
| Total current liabilities | 10,834 | 12,854 | ||||||
| Long-term debt | - | 15 | ||||||
| Deferred income tax liability | 710 | 689 | ||||||
| Total liabilities | 11,544 | 13,558 | ||||||
| Commitments and contingencies - see Note 8 | ||||||||
| 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 8,140,675 issued and outstanding, respectively, | ||||||||
| as of March 31, 2012, and 8,207,077 and 8,187,764 issued | ||||||||
| and outstanding, respectively, as of December 31, 2011 | 82 | 82 | ||||||
| Additional paid-in capital | 19,453 | 19,401 | ||||||
| Treasury stock, at cost: 66,402 and 19,313 shares | (595 | ) | (267 | ) | ||||
| Retained earnings | 23,713 | 22,442 | ||||||
| Accumulated other comprehensive income | 1,450 | 826 | ||||||
| Total stockholders' equity | 44,103 | 42,484 | ||||||
| Total liabilities and stockholders' equity | $ | 55,647 | $ | 56,042 | ||||
GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2012 | 2011 | |||||||
| Revenues | $ | 15,425 | $ | 17,821 | ||||
| Cost of revenues | 10,203 | 11,492 | ||||||
| Gross profit | 5,222 | 6,329 | ||||||
| Marketing and sales | 1,409 | 1,277 | ||||||
| General and administrative | 2,269 | 2,550 | ||||||
| Operating income | 1,544 | 2,502 | ||||||
| Other income and (expense) | 110 | 110 | ||||||
| Income before income taxes | 1,654 | 2,612 | ||||||
| Income tax provision | 383 | 883 | ||||||
| Net income | $ | 1,271 | $ | 1,729 | ||||
| Earnings per share: | ||||||||
| Basic | $ | 0.16 | $ | 0.21 | ||||
| Diluted | $ | 0.16 | $ | 0.21 | ||||
| Weighted-average shares of common stock outstanding: | ||||||||
| Basic | 8,169 | 8,199 | ||||||
| Diluted | 8,184 | 8,220 | ||||||