LAS VEGAS, Aug. 11, 2016 /PRNewswire/ -- Gaming
Partners International Corporation (NASDAQ: GPIC), a leading
worldwide provider of casino currency and table gaming equipment,
announced financial results for the second quarter and six months
ended June 30, 2016.
During the second quarter of 2016, the Company had revenues of
$20.3 million, compared to revenues
of $16.2 million in the second
quarter of 2015. During the second quarter ended June 30, 2016, the Company posted net income of
$2.1 million, or $0.26 per basic and diluted share, compared to a
net loss of $0.1 million, or
($0.02) per basic and diluted share,
in the same period in 2015. The increase in our net income for the
three months ended June 30, 2016 is
primarily due to an increase in casino currency sales in
the United States and an increase
in sales of RFID solutions in Asia.
During the first six months of 2016, the Company had revenues of
$36.4 million, compared to revenues
of $34.9 million in the same period
of the prior year. During the first six months of 2016, the Company
posted net income of $2.0 million, or
$0.25 per basic and diluted share,
compared to a net income of $1.8
million, or $0.23 per basic
and diluted share, for the comparable period of 2015. The increase
in net income is primarily due to an increase in casino currency
sales in the United States and in
Europe and Africa, offset partially by a decline in
casino currency sales in the Asia
Pacific region.
"We are quite pleased with our sales and net income for the
second quarter of 2016. Increased sales of casino currency,
RFID solutions and consumables compared to the same period last
year drove these improved results," commented Gregory Gronau, GPIC President and Chief
Executive Officer. "Our recent acquisition of Dolphin's gaming
currency assets will help further strengthen our market position in
Asia. We have a backlog of
$13.1 million in orders from the
Asia market, up from $9.1 million at the same time last year. In
the United States, the rapid
growth of our playing card business is helping to produce higher
revenues but has generated operational challenges. In response, we
have invested significantly in additional equipment and anticipate
the opening of our expanded facilities in the second half of
2016."
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
for the period ended December 31,
2015, 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)
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$ 11,026
|
|
$
17,788
|
|
Marketable
securities
|
1,674
|
|
3,503
|
|
Accounts receivable,
net
|
11,591
|
|
10,677
|
|
Inventories
|
13,402
|
|
10,199
|
|
Prepaid
expenses
|
726
|
|
947
|
|
Deferred income tax
assets
|
2,085
|
|
1,640
|
|
Other current
assets
|
2,708
|
|
1,576
|
|
|
Total current
assets
|
43,212
|
|
46,330
|
|
Property and
equipment, net
|
21,805
|
|
14,102
|
|
Goodwill
|
10,292
|
|
10,292
|
|
Intangible assets,
net
|
2,368
|
|
2,505
|
|
Deferred income tax
assets
|
644
|
|
710
|
|
Inventories,
non-current
|
898
|
|
670
|
|
Other assets,
non-current
|
2,642
|
|
2,635
|
|
|
Total
assets
|
$ 81,861
|
|
$
77,244
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
$
3,619
|
|
$
4,498
|
|
Accrued
liabilities
|
6,154
|
|
6,456
|
|
Customer deposits and
deferred revenue
|
5,101
|
|
2,080
|
|
Current portion of
long-term debt
|
1,359
|
|
1,343
|
|
Income taxes
payable
|
1,107
|
|
824
|
|
|
Total current
liabilities
|
17,340
|
|
15,201
|
|
Long-term
debt
|
7,325
|
|
8,002
|
|
Deferred income tax
liabilities
|
107
|
|
170
|
|
Other liabilities,
non-current
|
1,076
|
|
83
|
|
|
Total
liabilities
|
25,848
|
|
23,456
|
|
Commitments and
contingencies - see Note 9
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred stock, authorized 10,000,000 shares, $0.01 par value,
none issued and
outstanding
|
-
|
|
-
|
|
Common
stock, authorized 30,000,000 shares, $0.01 par value, 8,219,577 shares issued and 7,928,594 shares
outstanding
|
82
|
|
82
|
|
Additional paid-in capital
|
20,009
|
|
20,033
|
|
Treasury
stock at cost: 290,983 shares
|
(2,263)
|
|
(2,263)
|
|
Retained
earnings
|
39,809
|
|
37,812
|
|
Accumulated other comprehensive loss
|
(1,624)
|
|
(1,876)
|
|
|
Total
stockholders' equity
|
56,013
|
|
53,788
|
|
|
Total liabilities
and stockholders' equity
|
$ 81,861
|
|
$
77,244
|
|
GAMING PARTNERS
INTERNATIONAL CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(in thousands, except
per share amounts)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Revenues
|
$ 20,344
|
|
$ 16,249
|
|
$ 36,437
|
|
$ 34,905
|
|
Cost of
revenues
|
13,027
|
|
11,615
|
|
25,152
|
|
23,947
|
|
Gross
profit
|
7,317
|
|
4,634
|
|
11,285
|
|
10,958
|
|
|
|
|
|
|
|
|
|
|
Marketing and
sales
|
1,573
|
|
1,384
|
|
3,098
|
|
3,184
|
|
General and
administrative
|
2,519
|
|
2,466
|
|
4,692
|
|
4,882
|
|
Research and
development
|
352
|
|
311
|
|
659
|
|
650
|
|
Operating
income
|
2,873
|
|
473
|
|
2,836
|
|
2,242
|
|
Other income
(expense), net
|
7
|
|
(103)
|
|
(75)
|
|
(68)
|
|
Income before
income taxes
|
2,880
|
|
370
|
|
2,761
|
|
2,174
|
|
Income tax
provision
|
803
|
|
511
|
|
764
|
|
358
|
|
Net income
(loss)
|
$
2,077
|
|
$
(141)
|
|
$
1,997
|
|
$
1,816
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.26
|
|
$
(0.02)
|
|
$
0.25
|
|
$
0.23
|
|
Diluted
|
$
0.26
|
|
$
(0.02)
|
|
$
0.25
|
|
$
0.23
|
|
Weighted-average
shares of common stock outstanding:
|
|
|
|
|
|
Basic
|
7,929
|
|
7,929
|
|
7,929
|
|
7,922
|
|
Diluted
|
8,037
|
|
7,929
|
|
8,038
|
|
8,035
|
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SOURCE Gaming Partners International Corporation