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Gaming Partners International Corp. Reports Operating Results (10-Q)

November 10, 2011 | About:
10qk

10qk

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Gaming Partners International Corp. (GPIC) filed Quarterly Report for the period ended 2011-09-30.

Gaming Partners International Corp. has a market cap of $51.2 million; its shares were traded at around $6.24 with a P/E ratio of 11.7 and P/S ratio of 0.9.

Highlight of Business Operations:

For the third quarter of 2011, our revenues were $13.8 million, an increase of $1.4 million, or 11.7%, compared to revenues of $12.4 million for the same period of 2010. For the third quarter of 2011, our net income was $0.5 million, a decrease of $0.3 million, or 37.3%, compared to net income of $0.8 million for the same period in 2010.

For the first nine months of 2011, our revenues were $46.4 million, an increase of $3.2 million, or 7.4%, compared to revenues of $43.2 million for the same period of 2010. Our net income for the first nine months of 2011 was $3.1 million, a decrease of $0.4 million, or 10.1% compared to net income of $3.5 million for the same period in 2010.

For the nine months ended September 30, 2011, revenues were $46.4 million, an increase of $3.2 million, or 7.4%, compared to revenues of $43.2 million during the same period in 2010. This increase in revenues for the first nine months of 2011 was due primarily to an increase of nearly $8.3 million in sales of European-style casino chips for Asian casinos including the Galaxy and SJM casinos in Macau, as well as in other parts of Asia, and $1.3 million in RFID solutions revenue. This increase was offset by a $4.3 million decline in American-style casino chip sales and a $2.1 million decline in furniture and accessories sales in the United States, due primarily to second and third quarter sales to the Pennsylvania, Delaware, and West Virginia casinos in 2010.

For the three months ended September 30, 2011, selling, general, and administrative expenses were $3.8 million, an increase of $0.8 million, or 26.6%, compared to selling, general, and administrative expenses of $3.0 million for the three months ended September 30, 2010. Selling, general, and administrative expenses increased as a percent of revenue to 27.3% for the three months ended September 30, 2011 from 24.1% for the same period in 2010. Marketing and sales expenses increased primarily due to $0.1 million of additional compensation costs. The increase in general and administrative expenses was primarily due to increases of $0.3 million in legal expenses, as well as an increase of approximately $0.4 million attributable to facilities costs, property taxes, human resources, bad debt expense, and depreciation.

For the nine months ended September 30, 2011, selling, general, and administrative expenses were $11.0 million, an increase of $0.3 million, or 3.1%, compared to selling, general, and administrative expenses of $10.7 million for the nine months ended September 30, 2010. The increase in marketing and sales is primarily due to an increase of $0.1 million in compensation costs and $0.1 million in advertising expenses. The increase in general and administrative expenses was primarily due to an increase in consulting, travel, amortization, and facilities expenses, each of which increased by approximately $0.1 million, offset by a decrease of $0.3 million in litigation expenses related to the 2010 Sibel lawsuit settlement.

Read the The complete Report

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