8-K

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) May 12, 2010

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):

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 May 12, 2010 reporting the Company’s financial results for the three months ended March 31, 2010.  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 May 12, 2010.

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:  May 12, 2010
	By:	/s/ David W. Grimes
		David W. Grimes Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Press release dated May 12, 2010.

EX-99.1

Exhibit 99.1

Gaming Partners International Reports Financial Results

for the First  Quarter of 2010

Las Vegas, Nevada, May 12, 2010 – Gaming Partners International Corporation (Nasdaq: GPIC), a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the first quarter ended March 31, 2010.

For its first quarter of 2010, the Company posted revenues of $10.9 million and net income of $37,000, or $0.00 per basic and diluted share. These results compare to revenues of $8.9 million and net loss of $0.5 million, or $0.06 per basic and diluted share, for the first quarter of 2009. Gross profit for the quarter was $3.7 million, or 34% of revenues, compared to $2.4 million, or 27% of revenues, for the first quarter of 2009.

Stockholders’ equity decreased by $1.2 million in the first quarter of 2010 to $38.3 million. As of March 31, 2010 the Company had cash, cash equivalents, and marketable securities of $19.1 million, compared to $18.8 million as of December 31, 2009.

“First quarter revenues were up more than 20% over last year and we had a break-even bottom line, which was a notable improvement over last year’s first quarter loss,” said Greg Gronau, GPIC’s President and CEO.  “I am excited about our second quarter. We got off to a strong start with the shipment to Singapore of the Marina Bay Sands order, which was originally planned to be shipped in the first quarter. Additionally, the Company recently received temporary licenses to distribute its products in Pennsylvania and Delaware. We are now aggressively soliciting orders in those states to supply casinos that are expected to begin table game operations this summer.”

About Gaming Partners International Corporation (GPIC)

GPIC manufactures and supplies (under the brand names of Paulson®, Bourgogne et Grasset® and Bud Jones®) casino chips, including plaques and jetons and low and high frequency RFID chips, low and high frequency RFID readers, table layouts, playing cards, table accessories, gaming furniture, dice, roulette wheels, and other products that are used with casino table games such as blackjack, poker, baccarat, craps, and roulette. GPIC is headquartered in Las Vegas, Nevada, with offices in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey; and Gulfport, Mississippi. GPIC sells its casino products directly to licensed casinos throughout the world. For additional information about GPIC, visit our web site at www.gpigaming.com.

Safe Harbor Statement

This release contains “forward-looking statements” based on current expectations involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; the long-term growth and prospects of our business or any jurisdiction; the duration or effects of unfavorable economic conditions which may reduce our product sales; and the long term potential of the RFID gaming chips market and the ability of GPIC to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. GPIC’s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the period ended December 31, 2009, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

For more information please contact:

For Gaming Partners International Corporation:

David W. Grimes

702-598-2400

dgrimes@gpigaming.com

# # #

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

March 31,

(unaudited)

(in thousands, except share amounts)

	March 31,			December 31,
	2010			2009
ASSETS
Current Assets:
Cash and cash equivalents	$	4,187		$	3,238
Marketable securities		14,950			15,600
Accounts receivable, less allowance for doubtful accounts of
$179 and $220, respectively		3,994			7,035
Inventories		7,042			7,173
Prepaid expenses		479			506
Deferred income tax asset		561			707
Other current assets		1,266			1,241
Total current assets		32,479			35,500
Property and equipment, net		12,611			13,454
Intangibles, net		661			676
Deferred income tax asset		1,657			1,657
Inventories, non-current		1,645			1,686
Other assets, net		279			305
Total assets	$	49,332		$	53,278
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	100		$	546
Accounts payable		2,230			2,828
Accrued liabilities		3,765			3,516
Customer deposits		3,473			4,698
Income taxes payable		396			569
Other current liabilities		435			649
Total current liabilities		10,399			12,806
Long-term debt, less current maturities		44			314
Deferred income tax liability		568			623
Other liabilities		42			45
Total liabilities		11,053			13,788
Commitments and contingencies - see Note 6
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,
8,199,016 and 8,199,016 respectively, issued and outstanding		82			82
Additional paid-in capital		19,046			18,985
Treasury stock, at cost; 8,061 shares		(196	)		(196	)
Retained earnings		17,383			17,346
Accumulated other comprehensive income		1,964			3,273
Total stockholders' equity		38,279			39,490
Total liabilities and stockholders' equity	$	49,332		$	53,278

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)

	Three Months Ended
	March 31,
	2010			2009
Revenues	$	10,945		$	8,943
Cost of revenues		7,274			6,530
Gross profit		3,671			2,413
Marketing and sales		1,086			983
General and administrative		2,594			2,323
Operating loss		(9	)		(893	)
Other income and (expense)		63			131
Income (loss) before income taxes		54			(762	)
Income tax expense (benefit)		17			(263	)
Net income (loss)	$	37		$	(499	)
Earnings per share:
Basic	$	0.00		$	(0.06	)
Diluted	$	0.00		$	(0.06	)
Weighted-average shares of common stock outstanding:
Basic		8,199			8,103
Diluted		8,203			8,103