Gaming Partners International Corporation, a leading worldwide provider of casino currency and table gaming equipment, has announced financial results for the fourth quarter and year ended December 31, 2008.
For the fourth quarter of 2008, the Company reported revenues of USD15.7 million, down 21 percent compared to revenues of USD19.9 million for the fourth quarter of 2007. Gross profit for the quarter was USD5.5 million, or 35 percent of revenues, compared to USD6.8 million, or 34 percent of revenues, in the same period a year ago.
Net income for the fourth quarter of 2008 was USD1.8 million, or USD0.22 per basic and diluted share, and up 100 percent compared to a net income of USD0.9 million, or USD0.11 per basic and diluted share, in the fourth quarter of 2007.
For the year ended December 31, 2008, revenues were USD60.5 million, which were up three percent compared to revenues of USD58.8 million in the year ended December 31, 2007. Gross profit for the year was USD19.9 million, or 33 percent of revenues, compared to USD17.5 million, or 30 percent of revenues, in 2007.
Net income for the year ended December 31, 2008 was USD4.5 million, or USD0.55 per basic and diluted share, compared to USD0.2 million, or USD0.03 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 USD13.1 million, compared to USD9.4 million as of December 31, 2007.
As of December 31, 2008, the company had USD38.8 million of stockholders’ equity, compared to USD35.1 million as of December 31, 2007.
GPIC added that as of December 31, 2008, its backlog of unfilled orders, which are expected to be filled in 2009, was USD13.0 million. Over USD8.0 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.
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,” added M. Charlier.
“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.”
