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Gaming Partners International Reports Financial Results for the Second Quarter and Six Months of 2009
Thursday, August 13, 2009 5:53 PM


(Source: PRNewswire-FirstCall)trackingLAS VEGAS, Aug. 13 /PRNewswire-FirstCall/ -- Gaming Partners International Corporation , 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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060127/LAF027LOGO-b)

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."

About Gaming Partners International Corporation

GPIC manufactures and supplies (under the brand names of Paulson , Bourgogne et Grasset and Bud Jones ) casino chips, including plaques and jetons and low frequency and high frequency RFID chips, low and high frequency RFID readers, table layouts, playing cards, dice, gaming furniture, roulette wheels, table accessories, and other products that are used with casino table games such as blackjack, poker, baccarat, craps, and roulette. GPIC is headquartered in Las Vegas, Nevada, with offices in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey; and Gulfport, Mississippi. GPIC sells its casino products directly to licensed casinos throughout the world. For additional information about GPIC, visit our web site at http://www.gpigaming.com/.



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