LAS VEGAS, March 26, 2013 /PRNewswire/ -- Gaming
Partners International Corporation (NASDAQ: GPIC), a leading
worldwide provider of casino currency and table gaming equipment,
announced today financial results for the fourth quarter and year
ending December 31, 2012.
(Logo:
http://photos.prnewswire.com/prnh/20110512/LA99804LOGO)
For its fourth quarter of 2012, the Company posted revenues of
$17.5 million and net income of
$1.7 million, or $0.22 per basic and diluted share. These results
compare to revenues of $14.6 million
and net income of $0.6 million, or
$0.07 per basic and diluted share,
for the fourth quarter of 2011. Gross profit for the quarter was
$6.6 million, or 38% of revenues,
compared to $4.4 million, or 30% of
revenues, in the prior year's fourth quarter.
For the full year 2012, the Company recorded revenues of
$62.9 million and net income of
$6.1 million, or $0.75 per basic and diluted share. These results
compare to revenues of $61.1 million
and net income of $3.7 million, or
$0.45 per basic and diluted share for
the year 2011. Gross profit for 2012 was $22.5 million, an increase of $2.1 million, or 10.6%, compared to gross
profit of $20.4 million for 2011. As
a percentage of revenues, gross profit increased from 33.3% to
35.8%, primarily due to a shift in sales mix toward higher margin
Paulson chips in the Americas during 2012, offset by a decrease in
sales of European-style casino chips to Asia Pacific casinos in 2012, compared to
2011, which resulted in fixed manufacturing costs being allocated
over lower production volumes in these products.
The primary reasons for the increase in revenue in 2012 were an
increase of $6.3 million in sales of
American-style chips in the United
States, primarily driven by sales of Paulson chips to
casinos opening in Ohio,
New Jersey, and Maine; and a $1.8
million increase in sales of furniture, accessories, table
layouts, and cards to new and expanding casinos in the United States. This increase was offset by
a $5.9 million decrease in sales of
European-style casino chips for Asia
Pacific casinos compared to sales in 2011, which were driven
primarily by significant sales to the Galaxy Macau ™ and Sociedade
de Jogos de Macau casinos in 2011;
and a $0.8 million decrease in sales
of RFID solutions to casinos in Asia
Pacific, primarily related to the May
2011 Galaxy Macau opening.
In December 2012, the Company paid
a cash dividend of $1.48 million, or
$0.1825 per share, and at
December 31, 2012, had $27.6 million in cash, cash equivalents and
marketable securities.
In November 2012, the Company's
Board of Directors increased the number of shares authorized under
the Company's stock repurchase program to 400,000 shares, an
increase of 88,561 shares. The Company purchased 54,600 shares
after the November 30, 2012
authorization, leaving 345,400 shares available for repurchase as
of December 31, 2012. Since the
inception of the original stock repurchase program on December 1, 2011 and through March 13, 2013, the Company has repurchased
240,652 shares at a total cost of $1,726,382.
"We had a strong fourth quarter, with more than $17.0 million in revenues, driven by sales in
both the United States and
Asia," commented Greg Gronau, GPIC President and Chief Executive
Officer. "For the full year, revenues were up slightly from our
successful sales year in 2011, but earnings increased substantially
as improvements in gross margin due to cost reductions and
reduction in our global effective tax rate drove more of our
revenue to the bottom line. We also increased our commitment to and
spending for research and development with a focus on meeting
customer requirements for increased security options for casino
currency and the development of a new chip currency that combines
features of our European and American chips into a brand new
jeton-like chip. We delivered our first order of this new currency
in the first quarter of 2013. This continuing commitment to product
development will allow us to keep pace with the changing needs of
our customers."
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® and Bud Jones®, GPI provides casino currency
such as chips, plaques and jetons; gaming furniture and table
accessories; table layouts; playing cards; dice; and roulette
wheels. GPIC pioneered the use of security features such as radio
frequency identification device (RFID) technology in casino chips
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; San Luis,
Arizona; 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
future share repurchases; anticipated future sales or the timing
thereof; fulfillment of product orders; 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, 2012, 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:
|
|
Gerald W.
Koslow, Chief Financial Officer
|
+1.702.384.2425
|
jkoslow@gpigaming.com
|
GAMING
PARTNERS INTERNATIONAL CORPORATION
|
CONSOLIDATED BALANCE SHEETS
|
December 31,
|
(audited)
|
(in
thousands, except share amounts)
|
|
|
|
|
2012
|
|
2011
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and
cash equivalents
|
$
14,038
|
|
$
9,282
|
|
Marketable
securities
|
13,546
|
|
14,867
|
|
Accounts
receivable, net
|
5,802
|
|
5,976
|
|
Inventories
|
7,337
|
|
7,749
|
|
Prepaid
expenses
|
893
|
|
1,015
|
|
Deferred
income tax asset
|
2,908
|
|
893
|
|
Other
current assets
|
1,311
|
|
1,564
|
|
|
Total current assets
|
45,835
|
|
41,346
|
Property
and equipment, net
|
11,190
|
|
11,836
|
Intangibles, net
|
540
|
|
646
|
Deferred
income tax asset
|
3,857
|
|
1,740
|
Inventories, non-current
|
207
|
|
160
|
Other
assets, net
|
1,653
|
|
314
|
|
Total
assets
|
$
63,282
|
|
$
56,042
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Short-term
debt
|
-
|
|
$
17
|
|
Accounts
payable
|
2,842
|
|
2,376
|
|
Accrued
liabilities
|
5,179
|
|
5,876
|
|
Customer
deposits and deferred revenue
|
3,037
|
|
4,585
|
|
Deferred
income tax liability
|
2,858
|
|
-
|
|
Income
taxes payable, net
|
571
|
|
-
|
|
|
Total current liabilities
|
14,487
|
|
12,854
|
Long-term
debt
|
-
|
|
15
|
Deferred
income tax liability
|
2,174
|
|
689
|
|
Total
liabilities
|
16,661
|
|
13,558
|
Commitments and contingencies
|
|
|
|
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 8,045,904 issued and outstanding,
respectively,
|
|
|
|
|
as of
December 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
|
19,563
|
|
19,401
|
Treasury stock at cost: 161,173 and
19,313 shares
|
(1,250)
|
|
(267)
|
Retained earnings
|
27,039
|
|
22,442
|
Accumulated other comprehensive
income
|
1,187
|
|
826
|
|
|
Total
stockholders' equity
|
46,621
|
|
42,484
|
|
|
Total
liabilities and stockholders' equity
|
$
63,282
|
|
$
56,042
|
GAMING
PARTNERS INTERNATIONAL CORPORATION
|
CONSOLIDATED STATEMENTS OF INCOME
|
(unaudited)
|
(in
thousands, except per share amounts)
|
|
|
|
2012
|
|
2011
|
Revenues
|
$
62,896
|
|
$
61,084
|
Cost of
revenues
|
40,384
|
|
40,728
|
|
Gross
profit
|
22,512
|
|
20,356
|
|
|
|
|
|
Marketing
and sales
|
6,111
|
|
5,512
|
General
and administrative
|
7,252
|
|
9,139
|
Research
and development
|
1,989
|
|
1,237
|
|
Operating income
|
7,160
|
|
4,468
|
Other
income, net
|
290
|
|
463
|
|
Income
before income taxes
|
7,450
|
|
4,931
|
Income tax
provision
|
1,375
|
|
1,262
|
|
Net
income
|
$
6,075
|
|
$
3,669
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
|
Basic
|
$
0.75
|
|
$
0.45
|
|
Diluted
|
$
0.75
|
|
$
0.45
|
|
|
|
|
|
Weighted-average shares of common stock
outstanding:
|
|
Basic
|
8,122
|
|
8,199
|
|
Diluted
|
8,149
|
|
8,225
|
SOURCE Gaming Partners International Corporation