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) 27 November 2017
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.) |
3945 West Cheyenne Avenue, North Las Vegas, Nevada | 89032 |
(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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 | Regulation FD Disclosure. |
On 27 November 2017, Gaming Partners International Corporation issued a press release announcing a special cash dividend of $0.12 per issued and outstanding common share, payable no later than 22 December 2017 to the shareholders of record at the close of business on 8 December 2017. The press release is furnished as Exhibit 99.1. The information in this Form 8-K shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit 99.1 Press release dated 27 November 2017.
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: 27 November 2017 | ||
By: | /s/ Gregory S. Gronau | |
Gregory S. Gronau | ||
President and Chief Executive Officer |
EXHIBIT INDEX
Exhibit No. | Description | |
Exhibit 99.1 | Press release dated 27 November 2017. |
Exhibit 99.1
Gaming Partners International Announces Special Dividend
LAS VEGAS, Nov. 27, 2017 /PRNewswire/ -- Gaming Partners International Corporation (Nasdaq: GPIC) (Company), the leading worldwide provider of casino currency and table gaming equipment, announced today that its Board of Directors has authorized a special cash dividend of $0.12 per common share to be paid no later than 22 December 2017 to shareholders of record as of 8 December 2017. As of 27 November 2017, the Company had 7,932,094 common shares issued and outstanding resulting in an aggregate dividend of $951,851.28.
Commenting on the dividend, Greg Gronau, President and CEO, said, "The Board determined that it was in the shareholders' best interests to pay a special cash dividend for 2017. The dividend of $0.12 per common share reflects the Company's continued profitability during 2017 and the strong balance sheet at 30 September 2017 which included more than $12 million in cash. This dividend payment reflects our past success."
About Gaming Partners International Corporation
GPIC manufactures and supplies casino table game equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bourgogne et Grasset®, Gemaco®, Dolphin® and Bud Jones®, GPIC provides casino currency such as chips, plaques and jetons; playing cards; table layouts; gaming furniture and table accessories; 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 North 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 anticipated future sales or the timing thereof; fulfillment of product orders; new products; future share repurchases; 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, 2016, 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.
For more information, please contact:
Gregory Gronau, Chief Executive Officer and President
+1.702.384.2425
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(unaudited) | |||||
(in thousands, except share amounts and par value) | |||||
| |||||
|
|
| September 30, |
| December 31, |
|
|
| 2017 |
| 2016 |
|
|
|
|
|
|
ASSETS |
|
|
| ||
Current Assets: |
|
|
| ||
| Cash and cash equivalents | $ 12,185 |
| $ 10,604 | |
| Accounts receivable, net | 10,260 |
| 11,069 | |
| Inventories | 16,504 |
| 14,987 | |
| Prepaid expenses | 888 |
| 812 | |
| Other current assets | 2,398 |
| 1,620 | |
| Total current assets |
| 42,235 |
| 39,092 |
Property and equipment, net | 25,168 |
| 24,310 | ||
Goodwill | 10,292 |
| 10,292 | ||
Intangible assets, net | 1,733 |
| 1,818 | ||
Investment | 429 |
| - | ||
Deferred income tax assets | 1,431 |
| 1,579 | ||
Inventories, non-current | 1,163 |
| 598 | ||
Other assets, non-current | 2,003 |
| 2,310 | ||
| Total assets |
| $ 84,454 |
| $ 79,999 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
| ||
Current Liabilities: |
|
|
| ||
| Accounts payable | $ 3,852 |
| $ 3,466 | |
| Accrued liabilities | 5,521 |
| 5,698 | |
| Customer deposits and deferred revenue | 4,701 |
| 3,679 | |
| Current portion of long-term debt | 1,390 |
| 1,367 | |
| Income taxes payable | 698 |
| 531 | |
| Total current liabilities |
| 16,162 |
| 14,741 |
Long-term debt | 5,616 |
| 6,649 | ||
Other liabilities, non-current | 187 |
| 1,076 | ||
| Total liabilities |
| 21,965 |
| 22,466 |
Stockholders' Equity: |
|
|
| ||
Preferred stock, authorized 10,000,000 shares, $0.01 par value, |
|
|
| ||
| none issued and outstanding | - |
| - | |
Common stock, authorized 30,000,000 shares, $0.01 par value, |
|
|
| ||
| 8,223,077 and 7,932,094 shares issued and outstanding, respectively, as of September 30, 2017, and 8,219,577 and 7,928,594 shares issued and outstanding, respectively, as of December 31, 2016 | 82 |
| 82 | |
Additional paid-in capital | 20,155 |
| 20,031 | ||
Treasury stock at cost: 290,983 shares | (2,263) |
| (2,263) | ||
Retained earnings | 45,232 |
| 42,044 | ||
Accumulated other comprehensive loss | (717) |
| (2,361) | ||
| Total stockholders' equity |
| 62,489 |
| 57,533 |
| Total liabilities and stockholders' equity |
| $ 84,454 |
| $ 79,999 |
CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||
(unaudited) | ||||||||
(in thousands, except per share amounts) | ||||||||
| ||||||||
|
| Three Months Ended |
| Nine Months Ended | ||||
|
| September 30, |
| September 30, | ||||
|
| 2017 |
| 2016 |
| 2017 |
| 2016 |
Revenues | $ 24,635 |
| $ 22,559 |
| $ 59,822 |
| $ 58,996 | |
Cost of revenues | 17,455 |
| 15,036 |
| 42,964 |
| 40,187 | |
| Gross profit | 7,180 |
| 7,523 |
| 16,858 |
| 18,809 |
|
|
|
|
|
|
|
|
|
Marketing and sales | 1,612 |
| 1,613 |
| 4,814 |
| 4,711 | |
General and administrative | 2,155 |
| 2,129 |
| 6,437 |
| 6,821 | |
Research and development | 360 |
| 297 |
| 1,018 |
| 955 | |
| Operating income | 3,053 |
| 3,484 |
| 4,589 |
| 6,322 |
Other income (expense), net | 32 |
| 43 |
| (51) |
| (32) | |
| Income before income taxes | 3,085 |
| 3,527 |
| 4,538 |
| 6,290 |
Income tax provision | 880 |
| 1,080 |
| 1,350 |
| 1,844 | |
| Net income | $ 2,205 |
| $ 2,447 |
| $ 3,188 |
| $ 4,446 |
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Earnings per share: |
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|
|
|
|
| |
| Basic | $ 0.28 |
| $ 0.31 |
| $ 0.40 |
| $ 0.56 |
| Diluted | $ 0.27 |
| $ 0.30 |
| $ 0.40 |
| $ 0.55 |
Weighted-average shares of common stock outstanding: |
|
|
|
|
| |||
| Basic | 7,932 |
| 7,929 |
| 7,930 |
| 7,929 |
| Diluted | 8,066 |
| 8,057 |
| 8,061 |
| 8,039 |
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