Asian sales of RFID casino currency and solutions drove revenues upward for Gaming Partners International during the second quarter and six months ended 30th June.
Sales across the region were up US$600,000 for Las Vegas-based GPI (Nasdaq: GPIC) in the second quarter, but lower gross margins and higher expenses company-wide resulted in a net loss of $54,000, compared with a profit of $1.8 million for the same period last year.
First-half net income was $400,000 versus $3.1 million in H1 2012.
Q2 revenues were up 8% quarter over quarter to $14.1 million and rose from $28.5 million to $28.9 million in the first half, also driven mainly by the Asia business, the company said.
“As in the first quarter, our results reflect the variability of our global customers’ product demands from quarter to quarter,” said President and CEO Greg Gronau, who warned that lower year-on-year earnings are expected for the balance of 2013. “At the same time, we are working to balance production in our manufacturing facilities and to collaborate with our customers to provide new products and increase sales of our current offerings.”
GPI ended the quarter debt-free and with $20 million in cash, cash equivalents and marketable securities. The company bought back 20,201 shares of stock during the period under a repurchase scheme that authorizes additional purchases of 231,459 shares.
