International edition
October 23, 2020

Gross profit for the quarter was us$ 3.1 million

GPI reports financial results for the second quarter and six months of 2009

(US).- Gaming Partners International Corporation announced financial results for the second quarter and first six months of 2009. For the second quarter of the year, the firm reported revenues of us$ 11.3 million, which were down 40% compared to revenues of us$ 18.8 million for the second quarter of 2008.

G

ross profit for the quarter was us$ 3.1 million, or 28% of revenues, compared to us$ 6.3 million, or 34 % of revenues, in the same period a year ago.

Net income for the second quarter of 2009 was us$ 0.2 million, or us$ 0.02 per basic and diluted share, down 90 % compared to a net income of us$ 1.8 million, or us$ 0.23 per basic and diluted share, in the second quarter of 2008.

For the six months ended June 30, 2009, revenues were us$ 20.3 million, which were down 35 % compared to revenues of us$ 31 million in the first six months of 2008. Gross profit for the period was us$ 5.5 million, or 27 % of revenues, compared to us$ 10 million, or 32 % of revenues, in the comparable period in 2008.

Net loss for the six months ended June 30, 2009 was us$ 0.3 million, or us$ (0.04) per basic and diluted share, compared to net income of us$ 1.4 million, or us$ 0.18 per basic and diluted share, for the six months ended June 30, 2008.

As of June 30, 2009, the company had cash and marketable securities of us$ 18 million, compared to us$ 13.1 million as of December 31, 2008. As of June 30, 2009, customer deposits were us$ 7.7 million, compared to us$ 1.4 million as of December 31, 2008. For the same period, the company had us$ 38.9 million of stockholders' equity, compared to us$ 38.8 million as of December 31, 2008.

As of June 30, 2009, its backlog of unfilled orders, which are expected to be filled in 2009, was us$ 10.2 million. The backlog includes the Newport City order for us$ 4.6 million, which shipped in July 2009 and therefore is included in third quarter revenues. The backlog does not include the order for Marina Bay Sands, which we currently expect to ship in 2010. At June 30, 2008, the backlog was us$ 13.7 million.

Commenting on the results, Gerard Charlier, President and CEO, said, "The gaming industry continues to face tough economic times, as the worldwide recession negatively impacts our customer's business and, therefore, ours. In addition to our continued efforts to reduce costs, we are looking for new products and markets to improve revenue and profitability. We are committed to remaining competitive, as demonstrated with our recent announcement of being awarded an order for two million casino chips for the Marina Bay Sands in Singapore."

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