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 |
||||
| Earnings per share: |
||||||||
| 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 |
||||
SOURCE Gaming Partners International Corporation
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