[t]GPIC[/t] continues to tread water:
Gaming Partners International Reports Financial Results for the Second Quarter and Six Months of 2009
Press Release
Source: Gaming Partners International Corporation
On Thursday August 13, 2009, 5:00 pm EDT
LAS VEGAS, Aug. 13 /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 second quarter and first six months of 2009.
For the second quarter of 2009, the Company reported revenues of $11.3 million, which were down 40% compared to revenues of $18.8 million for the second quarter of 2008. Gross profit for the quarter was $3.1 million, or 28% of revenues, compared to $6.3 million, or 34% of revenues, in the same period a year ago.
Net income for the second quarter of 2009 was $0.2 million, or $0.02 per basic and diluted share, down 90% compared to a net income of $1.8 million, or $0.23 per basic and diluted share, in the second quarter of 2008.
For the six months ended June 30, 2009, revenues were $20.3 million, which were down 35% compared to revenues of $31.0 million in the first six months of 2008. Gross profit for the period was $5.5 million, or 27% of revenues, compared to $10.0 million, or 32% of revenues, in the comparable period in 2008.
Net loss for the six months ended June 30, 2009 was $0.3 million, or $(0.04) per basic and diluted share, compared to net income of $1.4 million, or $0.18 per basic and diluted share, for the six months ended June 30, 2008.
As of June 30, 2009, the Company had cash and marketable securities of $18.0 million, compared to $13.1 million as of December 31, 2008. As of June 30, 2009, customer deposits were $7.7 million, compared to $1.4 million as of December 31, 2008.
As of June 30, 2009, the Company had $38.9 million of stockholders' equity, compared to $38.8 million as of December 31, 2008.
As of June 30, 2009, our backlog of unfilled orders, which are expected to be filled in 2009, was $10.2 million. The backlog includes the Newport City order for $4.6 million, which shipped in July 2009 and therefore is included in third quarter revenues. The backlog does not include the order for Marina Bay Sands, which we currently expect to ship in 2010. At June 30, 2008, our backlog was $13.7 million.
Commenting on the results, Gerard Charlier, President and CEO, said, "The gaming industry continues to face tough economic times, as the worldwide recession negatively impacts our customer's business and, therefore, ours. In addition to our continued efforts to reduce costs, we are looking for new products and markets to improve revenue and profitability. We are committed to remaining competitive, as demonstrated with our recent announcement of being awarded an order for two million casino chips for the Marina Bay Sands in Singapore."
GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except per share amounts)
June 30, December 31,
2009 2008
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $7,100 $5,547
Marketable securities 10,948 7,561
Accounts receivable, less allowance
for doubtful accounts of $411
and $342, respectively 4,789 5,422
Inventories 9,792 9,894
Prepaid expenses 383 431
Deferred income tax asset 672 691
Other current assets 1,538 790
----- -----
Total current assets 35,222 30,336
Property and equipment, net 13,355 14,158
Goodwill 1,621 1,599
Other intangibles, net 773 783
Deferred income tax asset 1,666 1,666
Long-term marketable securities 707 696
Inventories 1,239 -
Other assets, net 353 311
----- -----
Total assets $54,936 $49,549
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt $541 $523
Accounts payable 2,263 2,613
Accrued liabilities 2,932 3,066
Customer deposits 7,732 1,432
Income taxes payable 153 312
Other current liabilities 440 459
----- -----
Total current liabilities 14,061 8,405
Long-term debt, less current maturities 1,482 1,743
Deferred income tax liability 525 585
----- -----
Total liabilities 16,068 10,733
------ ------
Commitments and contingencies
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 19,117 19,033
Treasury stock, at cost; 8,061 shares (196) (196)
Retained earnings 16,984 17,312
Accumulated other comprehensive income 2,882 2,586
----- -----
Total stockholders' equity 38,868 38,816
------ ------
Total liabilities and stockholders'
equity $54,936 $49,549
======= =======
See notes to unaudited condensed consolidated financial statements.
GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
Three Months Six Months
Ended Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
---- ---- ---- ----
Revenues $11,312 $18,856 $20,256 $30,981
Cost of revenues 8,191 12,523 14,722 20,990
----- ------ ------ ------
Gross profit 3,121 6,333 5,534 9,991
Product development 79 36 222 90
Marketing and sales 1,080 1,151 2,063 2,314
General and administrative 1,890 2,739 4,070 5,577
----- ----- ----- -----
Operating income (loss) 72 2,407 (821) 2,010
Other income (expense)
Gain (loss) on foreign currency
transactions (68) (9) 25 (268)
Interest income 72 64 121 120
Interest expense (34) (37) (62) (75)
Other income, net 9 44 26 47
---- ---- ---- ----
Income (loss) before income taxes 51 2,469 (711) 1,834
Income tax expense (benefit) (119) 619 (383) 396
---- ----- ----- -----
Net income (loss) $170 $1,850 $(328) $1,438
==== ====== ===== ======
Earnings per share:
Basic $0.02 $0.23 $(0.04) $0.18
===== ===== ====== =====
Diluted $0.02 $0.23 $(0.04) $0.18
===== ===== ====== =====
Weighted-average shares of common stock
outstanding:
Basic 8,103 8,103 8,103 8,103
===== ===== ===== =====
Diluted 8,185 8,184 8,103 8,203
===== ===== ===== =====
See notes to unaudited condensed consolidated financial statements.
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