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Gaming Partners Announces Financial Results for the Second Quarter of 2008

On August 15th, 2008, Gaming Partners International Corporation, a global provider of casino currency and casino table games equipment, announced their financial results for the 2nd quarter of the year and first 6 months of 2008. For the 2nd quarter of 2008, the organization stated revenues of $18.9 million, which were up by twenty-eight percent compared to profits of $14.8 million for the 2nd quarter of 2007. The improvement in revenues was due to the sales of casino chips to the newly opened casino facilities in the U.S. like the MGM Grand at Foxwoods, the improvement of the euro against the dollar and increase sales of gambling chips in Macau.

The overall gross profit for the quarter was $6.5 million or thirty-four percent of revenues, compared to $4.6 million or thirty-one percent of revenues in the same period a year ago. Net income for the 2nd quarter of 2008 was $1.8 million or $0.23 per basic diluted share and improved by 320 percent compared to a net income of $0.4 million or $0.05 per basic diluted share in the 2nd quarter of 2007. For the 6 months ended June 30th, 2008, revenues were $31.0 million, which were up thirty-one percent compared to revenues of $23.7 million in the first 6 months of 2007.

The increase can be attributed to the same factors as those that caused the 2nd quarter increase. Gross profit for the period was $10.3 million or 33 percent of revenues, compared to $6.2 million or twenty-six percent of revenues in the comparable period in 2007. Net income for the 6 months ended June 30th, 2008 was $1.4 million or $0.18 per basic diluted share, for the 6 months ended June 30th, 2007. As of June 30th, 2008, the organization had $38.1 million of stockholder's equity, compared to $35.2 million as of December 31st, 2008.

As of June 30th, 2008, the company's backlog of unfinished orders, which are expected to be filled in 2008, was $13.7 million. At June 30th, 2007, the company's backlog was $17.6 million. Commenting on the results, the President and Chief Executive Officer of the company, Gerard Charlier said that they are very happy with their results for the 2nd quarter of 2008 profit of $1.8 million. A lot of things went well for them in the quarter, but their success was largely affected by the increase sales of their casino chips.

09/01/2008 05:54 PM

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