LAS VEGAS, March 29, 2012 /PRNewswire/ -- Gaming Partners
International Corporation (NASDAQ: GPIC), a leading worldwide
provider of casino currency and table gaming equipment, today
announced financial results for the fourth quarter and year ending
December 31, 2011.
(Logo:
http://photos.prnewswire.com/prnh/20110512/LA99804LOGO)
For its fourth quarter of 2011, the Company posted revenues of
$14.6 million and net income of
$0.6 million, or $0.07 per basic and diluted share. These results
compare to revenues of $16.6 million
and net income of $1.0 million, or
$0.12 per basic and diluted share,
for the fourth quarter of 2010. Gross profit for the quarter was
$4.2 million, or 29% of revenues,
compared to $5.4 million, or 33% of
revenues, in the prior year period.
For the year 2011, the Company recorded revenues of $61.1 million and net income of $3.7 million, or $0.45 per basic and diluted share. These results
compare to revenues of $59.9 million
and net income of $4.4 million, or
$0.54 per basic and $0.53 per diluted share for the year 2010. Gross
profit for the year was $19.5
million, a decrease of $2.4 million, or 11.0%, compared to gross
profit of $21.9 million for 2010. As
a percentage of revenues, gross profit decreased from 36.6% to
32.0%, primarily due to high volume, but lower margin plaque and
chip sales to several Asian customers during 2011; one-time
delivery of non-RFID American-style chips at no cost to the Star
Casino in Australia as an
accommodation to meet delivery dates, following RFID tag delivery
delays related to the fall 2011 Thailand floods; and the sale of
higher margin Paulson chips with increased security features to
casinos in Pennsylvania,
West Virginia, and Delaware in 2010.
The primary reasons for the increase in revenue in 2011 were an
increase of nearly $7.7 million in
revenue of European-style casino chips for Asian casinos, including
the Galaxy™ Macau and Sociedade de
Jogos de Macau S.A. casinos, as well as in other parts of
Asia, and $1.6 million in RFID solutions revenue. This
increase was offset by a $5.4 million
decline in American-style casino chip revenue and a $2.7 million decline in furniture, accessories,
and layout sales in the United
States, due primarily to significant second and third
quarter sales to Pennsylvania,
Delaware, and West Virginia casinos in 2010.
In December, the Company paid a cash dividend of $1.5 million, or $0.1825 per share, and ended 2011 with
$24.1 million in cash, cash
equivalents and marketable securities. Also in December, the
Company initiated a stock repurchase program to repurchase up to 5%
of the Company's stock, or approximately 410,000 shares. During
December the Company repurchased over 11,000 shares, at a weighted
average cost of $6.31 per share, and,
as of March 21, 2012, repurchased an
aggregate of approximately 57,000 shares at a weighted average cost
of $6.84 per share, under this
program.
"We closed out 2011 with a strong year for sales in Asia," commented Gregory Gronau, GPIC President and Chief
Executive Officer. "This reflected the opening of the Galaxy
Macau casino, with both chip and RFID solution sales, as well as
rebranding and replacement sales with Macau, Singapore, and Malaysia casinos. For 2012, we expect to
leverage our expanded chip mold making and design capabilities for
our global customers to improve their chip security, branding and
promotions. Additionally, we will continue to pursue
potential strategic acquisitions and partnerships to grow our
business."
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®,
Bud Jones®, and Bourgogne et Grasset®, GPIC provides casino
currency such as chips, plaques and jetons; casino tables,
furniture and accessories; table layouts; playing cards; precision
dice; roulette wheels; and gaming-related RFID technology and
applications. Headquartered in Las
Vegas, Nevada, GPIC has additional locations 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 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;
potential strategic acquisitions and partnerships; 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
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
December
31,
|
|
(audited)
|
|
|
2011
|
|
2010
|
|
ASSETS
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
9,282
|
|
$
11,400
|
|
|
Marketable securities
|
14,867
|
|
18,350
|
|
|
Accounts receivable,
net
|
5,976
|
|
6,838
|
|
|
Inventories
|
7,749
|
|
7,160
|
|
|
Prepaid expenses
|
1,015
|
|
790
|
|
|
Deferred income tax
asset
|
893
|
|
949
|
|
|
Other current assets
|
1,564
|
|
1,578
|
|
|
|
Total current
assets
|
41,346
|
|
47,065
|
|
Property and equipment,
net
|
11,836
|
|
11,926
|
|
Intangibles, net
|
646
|
|
782
|
|
Deferred income tax
asset
|
1,740
|
|
1,108
|
|
Inventories,
non-current
|
160
|
|
496
|
|
Other assets, net
|
314
|
|
430
|
|
|
Total
assets
|
$
56,042
|
|
$
61,807
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Short-term debt
|
$
17
|
|
$
6,696
|
|
|
Accounts payable
|
2,376
|
|
3,216
|
|
|
Accrued liabilities
|
5,876
|
|
6,204
|
|
|
Customer deposits and deferred
revenue
|
4,585
|
|
3,919
|
|
|
Income taxes payable,
net
|
-
|
|
273
|
|
|
|
Total current
liabilities
|
12,854
|
|
20,308
|
|
Long-term debt
|
15
|
|
32
|
|
Deferred income tax
liability
|
689
|
|
491
|
|
Other liabilities
|
-
|
|
41
|
|
|
Total
liabilities
|
13,558
|
|
20,872
|
|
Commitments and contingencies -
see Note 11
|
|
|
|
|
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,
|
|
|
|
|
|
8,207,077 and 8,187,764 issued
and outstanding, respectively,
|
|
|
|
|
|
as of December 31, 2011, and
8,207,077 and 8,199,016 issued
|
|
|
|
|
|
and outstanding, respectively,
as of December 31, 2010
|
82
|
|
82
|
|
Additional paid-in
capital
|
19,401
|
|
19,196
|
|
Treasury stock at cost:
19,313 and 8,061 shares
|
(267)
|
|
(196)
|
|
Retained
earnings
|
22,442
|
|
20,269
|
|
Accumulated other
comprehensive income
|
826
|
|
1,584
|
|
|
|
Total stockholders'
equity
|
42,484
|
|
40,935
|
|
|
|
Total liabilities and
stockholders' equity
|
$
56,042
|
|
$
61,807
|
|
|
|
|
|
|
|
GAMING
PARTNERS INTERNATIONAL CORPORATION
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR THE
THREE MONTHS AND YEAR ENDED DECEMBER 31,
|
|
(in
thousands, except per share amounts)
|
|
|
|
|
(unaudited)
|
|
(audited)
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Revenues
|
$ 14,638
|
|
$ 16,641
|
|
$ 61,084
|
|
$ 59,875
|
|
Cost of revenues
|
10,404
|
|
11,199
|
|
41,550
|
|
37,961
|
|
|
Gross profit
|
4,234
|
|
5,442
|
|
19,534
|
|
21,914
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and sales
|
1,255
|
|
1,169
|
|
5,095
|
|
4,707
|
|
General and
administrative
|
2,575
|
|
3,455
|
|
9,971
|
|
10,768
|
|
|
Operating income
|
404
|
|
818
|
|
4,468
|
|
6,439
|
|
Other income and
(expense)
|
107
|
|
122
|
|
463
|
|
352
|
|
|
Income before income
taxes
|
511
|
|
940
|
|
4,931
|
|
6,791
|
|
Income tax expense
|
(44)
|
|
(15)
|
|
1,262
|
|
2,372
|
|
|
Net income
|
$
555
|
|
$
955
|
|
$
3,669
|
|
$
4,419
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.07
|
|
$
0.12
|
|
$
0.45
|
|
$
0.54
|
|
|
Diluted
|
$
0.07
|
|
$
0.12
|
|
$
0.45
|
|
$
0.53
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of
common stock outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
8,197
|
|
8,199
|
|
8,199
|
|
8,199
|
|
|
Diluted
|
8,206
|
|
8,205
|
|
8,225
|
|
8,207
|
|
|
|
|
|
|
|
|
|
|
SOURCE Gaming Partners International Corporation