hese results compare to revenues of US$ 15.8 million and net income of US$ 1.7 million, or US$ 0.21 per basic and diluted share, for the fourth quarter of 2009.
Gross profit for the quarter was US$ 5.4 million, or 32% of revenues, compared to US$ 5.7 million, or 36% of revenues, in the prior year period.
For the year 2010, the company recorded revenues of US$ 59.9 million and net income of US$ 4.4 million, or US$ 0.54 per basic and US$ 0.53 per diluted share. These results compare to revenues of US$ 49.5 million and net income of US$ 1.0 million, or US$ 0.13 per basic and diluted share for the year 2009.
The company's 2010 gross profit was US$ 21.7 million, or 36% of revenues, compared to US$ 15.9 million, or 32% of revenues, in 2009.
The primary reasons for the increase in net income in 2010 were a significant increase in gross profit that was driven by higher sales, which caused fixed manufacturing costs to be allocated over higher production volumes, a sales mix shift toward higher-margin chips, and a US$ 1.6 million charge for impairment of goodwill that reduced net income in 2009.
In December, the company paid a cash dividend of US$ 1.5 million, or US$ 0.1825 per share, and ended 2010 with US$ 29.8 million in cash, cash equivalents and marketable securities, as well as US$ 6.7 million in debt.
"A significant contributor to our increased sales in 2010 was sales from casino openings in Pennsylvania, Delaware and Singapore. This helped us end 2010 with a very strong cash position and focuses us for potential future growth," commented Greg Gronau, GPIC President and CEO.