GPI reports 2011 first quarter results
These results compare to revenues of us$ 10.9 million and net income of us$ 37,000, for the first quarter of 2010. Gross profit for the quarter was us$ 6.3 million, or 35% of revenues, compared to us$ 3.7 million, or 34% of revenues, for the first quarter of 2010.
The primary reason for the significant increase in first quarter 2011 net income was comparably higher sales of chips to casinos in Macau. The company ended the quarter with us$ 30.8 million in cash, cash equivalents and marketable securities, as well as us$ 7.1 million in debt.
"We are pleased with our strong first quarter results, due to delivery of a significant chip order for the pending Galaxy Macau casino opening," commented Greg Gronau, GPIC President and CEO. "Given projected casino openings and our sales backlog for 2011, revenues and earnings in the next three quarters may not reach the same levels that we saw in the first quarter."
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