GPI reports financial results for 2012 first quarter
These results compare to revenues of us$ 17.8 million and net income of us$ 1.7 million, or us$ 0.21 per basic and diluted share, for the first quarter of 2011. Gross profit for the quarter was us$ 5.2 million, or 34% of revenues, compared to us$ 6.3 million, or 36% of revenues, in the prior year period.
The primary reason for the decrease in revenues in first quarter 2012 net income was comparably lower sales of chips to casinos in Macau. The company ended the quarter with us$ 23.6 million in cash, cash equivalents and marketable securities and no debt. "We saw strong revenue growth in the United States in the first quarter, compared to last year's first quarter, with an increase in openings and replacement orders," commented Greg Gronau, GPIC President and CEO.
"While sales in Asia were down in the first quarter, due to large orders in Macau with the Galaxy and Sociedade de Jogos de Macau S.A. casinos in the first quarter of 2011, we expect an increase in Asian orders for the remainder the year, as reflected in our recent announcement of three new orders for us$ 4.7 million in chip sales to casinos in Macau."
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