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) March 29, 2011

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 March 29, 2011 reporting the Company’s financial results for the three months and twelve months ended December 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 March 29, 2011.

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:  March 29, 2011
	By:	/s/ Gerald W. Koslow
		Gerald W. Koslow Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Press release dated March 29, 2011.

EX-99.1

Exhibit 99.1

Gaming Partners International Corporation Reports 2010 Fourth-Quarter and Year Results

Las Vegas, NV (PR Newswire) (March 29, 2011) —Gaming Partners International Corporation (NASDAQ: GPIC), a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the fourth quarter and year ending December 31, 2010.

For its fourth quarter of 2010, the Company posted revenues of $16.6 million and net income of $1.0 million, or $0.12 per basic and diluted share. These results compare to revenues of $15.8 million and net income of $1.7 million, or $0.21 per basic and diluted share, for the fourth quarter of 2009. Gross profit for the quarter was $5.4 million, or 32% of revenues, compared to $5.7 million, or 36% of revenues, in the prior year period.

For the year 2010, the Company recorded revenues of $59.9 million and net income of $4.4 million, or $0.54 per basic and $0.53 per diluted share. These results compare to revenues of $49.5 million and net income of $1.0 million, or $0.13 per basic and diluted share for the year 2009. The Company’s 2010 gross profit was $21.7 million, or 36% of revenues, compared to $15.9 million, or 32% of revenues, in 2009.

The primary reasons for the increase in net income in 2010 were a significant increase in gross profit that was driven by higher sales, which caused fixed manufacturing costs to be allocated over higher production volumes, a sales mix shift toward higher-margin chips, and a $1.6 million charge for impairment of goodwill that reduced net income in 2009.

In December, the Company paid a cash dividend of $1.5 million, or $0.1825 per share, and ended 2010 with $29.8 million in cash, cash equivalents and marketable securities, as well as $6.7 million in debt.

“A significant contributor to our increased sales in 2010 was sales from casino openings in Pennsylvania, Delaware and Singapore,” commented Greg Gronau, GPIC President and Chief Executive Officer.  “This helped us end 2010 with a very strong cash position and focuses us for potential future growth.”

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®, Bud Jones®, and Bourgogne et Grasset®, GPIC provides casino currency such as chips, plaques and jetons; casino tables, furniture and accessories; table layouts; playing cards; precision dice;  roulette wheels; and RFID technology and applications.  Headquartered in Las Vegas, Nevada, GPIC has additional locations in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey, Gulfport, Mississippi, and Macau S.A.R. China.  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, 2010, 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:

Gerald W. Koslow, Chief Financial Officer

+1.702.384.2425

jkoslow@gpigaming.com

# #

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

December 31,

(audited)

(in thousands, except share amounts)

	2010			2009
ASSETS
Current Assets:
Cash and cash equivalents	$	11,400		$	3,238
Marketable securities		18,350			15,600
Accounts receivable, net		6,838			7,035
Inventories		7,160			7,173
Prepaid expenses		790			506
Deferred income tax asset		949			707
Other current assets		1,578			1,241
Total current assets		47,065			35,500
Property and equipment, net		11,926			13,454
Other intangibles, net		782			676
Deferred income tax asset		1,108			1,657
Inventories, non-current		496			1,686
Other assets, net		430			305
Total assets	$	61,807		$	53,278
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	6,696		$	546
Accounts payable		3,216			2,828
Accrued liabilities		6,204			4,165
Customer deposits		3,919			4,698
Income taxes payable		273			569
Total current liabilities		20,308			12,806
Long-term debt, less current maturities		32			314
Deferred income tax liability		491			623
Other liabilities		41			45
Total liabilities		20,872			13,788
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 issued and outstanding		82			82
Additional paid-in capital		19,196			18,985
Treasury stock, at cost; 8,061 shares		(196	)		(196	)
Retained earnings		20,269			17,346
Accumulated other comprehensive income		1,584			3,273
Total stockholders' equity		40,935			39,490
Total liabilities and stockholders' equity	$	61,807		$	53,278

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31,

(in thousands, except per share amounts)

	(unaudited)					(audited)
	Three Months Ended					Year Ended
	December 31,					December 31,
	2010			2009		2010		2009
Revenues	$	16,641		$	15,847	$	59,875	$	49,527
Cost of revenues		11,259			10,167		38,173		33,631
Gross profit		5,382			5,680		21,702		15,896
Marketing and sales		1,111			1,258		4,474		4,363
General and administrative		3,453			2,342		10,789		8,746
Impairment of goodwill		-			-		-		1,572
Operating income		818			2,080		6,439		1,215
Other income and (expense)		122			90		352		289
Income before income taxes		940			2,170		6,791		1,504
Income tax provision		(15	)		466		2,372		457
Net income	$	955		$	1,704	$	4,419	$	1,047
Earnings per share:
Basic	$	0.12		$	0.21	$	0.54	$	0.13
Diluted	$	0.12		$	0.21	$	0.53	$	0.13
Weighted-average shares of common stock outstanding:
Basic		8,199			8,117		8,199		8,107
Diluted		8,205			8,177		8,207		8,189