EX-99.1 2 v193362_ex99-1.htm Unassociated Document
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
(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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