he decrease in revenues was primarily due to lower sales of casino chips to casinos in Macau in 2008 compared to 2007, offset by increased sales of American-style casino chips to casinos in the United States. Gross profit for the quarter was us$ 4.6 million, or 33% of revenues, compared to us$ 4.8 million, or 32% of revenues, in the same period a year ago.
Net income for the third quarter of 2008 was us$ 1.2 million, and up 200% compared to a net income of us$ 0.4 million in the third quarter of 2007. For the nine months ended September 30, 2008, revenues were us$ 44.8 million, which were up 15% compared to revenues of us$ 38.9 million in the first nine months of 2007.
The increase in revenues was primarily due to sales of American-style casino chips to casinos in the United States and the strengthening of the euro against the dollar. Gross profit for the period was us$ 14.8 million, or 33% of revenues, compared to us$ 11 million, or 28% of revenues, in the comparable period in 2007.
Net income for the nine months ended September 30, 2008 was us$ 2.7 million, compared to net loss of us$ 0.7 million for the nine months ended September 30, 2007. As of September 30, 2008, the company had cash and marketable securities of us$ 12.2 million, compared to us$ 9.4 million as of December 31, 2007.
As of September 30, 2008, the company had us$ 37.5 million of stockholders’ equity, compared to us$ 35.2 million as of December 31, 2007. Its backlog of unfilled orders, which are expected to be filled in 2008, was us$ 9.4 million. At September 30, 2007, its backlog was us$ 14.5 million.
Commenting on the results, Gerard Charlier, President and CEO, said, "We are pleased with our third quarter 2008 profit of us$ 1.2 million, especially given the challenging environment in the gaming industry faced by our customers. Several things went well for us in the quarter, including better operational results due to improved gross margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate."
Charlier also remarked, "We are looking forward to the annual Global Gaming Expo next week in Las Vegas where we will be highlighting our expanding product line and displaying our new applications for our RFID casino products."