LAS VEGAS, Nov. 27, 2017 /PRNewswire/ -- Gaming
Partners International Corporation (Nasdaq: GPIC) (Company), the
leading worldwide provider of casino currency and table gaming
equipment, announced today that its Board of Directors has
authorized a special cash dividend of $0.12 per common share to be paid no later than
22 December 2017 to shareholders of
record as of 8 December 2017. As of 27
November 2017, the Company had 7,932,094 common shares
issued and outstanding resulting in an aggregate dividend of
$951,851.28.
Commenting on the dividend, Greg
Gronau, President and CEO, said, "The Board determined that
it was in the shareholders' best interests to pay a special cash
dividend for 2017. The dividend of $0.12 per common share reflects the Company's
continued profitability during 2017 and the strong balance sheet at
30 September 2017 which included more
than $12 million in cash. This
dividend payment reflects our past success."
About Gaming Partners International Corporation
GPIC manufactures and supplies casino table game equipment to
licensed casinos worldwide. Under the brand names of Paulson®,
Bourgogne et Grasset®, Gemaco®, Dolphin® 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 North 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,
2016, 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
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(unaudited)
|
(in thousands,
except share amounts and par value)
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
12,185
|
|
$
10,604
|
|
Accounts receivable,
net
|
10,260
|
|
11,069
|
|
Inventories
|
16,504
|
|
14,987
|
|
Prepaid
expenses
|
888
|
|
812
|
|
Other current
assets
|
2,398
|
|
1,620
|
|
Total
current assets
|
|
42,235
|
|
39,092
|
Property and
equipment, net
|
25,168
|
|
24,310
|
Goodwill
|
10,292
|
|
10,292
|
Intangible assets,
net
|
1,733
|
|
1,818
|
Investment
|
429
|
|
-
|
Deferred income tax
assets
|
1,431
|
|
1,579
|
Inventories,
non-current
|
1,163
|
|
598
|
Other assets,
non-current
|
2,003
|
|
2,310
|
|
Total
assets
|
|
$
84,454
|
|
$
79,999
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
$
3,852
|
|
$
3,466
|
|
Accrued
liabilities
|
5,521
|
|
5,698
|
|
Customer deposits and
deferred revenue
|
4,701
|
|
3,679
|
|
Current portion of
long-term debt
|
1,390
|
|
1,367
|
|
Income taxes
payable
|
698
|
|
531
|
|
Total
current liabilities
|
|
16,162
|
|
14,741
|
Long-term
debt
|
5,616
|
|
6,649
|
Other liabilities,
non-current
|
187
|
|
1,076
|
|
Total
liabilities
|
|
21,965
|
|
22,466
|
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,
|
|
|
|
|
8,223,077 and
7,932,094 shares issued and outstanding, respectively, as of
September 30, 2017, and 8,219,577 and 7,928,594 shares issued and
outstanding, respectively, as of December 31, 2016
|
82
|
|
82
|
Additional paid-in capital
|
20,155
|
|
20,031
|
Treasury
stock at cost: 290,983 shares
|
(2,263)
|
|
(2,263)
|
Retained
earnings
|
45,232
|
|
42,044
|
Accumulated other comprehensive loss
|
(717)
|
|
(2,361)
|
|
Total
stockholders' equity
|
|
62,489
|
|
57,533
|
|
Total
liabilities and stockholders' equity
|
|
$
84,454
|
|
$
79,999
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(unaudited)
|
(in thousands,
except per share amounts)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues
|
$
24,635
|
|
$
22,559
|
|
$
59,822
|
|
$
58,996
|
Cost of
revenues
|
17,455
|
|
15,036
|
|
42,964
|
|
40,187
|
|
Gross
profit
|
7,180
|
|
7,523
|
|
16,858
|
|
18,809
|
|
|
|
|
|
|
|
|
|
Marketing and
sales
|
1,612
|
|
1,613
|
|
4,814
|
|
4,711
|
General and
administrative
|
2,155
|
|
2,129
|
|
6,437
|
|
6,821
|
Research and
development
|
360
|
|
297
|
|
1,018
|
|
955
|
|
Operating
income
|
3,053
|
|
3,484
|
|
4,589
|
|
6,322
|
Other income
(expense), net
|
32
|
|
43
|
|
(51)
|
|
(32)
|
|
Income before
income taxes
|
3,085
|
|
3,527
|
|
4,538
|
|
6,290
|
Income tax
provision
|
880
|
|
1,080
|
|
1,350
|
|
1,844
|
|
Net
income
|
$
2,205
|
|
$
2,447
|
|
$
3,188
|
|
$
4,446
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.28
|
|
$
0.31
|
|
$
0.40
|
|
$
0.56
|
|
Diluted
|
$
0.27
|
|
$
0.30
|
|
$
0.40
|
|
$
0.55
|
Weighted-average
shares of common stock outstanding:
|
|
|
|
|
|
|
Basic
|
7,932
|
|
7,929
|
|
7,930
|
|
7,929
|
|
Diluted
|
8,066
|
|
8,057
|
|
8,061
|
|
8,039
|
|
|
|
|
|
|
|
|
|
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SOURCE Gaming Partners International Corporation