[t]GPIC[/t] reports its fourth quarter and year end results:
Gaming Partners International Reports Financial Results for the Fourth Quarter and Year-End 2008
Monday March 30, 2009, 5:42 pm EDT
LAS VEGAS, March 30 /PRNewswire-FirstCall/ -- Gaming Partners International Corporation (Nasdaq: GPIC - News), the leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the fourth quarter and year ended December 31, 2008.
For the fourth quarter of 2008, the Company reported revenues of $15.7 million, which were down 21% compared to revenues of $19.9 million for the fourth quarter of 2007. Gross profit for the quarter was $5.5 million, or 35% of revenues, compared to $6.8 million, or 34% of revenues, in the same period a year ago.
Net income for the fourth quarter of 2008 was $1.8 million, or $0.22 per basic and diluted share, and up 100% compared to a net income of $0.9 million, or $0.11 per basic and diluted share, in the fourth quarter of 2007.
For the year ended December 31, 2008, revenues were $60.5 million, which were up 3% compared to revenues of $58.8 million in the year ended December 31, 2007. Gross profit for the year was $19.9 million, or 33% of revenues, compared to $17.5 million, or 30% of revenues, in 2007.
Net income for the year ended December 31, 2008 was $4.5 million, or $0.55 per basic and diluted share, compared to $0.2 million, or $0.03 per basic and diluted share, for the year ended December 31, 2007.
As of December 31, 2008, the Company had cash and marketable securities of $13.1 million, compared to $9.4 million as of December 31, 2007.
As of December 31, 2008, the Company had $38.8 million of stockholders' equity, compared to $35.1 million as of December 31, 2007.
As of December 31, 2008, our backlog of unfilled orders, which are expected to be filled in 2009, was $13.0 million. Over $8.0 million of the backlog is for orders from two casinos in Asia that are expected to be delivered in the middle of the year, which the Company previously announced with its press release on January 16, 2009. At December 31, 2007, our backlog was $11.1 million.
Commenting on the results, Gerard Charlier, President and CEO, said, "We are pleased with our fourth quarter and year end results for 2008, especially given the difficult economic environment. Our continuing efforts to reduce costs contributed to these results. The move of our Bud Jones chip production from Las Vegas to Mexico is improving operating margins and we have made staff reductions as well as other cost reductions. This past year was the Company's second best year in terms of both revenues and net income. However, the challenges facing the gaming industry will make 2009 a difficult year, especially in the first quarter. Nonetheless, we are positioning the company to meet the challenges we face and believe we can find success in the marketplace, such as the large orders we announced in January for the City of Dreams casino in Macau and the Newport City casino in Manila."
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For more Information please contact:
For Gaming Partners International Corporation:
GPIC Contact:
David W. Grimes
702-598-2400
dgrimes@gpigaming.com
GAMING PARTNERS INTERNATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31,
(in thousands, except share amounts)
2008 2007
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $5,547 $4,627
Marketable securities 7,561 4,730
Accounts receivable, less allowance
for doubtful accounts of
$342 and $327, respectively 5,422 5,811
Inventories 9,894 10,093
Prepaid expenses 431 487
Deferred income tax asset 691 893
Other current assets 790 1,459
--- -----
Total current assets 30,336 28,100
Property and equipment, net 14,158 15,596
Goodwill 1,599 1,680
Other intangibles, net 783 1,023
Deferred income tax asset 1,666 1,514
Long-term investments 696 736
Other assets, net 311 660
--- ---
Total assets $49,549 $49,309
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt $523 $689
Accounts payable 2,613 2,964
Accrued liabilities 3,066 4,418
Customer deposits 1,432 2,715
Income taxes payable 312 27
Other current liabilities 459 406
--- ---
Total current liabilities 8,405 11,219
Long-term debt, less current maturities 1,743 2,273
Deferred income tax liability 585 455
Other liabilities - 209
- ---
Total liabilities 10,733 14,156
------ ------
Commitments and contingencies - see Note 10
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,
8,103,401 and 8,103,401, respectively,
issued and outstanding 81 81
Additional paid-in capital 19,033 18,766
Treasury stock, at cost; 8,061 shares (196) (196)
Retained earnings 17,312 12,825
Accumulated other comprehensive income 2,586 3,677
----- -----
Total stockholders' equity 38,816 35,153
------ ------
Total liabilities and stockholders'
equity $49,549 $49,309
======= =======
See Notes to Consolidated Financial Statements
GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
December 31,
(in thousands, except per share amounts)
2008 2007
---- ----
Revenues $60,546 $58,821
Cost of revenues 40,671 41,355
------ ------
Gross profit 19,875 17,466
Product development 201 419
Marketing and sales 4,263 4,303
General and administrative 10,071 11,882
------ ------
Operating income 5,340 862
Other income (expense)
Gain (loss) on foreign currency transactions 268 (323)
Interest income 252 334
Interest expense (137) (190)
Other income, net 103 374
--- ---
Income before income taxes 5,826 1,057
Income tax expense 1,339 817
----- ---
Net income $4,487 $240
====== ====
Earnings per share:
Basic $0.55 $0.03
===== =====
Diluted $0.55 $0.03
===== =====
Weighted-average shares of common stock
outstanding:
Basic 8,103 8,101
===== =====
Diluted 8,184 8,242
===== =====
See Notes to Consolidated Financial Statements
Selected Quarterly Financial Information
Year Ended December 31, 2008
----------------------------
First Second Third Fourth Total
------ ------- ------ ------- -----
(in thousands, except per share data)
Net revenues $12,125 $18,856 $13,820 $15,745 $60,546
Gross profit 3,659 6,333 4,420 5,463 19,875
Operating (loss) income (396) 2,407 1,318 2,011 5,340
Net (loss) income $(412) $1,850 $1,247 $1,802 $4,487
===== ====== ====== ====== ======
Net (loss) income per share:
Basic $(0.05) $0.23 $0.15 $0.22 $0.55
====== ===== ===== ===== =====
Diluted $(0.05) $0.23 $0.15 $0.22 $0.55
====== ===== ===== ===== =====
Year Ended December 31, 2007
----------------------------
First Second Third Fourth Total
------ ------- ------ ------- -----
(in thousands, except per share data)
Net revenues $8,921 $14,779 $15,196 $19,925 $58,821
Gross profit 1,441 4,470 4,708 6,847 17,466
Operating (loss) income (2,373) 289 958 1,988 862
Net (loss) income $(1,490) $440 $387 $903 $240
======= ==== ==== ==== ====
Net (loss) income per share:
Basic $(0.18) $0.05 $0.05 $0.11 $0.03
====== ===== ===== ===== =====
Diluted $(0.18) $0.05 $0.05 $0.11 $0.03
====== ===== ===== ===== =====
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