Gaming Partners International Corporation Reports 2010 Fourth-Quarter and Year Results
LAS VEGAS, March 29, 2011 /PRNewswire/ -- Gaming Partners International Corporation (Nasdaq: GPIC), a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the fourth quarter and year ending December 31, 2010.
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For its fourth quarter of 2010, the Company posted revenues of $16.6 million and net income of $1.0 million, or $0.12 per basic and diluted share. These results compare to revenues of $15.8 million and net income of $1.7 million, or $0.21 per basic and diluted share, for the fourth quarter of 2009. Gross profit for the quarter was $5.4 million, or 32% of revenues, compared to $5.7 million, or 36% of revenues, in the prior year period.
For the year 2010, the Company recorded revenues of $59.9 million and net income of $4.4 million, or $0.54 per basic and $0.53 per diluted share. These results compare to revenues of $49.5 million and net income of $1.0 million, or $0.13 per basic and diluted share for the year 2009. The Company's 2010 gross profit was $21.7 million, or 36% of revenues, compared to $15.9 million, or 32% of revenues, in 2009.
The primary reasons for the increase in net income in 2010 were a significant increase in gross profit that was driven by higher sales, which caused fixed manufacturing costs to be allocated over higher production volumes, a sales mix shift toward higher-margin chips, and a $1.6 million charge for impairment of goodwill that reduced net income in 2009.
In December, the Company paid a cash dividend of $1.5 million, or $0.1825 per share, and ended 2010 with $29.8 million in cash, cash equivalents and marketable securities, as well as $6.7 million in debt.
"A significant contributor to our increased sales in 2010 was sales from casino openings in Pennsylvania, Delaware and Singapore," commented Greg Gronau, GPIC President and Chief Executive Officer. "This helped us end 2010 with a very strong cash position and focuses us for potential future growth."
About Gaming Partners International Corporation (GPIC)
GPIC manufactures and supplies casino table games and equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bud Jones®, and Bourgogne et Grasset®, GPIC provides casino currency such as chips, plaques and jetons; casino tables, furniture and accessories; table layouts; playing cards; precision dice; roulette wheels; and RFID technology and applications. Headquartered in Las Vegas, Nevada, GPIC has additional locations in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey, Gulfport, Mississippi, and Macau SAR China. For additional information, please visit www.gpigaming.com.
Safe Harbor Statement
This release contains "forward-looking statements" based on current expectations involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; 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 GPIC to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. GPIC's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the period ended December 31, 2010, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.
For more information please contact: |
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Gerald W. Koslow, Chief Financial Officer |
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+1.702.384.2425 |
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GAMING PARTNERS INTERNATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS December 31, (audited) |
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2010 |
2009 |
|||||
ASSETS |
||||||
Current Assets: |
||||||
Cash and cash equivalents |
$ 11,400 |
$ 3,238 |
||||
Marketable securities |
18,350 |
15,600 |
||||
Accounts receivable, net |
6,838 |
7,035 |
||||
Inventories |
7,160 |
7,173 |
||||
Prepaid expenses |
790 |
506 |
||||
Deferred income tax asset |
949 |
707 |
||||
Other current assets |
1,578 |
1,241 |
||||
Total current assets |
47,065 |
35,500 |
||||
Property and equipment, net |
11,926 |
13,454 |
||||
Other intangibles, net |
782 |
676 |
||||
Deferred income tax asset |
1,108 |
1,657 |
||||
Inventories, non-current |
496 |
1,686 |
||||
Other assets, net |
430 |
305 |
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Total assets |
$ 61,807 |
$ 53,278 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities: |
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Current maturities of long-term debt |
$ 6,696 |
$ 546 |
||||
Accounts payable |
3,216 |
2,828 |
||||
Accrued liabilities |
6,204 |
4,165 |
||||
Customer deposits |
3,919 |
4,698 |
||||
Income taxes payable |
273 |
569 |
||||
Total current liabilities |
20,308 |
12,806 |
||||
Long-term debt, less current maturities |
32 |
314 |
||||
Deferred income tax liability |
491 |
623 |
||||
Other liabilities |
41 |
45 |
||||
Total liabilities |
20,872 |
13,788 |
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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, |
||||||
8,199,016 issued and outstanding |
82 |
82 |
||||
Additional paid-in capital |
19,196 |
18,985 |
||||
Treasury stock, at cost; 8,061 shares |
(196) |
(196) |
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Retained earnings |
20,269 |
17,346 |
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Accumulated other comprehensive income |
1,584 |
3,273 |
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Total stockholders' equity |
40,935 |
39,490 |
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Total liabilities and stockholders' equity |
$ 61,807 |
$ 53,278 |
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GAMING PARTNERS INTERNATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, (in thousands, except per share amounts) |
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(unaudited) |
(audited) |
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Three Months Ended |
Year Ended |
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December 31, |
December 31, |
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2010 |
2009 |
2010 |
2009 |
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Revenues |
$ 16,641 |
$ 15,847 |
$ 59,875 |
$ 49,527 |
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Cost of revenues |
11,259 |
10,167 |
38,173 |
33,631 |
|||||
Gross profit |
5,382 |
5,680 |
21,702 |
15,896 |
|||||
Marketing and sales |
1,111 |
1,258 |
4,474 |
4,363 |
|||||
General and administrative |
3,453 |
2,342 |
10,789 |
8,746 |
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Impairment of goodwill |
- |
- |
- |
1,572 |
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Operating income |
818 |
2,080 |
6,439 |
1,215 |
|||||
Other income and (expense) |
122 |
90 |
352 |
289 |
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Income before income taxes |
940 |
2,170 |
6,791 |
1,504 |
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Income tax provision |
(15) |
466 |
2,372 |
457 |
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Net income |
$ 955 |
$ 1,704 |
$ 4,419 |
$ 1,047 |
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Earnings per share: |
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Basic |
$ 0.12 |
$ 0.21 |
$ 0.54 |
$ 0.13 |
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Diluted |
$ 0.12 |
$ 0.21 |
$ 0.53 |
$ 0.13 |
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Weighted-average shares of common stock outstanding: |
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Basic |
8,199 |
8,117 |
8,199 |
8,107 |
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Diluted |
8,205 |
8,177 |
8,207 |
8,189 |
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SOURCE Gaming Partners International Corporation
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