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 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
|
|
|
|
|
|
|
|
|
|
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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SOURCE Gaming Partners International Corporation