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Gaming Partners International Corporation Reports Financial Results For the Third Quarter and First Nine Months of 2012

LAS VEGAS, Nov. 8, 2012 /PRNewswire/ -- Gaming Partners International Corporation (NASDAQ: GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced today financial results for the third quarter and nine months ended September 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20110512/LA99804LOGO)

For the third quarter ended September 30, 2012, the Company earned $0.16 per basic share and $0.15 per diluted share. For the nine months ended September 30, 2012, the Company earned $0.53 per basic share and diluted share.

During the third quarter of 2012, the Company posted revenues of $16.9 million and net income of $1.3 million. These results compare to revenues of $13.8 million and net income of $0.5 million, or $0.06 per basic share and diluted share, for the third quarter of 2011. Gross profit for the third quarter of 2012 was $5.4 million, or 32% of revenues, compared to $4.2 million, or 30% of revenues, for the prior year quarter.

The increase in revenue for the third quarter of 2012, compared to the same prior year period, was due to a $1.5 million increase in sales of European-style casino chips to Asia Pacific casinos and a $1.4 million increase in sales of American-style casino chips, furniture and accessories, primarily to casinos in the United States. The increase in net income for the third quarter of 2012, compared to the same prior year period, was primarily due to an increase in gross profit of $1.2 million on these increased sales.

During the first nine months of 2012, the Company posted revenues of $45.4 million and net income of $4.3 million. These results compare to revenues of $46.4 million and net income of $3.1 million, or $0.38 per basic and diluted share, for the first nine months of 2011. Gross profit for the first nine months of 2012 was $15.3 million, or 34% of revenues, compared to $15.3 million, or 33% of revenues, for the first nine months of 2011.

The decrease in revenue for the first nine months of 2012, compared to the same prior year period, was due primarily to a $6.5 million decrease in sales of European-style casino chips and RFID solutions to Asia Pacific casinos, particularly sales  to the Galaxy ™ and SJM casinos in Macau in the 2011 reporting period, offset by a $5.1 million increase in sales of American-style chips, furniture, accessories, table layouts, and cards primarily to new and expanding casinos in the United States. The increase in net income for the first nine months of 2012, compared to the same prior year period, was primarily driven by a reduction in general and administrative expenses due to the settlement of litigation, as well as a reduction in income taxes from the utilization of foreign tax credits.

The Company ended the quarter with $24.2 million in cash, cash equivalents and marketable securities and no debt.

"We had a strong third quarter with sales of almost $17.0 million and diluted earnings of $0.15 per share," commented Greg Gronau, GPIC President and Chief Executive Officer. "We continued to grow sales in the American market with Paulson chip, furniture and accessories sales driven by casino openings, as well as sales to casinos that were expanding and rebranding.  Additionally, we showed significant increases in Asia Pacific sales in the third quarter, thanks to new and expansion orders."

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® and Bud Jones®, GPI provides casino currency such as chips, plaques and jetons; gaming furniture and table accessories; table layouts; playing cards; dice; and roulette wheels. GPIC pioneered the use of security features such as radio frequency identification device (RFID) technology in casino chips 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; 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; 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, 2011, 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

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share amounts)





September 30,


December 31,




2012


2011

ASSETS




Current Assets:





Cash and cash equivalents

$             12,530


$               9,282


Marketable securities

11,635


14,867


Accounts receivable, net

7,134


5,976


Inventories

6,939


7,749


Prepaid expenses

1,052


1,015


Deferred income tax asset

762


893


Other current assets

2,007


1,564



  Total current assets

42,059


41,346

Property and equipment, net

11,117


11,836

Intangibles, net

566


646

Deferred income tax asset

1,733


1,740

Inventories, non-current

157


160

Other assets, net

1,664


314


       Total assets

$             57,296


$             56,042







LIABILITIES AND STOCKHOLDERS' EQUITY 




Current Liabilities:





Short-term debt

$                      -


$                    17


Accounts payable

2,224


2,376


Accrued liabilities

5,115


5,876


Customer deposits and deferred revenue

2,796


4,585


Income taxes payable

338


-



  Total current liabilities

10,473


12,854

Long-term debt

-


15

Deferred income tax liability

677


689


        Total liabilities

11,150


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 8,100,504 issued and outstanding, respectively, 





as of September 30, 2012, and 8,207,077 and 8,187,764 issued 





and outstanding, respectively, as of December 31, 2011

82


82

   Additional paid-in capital

19,550


19,401

   Treasury stock, at cost: 106,573 and 19,313 shares

(857)


(267)

   Retained earnings

26,781


22,442

   Accumulated other comprehensive income

590


826



Total stockholders' equity

46,146


42,484



Total liabilities and stockholders' equity

$             57,296


$             56,042

GAMING PARTNERS INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)




Three Months Ended


Nine Months Ended



September 30,


September 30,



2012


2011


2012


2011

Revenues

$      16,939


$      13,834


$      45,394


$      46,446

Cost of revenues

11,550


9,661


30,045


31,147


Gross profit

5,389


4,173


15,349


15,299










Marketing and sales

1,320


1,273


3,944


3,842

General and administrative

2,542


2,443


6,570


7,394


Operating income

1,527


457


4,835


4,063

Other income and (expense)

185


125


313


357


Income before income taxes

1,712


582


5,148


4,420

Income tax provision

455


105


809


1,306


Net income

$        1,257


$           477


$        4,339


$        3,114










Earnings per share:









Basic

$          0.16


$          0.06


$          0.53


$          0.38


Diluted

$          0.15


$          0.06


$          0.53


$          0.38

Weighted-average shares of common stock outstanding:









Basic

8,105


8,199


8,132


8,199


Diluted

8,113


8,234


8,152


8,226

For Further Information Contact:

Gregory S. Gronau, President and Chief Executive Officer
Gerald W. Koslow, Chief Financial Officer
PH: 702.384.2425
FX: 702.384.1965

SOURCE Gaming Partners International Corporation

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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