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) August 11, 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):

¨ 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))

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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, 2010 reporting the Company’s financial results for the second quarter and first six months ended June 30, 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 August 11, 2010.

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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, 2010
	By:	/s/ Gregory S. Gronau
		Gregory S. Gronau President, Chief Executive Officer and Interim Chief Financial Officer (Principal Executive and Financial Officer)

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EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Press release dated August 11, 2010.

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EX-99.1

Exhibit 99.1

Gaming Partners International Reports Financial Results

For the Second Quarter and First Six Months of 2010

Las Vegas, Nevada, August 11, 2010 – Gaming Partners International Corporation (Nasdaq: GPIC), a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the second quarter and first six months of 2010.

For its second quarter of 2010, the Company posted revenues of $19.9 million and net income of $2.7 million, or $0.33 and $0.32 per basic and diluted share, respectively. These results compare to revenues of $11.3 million and net income of $0.2 million, or $0.02 per basic and diluted share, for the second quarter of 2009. Gross profit for the quarter was $8.6 million, or 43% of revenues, compared to $3.1 million, or 28% of revenues, for the second quarter of 2009.

For the first six months of 2010, the Company posted revenues of $30.9 million and net income of $2.7 million, or $0.33 per basic and diluted share. These results compare to revenues of $20.3 million and a net loss of $0.3 million, or $(0.04) per basic and diluted share, for the first six months of 2009. Gross profit for the first six months of 2010 was $12.3 million, or 40% of revenues, compared to $5.5 million, or 27% of revenues, for the comparable period in 2009.

At June 30, 2010 the Company had cash, cash equivalents, and marketable securities of $18.5 million, compared to $18.8 million at December 31, 2009.

“GPIC had a record quarter for gross profit, net income, and earnings per share. Revenues for the first six months of 2010 were up more than 50% over last year and we earned $2.7 million in net income, compared to last year’s slight loss,” said Greg Gronau, GPIC’s President and CEO. “We got off to a strong start in the second quarter with the shipment to Marina Bay Sands in Singapore and we finished the quarter by largely completing the delivery of our orders to casinos which recently commenced table game operations in Pennsylvania, Delaware, and West Virginia. We are proud of our results for the second quarter, but given our current backlog, our second half 2010 results are expected to be more in line with historical performance.”

About Gaming Partners International Corporation (GPIC)

GPIC manufactures and supplies casino table games and equipment to licensed casinos worldwide.  Under the brand names of Paulson®, Bourgogne et Grasset® and Bud Jones®, GPIC provides casino currency such as chips, plaques and jetons; gaming furniture and accessories; table layouts; playing cards; dice; and roulette wheels.  GPIC pioneered the use of security features such as RFID technology in casino chips and provides RFID solutions including chips, readers and displays.  Headquartered in Las Vegas, Nevada, GPIC also has offices Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey, and Gulfport, Mississippi.  For additional information, please visit 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.

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For more information please contact:

For Gaming Partners International Corporation:

Gerald W. Koslow

702-384-2425

jkoslow@gpigaming.com

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GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share amounts)

	June 30,			December 31,
	2010			2009
ASSETS
Current Assets:
Cash and cash equivalents	$	4,510		$	3,238
Marketable securities		14,038			15,600
Accounts receivable, less allowance for doubtful accounts of $169 and $220, respectively		9,588			7,035
Inventories		5,769			7,173
Prepaid expenses		479			506
Deferred income tax asset		558			707
Other current assets		704			1,241
Total current assets		35,646			35,500
Property and equipment, net		11,847			13,454
Intangibles, net		638			676
Deferred income tax asset		1,147			1,657
Inventories, non-current		1,096			1,686
Other assets, net		346			305
Total assets	$	50,720		$	53,278
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	14		$	546
Accounts payable		2,932			2,828
Accrued liabilities		3,914			3,516
Customer deposits		2,995			4,698
Income taxes payable		372			569
Other current liabilities		788			649
Total current liabilities		11,015			12,806
Long-term debt, less current maturities		40			314
Deferred income tax liability		447			623
Other liabilities		38			45
Total liabilities		11,540			13,788
Stockholders' Equity:
Preferred stock, authorized 10,000,000 shares, $.01 par value, none issued or outstanding		-			-
Common stock, authorized 30,000,000 shares, $.01 par value, 8,207,077 and 8,199,016 respectively, issued and outstanding		82			82
Additional paid-in capital		19,093			18,985
Treasury stock, at cost; 8,061 shares		(196	)		(196	)
Retained earnings		20,049			17,346
Accumulated other comprehensive income		152			3,273
Total stockholders' equity		39,180			39,490
Total liabilities and stockholders' equity	$	50,720		$	53,278

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GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2010		2009			2010		2009
Revenues	$	19,906	$	11,312		$	30,851	$	20,256
Cost of revenues		11,321		8,191			18,595		14,722
Gross profit		8,585		3,121			12,256		5,534
Marketing and sales		1,190		1,080			2,275		2,063
General and administrative		2,842		1,969			5,437		4,292
Operating income (loss)		4,553		72			4,544		(821	)
Other income and (expense)		92		(21	)		155		110
Income (loss) before income taxes		4,645		51			4,699		(711	)
Income tax expense (benefit)		1,979		(119	)		1,996		(383	)
Net income (loss)	$	2,666	$	170		$	2,703	$	(328	)
Earnings (loss) per share:
Basic	$	0.33	$	0.02		$	0.33	$	(0.04	)
Diluted	$	0.32	$	0.02		$	0.33	$	(0.04	)
Weighted-average shares of common stock outstanding:
Basic		8,199		8,103			8,199		8,103
Diluted		8,207		8,185			8,205		8,103

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