8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 19, 2015

Gaming Partners International Corporation

(Exact name of registrant as specified in its charter)

Nevada	0-23588	88-0310433
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

1700 Industrial Road, Las Vegas, Nevada	89102
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (702) 384-2425

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release dated March 19, 2015 reporting the Company’s financial results for the fourth quarter and year ended December 31, 2014. The information set forth under this Item 2.02 is intended to be furnished under this Item 2.02. Such information, including Exhibit 99.1 attached to this Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1 Press release dated March 19, 2015*

* This exhibit relating to Item 2.02 shall be deemed to be furnished and not filed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Gaming Partners International Corporation
Date:  March 19, 2015
	By:	/s/ Gregory S. Gronau
		Gregory S. Gronau President, Chief Executive Officer, Treasurer and Secretary

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Press release dated March 19, 2015*

 * This exhibit relating to Item 2.02 shall be deemed to be furnished and not filed.

EX-99.1

Exhibit 99.1

For Further Information Contact:

Alain Thieffry, Chief Financial Officer and Chairperson of the Board

PH: 702.598.2465

FX: 702.598.2494

Gaming Partners International Corporation Reports 2014 Fourth-Quarter and Year Results

Las Vegas, NV (PR Newswire) (March 19, 2015) — Gaming Partners International Corporation (NASDAQ: GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced financial results for the fourth quarter and year ended December 31, 2014.

During the fourth quarter ended December 31, 2014, the Company posted net income of $2.2 million, or $0.27 per diluted share, on revenues of $19.9 million. This compares to net income of $0.6 million, or $0.08 diluted share, on $13.7 million in revenue for the fourth quarter of 2013.

For the year ended 2014, the Company posted net income of $2.7 million, or $0.33 per diluted share, on revenues of $61.0 million. This compare to net income of $1.2 million, or $0.15 per diluted share, and revenues of $56.2 million for the year ended 2013. The increase in revenue and net income for the fourth quarter and the year is primarily attributable to the Company’s acquisition of GemGroup, Inc. on July 1, 2014.

“We are pleased with the impact the GemGroup acquisition has had on both revenues and the bottom line. In the second half of 2014, revenue from playing cards increased to 25%, from 12%, of consolidated revenues,” commented Greg Gronau, GPIC President and Chief Executive Officer. “In addition, the acquisition has also increased layout production capabilities and provided us with a much-needed manufacturing and sales capability for layouts in the key Asian market.”

Mr. Gronau added, “we successfully relocated all our playing card production from Mexico to our facility in Blue Springs, Missouri.The consolidation is part of our strategic plan to improve the efficiency of our playing card production operations and is expected to improve our margins in the manufacturing of playing cards.”

About Gaming Partners International Corporation (GPIC)

GPIC manufactures and supplies casino table game equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bourgogne et Grasset®, Gemaco® and Bud Jones®, GPIC provides casino currency such as chips, plaques and jetons; playing cards; gaming furniture and table accessories; table layouts; dice; and roulette wheels. GPIC pioneered the use of security features such as radio frequency identification device (RFID) technology in casino currency and provides RFID solutions including RFID readers, software and displays. Headquartered in Las Vegas, Nevada, GPIC also has manufacturing facilities, warehouses and/or sales offices in Beaune, France; San Luis Rio Colorado, Mexico; Blue Springs, Missouri, Atlantic City, New Jersey, Gulfport, Mississippi and Macau S.A.R., China. For additional information, please visit http://www.gpigaming.com.

Safe Harbor Statement

This release contains “forward-looking statements” based on current expectations that are inherently subject to known and unknown risks and uncertainties, such as statements relating to future share repurchases; new products; anticipated future sales or the timing thereof; fulfillment of product orders; the long-term growth and prospects of our business or any jurisdiction in which we operate; and the long term potential of the RFID casino currency solutions market and our ability to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. Our plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing of and ability to consummate acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the period ended December 31, 2014, all of which are difficult or impossible to predict accurately and many of which are beyond our control and are subject to change. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

December 31,

(audited)

(in thousands, except share amounts)

	2014			2013
ASSETS
Current Assets:
Cash and cash equivalents	$	8,969		$	14,492
Marketable securities		3,597			5,724
Accounts receivable, net		10,327			5,905
Inventories		9,063			7,407
Prepaid expenses		749			965
Deferred income tax asset		1,011			628
Other current assets		2,273			3,054
Total current assets		35,989			38,175
Property and equipment, net		15,087			10,996
Goodwill		10,292			-
Intangibles, net		2,794			985
Deferred income tax asset		2,003			3,643
Inventories, non-current		523			175
Other assets		1,706			1,475
Total assets	$	68,394		$	55,449
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term debt	$	10,000		$	-
Accounts payable		3,321			2,291
Accrued liabilities		3,906			2,918
Customer deposits and deferred revenue		2,224			646
Income taxes payable		343			251
Total current liabilities		19,794			6,106
Deferred income tax liability		272			1,870
Other liabilities		63			-
Total liabilities		20,129			7,976
Commitments and contingencies - see Note 11
Stockholders' Equity:
Preferred stock, authorized 10,000,000 shares, $.01 par value,
none issued and outstanding		-			-
Common stock, authorized 30,000,000 shares, $.01 par value,
8,207,077 and 7,916,094 issued and outstanding, respectively,
as of December 31, 2014, and 8,207,077 and 7,916,094 issued
and outstanding, respectively, as of December 31, 2013		82			82
Additional paid-in capital		19,886			19,771
Treasury stock at cost: 290,983 shares at December 31, 2014 and 2013		(2,263	)		(2,262	)
Retained earnings		30,881			28,205
Accumulated other comprehensive (loss) income		(321	)		1,677
Total stockholders' equity		48,265			47,473
Total liabilities and stockholders' equity	$	68,394		$	55,449

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

FOR THE YEAR ENDED DECEMBER 31,

(audited)

(in thousands, except per share amounts)

	2014			2013
Revenues	$	60,972		$	56,173
Cost of revenues		42,657			38,584
Gross profit		18,315			17,589
Marketing and sales		6,203			5,988
General and administrative		8,403			9,023
Research and development		1,521			1,959
Operating income		2,188			619
Other income, net		227			4
Income before income taxes		2,415			623
Income tax (benefit) provision		(261	)		(543	)
Net income	$	2,676		$	1,166
Earnings per share:
Basic	$	0.34		$	0.15
Diluted	$	0.33		$	0.15
Weighted-average shares of common stock outstanding:
Basic		7,916			7,942
Diluted		8,015			8,029