Form 8-K Gaming Partners Internat For: Aug 11

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) August 11, 2016

 

Gaming Partners International Corporation

(Exact name of registrant as specified in its charter)

 

Nevada	0-23588	88-0310433
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

 

3945 West Cheyenne Avenue, North Las Vegas, Nevada		89032
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code (702) 384-2425

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02

Results of Operations and Financial Condition.

 

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release dated August 11, 2016 reporting the Company’s financial results for the six months ended June 30, 2016. The information set forth under this Item 2.02 is intended to be furnished under this Item 2.02. Such information, including Exhibit 99.1 attached to this Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit 99.1                      Press release dated August 11, 2016.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Gaming Partners International Corporation
Date:  August 11, 2016
	By:	/s/ Gregory S. Gronau
		Gregory S. Gronau President and Chief Executive Officer

 

 

EXHIBIT INDEX

 

Exhibit No.		Description
Exhibit 99.1		Press release dated August 11, 2016.

 

 

 

Exhibit 99.1

 

Gaming Partners International Corporation Reports Financial Results for the Second Quarter and First Six Months of 2016

 

Las Vegas, NV (PR Newswire) (August 11, 2016) — 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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