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Gaming Partners International Corporation Reports Financial Results for the Third Quarter and First Nine Months of 2016 and Announces Change in Earnings Release Policy

November 10, 2016 9:00 AM EST

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.

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 CORPORATIONCONDENSED 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 CORPORATIONCONDENSED 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

Earnings per share:

Basic

$     0.31

$     0.21

$     0.56

$     0.44

Diluted

$     0.30

$     0.21

$     0.55

$     0.43

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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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gaming-partners-international-corporation-reports-financial-results-for-the-third-quarter-and-first-nine-months-of-2016-and-announces-change-in-earnings-release-policy-300360302.html

SOURCE Gaming Partners International Corporation



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