LAS VEGAS, Nov. 12, 2014 /PRNewswire/ -- Gaming Partners
International Corporation (NASDAQ: 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, 2014.
For the third quarter of 2014, our revenues were $20.3 million, an increase of $6.8 million, or 49.8%, compared to revenues of
$13.5 million for the same period of
2013. For the third quarter of 2014, our net income was
$2.8 million, compared to a net
income of $0.1 million for the same
period in 2013. The increase in our revenues and net income for the
three months ended September 30,
2014, was directly attributable to the business generated
from our acquisition of the gaming assets of GemGroup and the
increase of currency sales in the Asia region.
For the first nine months of 2014, our revenues were
$41.0 million, a decrease of
$1.4 million, or 3.3%, compared to
revenues of $42.4 million for the
same period of 2013. For the first nine months of 2014, our net
income was $0.5 million, compared to
net income of $0.6 million for the
same period of 2013. The decrease in our results for the nine
months ended September 30, 2014, was
due to the overall decrease in currency sales and the increase in
income tax expense, offset by the business generated from our
acquisition of the gaming assets of GemGroup.
"We do not expect any major casino openings for the remainder of
2014 but we are actively working on securing orders for 2015 casino
openings," commented Greg Gronau,
GPIC President, Chief Executive Officer, Treasurer and Secretary.
"Following our acquisition, we have started consolidating our card
production in Blue Springs,
Missouri. This will result in approximately $0.4 million of of pre-tax, one time charges but
it will provide significant savings in the manufacturing of cards.
This is in line with our overall plan to streamline our operations
and reduce our overheads and operating expenses."
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®, Bud Jones® and Gemaco®, GPIC 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
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
future share repurchases; costs and benefits of restructuring;
potential acquisitions and the successful integration of acquired
businesses; new products; 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;
the duration or effects of unfavorable economic conditions which
may reduce our sales; 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,
2013, 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.
|
|
GAMING PARTNERS
INTERNATIONAL CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except
share amounts)
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
9,745
|
|
$
14,492
|
|
Marketable
securities
|
1,597
|
|
5,724
|
|
Accounts receivable,
net
|
10,628
|
|
5,905
|
|
Inventories
|
10,730
|
|
7,407
|
|
Prepaid
expenses
|
706
|
|
965
|
|
Deferred income tax
asset
|
619
|
|
628
|
|
Other current
assets
|
2,454
|
|
3,054
|
|
|
Total current
assets
|
36,479
|
|
38,175
|
|
Property and
equipment, net
|
14,460
|
|
10,996
|
|
Intangibles,
net
|
2,873
|
|
985
|
|
Goodwill
|
10,275
|
|
-
|
|
Deferred income tax
asset
|
3,220
|
|
3,643
|
|
Inventories,
non-current
|
443
|
|
175
|
|
Other
assets
|
2,239
|
|
1,475
|
|
|
Total
assets
|
$
69,989
|
|
$
55,449
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Demand line of
credit
|
$
10,000
|
|
$
-
|
|
Accounts
payable
|
4,791
|
|
2,291
|
|
Accrued
liabilities
|
4,140
|
|
2,918
|
|
Customer deposits and
deferred revenue
|
2,175
|
|
646
|
|
Income taxes
payable
|
244
|
|
251
|
|
|
Total current
liabilities
|
21,350
|
|
6,106
|
|
Deferred income tax
liability
|
1,821
|
|
1,870
|
|
Other
liabilities
|
51
|
|
-
|
|
|
Total
liabilities
|
23,222
|
|
7,976
|
|
Commitments and
contingencies - see Note 9
|
|
|
|
|
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
7,916,094 issued and outstanding, respectively
|
82
|
|
82
|
|
Additional paid-in capital
|
19,877
|
|
19,771
|
|
Treasury
stock at cost: 290,983 shares
|
(2,262)
|
|
(2,262)
|
|
Retained
earnings
|
28,688
|
|
28,205
|
|
Accumulated other comprehensive income
|
382
|
|
1,677
|
|
|
Total
stockholders' equity
|
46,767
|
|
47,473
|
|
|
Total liabilities
and stockholders' equity
|
$
69,989
|
|
$
55,449
|
|
|
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Revenues
|
$ 20,253
|
|
$ 13,519
|
|
$ 41,028
|
|
$ 42,433
|
|
Cost of
revenues
|
13,447
|
|
9,095
|
|
28,710
|
|
29,343
|
|
Gross
profit
|
6,806
|
|
4,424
|
|
12,318
|
|
13,090
|
|
|
|
|
|
|
|
|
|
|
Marketing and
sales
|
1,840
|
|
1,683
|
|
4,486
|
|
4,692
|
|
General and
administrative
|
2,041
|
|
2,249
|
|
6,151
|
|
6,730
|
|
Research and
development
|
324
|
|
467
|
|
1,178
|
|
1,495
|
|
Operating
income
|
2,601
|
|
25
|
|
503
|
|
173
|
|
Other income and
(expense), net
|
127
|
|
(8)
|
|
232
|
|
30
|
|
Income before
income taxes
|
2,728
|
|
17
|
|
735
|
|
203
|
|
Income tax
provision (benefit)
|
(40)
|
|
(66)
|
|
252
|
|
(359)
|
|
Net
income
|
$ 2,768
|
|
$
83
|
|
$
483
|
|
$
562
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.35
|
|
$
0.01
|
|
$
0.06
|
|
$
0.07
|
|
Diluted
|
$
0.35
|
|
$
0.01
|
|
$
0.06
|
|
$
0.07
|
|
Weighted-average
shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
7,916
|
|
7,917
|
|
7,916
|
|
7,950
|
|
Diluted
|
8,015
|
|
8,001
|
|
8,016
|
|
8,033
|
For Further Information Contact:
Gregory Gronau, President, Chief
Executive Officer, Treasurer and Secretary
PH: 702.384.2425
FX: 702.384.1965
investorrelations@gpigaming.com
SOURCE Gaming Partners International Corporation