Form 8-K Gaming Partners Internat For: Aug 12

 

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 12, 2015

 

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.)

 

1700 Industrial Road, Las Vegas, Nevada		89102
(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):

 

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

 

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

 

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

 

¨  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 12, 2015 reporting the Company’s financial results for the three and six months ended June 30, 2015. 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 12, 2015.

 

 

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 12, 2015
	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 12, 2015.

 

 

 

Exhibit 99.1

 

Gaming Partners International Corporation Reports Financial Results for the Second Quarter and First Six Months of 2015

 

 

Las Vegas, NV (PR Newswire) (August 12, 2015) — 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, 2015.

 

During the second quarter ended June 30, 2015, the Company posted net income before taxes of $0.4 million compared to a pretax loss of $1.0 million in the same period in 2014. After tax, the Company had a net loss of $0.1 million, or ($0.02) per basic and diluted share, compared to a net loss of $1.2 million, or ($0.15) per basic and diluted share, for the second quarter of 2014. During the first six months of 2015, the Company posted net income after taxes of $1.8 million, or $0.23 per basic and diluted share, compared to a net loss of $2.3 million, or ($0.29) per basic and diluted share, for the comparable period of 2014.

 

During the second quarter of 2015, the Company had revenues of $16.2 million, compared to revenues of $10.2 million in the second quarter of 2014. During the first six months of 2015, the Company had revenues of $34.9 million, compared to revenues of $20.8 million in the same period of the prior year.

 

The increase in net income before taxes and revenues for the second quarter of 2015 was primarily attributable the GemGroup Acquisition. After tax net loss for the second quarter of 2015 was due to the increase in pre-tax results offset by discrete tax impacts related to GPI Asia’s guaranty of a term loan with Nevada State Bank.

 

The increase in net income and revenues for the first six months of 2015 was primarily attributable to the following two factors, both a direct result of the GemGroup Acquisition: an increase in revenues from playing cards and table layouts, and improved production efficiencies from the relocation of Paulson playing card production from Mexico to GemGroup’s Blue Springs, Missouri facility.

 

“Our 2014 acquisition of GemGroup had a significant impact on the first two quarters of 2015. For the three months ended June 30, 2015, our playing card sales totaled $5.9 million, up from $1.6 million, more than a 250% increase over the same period from 2014,” commented Greg Gronau, GPIC President and Chief Executive Officer. “The increase in revenue from playing cards and other consumables accounted for about 50% of our total net sales for the quarter, and provides a source of recurring revenue that is not dependent on new casino openings. We do anticipate several large casino openings in 2016 and beyond and believe we are well positioned to compete for that business.”

 

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/A for the period ended December 31, 2014, 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,
		2015				2014
ASSETS
Current Assets:
Cash and cash equivalents		$	14,625			$	8,969
Marketable securities			5,724				3,597
Accounts receivable, net			7,605				10,327
Inventories			9,737				9,063
Prepaid expenses			699				749
Deferred income tax assets			1,320				1,011
Other current assets			2,809				2,273
Total current assets			42,519				35,989
Property and equipment, net			14,246				15,087
Goodwill			10,292				10,292
Intangibles, net			2,645				2,794
Deferred income tax asset			2,756				2,003
Inventories, non-current			259				523
Other assets			1,553				1,706
Total assets Total assets		$	74,270			$	68,394
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable		$	4,193			$	3,321
Accrued liabilities			3,965				3,906
Customer deposits and deferred revenue			5,526				2,224
Current portion of long term debt			1,326				10,000
Income taxes payable			1,405				343
Total current liabilities			16,415				19,794
Long term debt			8,674				-
Deferred income tax liability			219				272
Other liabilities			73				63
Total liabilities Total liabilities			25,381				20,129
Commitments and contingencies - see Note 9
Stockholders' Equity:
Preferred stock, authorized 10,000,000 shares, $.01 par value, none issued and outstanding			-				-
Common stock, authorized 30,000,000 shares, $.01 par value, 8,219,577 and 7,928,594 issued and outstanding, respectively, as of June 30, 2015, and 8,207,077 and 7,916,094 issued and outstanding, respectively, as of December 31, 2014			82				82
Additional paid-in capital			20,014				19,886
Treasury stock at cost: 290,983 shares			(2,263	)			(2,263	)
Retained earnings			32,697				30,881
Accumulated other comprehensive loss			(1,641	)			(321	)
Total stockholders' equity			48,889				48,265
Total liabilities and stockholders' equity		$	74,270			$	68,394

 

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,
		2015				2014				2015				2014
Revenues		$	16,249			$	10,216			$	34,905			$	20,775
Cost of revenues			11,615				7,463				23,947				15,263
Gross profit			4,634				2,753				10,958				5,512
Marketing and sales			1,384				1,343				3,184				2,646
General and administrative			2,466				2,043				4,882				4,111
Research and development			311				417				650				854
Operating income (loss)			473				(1,050	)			2,242				(2,099	)
Other (expense) income, net			(103	)			49				(68	)			106
Income (loss) before income taxes			370				(1,001	)			2,174				(1,993	)
Income tax provision			511				154				358				292
Net (loss) income		$	(141	)		$	(1,155	)		$	1,816			$	(2,285	)
Earnings per share:
Basic		$	(0.02	)		$	(0.15	)		$	0.23			$	(0.29	)
Diluted		$	(0.02	)		$	(0.15	)		$	0.23			$	(0.29	)
Weighted-average shares of common stock outstanding:
Basic			7,929				7,916				7,922				7,916
Diluted			7,929				7,916				8,035				7,916

 

 

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