GAMING PARTNERS INTERNATIONAL CORP. LAS VEGAS, Nov. 27, 2017 /PRNewswire/ -- Gaming Partners International Corporation (Nasdaq: GPIC) (Company), the leading worldwide provider of casino currency and table gaming equipment, announced today that its Board of Directors has authorized a special cash dividend of $0.12 per common share to be paid no later than 22 December 2017 to shareholders of record as of 8 December 2017. As of 27 November 2017, the Company had 7,932,094 common shares issued and outstanding resulting in an aggregate dividend of $951,851.28.
Commenting on the dividend, Greg Gronau, President and CEO, said, "The Board determined that it was in the shareholders' best interests to pay a special cash dividend for 2017. The dividend of $0.12 per common share reflects the Company's continued profitability during 2017 and the strong balance sheet at 30 September 2017 which included more than $12 million in cash. This dividend payment reflects our past success."
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 North 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, 2016, 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
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share amounts and par value)
September 30, December 31,
2017 2016
---- ----
ASSETS
Current Assets:
Cash and cash
equivalents $12,185 $10,604
Accounts
receivable, net 10,260 11,069
Inventories 16,504 14,987
Prepaid expenses 888 812
Other current
assets 2,398 1,620
--------------
Total current assets 42,235 39,092
Property and equipment, net 25,168 24,310
Goodwill 10,292 10,292
Intangible assets, net 1,733 1,818
Investment 429 -
Deferred income tax assets 1,431 1,579
Inventories, non-current 1,163 598
Other assets, non-current 2,003 2,310
Total assets $84,454 $79,999
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $3,852 $3,466
Accrued
liabilities 5,521 5,698
Customer deposits
and deferred
revenue 4,701 3,679
Current portion of
long-term debt 1,390 1,367
Income taxes
payable 698 531
-------------
Total current liabilities 16,162 14,741
Long-term debt 5,616 6,649
Other liabilities, non-current 187 1,076
--- -----
Total liabilities 21,965 22,466
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,
8,223,077 and
7,932,094 shares
issued and
outstanding,
respectively, as
of September 30,
2017, and
8,219,577 and
7,928,594 shares
issued and
outstanding,
respectively, as
of December 31,
2016 82 82
Additional paid-in capital 20,155 20,031
Treasury stock at cost: 290,983 shares (2,263) (2,263)
Retained earnings 45,232 42,044
Accumulated other comprehensive loss (717) (2,361)
---- ------
Total stockholders' equity 62,489 57,533
Total liabilities and stockholders'
equity $84,454 $79,999
CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2017 2016 2017 2016
---- ---- ---- ----
Revenues $24,635 $22,559 $59,822 $58,996
Cost of revenues 17,455 15,036 42,964 40,187
------ ------ ------ ------
Gross profit 7,180 7,523 16,858 18,809
Marketing and sales 1,612 1,613 4,814 4,711
General and
administrative 2,155 2,129 6,437 6,821
Research and
development 360 297 1,018 955
--- --- ----- ---
Operating income 3,053 3,484 4,589 6,322
Other income
(expense), net 32 43 (51) (32)
--- --- --- ---
Income before income taxes 3,085 3,527 4,538 6,290
Income tax provision 880 1,080 1,350 1,844
--- ----- ----- -----
Net income $2,205 $2,447 $3,188 $4,446
==========
Earnings per share:
Basic $0.28 $0.31 $0.40 $0.56
=====
Diluted $0.27 $0.30 $0.40 $0.55
=======
Weighted-average shares of common stock outstanding:
Basic 7,932 7,929 7,930 7,929
=====
Diluted 8,066 8,057 8,061 8,039
=====
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SOURCE Gaming Partners International Corporation
