GPIC Gaming Partners International Corp.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) May 13, 2015

 

Gaming Partners International Corporation

(Exact name of registrant as specified in its charter)

 

Nevada	0-23588	88-0310433
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

 

1700 Industrial Road, Las Vegas, Nevada		89102
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code (702) 384-2425

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

 

Item 2.02

Results of Operations and Financial Condition.

 

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release dated May 13, 2015 reporting the Company’s financial results for the three months ended March 31, 2015. The information set forth under this Item 2.02 is intended to be furnished under this Item 2.02. Such information, including Exhibit 99.1 attached to this Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit 99.1

Press release dated May 13, 2015.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	Gaming Partners International Corporation
Date:  May 13, 2015
	By:	/s/ Gregory S. Gronau
		Gregory S. Gronau President and Chief Executive Officer

 

 

EXHIBIT INDEX

 

Exhibit No.		Description
Exhibit 99.1		Press release dated May 13, 2015.

 

 

Exhibit 99.1

 

Gaming Partners International Corporation Reports Financial Results for the First Quarter of 2015

 

Las Vegas, NV (PR Newswire) (May 13, 2015) — Gaming Partners International Corporation (NASDAQ: GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced financial results for the first quarter ended March 31, 2015.

 

For the quarter, the Company posted net income of $2.0 million, or $0.25 per basic share and $0.24 per diluted share, on revenues of $18.7 million, compared to a net loss of $1.1 million, or $0.14 per basic and diluted share, on revenues of $10.6 million, for the comparable quarter of 2014. The increase in net income and revenues was primarily attributable to the following two factors, both a direct result of the GemGroup acquisition: an increase in revenues from playing cards and table layouts, and improved production efficiencies from the relocation of Paulson playing card production from Mexico to GemGroup’s Blue Springs, Missouri facility.

 

“Last year’s acquisition of GemGroup had a significant impact on our 2015 first quarter results. The acquisition expanded our playing card and table layout market share, which resulted in increased revenue in both product categories,” commented Greg Gronau, GPIC President and Chief Executive Officer. “In addition, we successfully completed the integration of our U.S. and Mexico card manufacturing before year end. Moreover, revenues from casino currency sales more than held their own in the quarter. And, as we recently announced, we received a major order totaling more than $7.2 million for casino currency in support of a new casino in Macau with anticipated delivery in late 2015.”

 

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®, Gemaco® 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/A for the period ended December 31, 2014, 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)

 

		March 31,				December 31,
		2015				2014
ASSETS
Current Assets:
Cash and cash equivalents		$	10,117			$	8,969
Marketable securities			5,380				3,597
Accounts receivable, net			9,080				10,327
Inventories			7,973				9,063
Prepaid expenses			1,068				749
Deferred income tax assets			1,097				1,011
Other current assets			2,242				2,273
Total current assets			36,957				35,989
Property and equipment, net			14,145				15,087
Goodwill			10,292				10,292
Intangibles, net			2,717				2,794
Deferred income tax asset			2,570				2,003
Inventories, non-current			504				523
Other assets			1,589				1,706
Total assets		$	68,774			$	68,394
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable		$	4,047			$	3,321
Accrued liabilities			3,783				3,906
Customer deposits and deferred revenue			1,126				2,224
Current portion of short term debt			10,000				10,000
Income taxes payable			802				343
Total current liabilities			19,758				19,794
Deferred income tax liability			245				272
Other liabilities			65				63
Total liabilities			20,068				20,129
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, 8,219,577 and 7,928,594 issued and outstanding, respectively, as of March 31, 2015, and 8,207,077 and 7,916,094 issued and outstanding, respectively, as of December 31, 2014			82				82
Additional paid-in capital			19,991				19,886
Treasury stock at cost: 290,983 shares			(2,263	)			(2,263	)
Retained earnings			32,838				30,881
Accumulated other comprehensive loss			(1,942	)			(321	)
Total stockholders' equity			48,706				48,265
Total liabilities and stockholders' equity		$	68,774			$	68,394

  

 

GAMING PARTNERS INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)

 

		Three Months Ended
		March 31,
		2015				2014
Revenues		$	18,656			$	10,559
Cost of revenues			12,332				7,800
Gross profit			6,324				2,759
Marketing and sales			1,800				1,303
General and administrative			2,416				2,068
Research and development			339				437
Operating income (loss)			1,769				(1,049	)
Other income, net			35				55
Income (loss) before income taxes			1,804				(994	)
Income tax (benefit) provision			(153	)			137
Net income (loss)		$	1,957			$	(1,131	)
Earnings per share:
Basic		$	0.25			$	(0.14	)
Diluted		$	0.24			$	(0.14	)
Weighted-average shares of common stock outstanding:
Basic			7,916				7,916
Diluted			8,025				7,916