GAMING PARTNERS INTERNATIONAL CORP. 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.
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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
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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
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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
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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
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Earnings per share:
Basic $0.26 $(0.02) $0.25 $0.23
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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
