Gaming Partners International Corporation Reports Financial Results for the Third Quarter and First Nine Months of 2016 and Announces Change in Earnings Release Policy
LAS VEGAS, Nov. 10, 2016 /PRNewswire/ -- Gaming Partners International Corporation (NASDAQ: GPIC) (Company or GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced financial results for the third quarter and nine months ended September 30, 2016.
During the third quarter of 2016, the Company had revenues of $22.6 million, compared to revenues of $19.8 million in the third quarter of 2015. During the third quarter ended September 30, 2016, the Company posted net income of $2.4 million, or $0.30 per diluted share, compared to net income of $1.7 million, or $0.21 per diluted share, in the same period in 2015.
During the first nine months of 2016, the Company had revenues of $59.0 million, compared to revenues of $54.7 million in the same period of 2015. During the first nine months of 2016, the Company posted net income of $4.4 million, or $0.55 per diluted share, compared to net income of $3.5 million, or $0.43 per diluted share, for the comparable period of 2015.
The increase in our net income for the three and nine months ended September 30, 2016 is primarily due to an increase in casino currency sales and a decrease in our general and administrative expenses.
The Company announced that it intends to discontinue providing a press release on annual or quarterly basis in connection with the filing of its Form 10-K or Forms 10-Q after the issuance of this earnings release. The Company's Forms 10-K and Forms 10-Q will continue to be available on the SEC website at www.sec.gov and the Company website at www.gpigaming.com.
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 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, 2015, 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
| GAMING PARTNERS INTERNATIONAL CORPORATION |
|||||
| September 30, |
December 31, |
||||
| 2016 |
2015 |
||||
| ASSETS |
|||||
| Current Assets: |
|||||
| Cash and cash equivalents |
$ 10,505 |
$ 17,788 |
|||
| Marketable securities |
- |
3,503 |
|||
| Accounts receivable, net |
12,859 |
10,677 |
|||
| Inventories |
15,781 |
10,199 |
|||
| Prepaid expenses |
724 |
947 |
|||
| Deferred income tax assets |
1,798 |
1,640 |
|||
| Other current assets |
2,160 |
1,576 |
|||
| Total current assets |
43,827 |
46,330 |
|||
| Property and equipment, net |
23,283 |
14,102 |
|||
| Goodwill |
10,292 |
10,292 |
|||
| Intangible assets, net |
2,300 |
2,505 |
|||
| Deferred income tax assets |
602 |
710 |
|||
| Inventories, non-current |
609 |
670 |
|||
| Other assets, non-current |
2,663 |
2,635 |
|||
| Total assets |
$ 83,576 |
$ 77,244 |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
| Current Liabilities: |
|||||
| Accounts payable |
$ 4,582 |
$ 4,498 |
|||
| Accrued liabilities |
5,538 |
6,456 |
|||
| Customer deposits and deferred revenue |
3,815 |
2,080 |
|||
| Current portion of long-term debt |
1,359 |
1,343 |
|||
| Income taxes payable |
1,501 |
824 |
|||
| Total current liabilities |
16,795 |
15,201 |
|||
| Long-term debt |
6,991 |
8,002 |
|||
| Deferred income tax liabilities |
119 |
170 |
|||
| Other liabilities, non-current |
1,076 |
83 |
|||
| Total liabilities |
24,981 |
23,456 |
|||
| Commitments and contingencies - see Note 9 |
|||||
| 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, 8,219,577 shares issued and 7,928,594 shares outstanding |
|||||
| 82 |
82 |
||||
| Additional paid-in capital |
20,016 |
20,033 |
|||
| Treasury stock at cost: 290,983 shares |
(2,263) |
(2,263) |
|||
| Retained earnings |
42,258 |
37,812 |
|||
| Accumulated other comprehensive loss |
(1,498) |
(1,876) |
|||
| Total stockholders' equity |
58,595 |
53,788 |
|||
| Total liabilities and stockholders' equity |
$ 83,576 |
$ 77,244 |
|||
| GAMING PARTNERS INTERNATIONAL CORPORATION |
||||||||
| Three Months Ended |
Nine Months Ended |
|||||||
| September 30, |
September 30, |
|||||||
| 2016 |
2015 |
2016 |
2015 |
|||||
| Revenues |
$ 22,559 |
$ 19,844 |
$ 58,996 |
$ 54,749 |
||||
| Cost of revenues |
15,036 |
13,391 |
40,187 |
37,338 |
||||
| Gross profit |
7,523 |
6,453 |
18,809 |
17,411 |
||||
| Marketing and sales |
1,613 |
1,616 |
4,711 |
4,800 |
||||
| General and administrative |
2,129 |
2,565 |
6,821 |
7,448 |
||||
| Research and development |
297 |
250 |
955 |
900 |
||||
| Operating income |
3,484 |
2,022 |
6,322 |
4,263 |
||||
| Other income (expense), net |
43 |
127 |
(32) |
59 |
||||
| Income before income taxes |
3,527 |
2,149 |
6,290 |
4,322 |
||||
| Income tax provision |
1,080 |
474 |
1,844 |
832 |
||||
| Net income |
$ 2,447 |
$ 1,675 |
$ 4,446 |
$ 3,490 |
||||
| Earnings per share: |
||||||||
| Basic |
$ 0.31 |
$ 0.21 |
$ 0.56 |
$ 0.44 |
||||
| Diluted |
$ 0.30 |
$ 0.21 |
$ 0.55 |
$ 0.43 |
||||
| Weighted-average shares of common stock outstanding: |
||||||||
| Basic |
7,929 |
7,929 |
7,929 |
7,924 |
||||
| Diluted |
8,057 |
8,049 |
8,039 |
8,038 |
||||
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SOURCE Gaming Partners International Corporation
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