he increase in revenues was due to sales of casino chips to newly opened casinos in the United States, such as the MGM Grand at Foxwoods, the strengthening of the euro against the dollar, and increased sales of gaming chips to casinos in Macau. Gross profit for the quarter was us$ 6.5 million, or 34% of revenues, compared to us$ 4.6 million, or 31% of revenues, in the same period a year ago.
Net income for the second quarter of 2008 was us$ 1.8 million and up 320% compared to a net income of us$ 0.4 million in the second quarter of 2007.
For the six months ended June 30, revenues were us$ 31 million, which were up 31% compared to revenues of us$ 23.7 million in the first six months of 2007. The increase was attributable to the same factors as those for the second quarter increase. Gross profit for the period was us$ 10.3 million, or 33% of revenues, compared to us$ 6.2 million, or 26% of revenues, in the comparable period in 2007.
Net income for the six months ended June 30, 2008 was us$ 1.4 million, compared to net loss of us$ 1 million for the six months ended June 30, 2007. For the same period, the company had cash and marketable securities of us$ 12.3 million, compared to us$ 9.4 million, as of December 31, 2007.
As of June 30, 2008, the firm had us$ 38.1 million of stockholders’ equity, compared to us$ 35.2 million, as of December 31, 2007. The backlog of unfilled orders, which are expected to be filled in 2008, was us$ 13.7 million. At June 30, 2007, the backlog was us$ 17.6 million.
Commenting on the results, Gerard Charlier, President and CEO, said, "We are pleased with our second quarter 2008 profit of us$ 1.8 million. Several things went well for us in the quarter, but our success was largely driven by higher sales of casino chips. We were also very pleased that the French Tax Administration reversed its position on a tax matter, which not only relieved us of a potential liability of approximately us$ 800,000, but also allowed us to reverse an accrual, which reduced our tax expense this quarter by us$ 208,000.
"In the second quarter, we completed our move of our plastic injection molded Bud Jones chips from Las Vegas to our facility in Mexico. This is one step we have taken to reduce costs and improve our profitability in order to address the challenge of our variable revenue stream.
"I am also pleased that our French subsidiary, GPI SAS, achieved ISO 9001 certification in July. We think this external validation of our quality procedures will be well received by our international customers."