(Mark One)
|
||
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the Quarterly Period Ended: June 30, 2011
|
||
OR
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
NEVADA
|
88-0310433
|
|
(State or other jurisdiction
|
(I.R.S. Employer Identification No.)
|
|
of incorporation or organization)
|
||
1700 Industrial Road,
|
89102
|
|
Las Vegas, Nevada
|
(Zip Code)
|
|
(Address of principal executive offices)
|
Large accelerated filer o
|
Accelerated filer o
|
|
Non-accelerated filer o
|
Smaller reporting company x
|
|
(Do not check if a smaller reporting company)
|
PART I. FINANCIAL INFORMATION
|
1
|
ITEM 1. FINANCIAL STATEMENTS
|
1
|
Condensed Consolidated Balance Sheets (unaudited)
|
1
|
Condensed Consolidated Statements Of Operations (unaudited)
|
2
|
Condensed Consolidated Statements Of Stockholders’ Equity And Other Comprehensive Income (unaudited)
|
3
|
Condensed Consolidated Statements Of Cash Flows (unaudited)
|
4
|
Condensed Consolidated Notes To Financial Statements (unaudited)
|
5
|
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
12
|
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
19
|
ITEM 4.CONTROLS AND PROCEDURES
|
20
|
PART II. OTHER INFORMATION
|
21
|
ITEM 1.LEGAL PROCEEDINGS
|
21
|
ITEM 1A.RISK FACTORS
|
21
|
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
21
|
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
|
21
|
ITEM 4.RESERVED
|
21
|
ITEM 5.OTHER INFORMATION
|
21
|
ITEM 6.EXHIBITS
|
21
|
SIGNATURES
|
22
|
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 9,781 | $ | 11,400 | ||||
Marketable securities
|
17,312 | 18,350 | ||||||
Accounts receivable, net
|
5,037 | 6,838 | ||||||
Inventories
|
8,905 | 7,160 | ||||||
Prepaid expenses
|
734 | 790 | ||||||
Deferred income tax asset
|
496 | 949 | ||||||
Other current assets
|
1,148 | 1,578 | ||||||
Total current assets
|
43,413 | 47,065 | ||||||
Property and equipment, net
|
12,646 | 11,926 | ||||||
Intangibles, net
|
723 | 782 | ||||||
Deferred income tax asset
|
1,512 | 1,108 | ||||||
Inventories, non-current
|
460 | 496 | ||||||
Other assets, net
|
435 | 430 | ||||||
Total assets
|
$ | 59,189 | $ | 61,807 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Short-term debt
|
$ | 16 | $ | 6,696 | ||||
Accounts payable
|
2,452 | 3,216 | ||||||
Accrued liabilities
|
6,217 | 6,204 | ||||||
Customer deposits and deferred revenue
|
4,634 | 3,919 | ||||||
Income taxes payable
|
221 | 273 | ||||||
Total current liabilities
|
13,540 | 20,308 | ||||||
Long-term debt
|
24 | 32 | ||||||
Deferred income tax liability
|
595 | 491 | ||||||
Other liabilities
|
45 | 41 | ||||||
Total liabilities
|
14,204 | 20,872 | ||||||
Commitments and contingencies - see Note 8
|
||||||||
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,
|
||||||||
8,199,016 issued and outstanding
|
82 | 82 | ||||||
Additional paid-in capital
|
19,298 | 19,196 | ||||||
Treasury stock, at cost; 8,061 shares
|
(196 | ) | (196 | ) | ||||
Retained earnings
|
22,906 | 20,269 | ||||||
Accumulated other comprehensive income
|
2,895 | 1,584 | ||||||
Total stockholders' equity
|
44,985 | 40,935 | ||||||
Total liabilities and stockholders' equity
|
$ | 59,189 | $ | 61,807 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues
|
$ | 14,791 | $ | 19,906 | $ | 32,612 | $ | 30,851 | ||||||||
Cost of revenues
|
10,180 | 11,321 | 21,750 | 18,595 | ||||||||||||
Gross profit
|
4,611 | 8,585 | 10,862 | 12,256 | ||||||||||||
Marketing and sales
|
1,213 | 1,190 | 2,410 | 2,275 | ||||||||||||
General and administrative
|
2,293 | 2,842 | 4,845 | 5,437 | ||||||||||||
Operating income
|
1,105 | 4,553 | 3,607 | 4,544 | ||||||||||||
Other income and (expense)
|
121 | 92 | 231 | 155 | ||||||||||||
Income before income taxes
|
1,226 | 4,645 | 3,838 | 4,699 | ||||||||||||
Income tax provision
|
318 | 1,979 | 1,201 | 1,996 | ||||||||||||
Net income
|
$ | 908 | $ | 2,666 | $ | 2,637 | $ | 2,703 | ||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$ | 0.11 | $ | 0.33 | $ | 0.32 | $ | 0.33 | ||||||||
Diluted
|
$ | 0.11 | $ | 0.32 | $ | 0.32 | $ | 0.33 | ||||||||
Weighted-average shares of common stock outstanding:
|
||||||||||||||||
Basic
|
8,199 | 8,199 | 8,199 | 8,199 | ||||||||||||
Diluted
|
8,225 | 8,207 | 8,223 | 8,205 |
Accumulated
|
||||||||||||||||||||||||||||||||
Common Stock
|
Additional
|
Other
|
||||||||||||||||||||||||||||||
Comprehensive
|
Paid-In
|
Treasury
|
Retained
|
Comprehensive
|
||||||||||||||||||||||||||||
Income (Loss)
|
Shares
|
Amount
|
Capital
|
Stock
|
Earnings
|
Income (Loss)
|
Total
|
|||||||||||||||||||||||||
Balance, January 1, 2010
|
8,199,016 | $ | 82 | $ | 18,985 | $ | (196 | ) | $ | 17,346 | $ | 3,273 | $ | 39,490 | ||||||||||||||||||
Net income
|
$ | 2,703 | - | - | - | - | 2,703 | - | 2,703 | |||||||||||||||||||||||
Unrealized gain on securities, net of tax
|
1 | - | - | - | - | - | 1 | 1 | ||||||||||||||||||||||||
Stock compensation expense
|
- | - | - | 108 | - | - | - | 108 | ||||||||||||||||||||||||
Amortization of pension transition asset, net of tax
|
(5 | ) | - | - | - | - | - | (5 | ) | (5 | ) | |||||||||||||||||||||
Foreign currency translation adjustment
|
(3,117 | ) | - | - | - | - | - | (3,117 | ) | (3,117 | ) | |||||||||||||||||||||
Total comprehensive loss
|
$ | (418 | ) | |||||||||||||||||||||||||||||
Balance, June 30, 2010
|
8,199,016 | $ | 82 | $ | 19,093 | $ | (196 | ) | $ | 20,049 | $ | 152 | $ | 39,180 | ||||||||||||||||||
Balance, January 1, 2011
|
8,199,016 | $ | 82 | $ | 19,196 | $ | (196 | ) | $ | 20,269 | $ | 1,584 | $ | 40,935 | ||||||||||||||||||
Net income
|
$ | 2,637 | - | - | - | - | 2,637 | - | 2,637 | |||||||||||||||||||||||
Unrealized gain on securities, net of tax
|
9 | - | - | - | - | - | 9 | 9 | ||||||||||||||||||||||||
Stock compensation expense
|
- | - | - | 102 | - | - | - | 102 | ||||||||||||||||||||||||
Amortization of pension transition asset, net of tax
|
(6 | ) | - | - | - | - | - | (6 | ) | (6 | ) | |||||||||||||||||||||
Foreign currency translation adjustment
|
1,308 | - | - | - | - | - | 1,308 | 1,308 | ||||||||||||||||||||||||
Total comprehensive income
|
$ | 3,948 | ||||||||||||||||||||||||||||||
Balance, June 30, 2011
|
8,199,016 | $ | 82 | $ | 19,298 | $ | (196 | ) | $ | 22,906 | $ | 2,895 | $ | 44,985 |
|
Six Months Ended
|
|||||||
June 30,
|
||||||||
2011
|
2010
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$ | 2,637 | $ | 2,703 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
1,020 | 963 | ||||||
Amortization
|
123 | 39 | ||||||
Provision for bad debt
|
(17 | ) | 36 | |||||
Deferred income taxes
|
3 | 554 | ||||||
Stock compensation expense
|
102 | 108 | ||||||
(Gain) loss on sale of property and equipment
|
(6 | ) | 30 | |||||
(Gain) on sale of marketable securities
|
(13 | ) | (32 | ) | ||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable
|
1,987 | (3,068 | ) | |||||
Inventories
|
(1,307 | ) | 1,375 | |||||
Prepaid expenses and other current assets
|
683 | 468 | ||||||
Non-current other assets
|
20 | (70 | ) | |||||
Accounts payable
|
(928 | ) | 245 | |||||
Customer deposits and deferred revenue
|
415 | (1,190 | ) | |||||
Accrued liabilities
|
(334 | ) | 948 | |||||
Income taxes payable
|
(70 | ) | (143 | ) | ||||
Net cash provided by operating activities
|
4,315 | 2,966 | ||||||
Cash Flows from Investing Activities
|
||||||||
Purchases of marketable securities
|
(12,681 | ) | (8,153 | ) | ||||
Proceeds from sale of marketable securities
|
15,075 | 7,571 | ||||||
Capital expenditures
|
(700 | ) | (249 | ) | ||||
Purchase of business assets
|
(718 | ) | - | |||||
Proceeds from sales of property and equipment
|
27 | 3 | ||||||
Net cash provided by (used in) investing activities
|
1,003 | (828 | ) | |||||
Cash Flows from Financing Activities
|
||||||||
Repayment of debt obligations
|
(7,021 | ) | (744 | ) | ||||
Net cash used in financing activities
|
(7,021 | ) | (744 | ) | ||||
Effect of exchange rate changes on cash
|
84 | (122 | ) | |||||
Net (decrease) increase in cash and cash equivalents
|
(1,619 | ) | 1,272 | |||||
Cash and cash equivalents, beginning of period
|
11,400 | 3,238 | ||||||
Cash and cash equivalents, end of period
|
$ | 9,781 | $ | 4,510 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$ | 46 | $ | 11 | ||||
Cash paid for income taxes, net of refunds
|
$ | 1,400 | $ | 1,149 | ||||
Supplemental disclosures of non-cash investing and financing activities
|
||||||||
Accrued capital asset additions
|
$ | 31 | $ | 68 |
June 30, 2011
|
December 31, 2010
|
|||||||||||||||||||||||
Cost
|
Unrealized Gain/(Loss)
|
Fair Value
|
Cost
|
Unrealized Gain/(Loss)
|
Fair Value
|
|||||||||||||||||||
Certificates of deposit
|
$ | 15,869 | $ | - | $ | 15,869 | $ | 15,817 | $ | - | $ | 15,817 | ||||||||||||
Bond mutual funds
|
626 | - | 626 | 1,336 | - | 1,336 | ||||||||||||||||||
Term bonds
|
253 | (14 | ) | 239 | 686 | (23 | ) | 663 | ||||||||||||||||
Term notes
|
578 | - | 578 | 534 | - | 534 | ||||||||||||||||||
Total marketable securites
|
$ | 17,326 | $ | (14 | ) | $ | 17,312 | $ | 18,373 | $ | (23 | ) | $ | 18,350 |
Beginning Balance
|
Provision
|
Write-offs, Net of Recoveries
|
Exchange Rate Effect
|
Ending Balance
|
||||||||||||||||
June 30, 2011
|
$ | 208 | $ | (17 | ) | $ | - | $ | 8 | $ | 199 | |||||||||
December 31, 2010
|
$ | 220 | $ | 96 | $ | (69 | ) | $ | (39 | ) | $ | 208 |
|
June 30, 2011
|
December 31, 2010
|
||||||
Raw materials
|
$ | 4,476 | $ | 4,611 | ||||
Work in progress
|
2,378 | 1,713 | ||||||
Finished goods
|
2,511 | 1,332 | ||||||
Total inventories
|
$ | 9,365 | $ | 7,656 |
June 30, 2011
|
December 31, 2010
|
|||||||
Current
|
$ | 8,905 | $ | 7,160 | ||||
Non-current
|
460 | 496 | ||||||
Total inventories
|
$ | 9,365 | $ | 7,656 |
|
June 30, 2011
|
December 31, 2010
|
||||||
Land
|
$ | 1,807 | $ | 1,782 | ||||
Buildings and improvements
|
9,007 | 8,618 | ||||||
Furniture and equipment
|
19,877 | 18,180 | ||||||
Vehicles
|
519 | 511 | ||||||
31,210 | 29,091 | |||||||
Less accumulated depreciation
|
(18,564 | ) | (17,165 | ) | ||||
Property and equipment, net
|
$ | 12,646 | $ | 11,926 |
|
June 30, 2011
|
December 31, 2010
|
||||||||||||||||||||||||||
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
Estimated Useful Life (Years)
|
||||||||||||||||||||||
Patents
|
$ | 690 | $ | (615 | ) | $ | 75 | $ | 690 | $ | (609 | ) | $ | 81 | 13-14 | |||||||||||||
Trademark
|
620 | (118 | ) | 502 | 620 | (94 | ) | 526 | 12 | |||||||||||||||||||
Licenses
|
225 | (125 | ) | 100 | 225 | (50 | ) | 175 | 1-3 | |||||||||||||||||||
Other intangibles
|
72 | (26 | ) | 46 | - | - | - | 5 | ||||||||||||||||||||
Total intangible assets
|
$ | 1,607 | $ | (884 | ) | $ | 723 | $ | 1,535 | $ | (753 | ) | $ | 782 |
June 30, 2011
|
December 31, 2010
|
|||||||
Foreign currency translation
|
$ | 2,895 | $ | 1,587 | ||||
Unrealized (loss) on securities, net of tax
|
(14 | ) | (23 | ) | ||||
Unrecognized pension transition asset, net of tax
|
14 | 20 | ||||||
Total accumulated other comprehensive income
|
$ | 2,895 | $ | 1,584 |
Three Months Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
Revenues
|
||||||||||||||||
Asia (1)
|
$ | 6,934 | 46.9 | % | $ | 6,743 | 33.9 | % | ||||||||
United States
|
6,070 | 41.0 | % | 11,356 | 57.0 | % | ||||||||||
Europe (includes Russia)
|
841 | 5.7 | % | 952 | 4.8 | % | ||||||||||
Other (2)
|
946 | 6.4 | % | 855 | 4.3 | % | ||||||||||
Total
|
$ | 14,791 | 100.0 | % | $ | 19,906 | 100.0 | % |
(1)
|
Primarily Macau and Singapore.
|
(2)
|
Includes Canada, Australia, and countries in South America and Africa.
|
Six Months Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
Revenues
|
||||||||||||||||
Asia (1)
|
$ | 18,372 | 56.4 | % | $ | 10,777 | 34.9 | % | ||||||||
United States
|
10,905 | 33.4 | % | 16,680 | 54.1 | % | ||||||||||
Europe (includes Russia)
|
1,594 | 4.9 | % | 1,921 | 6.2 | % | ||||||||||
Other (2)
|
1,741 | 5.3 | % | 1,473 | 4.8 | % | ||||||||||
Total
|
$ | 32,612 | 100.0 | % | $ | 30,851 | 100.0 | % |
(1)
|
Primarily Macau and Singapore.
|
(2)
|
Includes Canada, Australia, and countries in South America and Africa.
|
Three Months Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
Casino chips:
|
||||||||||||||||
American-style casino chips
|
$ | 5,169 | 35.1 | % | $ | 10,523 | 52.8 | % | ||||||||
European-style casino chips
|
3,997 | 27.0 | % | 1,767 | 8.9 | % | ||||||||||
Total casino chips
|
9,166 | 62.1 | % | 12,290 | 61.7 | % | ||||||||||
Playing cards
|
1,262 | 8.5 | % | 1,266 | 6.4 | % | ||||||||||
Table layouts
|
1,058 | 7.2 | % | 1,213 | 6.1 | % | ||||||||||
RFID solutions
|
965 | 6.5 | % | - | 0.0 | % | ||||||||||
Table accessories and other products
|
720 | 4.8 | % | 1,612 | 8.1 | % | ||||||||||
Dice
|
582 | 3.9 | % | 550 | 2.8 | % | ||||||||||
Gaming furniture
|
579 | 3.9 | % | 2,229 | 11.2 | % | ||||||||||
Shipping
|
459 | 3.1 | % | 746 | 3.7 | % | ||||||||||
Total
|
$ | 14,791 | 100.0 | % | $ | 19,906 | 100.0 | % |
Six Months Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
Casino chips:
|
||||||||||||||||
American-style casino chips
|
$ | 11,577 | 35.4 | % | $ | 15,857 | 51.2 | % | ||||||||
European-style casino chips
|
10,971 | 33.6 | % | 3,661 | 11.9 | % | ||||||||||
Total casino chips
|
22,548 | 69.0 | % | 19,518 | 63.1 | % | ||||||||||
Playing cards
|
2,597 | 8.0 | % | 2,432 | 7.9 | % | ||||||||||
Table layouts
|
2,041 | 6.3 | % | 2,209 | 7.2 | % | ||||||||||
RFID solutions
|
1,074 | 3.3 | % | - | 0.0 | % | ||||||||||
Table accessories and other products
|
1,341 | 4.1 | % | 2,091 | 6.8 | % | ||||||||||
Dice
|
1,100 | 3.4 | % | 1,034 | 3.4 | % | ||||||||||
Gaming furniture
|
998 | 3.1 | % | 2,500 | 8.1 | % | ||||||||||
Shipping
|
913 | 2.8 | % | 1,067 | 3.5 | % | ||||||||||
Total
|
$ | 32,612 | 100.0 | % | $ | 30,851 | 100.0 | % |
June 30, 2011
|
December 31, 2010
|
|||||||
Property and equipment, net:
|
||||||||
France
|
$ | 6,197 | $ | 5,495 | ||||
United States
|
3,570 | 3,484 | ||||||
Mexico
|
2,809 | 2,947 | ||||||
Macau S.A.R. China
|
70 | - | ||||||
Total
|
$ | 12,646 | $ | 11,926 |
June 30, 2011
|
December 31, 2010
|
|||||||
Intangibles, net:
|
||||||||
United States
|
$ | 677 | $ | 782 | ||||
France
|
46 | - | ||||||
Total
|
$ | 723 | $ | 782 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Weighted-average number of common shares outstanding - basic
|
8,199 | 8,199 | 8,199 | 8,199 | ||||||||||||
Potential dilution from stock options
|
26 | 8 | 24 | 6 | ||||||||||||
Weighted-average number of common shares outstanding - diluted
|
8,225 | 8,207 | 8,223 | 8,205 |
|
·
|
GPI USA sells in the Americas, primarily in the United States and Canada, out of regional offices in the United States. GPI USA sells our full product line, with most of the products manufactured at our facility in Mexico and with the remainder either manufactured in France or purchased from United States vendors. We also hold inventory at a warehouse in San Luis, Arizona and at our Las Vegas, Nevada headquarters.
|
|
·
|
GPI SAS sells internationally out of Beaune, France, with most sales in Europe and Asia. GPI SAS predominantly sells casino chips, including both American-style casino chips and European-style casino chips, which are also known as plaques and jetons. Most of the products sold by GPI SAS are manufactured in France, with the remainder manufactured in Mexico.
|
|
·
|
GPI Asia, formed in December 2010, currently sells and services RFID solutions for the gaming industry in the Asia Pacific region, but will eventually market substantially all of our product lines in the Asia Pacific casino market, with such products being manufactured in our plants in France and Mexico, as well as in our new warehouse and manufacturing facility in Macau S.A.R., which we leased in February 2011. Due to increased demand for our chip, plaque and jeton, and RFID solution product lines in Asia, we have delayed the initiation of layout manufacturing in Macau, which was anticipated to commence in 2011.
|
GPI USA
|
GPI SAS
|
GPI Asia
|
Total
|
|||||||||||||
June 30, 2011
|
$ | 5.3 | $ | 8.5 | $ | 0.3 | $ | 14.1 | ||||||||
June 30, 2010
|
$ | 4.7 | $ | 5.6 | $ | - | $ | 10.3 |
Three Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Revenues
|
$ | 14,791 | 100.0 | % | $ | 19,906 | 100.0 | % | $ | (5,115 | ) | (25.7 | )% | |||||||||||
Cost of revenues
|
10,180 | 68.8 | % | 11,321 | 56.9 | % | (1,141 | ) | (10.1 | )% | ||||||||||||||
Gross profit
|
4,611 | 31.2 | % | 8,585 | 43.1 | % | (3,974 | ) | (46.3 | )% | ||||||||||||||
Selling, general and administrative
|
3,506 | 23.7 | % | 4,032 | 20.3 | % | (526 | ) | (13.0 | )% | ||||||||||||||
Operating income
|
1,105 | 7.5 | % | 4,553 | 22.8 | % | (3,448 | ) | (75.7 | )% | ||||||||||||||
Other income and (expense)
|
121 | 0.8 | % | 92 | 0.5 | % | 29 | 31.5 | % | |||||||||||||||
Income before income taxes
|
1,226 | 8.3 | % | 4,645 | 23.3 | % | (3,419 | ) | (73.6 | )% | ||||||||||||||
Income tax provision
|
318 | 2.1 | % | 1,979 | 9.9 | % | (1,661 | ) | (83.9 | )% | ||||||||||||||
Net income
|
$ | 908 | 6.2 | % | $ | 2,666 | 13.4 | % | $ | (1,758 | ) | (65.9 | )% |
Six Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Revenues
|
$ | 32,612 | 100.0 | % | $ | 30,851 | 100.0 | % | $ | 1,761 | 5.7 | % | ||||||||||||
Cost of revenues
|
21,750 | 66.7 | % | 18,595 | 60.3 | % | 3,155 | 17.0 | % | |||||||||||||||
Gross profit
|
10,862 | 33.3 | % | 12,256 | 39.7 | % | (1,394 | ) | (11.4 | )% | ||||||||||||||
Selling, general and administrative
|
7,255 | 22.3 | % | 7,712 | 25.0 | % | (457 | ) | (5.9 | )% | ||||||||||||||
Operating income
|
3,607 | 11.0 | % | 4,544 | 14.7 | % | (937 | ) | (20.6 | )% | ||||||||||||||
Other income and (expense)
|
231 | 0.7 | % | 155 | 0.5 | % | 76 | 49.0 | % | |||||||||||||||
Income before income taxes
|
3,838 | 11.7 | % | 4,699 | 15.2 | % | (861 | ) | (18.3 | )% | ||||||||||||||
Income tax provision
|
1,201 | 3.7 | % | 1,996 | 6.5 | % | (795 | ) | (39.8 | )% | ||||||||||||||
Net income
|
$ | 2,637 | 8.0 | % | $ | 2,703 | 8.7 | % | $ | (66 | ) | (2.4 | )% |
Three Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||
Asia (1)
|
$ | 6,934 | 46.9 | % | $ | 6,743 | 33.9 | % | $ | 191 | 2.8 | % | ||||||||||||
United States
|
6,070 | 41.0 | % | 11,356 | 57.0 | % | (5,286 | ) | (46.5 | )% | ||||||||||||||
Europe (includes Russia)
|
841 | 5.7 | % | 952 | 4.8 | % | (111 | ) | (11.7 | )% | ||||||||||||||
Other (2)
|
946 | 6.4 | % | 855 | 4.3 | % | 91 | 10.6 | % | |||||||||||||||
Total
|
$ | 14,791 | 100.0 | % | $ | 19,906 | 100.0 | % | $ | (5,115 | ) | (25.7 | )% |
(1)
|
Primarily Macau and Singapore.
|
(2)
|
Includes Canada, Australia, and countries in South America and Africa.
|
Six Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||
Asia (1)
|
$ | 18,372 | 56.4 | % | $ | 10,777 | 34.9 | % | $ | 7,595 | 70.5 | % | ||||||||||||
United States
|
10,905 | 33.4 | % | 16,680 | 54.1 | % | (5,775 | ) | (34.6 | )% | ||||||||||||||
Europe (includes Russia)
|
1,594 | 4.9 | % | 1,921 | 6.2 | % | (327 | ) | (17.0 | )% | ||||||||||||||
Other (2)
|
1,741 | 5.3 | % | 1,473 | 4.8 | % | 268 | 18.2 | % | |||||||||||||||
Total
|
$ | 32,612 | 100.0 | % | $ | 30,851 | 100.0 | % | $ | 1,761 | 5.7 | % |
(1)
|
Primarily Macau and Singapore.
|
(2)
|
Includes Canada, Australia, and countries in South America and Africa.
|
Three Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Casino chips:
|
||||||||||||||||||||||||
American-style casino chips
|
$ | 5,169 | 35.1 | % | $ | 10,523 | 52.8 | % | $ | (5,354 | ) | (50.9 | )% | |||||||||||
European-style casino chips
|
3,997 | 27.0 | % | 1,767 | 8.9 | % | 2,230 | 126.2 | % | |||||||||||||||
Total casino chips
|
9,166 | 62.1 | % | 12,290 | 61.7 | % | (3,124 | ) | (25.4 | )% | ||||||||||||||
Playing cards
|
1,262 | 8.5 | % | 1,266 | 6.4 | % | (4 | ) | (0.3 | )% | ||||||||||||||
Table layouts
|
1,058 | 7.2 | % | 1,213 | 6.1 | % | (155 | ) | (12.8 | )% | ||||||||||||||
RFID solutions
|
965 | 6.5 | % | - | 0.0 | % | 965 | 0.0 | % | |||||||||||||||
Table accessories and other products
|
720 | 4.8 | % | 1,612 | 8.1 | % | (892 | ) | (55.3 | )% | ||||||||||||||
Dice
|
582 | 3.9 | % | 550 | 2.8 | % | 32 | 5.8 | % | |||||||||||||||
Gaming furniture
|
579 | 3.9 | % | 2,229 | 11.2 | % | (1,650 | ) | (74.0 | )% | ||||||||||||||
Shipping
|
459 | 3.1 | % | 746 | 3.7 | % | (287 | ) | (38.5 | )% | ||||||||||||||
Total
|
$ | 14,791 | 100.0 | % | $ | 19,906 | 100.0 | % | $ | (5,115 | ) | (25.7 | )% |
Six Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Casino chips:
|
||||||||||||||||||||||||
American-style casino chips
|
$ | 11,577 | 35.4 | % | $ | 15,857 | 51.2 | % | $ | (4,280 | ) | (27.0 | )% | |||||||||||
European-style casino chips
|
10,971 | 33.6 | % | 3,661 | 11.9 | % | 7,310 | 199.7 | % | |||||||||||||||
Total casino chips
|
22,548 | 69.0 | % | 19,518 | 63.1 | % | 3,030 | 15.5 | % | |||||||||||||||
Playing cards
|
2,597 | 8.0 | % | 2,432 | 7.9 | % | 165 | 6.8 | % | |||||||||||||||
Table layouts
|
2,041 | 6.3 | % | 2,209 | 7.2 | % | (168 | ) | (7.6 | )% | ||||||||||||||
RFID solutions
|
1,074 | 3.3 | % | - | 0.0 | % | 1,074 | 0.0 | % | |||||||||||||||
Table accessories and other products
|
1,341 | 4.1 | % | 2,091 | 6.8 | % | (750 | ) | (35.9 | )% | ||||||||||||||
Dice
|
1,100 | 3.4 | % | 1,034 | 3.4 | % | 66 | 6.4 | % | |||||||||||||||
Gaming furniture
|
998 | 3.1 | % | 2,500 | 8.1 | % | (1,502 | ) | (60.1 | )% | ||||||||||||||
Shipping
|
913 | 2.8 | % | 1,067 | 3.5 | % | (154 | ) | (14.4 | )% | ||||||||||||||
Total
|
$ | 32,612 | 100.0 | % | $ | 30,851 | 100.0 | % | $ | 1,761 | 5.7 | % |
Three Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Marketing and sales
|
$ | 1,213 | 8.2 | % | $ | 1,190 | 6.0 | % | $ | 23 | 1.9 | % | ||||||||||||
General and administrative
|
2,293 | 15.5 | % | 2,842 | 14.3 | % | (549 | ) | (19.3 | )% | ||||||||||||||
Total selling, general and administrative expenses
|
$ | 3,506 | 23.7 | % | $ | 4,032 | 20.3 | % | $ | (526 | ) | (13.0 | )% |
Six Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Marketing and sales
|
$ | 2,410 | 7.4 | % | $ | 2,275 | 7.4 | % | $ | 135 | 5.9 | % | ||||||||||||
General and administrative
|
4,845 | 14.9 | % | 5,437 | 17.6 | % | (592 | ) | (10.9 | )% | ||||||||||||||
Total selling, general and administrative expenses
|
$ | 7,255 | 22.3 | % | $ | 7,712 | 25.0 | % | $ | (457 | ) | (5.9 | )% |
Three Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Interest income
|
$ | 117 | 0.8 | % | $ | 73 | 0.4 | % | $ | 44 | 60.3 | % | ||||||||||||
Interest expense
|
(24 | ) | (0.2 | )% | (2 | ) | 0.0 | % | (22 | ) | (1,100.0 | )% | ||||||||||||
Gain on foreign currency transactions
|
19 | 0.1 | % | 17 | 0.1 | % | 2 | - | ||||||||||||||||
Other income, net
|
9 | 0.1 | % | 4 | 0.0 | % | 5 | 125.0 | % | |||||||||||||||
Total other income and (expense)
|
$ | 121 | 0.8 | % | $ | 92 | 0.5 | % | $ | 29 | 31.5 | % |
Six Months Ended
|
||||||||||||||||||||||||
June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||||||||||
Interest income
|
$ | 240 | 0.8 | % | $ | 128 | 0.4 | % | $ | 112 | 87.5 | % | ||||||||||||
Interest expense
|
(53 | ) | (0.2 | )% | (11 | ) | 0.0 | % | (42 | ) | (381.8 | )% | ||||||||||||
Gain on foreign currency transactions
|
29 | 0.1 | % | 3 | 0.0 | % | 26 | 866.7 | % | |||||||||||||||
Other income, net
|
15 | 0.0 | % | 35 | 0.1 | % | (20 | ) | (57.1 | )% | ||||||||||||||
Total other income and (expense)
|
$ | 231 | 0.7 | % | $ | 155 | 0.5 | % | $ | 76 | 49.0 | % |
June 30,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||
Cash and cash equivalents
|
$ | 9,781 | $ | 11,400 | $ | (1,619 | ) | (14.2 | )% | |||||||
Marketable securities
|
$ | 17,312 | $ | 18,350 | $ | (1,038 | ) | (5.7 | )% | |||||||
Working capital
|
$ | 29,873 | $ | 26,757 | $ | 3,116 | 11.6 | % | ||||||||
Current ratio
|
3.2 | 2.3 |
Six Months Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
2011
|
2010
|
Period-to-Period Change
|
||||||||||||||
Operating activities
|
$ | 4,315 | $ | 2,966 | $ | 1,349 | 45.5 | % | ||||||||
Investing activities
|
1,003 | (828 | ) | 1,831 | 221.1 | % | ||||||||||
Financing activities
|
(7,021 | ) | (744 | ) | (6,277 | ) | (843.7 | )% | ||||||||
Effect of exchange rates
|
84 | (122 | ) | 206 | 168.9 | % | ||||||||||
Net change
|
$ | (1,619 | ) | $ | 1,272 | $ | (2,891 | ) | (227.3 | )% |
ITEM 1A.
|
RISK FACTORS
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of Chief Financial and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.0
|
Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS**
|
XBRL Instance
|
|
101.SCH**
|
XBRL Taxonomy Extension Schema
|
|
101.CAL**
|
XBRL Taxonomy Extension Calculation
|
|
101.DEF**
|
XBRL Taxonomy Extension Definition
|
|
101.LAB**
|
XBRL Taxonomy Extension Labels
|
|
101.PRE**
|
XBRL Taxonomy Extension Presentation
|
|
**XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and is otherwise not subject to liability under these sections.
|
GAMING PARTNERS INTERNATIONAL CORPORATION
|
||
Date: August 15, 2011
|
By:
|
/s/ Gregory S. Gronau
|
Gregory S. Gronau
|
||
President and Chief Executive Officer
|
||
Date: August 15, 2011
|
By:
|
/s/ Gerald W. Koslow
|
Gerald W. Koslow
|
||
Chief Financial Officer
|
Date: August 15, 2011
|
By:
|
/s/ Gregory S. Gronau
|
Gregory S. Gronau
President and Chief Executive Officer
|
Date: August 15, 2011
|
By:
|
/s/ Gerald W. Koslow
|
Gerald W. Koslow
Chief Financial Officer
|
|
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
GAMING PARTNERS INTERNATIONAL CORPORATION
|
||
Date: August 15, 2011
|
By:
|
/s/ Gregory S. Gronau
|
Gregory S. Gronau
|
||
President and Chief Executive Officer
|
||
Date: August 15, 2011
|
By:
|
/s/ Gerald W. Koslow
|
Gerald W. Koslow
|
||
Chief Financial Officer
|
CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] (USD $)
In Thousands, except Per Share data |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 8,199,016 | 8,199,016 |
Common stock, shares outstanding | 8,199,016 | 8,199,016 |
Treasury stock, shares | 8,061 | 8,061 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Revenues | $ 14,791 | $ 19,906 | $ 32,612 | $ 30,851 |
Cost of revenues | 10,180 | 11,321 | 21,750 | 18,595 |
Gross profit | 4,611 | 8,585 | 10,862 | 12,256 |
Marketing and sales | 1,213 | 1,190 | 2,410 | 2,275 |
General and administrative | 2,293 | 2,842 | 4,845 | 5,437 |
Operating income | 1,105 | 4,553 | 3,607 | 4,544 |
Other income and (expense) | 121 | 92 | 231 | 155 |
Income before income taxes | 1,226 | 4,645 | 3,838 | 4,699 |
Income tax provision | 318 | 1,979 | 1,201 | 1,996 |
Net income | $ 908 | $ 2,666 | $ 2,637 | $ 2,703 |
Earnings per share: | Â | Â | Â | Â |
Basic (in dollars per share) | $ 0.11 | $ 0.33 | $ 0.32 | $ 0.33 |
Diluted (in dollars per share) | $ 0.11 | $ 0.32 | $ 0.32 | $ 0.33 |
Weighted-average shares of common stock outstanding: | Â | Â | Â | Â |
Basic (in shares) | 8,199 | 8,199 | 8,199 | 8,199 |
Diluted (in shares) | 8,225 | 8,207 | 8,223 | 8,205 |
Document and Entity Information
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Aug. 05, 2011
|
|
Entity Registrant Name | Gaming Partners International CORP | Â |
Entity Central Index Key | 0000918580 | Â |
Current Fiscal Year End Date | --12-31 | Â |
Entity Filer Category | Smaller Reporting Company | Â |
Trading Symbol | gpic | Â |
Entity Common Stock, Shares Outstanding | Â | 8,199,016 |
Document Type | 10-Q | Â |
Amendment Flag | false | Â |
Document Period End Date | Jun. 30, 2011 | |
Document Fiscal Period Focus | Q2 | Â |
Document Fiscal Year Focus | 2011 | Â |
"+ text.join( "
\n" ) +"
" + text[p] + "
\n"; } } }else{ formatted = '' + raw + '
'; } html = ''+ "\n"+''+ "\n"+''+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+' | '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
Property and Equipment
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 6. Property and Equipment
Property and equipment consist of the following (in thousands):
Depreciation expense for the three months ended June 30, 2011 and 2010 was $537,000 and $478,000, respectively. Depreciation expense for the six months ended June 30, 2011 and 2010 was $1,020,000 and $963,000, respectively.
|
Earnings per Share (EPS)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Note 11. Earnings per Share (EPS)
Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the effect of potential common stock, which consists of assumed stock options. Potentially dilutive securities are not taken into account when their effect would be antidilutive.
The weighted-average number of common shares outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands):
|
Acquisition
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Business Combinations [Abstract] | Â |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | Note 2. Acquisition
In April 2011, the Company purchased certain assets of OMC SARL and its subsidiary OMC Industries (“OMC”), a private French-based manufacturer of high-quality plastic injection molds. The acquisition is part of the Company's overall acquisition strategy to use its cash position to acquire companies, products, or technologies that enable it to diversify and grow its product and service offerings. The Company completed the acquisition of OMC on April 6, 2011 for a total cash consideration of $0.7 million.We did not present pro forma results of operations, actual results of operations from the acquisition date through June 30, 2011, or other disclosure because, the acquisition was not material. The consolidated statement of operations for the period ended June 30, 2011 includes the results of OMC from the acquisition date.
|
Commitments and Contingencies
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Commitments and Contingencies Disclosure [Abstract] | Â |
Commitments and Contingencies Disclosure [Text Block] | Note 8. Commitments and Contingencies
Legal Proceedings and Contingencies
Liabilities for material claims against the Company are accrued when a loss is considered probable and can be reasonably estimated. Legal costs associated with claims are expensed as incurred.
On June 27, 2007, a putative class action complaint alleging violations of federal securities laws based on alleged misstatements and omissions by the Company, entitled Robert J. Kaplan v. Gerard P. Charlier, Paul S. Dennis, Eric P. Endy, Alain Thieffry, Elisabeth Carrette, Robert J. Kelly, Charles R. Henry, Laura McAllister Cox and Gaming Partners International Corporation was filed in the United States District Court for the District of Nevada, under Case No. 2:07-cv-00849-LDG-GWF. Plaintiff Kaplan was designated by the court as “Lead Plaintiff.” On February 12, 2008, Plaintiff filed an amended complaint, deleting several of the above named defendants, and adding three others. The action is now captioned Robert J. Kaplan v. Gerard P. Charlier, Melody J. Sullivan a/k/a Melody Sullivan Yowell, David Grimes, Charles T. McCullough, Eric P. Endy, Elisabeth Carrette and Gaming Partners International Corporation. The Company engaged counsel and has vigorously defended against the claims presented. Defendants filed a Motion to Dismiss the Complaint on April 16, 2008. Defendants’ Motion to Dismiss was thereafter granted and an order was entered dismissing the Amended Complaint without prejudice on November 18, 2008. Plaintiff filed a Second Amended Complaint on January 9, 2009. Defendants’ Motion to Dismiss the Second Amended Complaint was filed on February 27, 2009. On September 28, 2009, Defendants’ motion was granted and judgment dismissing the Second Amended Complaint with prejudice was entered on September 29, 2009. On October 29, 2009, Plaintiff filed his Notice of Appeal of the Court’s judgment to the 9th Circuit Court of Appeals. On April 12, 2011, the 9th
Circuit Court affirmed the dismissal of Plaintiff’s Second Amended Complaint.
On January 18, 2011, a former employee of GPI SAS filed a complaint with the Employment Tribunal of Dijon, France, entitled Christophe Leparoux vs. Gaming Partners International SAS related to his termination of employment in November 2010. The complaint seeks damages of 600,000 euros (approximately $870,000 at June 30, 2011) for unfair dismissal, 2,500 euros (approximately $3,600 at June 30, 2011) for legal fees, and unspecified damages for back pay. Under French law, terminated employees may be entitled to a dismissal indemnity or severance based on seniority and a three-month-notice period in which they continue to be paid. The Company has engaged counsel and will vigorously defend the matter.
We are also engaged in disputes and claims in the normal course of business. We believe the ultimate outcome of these proceedings will not have a material adverse impact on the consolidated financial position or results of operations.
Commitments
The Company has exclusive intellectual property license agreements from an unrelated third party which grant the Company the exclusive rights to manufacture and distribute gaming chips, RFID equipment and software worldwide under patents for a gaming chip tracking system and method that utilizes gaming chips with embedded electronic circuits scanned by antennas in gaming chip placement areas (gaming tables and casino cage) and other RFID-related intellectual property. The duration of these agreements ranges from annual renewal to the life of the patents, the last of which expires in 2015. Minimum net annual royalty payments are $375,000, of which $125,000 is required to be made annually by GPIC over the remaining life of the exclusive patent license agreements.
We purchase certain security technology from an unrelated third party for use in our gaming chips under an exclusive contract which requires that we purchase a minimum of $50,000 in product each year through 2016, or $300,000 during the remaining life of the contract.
|
Accumulated Other Comprehensive Income
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 9. Accumulated Other Comprehensive Income
Accumulated other comprehensive income consists of the following (in thousands):
|
Intangible Assets
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | Note 7. Intangible Assets
Intangible assets consist of the following (in thousands):
In August 2010, the Company licensed certain RFID intellectual property and purchased certain software to converge high- and low-frequency RFID applications to improve functionality, security, and communications for a variety of casino management systems. In April 2011, the Company acquired in its OMC acquisition certain intangibles, including a customer list.
Amortization expense for intangible assets for the three months ended June 30, 2011 and 2010 was $52,000 and $16,000, respectively. Amortization expense for intangible assets for the six months ended June 30, 2011 and 2010 was $123,000 and $31,000, respectively.
|
Marketable Securities
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available For Sale Securities Disclosure [Text Block] | Note 3. Marketable Securities
Available for sale marketable securities consist of investments in securities such as certificates of deposit offered by French and US banks, bond mutual funds, term bonds, and term notes (in thousands):
We present our marketable securities at their estimated fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has determined that all of its marketable securities fall into the Level 1 category, with asset values recorded at quoted prices in active markets for identical assets.
|
Allowance for Doubtful Accounts
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Note 4. Allowance for Doubtful Accounts
The allowance for doubtful accounts consists of the following (in thousands):
|
Inventories
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | Note 5. Inventories
Inventories consist of the following (in thousands):
At June 30, 2011 and December 31, 2010, we classified a portion of our inventories as non-current because we do not expect this portion to be used within one year. The classification of our inventories on our balance sheets is as follows (in thousands):
|
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND OTHER COMPREHENSIVE INCOME (USD $)
In Thousands, except Share data |
Comprehensive Income (Loss)
|
Common Stock
|
Additional Paid-In Capital
|
Treasury Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Total
|
---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2009 | Â | $ 82 | $ 18,985 | $ (196) | $ 17,346 | $ 3,273 | $ 39,490 |
Balance (in shares) at Dec. 31, 2009 | Â | 8,199,016 | Â | Â | Â | Â | Â |
Net income | 2,703 | 0 | 0 | 0 | 2,703 | 0 | 2,703 |
Unrealized gain on securities, net of tax | 1 | 0 | 0 | 0 | 0 | 1 | 1 |
Stock compensation expense | 0 | 0 | 108 | 0 | 0 | 0 | 108 |
Amortization of pension transition asset, net of tax | (5) | 0 | 0 | 0 | 0 | (5) | (5) |
Foreign currency translation adjustment | (3,117) | 0 | 0 | 0 | 0 | (3,117) | (3,117) |
Total comprehensive income (loss) | (418) | Â | Â | Â | Â | Â | Â |
Balance at Jun. 30, 2010 | Â | 82 | 19,093 | (196) | 20,049 | 152 | 39,180 |
Balance (in shares) at Jun. 30, 2010 | Â | 8,199,016 | Â | Â | Â | Â | Â |
Balance at Dec. 31, 2010 | Â | 82 | 19,196 | (196) | 20,269 | 1,584 | 40,935 |
Balance (in shares) at Dec. 31, 2010 | Â | 8,199,016 | Â | Â | Â | Â | Â |
Net income | 2,637 | 0 | 0 | 0 | 2,637 | 0 | 2,637 |
Unrealized gain on securities, net of tax | 9 | 0 | 0 | 0 | 0 | 9 | 9 |
Stock compensation expense | 0 | 0 | 102 | 0 | 0 | 0 | 102 |
Amortization of pension transition asset, net of tax | (6) | 0 | 0 | 0 | 0 | (6) | (6) |
Foreign currency translation adjustment | 1,308 | 0 | 0 | 0 | 0 | 1,308 | 1,308 |
Total comprehensive income (loss) | 3,948 | Â | Â | Â | Â | Â | Â |
Balance at Jun. 30, 2011 | Â | $ 82 | $ 19,298 | $ (196) | $ 22,906 | $ 2,895 | $ 44,985 |
Balance (in shares) at Jun. 30, 2011 | Â | 8,199,016 | Â | Â | Â | Â | Â |
Nature of Business and Significant Accounting Policies
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Accounting Policies [Abstract] | Â |
Business Description and Accounting Policies [Text Block] | Note 1. Nature of Business and Significant Accounting Policies
Organization and Nature of Business
Gaming Partners International Corporation (“GPIC” or the “Company”) has three operating subsidiaries, Gaming Partners International USA, Inc. (“GPI USA”), Gaming Partners International SAS (“GPI SAS”), and Gaming Partners International Asia Limited (“GPI Asia”). In addition, GPI USA owns GPI Mexicana S.A. de C.V. (“GPI Mexicana”), a manufacturing subsidiary. GPI USA was founded in 1963 as Paul-Son Gaming Supplies, Inc. by Paul S. Endy, Jr., and initially manufactured and sold dice to casinos in Las Vegas. GPI SAS was founded in 1923 as Etablissements Bourgogne et Grasset S.A. by Etienne Bourgogne and Claudius Grasset in Beaune, France to produce and sell counterfeit-resistant casino chips to casinos in Monaco. GPIC was formed in 2002 through a reverse merger between Paul-Son Gaming Corporation and Bourgogne et Grasset initiated by Francois Carrette, whose firm, Holding Wilson, SA, remains GPIC’s controlling shareholder. The Company has established brand names such as Paulson®
, Bourgogne et Grasset®
(“BG®
”), and Bud Jones®
. GPIC and each of its subsidiaries are sometimes collectively referred to herein as the “Company,” “us,” “we” or “our.”
The Company is headquartered in Las Vegas, Nevada and has manufacturing facilities in San Luis Rio Colorado, Mexico and Beaune, France, as well as a warehouse in San Luis, Arizona. GPI USA has administration and sales offices in Las Vegas, Nevada; Atlantic City, New Jersey; and Gulfport, Mississippi, and sells our casino products to licensed casinos in the Americas. GPI SAS has a sales office in Beaune, France, and sells our casino products internationally to licensed casinos. In December 2010, the Company formed GPI Asia in Macau S.A.R., China to sell and provide services to our Asian customers and to manufacture our consumable gaming products locally. Most of our products are sold directly to end-users; however, in some regions of the world, such as South Africa, we sell through distributors.
Our business activities include the manufacture and supply of casino chips, table layouts, radio frequency identification device (“RFID”) solutions for casino currency, playing cards, gaming furniture, table accessories, and dice, all of which are used in conjunction with casino table games such as blackjack, poker, baccarat, craps and roulette.
Significant Accounting Polices
Basis of Consolidation and Presentation.
The condensed consolidated financial statements include the accounts of GPIC and its wholly-owned subsidiaries GPI SAS, GPI USA, GPI Mexicana, and GPI Asia. All material intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These statements should be read in conjunction with our annual audited consolidated financial statements and related notes included in our Form 10-K for the year ended December 31, 2010.
These unaudited condensed consolidated financial statements, in the opinion of management, reflect only normal and recurring adjustments necessary for a fair presentation of results for such periods. The results of operations for an interim period are not necessarily indicative of the results for the full year.
Revenue recognition.
For casino table game product sales, we record revenue, net of excise and sales taxes, when it is realized, or realizable, and earned. We consider these criteria met when persuasive
evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable, collectability is reasonably assured and, if required, acceptance is received from the customer. Shipping costs billed to our customers are reflected in revenues, with the related expense included in cost of revenues.
Starting in 2011, we sometimes enter into multiple-element arrangements with our customers to provide RFID solutions. Such transactions included deliverables, such as RFID equipment, installation and training services, embedded RFID software licenses, and limited software support services. In such arrangements, RFID equipment and embedded RFID software work together to deliver the functionality purchased by our customer. Therefore, we apply the provisions of multiple elements-accounting to separate the deliverables and allocate the total arrangement consideration based upon relative estimated selling prices. Each unit of accounting is then accounted for under the applicable revenue recognition guidance. For RFID equipment and related services, revenue generally is recorded when all customer-defined acceptance criteria are satisfied. For RFID software support services, revenue generally is amortized over the one-year term of the support contract and, when customers renew their RFID software support services contract, we amortize the contract revenues over the term of the renewal period.
Recently Issued Accounting Standards.
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-05,
Comprehensive Income (Topic 220): Presentation of Comprehensive Income.
ASU No. 2011-05
provides two options for presenting other comprehensive income (OCI), which previously has typically been placed near the statement of equity. The amendments require an OCI statement to be included with the statement of operations, which together will make a statement of total comprehensive income or separate from the statement of operations, but the two statements will have to appear consecutively within a financial report. The provisions of ASU No. 2011-05 are effective for fiscal quarters and years beginning on or after December 15, 2011. The Company will adopt one of the two presentation options in its Quarterly Report filed on Form 10-Q for the quarterly period ended March 31, 2012.
In October 2009, the FASB issued ASU No. 2009-14 to update its guidance on software revenue recognition. According to the new guidance, tangible products that contain software components that are essential to the functionality of the tangible products are no longer within the scope of the software revenue guidance. We adopted this guidance prospectively for revenue arrangements entered into or materially modified on or after January 1, 2011. The revenue recognition policy included above reflects the adoption of the new guidance and adoption did not have a material impact on our condensed consolidated financial statements.
In October 2009, the FASB issued ASU No. 2009-13 to update its guidance on revenue arrangements with multiple deliverables. Under the new guidance, when vendor-specific objective evidence or third-party evidence for deliverables in an arrangement cannot be determined, a best estimate of the selling price is required to separate the deliverables and allocate arrangement consideration using the relative selling price method. The new guidance includes new disclosure requirements on how the application of the relative selling price method affects the timing and amount of revenue recognition. We adopted this guidance prospectively for revenue arrangements entered into or materially modified on or after January 1, 2011. The revenue recognition policy included above reflects the adoption of the new guidance, adoption did not have a material impact on our condensed consolidated financial statements.
|
Geographic and Product Line Information
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 10. Geographic and Product Line Information
We manufacture and sell casino table game equipment in one operating segment—casino table game equipment products and chip authentication software. Although the Company derives its revenues from a number of different product lines, the Company neither allocates resources based on the operating results from the individual product lines, nor manages each individual product line as a separate business unit.
The following tables present certain data by geographic area (in thousands):
The following tables present our net sales by product (in thousands):
The following table represents our property and equipment by geographic area (in thousands):
The following table represents our intangible assets by geographic area (in thousands):
|
6BTC&O9V/YV/_NFRJU;K+V>X:\W;^-X_,A*2]U2NDDIC9]F%%*/
M44A]5:`94IQX2%%?U6C&!XT:-,'^*8+]^BI#$[G7-'*O3F7"BWKRJPC!0^,:
M>?]%/;G*T?/KI'3?H6*UE#:+>J]@4>\OH$7-<+K1FCVUIAF!UVE1[[5K4S-H
M;S3G,,UIQOFG7=1[[?K33`W4=&J@YEKF3T&]LN%O8+XEPD])4W3-**1NHY#Z
MJD`SI*C/HE[-5*,9'S1JT`3[)U[4JYDR-)%[32/WJE6FTVN-W?EK#<*'K4ZO
MHG7RSNB5\=,95;*/X)4=3`PMFE=ADG?ZTPSBZC:(J[R+-"I0-Q6HFQ5HQO&U
M&7S3HTJE$;U:B;U6C&]B< 4!"+@ZL3V^RW@;4S;TE?H^7YWYUT<0D'>1`N&@3*@)F(VR7:UQ4;!0%P1
MF\;MUJ#S7U?`CP-J;OBFD5M)QUJ%S=F@&W6-YXD<52$YU$^O/U0A,FZUKEU=
M^M4"WUB%^QE6>(<`(VAQ\-%N;#YIZ"?0'K,(2>^Y*`[W";%8`@_6@_IX:
MUIT6,+*`_L(=1Y)_.0]ZH4"R:Z>E/..(XPJD@:ZT`ZFUB"+_2F%'T%*`45I@
MI/_;!9>*J6<6M^[@7/J"GY".N`XQFQ+V9O"OS18%>&N"X$T7RGLD%A1O@(G4
MK7//,5I>/PA9]T`,`24_,]L.?R,PT AG(B\<))MO`#=6NF/U&W?A:T
M/>/0J>\U[#@(\*+,*V'S.!38@N/#+Q$3WQ;"QALU9;AL)_+Q7D]XSU$774IH
M&49U*WAP]Y+-;!@VWS0`_"O\Z2HI?,_"F<`;,*4:69(5&9:5$_G=::8F)RR6
MB%BZ)8]RHC:0D;(#*3N0.`$[H.Q`/;9WS`GE7"0V'.4_4/[4QB+?UKA53;RE
M;@@A7-<9UT,+J&L\KH^PV6%6ML/O>:2#4ATHU:'J7=I>V3(JWQ37?)N6>(AX
MJ"0>.DX!LV,ST!$2'2G/@?9J::^6\APHSX%XA_(7M4*];BA(,6P6)`B)Q5+:+5UJ?8B0CXG@XI/
M%.C%%;T.5W?B(<+N+Q*WK9$I-2':Y@><-S`WU838.)%NKW@2OMTZQ:/P9A>%
M6)>T<*A8,0&_5L`WOP9$3<%?\K`W5#NIU1SJBJ@UVP??;:K5(J6MWNJ!*@3]
M^$O@AR&[X$%PBT[;^=R/RSV-IP4_4\TLXHA=R7A>2&("=@@B^?]*3V(BIJC5
M1(@I?A<1*0GB!^(',IN((X@CR&PBIC"(*?*KX\APTA%(Q!'&J(EW(7RGE,2?
MH9C$+OM-3@1[_K^"!^&.V3YHQ#)::WC:PN]@F01>4WJ9#OEL$.QG1>FU!M
M&JJ?#]K5'-