0001144204-12-027465.txt : 20120510 0001144204-12-027465.hdr.sgml : 20120510 20120510123147 ACCESSION NUMBER: 0001144204-12-027465 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120510 DATE AS OF CHANGE: 20120510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Gaming Partners International CORP CENTRAL INDEX KEY: 0000918580 STANDARD INDUSTRIAL CLASSIFICATION: GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944] IRS NUMBER: 880310433 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23588 FILM NUMBER: 12828955 BUSINESS ADDRESS: STREET 1: 1700 INDUSTRIAL ROAD CITY: LAS VEGAS STATE: NV ZIP: 89102 BUSINESS PHONE: 7023842425 MAIL ADDRESS: STREET 1: 1700 INDUSTRIAL ROAD CITY: LAS VEGAS STATE: NV ZIP: 89102 FORMER COMPANY: FORMER CONFORMED NAME: PAUL SON GAMING CORP DATE OF NAME CHANGE: 19940203 10-Q 1 v311171_10q.htm FORM 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 10-Q

 

(Mark One)    
x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
For the Quarterly Period Ended: March 31, 2012
 
OR
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

 

Commission file number: 0-23588

 

 

 

GAMING PARTNERS INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

 

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)    

 

(702) 384-2425

(Registrant’s telephone number, including area code)

 

None

(Former name, former address, and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on the Corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the proceeding 12 months (or for such shorter period that registrant was required to submit and post such files).  Yes x  No o

 

Indicate by check mark whether the registrant is a large accelerated filer an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer o   Accelerated filer o
     
Non-accelerated filer o   Smaller reporting company x
(Do not check if a smaller reporting company)    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No x

 

The number of shares outstanding of each of the registrant’s classes of common stock as of May 1, 2012 was 8,127,075 shares of Common Stock.

 

 
 

 

GAMING PARTNERS INTERNATIONAL CORPORATION

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED March 31, 2012

 

TABLE OF CONTENTS

 

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 COMPREHENSIVE INCOME (unaudited)   3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)   4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)   5
CONDENSED CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (unaudited)   6
     
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   12
     
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   18
     
ITEM 4.  CONTROLS AND PROCEDURES   18
     
PART II.   OTHER INFORMATION   19
     
ITEM 1.  LEGAL PROCEEDINGS   19
     
ITEM 1A.  RISK FACTORS   19
     
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   19
     
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES   19
     
ITEM 4.  MINE SAFETY DISCLOSURES   19
     
ITEM 5.  OTHER INFORMATION   19
     
ITEM 6.  EXHIBITS   20
     
SIGNATURES   21

 

 
 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1.  FINANCIAL STATEMENTS

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share amounts)

 

   March 31,   December 31, 
   2012   2011 
ASSETS          
Current Assets:          
Cash and cash equivalents  $10,430   $9,282 
Marketable securities   13,128    14,867 
Accounts receivable, net   6,001    5,976 
Inventories   7,669    7,749 
Prepaid expenses   891    1,015 
Deferred income tax asset   807    893 
Other current assets   2,386    1,564 
Total current assets   41,312    41,346 
Property and equipment, net   11,855    11,836 
Intangibles, net   621    646 
Deferred income tax asset   1,507    1,740 
Inventories, non-current   113    160 
Other assets, net   239    314 
Total assets  $55,647   $56,042 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current Liabilities:          
Short-term debt  $-   $17 
Accounts payable   2,702    2,376 
Accrued liabilities   5,278    5,876 
Customer deposits and deferred revenue   2,710    4,585 
Income taxes payable   144    - 
Total current liabilities   10,834    12,854 
Long-term debt   -    15 
Deferred income tax liability   710    689 
Total liabilities   11,544    13,558 
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,          
8,207,077 and 8,140,675 issued and outstanding, respectively,          
as of March 31, 2012, and 8,207,077 and 8,187,764 issued          
and outstanding, respectively, as of December 31, 2011   82    82 
Additional paid-in capital   19,453    19,401 
Treasury stock, at cost: 66,402 and 19,313 shares   (595)   (267)
Retained earnings   23,713    22,442 
Accumulated other comprehensive income   1,450    826 
Total stockholders' equity   44,103    42,484 
Total liabilities and stockholders' equity  $55,647   $56,042 

 

 

See notes to unaudited condensed consolidated financial statements.

 

1
 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per-share amounts)

 

   Three Months Ended 
   March 31, 
   2012   2011 
Revenues  $15,425   $17,821 
Cost of revenues   10,203    11,492 
Gross profit   5,222    6,329 
           
Marketing and sales   1,409    1,277 
General and administrative   2,269    2,550 
Operating income   1,544    2,502 
Other income and (expense)   110    110 
Income before income taxes   1,654    2,612 
Income tax provision   383    883 
Net income  $1,271   $1,729 
           
Earnings per share:          
Basic  $0.16   $0.21 
Diluted  $0.16   $0.21 
Weighted-average shares of common stock outstanding:          
Basic   8,169    8,199 
Diluted   8,184    8,220 

 

 

 See notes to unaudited condensed consolidated financial statements.

 

2
 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)

 

   Three Months Ended 
   March 31, 
   2012   2011 
Net income  $1,271   $1,729 
Other comprehensive income:          
Unrealized gain on securities, net of tax   2    2 
Amortization of pension transition asset, net of tax   (3)   (3)
Foreign currency translation adjustment   625    1,031 
Other comprehensive income, net of tax   624    1,030 
Total other comprehensive income  $1,895   $2,759 

 

 

  See notes to unaudited condensed consolidated financial statements.

 

3
 

 

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in thousands, except per share amounts)

 

                       Accumulated      
            Additional           Other      
   Common Stock    Paid-In    Treasury    Retained   Comprehensive      
   Shares   Amount   Capital   Stock   Earnings   Income (Loss)   Total 
                                    
Balance, January 1, 2011   8,199,016   $82   $19,196   $(196)  $20,269   $1,584   $40,935 
Net income   -    -    -    -    1,729    -    1,729 
Unrealized gain on securities, net of tax   -    -    -    -    -    2    2 
Stock compensation expense   -    -    58    -    -    -    58 
Amortization of pension transition asset,                                   
net of tax   -    -    -    -    -    (3)   (3)
Foreign currency translation adjustment   -    -    -    -    -    1,031    1,031 
Balance, March 31, 2011   8,199,016   $82   $19,254   $(196)  $21,998   $2,614   $43,752 
                                    
Balance, January 1, 2012   8,187,764   $82   $19,401   $(267)  $22,442   $826   $42,484 
Net income   -    -    -    -    1,271    -    1,271 
Repurchases of common stock   (47,089)   -    -    (328)   -    -    (328)
Unrealized gain on securities, net of tax   -    -    -    -    -    2    2 
Stock compensation expense   -    -    52    -    -    -    52 
Amortization of pension transition asset,                                   
net of tax   -    -    -    -    -    (3)   (3)
Foreign currency translation adjustment   -    -    -    -    -    625    625 
Balance, March 31, 2012   8,140,675   $82   $19,453   $(595)  $23,713   $1,450   $44,103 

 

 

See notes to unaudited condensed consolidated financial statements.

  

4
 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

   Three Months Ended 
   March 31, 
   2012   2011 
         
Cash Flows from Operating Activities          
Net income  $1,271   $1,729 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation   536    483 
Amortization of intangible assets   27    52 
Amortization of bond premium   5    - 
Provision for bad debt   (63)   4 
Deferred income taxes   330    76 
Stock compensation expense   52    58 
(Gain) on sale of property and equipment   (1)   (6)
(Gain) on sale of marketable securities   (5)   (5)
Change in operating assets and liabilities:          
Accounts receivable   97    (1,480)
Inventories   211    (301)
Prepaid expenses and other current assets   (628)   440 
Non-current other assets   80    (5)
Accounts payable   179    (489)
Customer deposits and deferred revenue   (1,917)   (937)
Accrued liabilities   (675)   169 
Income taxes payable   145    421 
Other current liabilities   (34)   - 
Net cash (used in) provided by operating activities   (390)   209 
           
Cash Flows from Investing Activities          
Purchases of marketable securities   (5,376)   (4,717)
Proceeds from sale of marketable securities   7,486    3,720 
Capital expenditures   (285)   (375)
Proceeds from sales of property and equipment   1    16 
Net cash provided by (used in) investing activities   1,826    (1,356)
           
Cash Flows from Financing Activities          
Repayment of debt obligations   (32)   (3)
Repurchases of common stock   (328)   - 
Net cash (used in) financing activities   (360)   (3)
Effect of exchange rate changes on cash   72    48 
Net increase (decrease) in cash and cash equivalents   1,148    (1,102)
Cash and cash equivalents, beginning of period   9,282    11,400 
Cash and cash equivalents, end of period  $10,430   $10,298 
           
Supplemental disclosures of cash flow information          
Cash paid for interest  $6   $30 
Cash paid for income taxes, net of refunds  $387   $332 
Supplemental disclosure of non-cash investing and financing activities          
Property and equipment acquired through accounts payable  $131   $94 

 

 

See notes to unaudited condensed consolidated financial statements.

 

5
 

 

CONDENSED CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

(unaudited)

 

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 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 sales offices in Las Vegas, Nevada; Atlantic City, New Jersey; and Gulfport, Mississippi, and sells our casino products to licensed casinos primarily in the United States and Canada. GPI SAS has a sales office in Beaune, France and sells our casino products to licensed casinos in Europe, Asia, and Africa. GPI Asia has a sales office and a warehouse in Macau S.A.R., China and sells our casino products to licensed casinos in the Asia region. Most of our products are sold directly to end-users; however, in some regions of the world we sell through agents.

 

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 Policies

 

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, 2011.

 

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.

 

Recently Issued Accounting Standards. Effective January 1, 2012, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income and ASU No. 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. These ASUs eliminate the option to present the components of other comprehensive income in the statement of changes in stockholders’ equity. Instead, entities have the option to present the components of net income, the components of other comprehensive income, and total comprehensive income in a single continuous statement or in two separate, but consecutive, statements. The amendments did not change the items reported in other comprehensive income or when an item of other comprehensive income is reclassified to net income. As a result, the adoption of this guidance did not affect our financial position, results of operations, or cash flows. We have presented the components of net income, the components of other comprehensive income, and total comprehensive income in two separate, but consecutive, statements.

 

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, to amend fair value measurement to achieve convergence between US GAAP and IFRS. The ASU changes some fair value measurement principles and disclosure requirements, is effective for fiscal quarters and years beginning on or after December 15, 2011, and did not have a material impact on our condensed consolidated financial statements.

 

6
 

 

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 December 31, 2011, or other similar disclosure, because the acquisition was not material.

 

Note 3. Cash, Cash Equivalents, and Marketable Securities

 

The Company holds its cash, cash equivalents, and marketable securities in financial institutions in various countries throughout the world. The following summarizes the geographic location of our holdings (in thousands):

 

   March 31, 2012   December 31, 2011 
   Cash and  Cash Equivalents   Marketable Securities   Total   Cash and  Cash Equivalents   Marketable Securities   Total 
                               
France  $100   $11,764   $11,864   $281   $13,500   $13,781 
United States   8,767    1,364    10,131    7,537    1,367    8,904 
Macau S.A.R., China   1,563    -    1,563    1,464    -    1,464 
   $10,430   $13,128   $23,558   $9,282   $14,867   $24,149 

 

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):

 

   March 31, 2012   December 31, 2011 
   Cost   Unrealized Gain/(Loss)   Fair Value   Cost   Unrealized Gain/(Loss)   Fair Value 
                         
Certificates of deposit  $12,285   $-   $12,285   $12,537   $(1)  $12,536 
Bond mutual funds   459    -    459    1,942    -    1,942 
Term bonds   383    1    384    390    (1)   389 
Total marketable securities  $13,127   $1   $13,128   $14,869   $(2)  $14,867 

 

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 are Level 1 financial instruments, with asset values recorded at quoted prices in active markets for identical assets.

 

Note 4. Accounts Receivable and Allowance for Doubtful Accounts

 

At March 31, 2012, we had one customer that individually accounted for 23% of our accounts receivable balance. At December 31, 2011, we had one customer that individually accounted for 28% of our accounts receivable balance.

 

7
 

 

The allowance for doubtful accounts consists of the following (in thousands):

 

    Balance Beginning of Year   Provision   Write-offs,
Net of
Recoveries		   Exchange Rate Effect   Ending Balance 
March 31, 2012   $366   $(63)  $-   $4   $307 
                            
December 31, 2011   $208   $174   $(9)  $(7)  $366 

 

Note 5. Inventories

 

Inventories consist of the following (in thousands):

 

   March 31, 2012   December 31, 2011 
Raw materials  $4,128   $3,762 
Work in progress   1,695    2,031 
Finished goods   1,959    2,116 
Total inventories  $7,782   $7,909 

 

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):

 

   March 31, 2012   December 31, 2011 
Current  $7,669   $7,749 
Non-current   113    160 
Total inventories  $7,782   $7,909 

 

Note 6. Property and Equipment

 

Property and equipment consists of the following (in thousands):

 

   March 31, 2012   December 31, 2011 
Land  $1,782   $1,773 
Buildings and improvements   8,616    8,480 
Furniture and equipment   19,682    19,003 
Vehicles   500    493 
    30,580    29,749 
Less accumulated depreciation   (18,725)   (17,913)
Property and equipment, net  $11,855   $11,836 

 

Depreciation expense for the three months ended March 31, 2012 and 2011 was $536,000 and $483,000, respectively.

 

8
 

 

Note 7. Intangible Assets

 

Intangible assets consist of the following (in thousands):

 

   March 31, 2012   December 31, 2011     
  Gross Carrying Amount   Accum Amort    Net Carrying Amount   Gross Carrying Amount   Accum Amort   Net Carrying Amount   Estimated Useful Life (Years) 
Patents  $690   $(624)  $66   $690   $(621)  $69    13-14 
Trademark   620    (154)   466    620    (143)   477    12 
Licenses   225    (172)   53    225    (163)   62    1-3 
Other intangibles   66    (30)   36    65    (27)   38    5 
Total intangible assets  $1,601   $(980)  $621   $1,600   $(954)  $646      

 

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 March 31, 2012 and 2011 was $27,000 and $52,000, respectively.

 

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 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 sought damages for unfair dismissal, 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 engaged counsel and has vigorously defended the matter. The matter was scheduled for a court hearing on January 23, 2012. Mr. Leparoux filed his pleadings on January 20, 2012, specifically claiming 600,000 euros (approximately $800,000 at March 31, 2012) for unfair dismissal, 354,200 euros (approximately $472,000 at March 31, 2012) for back pay, 35,420 euros (approximately $47,000 at March 31, 2012) for compensation for unpaid holidays, and 32,500 euros (approximately $43,000 at March 31, 2012) in other legal damages. At the January 23, 2012 hearing, the claim was dismissed by the Tribunal as Mr. Leparoux failed on three prior occasions to timely file pleadings in support of his claim. However, on February 1, 2012, Mr. Leparoux filed an identical claim before the Employment Tribunal of Dijon. The trial date is now scheduled for June 25, 2012.

 

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 our 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. Cumulative minimum net annual royalty payments are $375,000.

 

We purchased 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 $250,000 during the remaining life of the contract.

 

9
 

 

Note 9. Accumulated Other Comprehensive Income

 

Accumulated other comprehensive income consists of the following (in thousands):

 

   March 31, 2012   December 31, 2011 
Foreign currency translation  $1,444   $819 
Unrealized (loss) on securities, net of tax   1    (1)
Unrecognized pension transition asset, net of tax   5    8 
Total accumulated other comprehensive income  $1,450   $826 

 

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 table presents our net sales by geographic area (in thousands):

 

   Three Months Ended 
   March 31, 
   2012   2011 
Revenues                    
United States  $7,992    51.8%  $4,835    27.1%
Asia (1)   5,016    32.5%   11,437    64.2%
Europe (includes Russia)   1,955    12.7%   754    4.2%
Other (2)   462    3.0%   795    4.5%
Total  $15,425    100.0%  $17,821    100.0%

 

(1) Primarily Macau and Singapore

(2) Includes Canada, Australia, and countries in South America and Africa

 

The following table presents our net sales by product line (in thousands):

 

   Three Months Ended 
   March 31, 
   2012   2011 
Casino chips                    
American-style casino chips  $8,008    51.9%  $6,408    36.0%
European-style casino chips   1,538    10.0%   6,974    39.1%
Total casino chips   9,546    61.9%   13,382    75.1%
                     
Playing cards   1,325    8.5%   1,335    7.5%
Table layouts   1,172    7.6%   983    5.5%
Table accessories and other products   1,002    6.5%   730    4.0%
Gaming furniture   843    5.5%   419    2.4%
Dice   596    3.9%   517    2.9%
RFID solutions   408    2.6%   -    0.0%
Shipping   533    3.5%   455    2.6%
Total  $15,425    100.0%  $17,821    100.0%

 

10
 

 

Revenues generated by GPI USA are primarily from our product lines sold to casinos in the United States. Revenues generated by GPI SAS are primarily from casino chips sold to casinos in Europe, Asia, and Africa. Revenues by GPI Asia are primarily from casino chips and RFID solutions sold to casinos in the Asia region. In the first quarter of 2012, we had one customer that individually accounted for 22% of total revenues and, in the first quarter of 2011, we had two customers that accounted for 56% of total revenues.

 

The following table presents our property and equipment by geographic area (in thousands):

 

   March 31, 2012   December 31, 2011 
Property and equipment, net:          
France  $5,405   $5,229 
United States   3,499    3,471 
Mexico   2,878    3,066 
Macau S.A.R., China   73    70 
Total  $11,855   $11,836 

 

The following table presents our intangible assets by geographic area (in thousands):

 

   March 31, 2012   December 31, 2011 
Intangibles, net:          
United States  $585   $609 
France   36    37 
Total  $621   $646 

 

Note 11. Stockholder’s Equity

 

On December 1, 2011, our Board of Directors approved a stock repurchase program which authorized us to repurchase up to five percent (5%), or approximately 410,000 shares, of our outstanding shares of common stock. Repurchases are subject to market conditions, share price, and other factors, as well as periodic review by the Board of Directors. Repurchases have been and will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions, and/or pursuant to our trading plan adopted on December 30, 2011 in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program may be suspended or discontinued at any time. Our 10b5-1 plan expires on May 15, 2012. During the quarter ended March 31, 2012, we repurchased an aggregate of approximately 47,000 shares of our common stock at a cost of approximately $328,000, or a weighted-average price of $6.85 per share, under this program. The shares repurchased during the quarter ended March 31, 2012 were not the result of an accelerated share repurchase agreement and did not result in any derivative transactions. As of May 1, 2012, we had repurchased an aggregate of approximately 72,000 shares of our common stock at a cost of approximately $488,000, or a weighted-average price of $6.78 per share, under this program.

 

Note 12. 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 stock options. Potentially dilutive securities are not taken into account when their effect would be anti-dilutive.

 

The weighted-average number of common shares outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands):

 

   Three Months Ended 
   March 31, 
   2012   2011 
Weighted-average number of common shares outstanding - basic   8,169    8,199 
Potential dilution from stock options   15    21 
Weighted-average number of common shares outstanding - diluted   8,184    8,220 

 

11
 

 

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

 

The following discussion is intended to assist in the understanding of our results of operations and our present financial condition. The condensed consolidated financial statements and the accompanying notes contain additional detailed information that should be referred to when reviewing this material. Statements in this discussion may be forward-looking. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those expressed. See Item 1A, “Risk Factors,” of the Company’s Form 10-K for the period ended December 31, 2011.

 

For a company overview and information on our products, as well as general information, see Item 1. “Business,” of the Company’s Form 10-K for the period ended December 31, 2011.

 

Overview of our Business

 

We manufacture and supply casino currency under the brand names of Paulson®, Bourgogne et Grasset®, and Bud Jones® (including low- and high-frequency RFID casino chips), RFID solutions for casino currency (consisting of low- and high-frequency RFID chip readers, antennas, chip authentication software, and software maintenance services), table layouts, playing cards, dice, gaming furniture, roulette wheels, table accessories, 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; Macau S.A.R., China; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey; and Gulfport, Mississippi. We sell our products to licensed casinos worldwide. We operate in one segment and have three operating subsidiaries: GPI USA (including maquiladora manufacturing operations in Mexico), GPI SAS, and GPI Asia.  Our subsidiaries have the following distribution and product focus:

 

•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, Asia, and Africa. 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 sells chips, plaques, and jetons, as well as RFID solutions for casino currency, out of Macau S.A.R., China, in the Asia region, with such products being manufactured in our plants in France and Mexico.  

 

Historically, we have experienced significant fluctuations in our quarterly operating results and expect such fluctuations to continue. Our operating results fluctuate due to a number of factors, but primarily reflect the opening of new casinos, the expansion of existing casinos, and large replacement orders for casino chips, our primary product line, which typically represents over 60% of the Company’s revenues. The timing of these events is difficult to forecast and largely beyond our ability to influence, which creates variability in revenues and earnings. While most large projects are pursued years in advance, both large and small sales opportunities arise with little prior notice. An indicator of future sales is found in our backlog, which reflects signed orders that we expect to ship during the remainder of the respective year. Our backlog at March 31, 2012 and December 31, 2011, respectively, was as follows:

 

    GPI USA   GPI SAS   GPI Asia   Total 
 March 31, 2012   $6.0   $0.8   $5.0   $11.8 
 December 31, 2011   $4.7   $4.3   $2.7   $11.7 

 

Additionally, the Company announced on April 30, 2012, that it had received three orders to supply casino chips totaling approximately $4.7 million from Venetian Macau Limited’s Sands Macau and Sands® Cotai Central properties, and from the Grand Lisboa property owned by Sociedade de Jogos de Macau, S.A.

 

12
 

 

Overview of our Industry

 

Despite the economic downturn in certain markets, the global gaming industry continues to provide gaming suppliers like us with growth opportunities. As the industry's top performing region, Asia accounts for the most significant product sales opportunities, as casinos in Macau and Singapore consistently post record quarters driven by growing player demand. Additionally, casinos in other Asian countries, like Malaysia and Vietnam, as well as in Australia, are expected to be opening or replacing chips during 2012 and beyond.

 

While we saw a decrease in chip sales in Asia in the first quarter of 2012, compared to the first quarter of 2011, we see opportunities for significant sales for the remainder of 2012 in Asia, including the $4.7 million in orders from three Macau casinos that we announced on April 30, 2012.

 

Looking beyond Asia, established gaming regions, like Europe and North America, also possess opportunities for sales growth as existing casinos pursue rebranding initiatives or expansions, and new markets, like Ohio and Maine, commence legalized table gaming operations in 2012.

 

We will continue to pursue potential strategic acquisitions and partnerships to grow our business. However, no assurance can be given that these efforts will result in completed transactions or that any completed transactions will be successful.

 

Financial and Operational Highlights

 

For the first quarter of 2012, our revenues were $15.4 million, a decrease of $2.4 million, or 13.4%, compared to revenues of $17.8 million for the same period of 2011.  For the first quarter of 2012, our net income was $1.3 million, a decrease of $0.5 million, or 26.5%, compared to net income of $1.7 million for the first quarter of 2011.

 

GPI SAS uses the euro as its functional currency. At March 31, 2012 and December 31, 2011, the US dollar to euro exchange rates were $1.3340 and $1.2950, respectively, which represents a 3.0% weaker dollar compared to the euro for the current period. The average exchange rates for the three months ended March 31, 2012 and 2011 were $1.3110 and $1.3667, respectively, which represents a 4.1% stronger dollar compared to the euro.

 

GPI Mexicana uses the US dollar as its functional currency. At March 31, 2012 and December 31, 2011, the Mexican peso to US dollar exchange rates were 12.85 and 13.98, respectively, which represents a 8.1% weaker dollar compared to the peso. The average exchange rates for the three months ended March 31, 2012 and 2011 were 13.02 pesos and 12.09 pesos to the US dollar, respectively, which represents a 7.7% stronger dollar compared to the Mexican peso.

 

Other Matters

 

On December 1, 2011, our Board of Directors approved a stock repurchase program which authorizes us to repurchase up to five percent (5%), or approximately 410,000 shares, of our outstanding shares of common stock. Repurchases are subject to market conditions, share price, and other factors, as well as periodic review by the Board of Directors. Repurchases have been and will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions, and/or pursuant to our trading plan adopted on December 30, 2011 in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program may be suspended or discontinued at any time. Our 10b5-1 plan expires on May 15, 2012. During the quarter ended March 31, 2012, we repurchased an aggregate of approximately 47,000 shares of our common stock at a cost of approximately $328,000, or a weighted-average price of $6.85 per share, under this program. The shares repurchased during the quarter ended March 31, 2012 were not the result of an accelerated share repurchase agreement and did not result in any derivative transactions. As of May 1, 2012, we had repurchased an aggregate of approximately 72,000 shares of our common stock at a cost of approximately $488,000, or a weighted-average price of $6.78 per share, under this program.

 

CRITICAL ACCOUNTING ESTIMATES

 

Financial statement preparation requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities. The accompanying condensed consolidated financial statements are prepared using the same critical accounting estimates discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

 

13
 

 

RESULTS OF OPERATIONS

 

The following table summarizes selected items from the Company’s condensed consolidated statements of operations (in thousands) and as a percentage of revenues:

 

   Three Months Ended     
   March 31,     
   2012   2011   Period-to-Period Change 
Revenues  $15,425    100.0%  $17,821    100.0%  $(2,396)   (13.4)%
Cost of revenues   10,203    66.1%   11,492    64.5%   (1,289)   (11.2)%
Gross profit   5,222    33.9%   6,329    35.5%   (1,107)   (17.5)%
Selling, general, and administrative   3,678    23.8%   3,827    21.5%   (149)   (3.9)%
Operating income   1,544    10.1%   2,502    14.0%   (958)   (38.3)%
Other income and (expense)   110    0.7%   110    0.6%   -    0.0%
Income before income taxes   1,654    10.8%   2,612    14.6%   (958)   (36.7)%
Income tax provision   383    2.5%   883    5.0%   (500)   (56.6)%
Net income  $1,271    8.3%  $1,729    9.6%  $(458)   (26.5)%

 

The following table presents certain data by geographic area (in thousands) and as a percentage of revenues:

 

   Three Months Ended         
   March 31,         
   2012   2011   Period-to-Period Change 
Revenues                              
United States  $7,992    51.8%  $4,835    27.1%  $3,157    65.3%
Asia (1)   5,016    32.5%   11,437    64.2%   (6,421)   (56.1)%
Europe (includes Russia)   1,955    12.7%   754    4.2%   1,201    159.3%
Other (2)   462    3.0%   795    4.5%   (333)   (41.9)%
Total  $15,425    100.0%  $17,821    100.0%  $(2,396)   (13.4)%

 

(1) Primarily Macau and Singapore.
(2) Includes Canada, Australia, and countries in South America and Africa

 

14
 

 

The following table presents the Company’s revenues by product line (in thousands) and as a percentage of revenues:

 

   Three Months Ended     
   March 31,     
   2012   2011   Period-to-Period Change 
Casino chips                              
American-style casino chips  $8,008    51.9%  $6,408    36.0%  $1,600    25.0%
European-style casino chips   1,538    10.0%   6,974    39.1%   (5,436)   (77.9)%
Total casino chips   9,546    61.9%   13,382    75.1%   (3,836)   (28.7)%
                               
Playing cards   1,325    8.5%   1,335    7.5%   (10)   (0.7)%
Table layouts   1,172    7.6%   983    5.5%   189    19.2%
Table accessories and other products   1,002    6.5%   730    4.0%   272    37.3%
Gaming furniture   843    5.5%   419    2.4%   424    101.2%
Dice   596    3.9%   517    2.9%   79    15.3%
RFID solutions   408    2.6%   -    0.0%   408    0.0%
Shipping   533    3.5%   455    2.6%   78    17.1%
Total  $15,425    100.0%  $17,821    100.0%  $(2,396)   (13.4)%

 

Comparison of Operations for the Three Months Ended March 31, 2012 and 2011

 

Revenues. For the three months ended March 31, 2012, revenues were $15.4 million, a decrease of $2.4 million, or 13.4%, compared to revenues of $17.8 million in 2011. The net decrease in revenues was primarily due to the following:

 

·a $5.4 million decrease in sales of European-style casino chips for Asian casinos in the first quarter of 2012, compared to the first quarter of 2011, when the Company had significant sales to the Galaxy ™ and SJM casinos in Macau; partially offset by
   
·a $1.9 million increase in sales of Paulson chips to casinos in the United States; and
   
·a $0.7 million increase in sales of furniture and accessories to casinos in the United States.

 

Cost of Revenues. For the three months ended March 31, 2012, cost of revenues was $10.2 million, a decrease of $1.3 million, or 11.2%, compared to cost of revenues of $11.5 million for 2011. As a percentage of revenues, our cost of revenues increased to 66.1% in 2012, compared to 64.5% in 2011.

 

Gross Profit. For the three months ended March 31, 2012, gross profit was $5.2 million, a decrease of $1.1 million, or 17.5%, compared to gross profit of $6.3 million for 2011. As a percentage of revenues, our gross profit decreased from 35.5% to 33.9%. This gross profit percentage decrease was primarily related to the sale of lower volumes of European-style chips in Asia in the first quarter of 2012. This resulted in the absorption of overhead over these lower sales volumes. This gross profit decrease was partially offset by an increase in the sale of higher-margin Paulson chips to casinos in the United States in the first quarter of 2012 compared to the same period in 2011. 

 

15
 

 

Selling, General, and Administrative Expenses. The following table presents the selling, general, and administrative expenses (in thousands) and as a percentage of revenues:

 

   Three Months Ended         
   March 31,         
   2012   2011   Period-to-Period Change 
                         
Marketing and sales  $1,409    9.1%  $1,277    7.2%  $132    10.3%
General and administrative   2,269    14.7%   2,550    14.3%   (281)   (11.0)%
Total selling, general, and                              
administrative expenses  $3,678    23.8%  $3,827    21.5%  $(149)   (3.9)%

 

For the three months ended March 31, 2012, selling, general, and administrative expenses were $3.7 million, a decrease of $0.1 million, or 3.9%, compared to selling, general, and administrative expenses of $3.8 million during the same period in 2011. Selling, general, and administrative expenses increased as a percent of revenue to 23.8% in the first three months of 2012 from 21.5% in the same period in 2011.

 

Marketing and sales expenses increased by $0.1 million during the first quarter of 2012, compared to the same period in 2011. This increase is primarily due to an increase of $0.1 million in compensation costs related to the Company’s global marketing program.

 

General and administrative expenses decreased by $0.3 million during the first quarter of 2012, compared to the same period in 2011. This is primarily due to decreases of $0.1 million in compensation costs, $0.1 million in bad debt expense, and $0.1 million in gaming licenses.

 

Other Income and (Expense). The following table presents other income and (expense) items (in thousands) and as a percentage of revenues:

 

   Three Months Ended     
   March 31,     
   2012   2011   Period-to-Period Change 
Interest income  $122    0.8%  $123    0.7%  $(1)   (0.8)%
Interest expense   (1)   0.0%   (29)   (0.2)%   28    (96.6)%
Gain on foreign currency transactions   (18)   (0.1)%   10    0.1%   (28)   (280.0)%
Other income, net   7    0.0%   6    0.0%   1    16.7%
Total other income and (expense)  $110    0.7%  $110    0.6%  $-    0.0%

 

Income Taxes. Our effective income tax rate for the three months ended March 31, 2012 was 23.16% , compared to the effective income tax rate of 33.81% for the three months ended March 31, 2011. Our effective tax rate for the three months ended March 31, 2012 differed from the statutory rate primarily because of the foreign rate differential on the income from our Macau subsidiary, GPI Asia, combined with the benefit from a research credit from our French subsidiary, GPI SAS.

 

The Company accounts for uncertain tax positions in accordance with the applicable accounting guidance.  As of March 31, 2012, there has been no material change to the balance of unrecognized tax benefits reported at December 31, 2011.

 

Liquidity and Capital Resources

 

Sources of Liquidity and Capital Resources. Historically, our primary source of liquidity and capital resources has been cash from operations. Other potential sources of capital include, but are not limited to, marketable securities and potential bank credit facilities both in the United States and abroad. We believe that the combination of these resources will satisfy our needs for working capital, capital expenditures, purchases of common stock under our stock repurchase program, and litigation, as well as other potential cash requirements, such as any dividends or acquisitions, for our operations for a minimum of the next 12 months.

 

16
 

 

At March 31, 2012, we had $10.4 million in cash and cash equivalents and $13.1 million in marketable securities, totaling $23.5 million. Of this amount, $11.9 million is held by GPI SAS, $10.0 million is held by GPI USA, and $1.6 million is held by GPI Asia.

 

Working Capital (See Condensed Consolidated Balance Sheets). The following summarizes our cash and cash equivalents (in thousands), working capital (in thousands), and current ratio:

 

   March 31,   December 31,         
   2012   2011   Period-to-Period Change 
Cash and cash equivalents  $10,430   $9,282   $1,148    12.4%
Marketable securities   13,128    14,867    (1,739)   (11.7)%
Working capital   30,478    28,492    1,986    7.0%
Current ratio   3.8    3.2           

 

At March 31, 2012, working capital totaled $30.5 million, an increase of $2.0 million, or 7.0%, compared to working capital of $28.5 million at December 31, 2011. This increase is due to a decrease in current assets of $34,000, offset by a decrease in current liabilities of $2.0 million. The decrease in current assets was due primarily to a decrease in marketable securities of $1.7 million and a decrease in prepaid expenses of $0.1 million, offset by an increase of $1.1 million in cash and cash equivalents and an increase of $0.8 million in other current assets. The decrease in current liabilities was due primarily to a decrease in customer deposits and deferred revenue of $1.9 million and a decrease in accrued liabilities of $0.6 million, offset by an increase in accounts payable of $0.3 million and an increase in income taxes payable of $0.1 million.

 

Cash Flows (See Condensed Consolidated Statements of Cash Flows). The following summarizes our cash flows (in thousands):

 

   Three Months Ended     
   March 31,   Period-to-Period 
   2012   2011   Change 
             
Operating activities  $(390)  $209   $(599)
Investing activities   1,826    (1,356)   3,182 
Financing activities   (360)   (3)   (357)
Effect of exchange rates   72    48    24 
Net change  $1,148   $(1,102)  $2,250 

 

Net cash flows used by operating activities was $0.4 million during the three months ended March 31, 2012, a decrease of $0.6 million, compared to net cash flows provided of $0.2 million for 2011. This decrease in cash flows used was based on the timing of working capital changes.

 

Net cash flows provided by investing activities was $1.8 million during the three months ended March 31, 2012, an increase of $3.2 million, compared to net cash flows used by investing activities of $1.4 million during the same period in 2011. This increase in cash flows resulting from investing activities is primarily attributable to an increase in net sales of marketable securities of $3.1 million during the three months ended March 31, 2012, compared to the same period in 2011.

 

Net cash flows used in financing activities was $0.4 million during the three months ended March 31, 2012, an increase of $0.4 million compared to net cash flows used in financing activities of $3,000 during the same period in 2011. This increase in cash flows used in financing activities was primarily due to the repurchase of common stock of $0.3 million and the repayment of debt obligations for $32,000 during the three months ended March 31, 2012, with no comparative activity for the same period in 2011.

 

17
 

 

Debt. In December 2010, GPI SAS borrowed 5.0 million euros (approximately $6.7 million in December 2010) from a French bank at a variable interest rate based on the Euro Interbank Offered Rate plus 0.5% per annum and secured by 3.75 million euros (approximately $4.9 million in December 2010) in GPI SAS certificates of deposit. This loan was paid in full in June 2011.

 

Capital Expenditures. We plan to purchase approximately $0.5 million in property, plant, and equipment during the remainder of 2012.

 

Cash Dividend. Our Board of Directors has no current plans to pay a regular dividend on our common stock, but will continuously evaluate the merit of paying a dividend. We paid a $1.5 million dividend, or $0.1825 per share, in December 2011.

 

Backlog. At March 31, 2012, our backlog of signed orders for 2012 was $11.8 million, consisting of $0.8 million for GPI SAS, $6.0 million for GPI USA, and $5.0 million for GPI Asia. At December 31, 2011, our backlog of signed orders for 2012 was $11.7 million, consisting of $4.3 million for GPI SAS, $4.7 million for GPI USA, and $2.7 million for GPI Asia.

 

Contractual Obligations and Commercial Commitments

 

There were no material changes in the contractual obligations and commercial commitments during the three months ended March 31, 2012.

 

Forward-Looking Information Statements and Risk Factors

 

Throughout this Form 10-Q, we make some forward-looking statements which do not relate to historical or current facts, but are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable that, while considered reasonable by us, are inherently subject to significant business, economic, and competitive risks and uncertainties, many of which are beyond our control and are subject to change.  The statements also relate to our future prospects and anticipated performance, development, and business strategies such as statements relating to anticipated future sales or the timing thereof, potential acquisitions, 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 the Company to capitalize on any such growth opportunities.  These statements are identified by their use of terms and phrases such as anticipate, believe, could, would, estimate, expect, intend, may, plan, predict, project, pursue, will, continue, feel, or the negative or other variations thereof, and other similar terms and phrases, including references to assumptions.

 

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those expressed or implied.  Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent known and unknown risks and uncertainties such as those identified in Part I-Item 1A, “Risk Factors,” of the Company’s Form 10-K for the period ended December 31, 2011.  We do not intend, and undertake no obligation, to update our forward-looking statements to reflect future events or circumstances.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required for a smaller reporting company.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s management, including the Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e) as of March 31, 2012. Based upon this evaluation, the Company’s Chief Executive Officer and the Chief Financial Officer have concluded that, as of March 31, 2012, the end of the period covered by this Form 10-Q, the Company’s disclosure controls and procedures were effective at a reasonable assurance level.

 

Changes in Internal Control over Financial Reporting

 

Management has determined that there was no change in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the quarter ended March 31, 2012, that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

18
 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

For a description of our legal proceedings, see Note 8 contained in the “Condensed Consolidated Notes to Financial Statements” of this Quarterly Report on Form 10-Q, which is incorporated by reference in response to this item.

 

ITEM 1A. RISK FACTORS

 

None.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

The following is a summary of common shares repurchased by us by month during the first quarter of 2012 under our stock repurchase program:

 

Periods   Total Number of Shares Purchased   Average Price Paid per Share   Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)   Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
January 1 to 31   2,941   $6.16   2,941   395,758
February 1 to 29   29,440   $7.00   29,440   366,318
March 1 to 31   14,708   $7.05   14,708   351,610
Total   47,089   $6.85   47,089    

 

(1) On December 1, 2011, our Board of Directors approved a stock repurchase program which authorizes us to repurchase up to five percent (5%), or approximately 410,000 shares, of our outstanding shares of common stock. Repurchases are subject to market conditions, share price, and other factors, as well as periodic review by the Board of Directors. Repurchases have been and will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions, and/or pursuant to our trading plan adopted on December 30, 2011, in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program may be suspended or discontinued at any time. Our 10b5-1 plan expires on May 15, 2012. During the quarter ended March 31, 2012, we repurchased an aggregate of approximately 47,000 shares of our common stock at a cost of approximately $328,000, or a weighted-average price of $6.85 per share, under this program. The shares repurchased during the quarter ended March 31, 2012, were not the result of an accelerated share repurchase agreement and did not result in any derivative transactions. As of May 1, 2012, we had repurchased an aggregate of approximately 72,000 shares of our common stock at a cost of approximately $488,000, or a weighted-average price of $6.78 per share, under this program.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

19
 

 

ITEM 6. EXHIBITS

 

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 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 Exchange Act of 1934, as amended, and is otherwise not subject to liability under these sections.

 

20
 

 

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 thereunto duly authorized.

 

  GAMING PARTNERS INTERNATIONAL CORPORATION
   
   
Date: May 10, 2012 By: /s/ Gregory S. Gronau
    Gregory S. Gronau
    President and Chief Executive Officer
     
Date: May 10, 2012 By: /s/ Gerald W. Koslow
    Gerald W. Koslow
    Chief Financial Officer

 

21

 EX-31.1 2 v311171_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Section 302 Certification

 

I, Gregory S. Gronau, certify that:

 

1.           I have reviewed this report on Form 10-Q of Gaming Partners International Corporation;

 

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.           Based on my knowledge, the financial statements and other financial information included in this report fairly present, in all material respects, the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.           The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial data information; and

 

b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: May 10, 2012 By: /s/ Gregory S. Gronau
    Gregory S. Gronau
President and Chief Executive Officer

 

 

 

 EX-31.2 3 v311171_ex31-2.htm EXHIBIT 31.2

 

EXHIBIT 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

Section 302 Certification

 

I, Gerald W. Koslow, certify that:

 

1.           I have reviewed this report on Form 10-Q of Gaming Partners International Corporation;

 

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.           Based on my knowledge, the financial statements and other financial information included in this report fairly present, in all material respects, the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.           The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial data information; and

 

b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: May 10, 2012 By: /s/ Gerald W. Koslow
    Gerald W. Koslow 
Chief Financial Officer

 

 

 

 EX-32.0 4 v311171_ex32-0.htm EXHIBIT 32.0

 

Exhibit 32.0

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of Gaming Partners International Corporation (the Company), for the quarter ended March 31, 2012, as filed with the Securities and Exchange Commission (SEC) on the date hereof (the Report), Gregory S. Gronau, as Chief Executive Officer, and Gerald W. Koslow, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

 

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: May 10, 2012 By: /s/ Gregory S. Gronau
    Gregory S. Gronau
    President and Chief Executive Officer
     
Date: May 10, 2012 By: /s/ Gerald W. Koslow
    Gerald W. Koslow
    Chief Financial Officer

 

This certification is being furnished to the SEC as an exhibit to the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of § 18 of the Securities Exchange Act of 1934, as amended.

 

A signed copy of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

 

 

 

 

 

 

 

 

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Acquisition
 3 Months Ended
Mar. 31, 2012
Business Combinations [Abstract]  
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 December 31, 2011, or other disclosure, because the acquisition was not material.
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Nature of Business and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2012
Accounting Policies [Abstract]  
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 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 sales offices in Las Vegas, Nevada; Atlantic City, New Jersey; and Gulfport, Mississippi, and sells our casino products to licensed casinos primarily in the United States and Canada. GPI SAS has a sales office in Beaune, France and sells our casino products to licensed casinos in Europe, Asia, and Africa. GPI Asia has a sales office and a warehouse in Macau S.A.R., China and sells our casino products to licensed casinos in the Asia region. Most of our products are sold directly to end-users; however, in some regions of the world we sell through agents.

 

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 Policies

 

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, 2011.

 

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.

 

Recently Issued Accounting Standards. Effective January 1, 2012, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income and ASU No. 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. These ASUs eliminate the option to present the components of other comprehensive income in the statement of changes in stockholders’ equity. Instead, entities have the option to present the components of net income, the components of other comprehensive income, and total comprehensive income in a single continuous statement or in two separate, but consecutive, statements. The amendments did not change the items reported in other comprehensive income or when an item of other comprehensive income is reclassified to net income. As a result, the adoption of this guidance did not affect our financial position, results of operations, or cash flows. We have presented the components of net income, the components of other comprehensive income, and total comprehensive income in two separate, but consecutive, statements.

 

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, to amend fair value measurement to achieve convergence between US GAAP and IFRS. The ASU changes some fair value measurement principles and disclosure requirements, is effective for fiscal quarters and years beginning on or after December 15, 2011, and did not have a material impact on our condensed consolidated financial statements.
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 10,430 $ 9,282
Marketable securities 13,128 14,867
Accounts receivable, net 6,001 5,976
Inventories 7,669 7,749
Prepaid expenses 891 1,015
Deferred income tax asset 807 893
Other current assets 2,386 1,564
Total current assets 41,312 41,346
Property and equipment, net 11,855 11,836
Intangibles, net 621 646
Deferred income tax asset 1,507 1,740
Inventories, non-current 113 160
Other assets, net 239 314
Total assets 55,647 56,042
LIABILITIES AND STOCKHOLDERS' EQUITY    
Short-term debt 0 17
Accounts payable 2,702 2,376
Accrued liabilities 5,278 5,876
Customer deposits and deferred revenue 2,710 4,585
Income taxes payable 144 0
Total current liabilities 10,834 12,854
Long-term debt 0 15
Deferred income tax liability 710 689
Total liabilities 11,544 13,558
Commitments and contingencies - see Note 8      
Stockholders' Equity:    
Preferred stock, authorized 10,000,000 shares, $.01 par value, none issued or outstanding 0 0
Common stock, authorized 30,000,000 shares, $.01 par value, 8,207,077 and 8,140,675 issued and outstanding, respectively, as of March 31, 2012, and 8,207,077 and 8,187,764 issued and outstanding, respectively, as of December 31, 2011 82 82
Additional paid-in capital 19,453 19,401
Treasury stock, at cost: 66,402 and 19,313 shares (595) (267)
Retained earnings 23,713 22,442
Accumulated other comprehensive income 1,450 826
Total stockholders' equity 44,103 42,484
Total liabilities and stockholders' equity $ 55,647 $ 56,042
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)
In Thousands, except Share data
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Total
Balance at Dec. 31, 2010 $ 82 $ 19,196 $ (196) $ 20,269 $ 1,584 $ 40,935
Balance (in shares) at Dec. 31, 2010 8,199,016          
Net income 0 0 0 1,729 0 1,729
Repurchases of common stock           0
Unrealized gain on securities, net of tax 0 0 0 0 2 2
Stock compensation expense 0 58 0 0 0 58
Amortization of pension transition asset, net of tax 0 0 0 0 (3) (3)
Foreign currency translation adjustment 0 0 0 0 1,031 1,031
Balance at Mar. 31, 2011 82 19,254 (196) 21,998 2,614 43,752
Balance (in shares) at Mar. 31, 2011 8,199,016          
Balance at Dec. 31, 2011 82 19,401 (267) 22,442 826 42,484
Balance (in shares) at Dec. 31, 2011 8,187,764          
Net income 0 0 0 1,271 0 1,271
Repurchases of common stock 0 0 (328) 0 0 (328)
Repurchases of common stock (in shares) (47,089)          
Unrealized gain on securities, net of tax 0 0 0   2 2
Stock compensation expense 0 52 0 0 0 52
Amortization of pension transition asset, net of tax 0 0 0   (3) (3)
Foreign currency translation adjustment 0 0 0   625 625
Balance at Mar. 31, 2012 $ 82 $ 19,453 $ (595) $ 23,713 $ 1,450 $ 44,103
Balance (in shares) at Mar. 31, 2012 8,140,675          
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from Operating Activities    
Net income $ 1,271 $ 1,729
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 536 483
Amortization of intangible assets 27 52
Amortization of bond premium 5 0
Provision for bad debt (63) 4
Deferred income taxes 330 76
Stock compensation expense 52 58
(Gain) on sale of property and equipment (1) (6)
(Gain) on sale of marketable securities (5) (5)
Change in operating assets and liabilities:    
Accounts receivable 97 (1,480)
Inventories 211 (301)
Prepaid expenses and other current assets (628) 440
Non-current other assets 80 (5)
Accounts payable 179 (489)
Customer deposits and deferred revenue (1,917) (937)
Accrued liabilities (675) 169
Income taxes payable 145 421
Other current liabilities (34) 0
Net cash (used in) provided by operating activities (390) 209
Cash Flows from Investing Activities    
Purchases of marketable securities (5,376) (4,717)
Proceeds from sale of marketable securities 7,486 3,720
Capital expenditures (285) (375)
Proceeds from sales of property and equipment 1 16
Net cash provided by (used in) investing activities 1,826 (1,356)
Cash Flows from Financing Activities    
Repayment of debt obligations (32) (3)
Repurchases of common stock (328) 0
Net cash (used in) financing activities (360) (3)
Effect of exchange rate changes on cash 72 48
Net increase (decrease) in cash and cash equivalents 1,148 (1,102)
Cash and cash equivalents, beginning of period 9,282 11,400
Cash and cash equivalents, end of period 10,430 10,298
Supplemental disclosures of cash flow information    
Cash paid for interest 6 30
Cash paid for income taxes, net of refunds 387 332
Supplemental disclosure of non-cash investing and financing activities    
Property and equipment acquired through accounts payable $ 131 $ 94
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] (USD $)
Mar. 31, 2012
Dec. 31, 2011
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 8,207,077 8,207,077
Common stock, shares outstanding 8,140,675 8,187,764
Treasury stock, shares 66,402 19,313
XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Geographic and Product Line Information
 3 Months Ended
Mar. 31, 2012
Segment Reporting [Abstract]  
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 table presents our net sales by geographic area (in thousands):

 

    Three Months Ended  
    March 31,  
    2012     2011  
Revenues                                
United States   $ 7,992       51.8 %   $ 4,835       27.1 %
Asia (1)     5,016       32.5 %     11,437       64.2 %
Europe (includes Russia)     1,955       12.7 %     754       4.2 %
Other (2)     462       3.0 %     795       4.5 %
Total   $ 15,425       100.0 %   $ 17,821       100.0 %

 

(1) Primarily Macau

(2) Includes Canada, Australia, and countries in South America and Africa

 

The following table presents our net sales by product line (in thousands):

 

    Three Months Ended  
    March 31,  
    2012     2011  
Casino chips                                
American-style casino chips   $ 8,008       51.9 %   $ 6,408       36.0 %
European-style casino chips     1,538       10.0 %     6,974       39.1 %
Total casino chips     9,546       61.9 %     13,382       75.1 %
                                 
Playing cards     1,325       8.5 %     1,335       7.5 %
Table layouts     1,172       7.6 %     983       5.5 %
Table accessories and other products     1,002       6.5 %     730       4.0 %
Gaming furniture     843       5.5 %     419       2.4 %
Dice     596       3.9 %     517       2.9 %
RFID solutions     408       2.6 %     -       0.0 %
Shipping     533       3.5 %     455       2.6 %
Total   $ 15,425       100.0 %   $ 17,821       100.0 %

 

 

Revenues generated by GPI USA are primarily from casino chips sold to casinos in the United States. Revenues generated by GPI SAS are primarily from casino chips sold to casinos in Europe, Asia, and Africa. Revenues generated by GPI Asia are primarily from casino chips and RFID solutions sold to casinos in the Asia region. In the first quarter of 2012, we had one customer that individually accounted for 22% of revenues and, in the first quarter of 2011, we had two customers that accounted for 56% of revenues.

 

The following table presents our property and equipment by geographic area (in thousands):

 

    March 31, 2012     December 31, 2011  
Property and equipment, net:                
France   $ 5,405     $ 5,229  
United States     3,499       3,471  
Mexico     2,878       3,066  
Macau S.A.R., China     73       70  
Total   $ 11,855     $ 11,836  

 

The following table presents our intangible assets by geographic area (in thousands):

 

    March 31, 2012     December 31, 2011  
Intangibles, net:                
United States   $ 585     $ 609  
France     36       37  
Total   $ 621     $ 646  
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
DOCUMENT AND ENTITY INFORMATION
 3 Months Ended
Mar. 31, 2012
May 01, 2012
Entity Registrant Name Gaming Partners International CORP  
Entity Central Index Key 0000918580  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol gpic  
Entity Common Stock, Shares Outstanding   8,127,075
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2012  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2012  
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Stockholder's Equity
 3 Months Ended
Mar. 31, 2012
Stockholders Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

Note 11. Stockholder’s Equity

 

On December 1, 2011, our Board of Directors approved a stock repurchase program which authorized us to repurchase up to five percent (5%), or approximately 410,000 shares, of our outstanding shares of common stock. Repurchases are subject to market conditions, share price, and other factors, as well as periodic review by the Board of Directors. Repurchases have been and will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions, and/or pursuant to our trading plan adopted on December 30, 2011 in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program may be suspended or discontinued at any time. Our 10b5-1 plan expires on May 15, 2012. During the quarter ended March 31, 2012, we repurchased an aggregate of approximately 47,000 shares of our common stock at a cost of approximately $328,000, or a weighted-average price of $6.96 per share, under this program. The shares repurchased during the quarter ended March 31, 2012 were not the result of an accelerated share repurchase agreement and did not result in any derivative transactions. As of May 1, 2012, we had repurchased an aggregate of approximately 72,000 shares of our common stock at a cost of approximately $488,000, or a weighted-average price of $6.78 per share, under this program.
XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Revenues $ 15,425 $ 17,821
Cost of revenues 10,203 11,492
Gross profit 5,222 6,329
Marketing and sales 1,409 1,277
General and administrative 2,269 2,550
Operating income 1,544 2,502
Other income and (expense) 110 110
Income before income taxes 1,654 2,612
Income tax provision 383 883
Net income $ 1,271 $ 1,729
Earnings per share:    
Basic (in dollars per share) $ 0.16 $ 0.21
Diluted (in dollars per share) $ 0.16 $ 0.21
Weighted-average shares of common stock outstanding:    
Basic (in shares) 8,169 8,199
Diluted (in shares) 8,184 8,220
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Inventories
 3 Months Ended
Mar. 31, 2012
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

Note 5. Inventories

 

Inventories consist of the following (in thousands):

 

    March 31, 2012     December 31, 2011  
Raw materials   $ 4,128     $ 3,762  
Work in progress     1,695       2,031  
Finished goods     1,959       2,116  
Total inventories   $ 7,782     $ 7,909  

 

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):

 

    March 31, 2012     December 31, 2011  
Current   $ 7,669     $ 7,749  
Non-current     113       160  
Total inventories   $ 7,782     $ 7,909  
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Accounts Receivable and Allowance for Doubtful Accounts
 3 Months Ended
Mar. 31, 2012
Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Note 4. Accounts Receivable and Allowance for Doubtful Accounts

 

At March 31, 2012, we had one customer that individually accounted for 23% of our accounts receivable balance. At December 31, 2011, we had one customer that individually accounted for 28% of our accounts receivable balance.

 

The allowance for doubtful accounts consists of the following (in thousands):

 

    Balance
Beginning of
Year		     Provision     Write-offs,
Net of
Recoveries		     Exchange
Rate Effect		     Ending
Balance		  
March 31, 2012   $ 366     $ (63 )   $ -     $ 4     $ 307  
                                         
December 31, 2011   $ 208     $ 174     $ (9 )   $ (7 )   $ 366  
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Earnings per Share (EPS)
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 12. 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 stock options. Potentially dilutive securities are not taken into account when their effect would be anti-dilutive.

 

The weighted-average number of common shares outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands):

 

    Three Months Ended  
    March 31,  
    2012     2011  
Weighted-average number of common shares outstanding - basic     8,169       8,199  
Potential dilution from stock options     15       21  
Weighted-average number of common shares outstanding - diluted     8,184       8,220  
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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2012
Commitments and Contingencies Disclosure [Abstract]  
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 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 sought damages for unfair dismissal, 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 engaged counsel and has vigorously defended the matter. The matter was scheduled for a court hearing on January 23, 2012. Mr. Leparoux filed his pleadings on January 20, 2012, specifically claiming 600,000 euros (approximately $800,000 at March 31, 2012) for unfair dismissal, 354,200 euros (approximately $472,000 at March 31, 2012) for back pay, 35,420 euros (approximately $47,000 at March 31, 2012) for compensation for unpaid holidays, and 32,500 euros (approximately $43,000 at March 31, 2012) in other legal damages. At the January 23, 2012 hearing, the claim was dismissed by the Tribunal as Mr. Leparoux failed on three prior occasions to timely file pleadings in support of his claim. However, on February 1, 2012, Mr. Leparoux filed an identical claim before the Employment Tribunal of Dijon. The trial date is now scheduled for June 25, 2012.

 

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 our 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. Cumulative minimum net annual royalty payments are $375,000.

 

We purchased 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 $250,000 during the remaining life of the contract.
XML 29 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property and Equipment
 3 Months Ended
Mar. 31, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
Note 6. Property and Equipment

 

Property and equipment consists of the following (in thousands):

 

    March 31, 2012     December 31, 2011  
Land   $ 1,782     $ 1,773  
Buildings and improvements     8,616       8,480  
Furniture and equipment     19,682       19,003  
Vehicles     500       493  
      30,580       29,749  
Less accumulated depreciation     (18,725 )     (17,913 )
Property and equipment, net   $ 11,855     $ 11,836  

 

Depreciation expense for the three months ended March 31, 2012 and 2011 was $536,000 and $483,000, respectively.
XML 30 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets
 3 Months Ended
Mar. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]

Note 7. Intangible Assets

 

Intangible assets consist of the following (in thousands):

 

    March 31, 2012     December 31, 2011        
    Gross
Carrying
Amount		     Accum
Amort		     Net
Carrying
Amount		     Gross
Carrying
Amount		     Accum
Amort		     Net
Carrying
Amount		     Estimated
Useful Life
(Years)		  
Patents   $ 690     $ (624 )   $ 66     $ 690     $ (621 )   $ 69     13-14  
Trademark     620       (154 )     466       620       (143 )     477     12  
Licenses     225       (172 )     53       225       (163 )     62     1-3  
Other intangibles     66       (30 )     36       65       (27 )     38     5  
Total intangible assets   $ 1,601     $ (980 )   $ 621     $ 1,600     $ (954 )   $ 646          

 

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 March 31, 2012 and 2011 was $27,000 and $52,000, respectively.
XML 31 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2012
Equity [Abstract]  
Comprehensive Income (Loss) Note [Text Block]

Note 9. Accumulated Other Comprehensive Income

 

Accumulated other comprehensive income consists of the following (in thousands):

 

    March 31, 2012     December 31, 2011  
Foreign currency translation   $ 1,444     $ 819  
Unrealized (loss) on securities, net of tax     1       (1 )
Unrecognized pension transition asset, net of tax     5       8  
Total accumulated other comprehensive income   $ 1,450     $ 826  
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Net income $ 1,271 $ 1,729
Other comprehensive income:    
Unrealized gain on securities, net of tax 2 2
Amortization of pension transition asset, net of tax (3) (3)
Foreign currency translation adjustment 625 1,031
Other comprehensive income, net of tax 624 1,030
Total other comprehensive income $ 1,895 $ 2,759
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Cash, Cash Equivalents, and Marketable Securities
 3 Months Ended
Mar. 31, 2012
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Marketable Securities [Text Block]

Note 3. Cash, Cash Equivalents, and Marketable Securities

 

The Company holds its cash, cash equivalents, and marketable securities in financial institutions in various countries throughout the world. The following summarizes the geographic location of our holdings (in thousands):

 

    March 31, 2012     December 31, 2011  
    Cash and  Cash Equivalents     Marketable Securities     Total     Cash and  Cash Equivalents     Marketable Securities     Total  
                                                 
France   $ 100     $ 11,764     $ 11,864     $ 281     $ 13,500     $ 13,781  
United States     8,767       1,364       10,131       7,537       1,367       8,904  
Macau S.A.R., China     1,563       -       1,563       1,464       -       1,464  
    $ 10,430     $ 13,128     $ 23,558     $ 9,282     $ 14,867     $ 24,149  

 

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):

 

    March 31, 2012     December 31, 2011  
    Cost     Unrealized Gain/(Loss)     Fair Value     Cost     Unrealized Gain/(Loss)     Fair Value  
                                     
Certificates of deposit   $ 12,285     $ -     $ 12,285     $ 12,537     $ (1 )   $ 12,536  
Bond mutual funds     459       -       459       1,942       -       1,942  
Term bonds     383       1       384       390       (1 )     389  
Total marketable securities   $ 13,127     $ 1     $ 13,128     $ 14,869     $ (2 )   $ 14,867  

 

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 are Level 1 financial instruments, with asset values recorded at quoted prices in active markets for identical assets.
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