GAMING PARTNERS INTERNATIONAL CORP. LAS VEGAS, Nov. 10, 2016 /PRNewswire/ -- Gaming Partners International Corporation (NASDAQ: GPIC) (Company or 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, 2016.
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During the third quarter of 2016, the Company had revenues of $22.6 million, compared to revenues of $19.8 million in the third quarter of 2015. During the third quarter ended September 30, 2016, the Company posted net income of $2.4 million, or $0.30 per diluted share, compared to net income of $1.7 million, or $0.21 per diluted share, in the same period in 2015.
During the first nine months of 2016, the Company had revenues of $59.0 million, compared to revenues of $54.7 million in the same period of 2015. During the first nine months of 2016, the Company posted net income of $4.4 million, or $0.55 per diluted share, compared to net income of $3.5 million, or $0.43 per diluted share, for the comparable period of 2015.
The increase in our net income for the three and nine months ended September 30, 2016 is primarily due to an increase in casino currency sales and a decrease in our general and administrative expenses.
The Company announced that it intends to discontinue providing a press release on annual or quarterly basis in connection with the filing of its Form 10-K or Forms 10-Q after the issuance of this earnings release. The Company's Forms 10-K and Forms 10-Q will continue to be available on the SEC website at www.sec.gov and the Company website at www.gpigaming.com.
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 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 and par value)
September 30, December 31,
2016 2015
---- ----
ASSETS
Current Assets:
Cash and cash
equivalents $10,505 $17,788
Marketable
securities - 3,503
Accounts
receivable, net 12,859 10,677
Inventories 15,781 10,199
Prepaid expenses 724 947
Deferred income tax
assets 1,798 1,640
Other current
assets 2,160 1,576
--------------
Total current assets 43,827 46,330
Property and equipment, net 23,283 14,102
Goodwill 10,292 10,292
Intangible assets, net 2,300 2,505
Deferred income tax assets 602 710
Inventories, non-current 609 670
Other assets, non-current 2,663 2,635
Total assets $83,576 $77,244
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $4,582 $4,498
Accrued liabilities 5,538 6,456
Customer deposits
and deferred
revenue 3,815 2,080
Current portion of
long-term debt 1,359 1,343
Income taxes
payable 1,501 824
-------------
Total current liabilities 16,795 15,201
Long-term debt 6,991 8,002
Deferred income tax liabilities 119 170
Other liabilities, non-current 1,076 83
----- ---
Total liabilities 24,981 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 20,016 20,033
Treasury stock at cost: 290,983 shares (2,263) (2,263)
Retained earnings 42,258 37,812
Accumulated other comprehensive loss (1,498) (1,876)
------ ------
Total stockholders' equity 58,595 53,788
Total liabilities and stockholders'
equity $83,576 $77,244
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,
------------- -------------
2016 2015 2016 2015
---- ---- ---- ----
Revenues $22,559 $19,844 $58,996 $54,749
Cost of revenues 15,036 13,391 40,187 37,338
------ ------ ------ ------
Gross profit 7,523 6,453 18,809 17,411
Marketing and sales 1,613 1,616 4,711 4,800
General and
administrative 2,129 2,565 6,821 7,448
Research and
development 297 250 955 900
--- --- --- ---
Operating income 3,484 2,022 6,322 4,263
Other income (expense),
net 43 127 (32) 59
--- --- --- ---
Income before income taxes 3,527 2,149 6,290 4,322
Income tax provision 1,080 474 1,844 832
----- --- ----- ---
Net income $2,447 $1,675 $4,446 $3,490
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Earnings per share:
Basic $0.31 $0.21 $0.56 $0.44
=====
Diluted $0.30 $0.21 $0.55 $0.43
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Weighted-average shares of common stock outstanding:
Basic 7,929 7,929 7,929 7,924
=====
Diluted 8,057 8,049 8,039 8,038
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SOURCE Gaming Partners International Corporation
