Supplier News

US – Gaming Partners stacks up revenue increase of US$6.8m

By Phil - 20 November 2014

Gaming Partners International saw a jump of US$6.8m in its third quarter due to the added revenues of the recently acquired GemGroup and an upturn in currency sales in Asia region.

The worldwide provider of casino currency and table gaming equipment, said its revenues came in at $20.3m, an increase of $6.8m, or 49.8 per cent, compared to revenues of $13.5m for the same period of 2013. For the third quarter of 2014, net income was $2.8m, compared to a net income of $0.1m for the same period in 2013.

Greg Gronau, GPIC President, Chief Executive Officer, Treasurer and Secretary, said: “The increase in revenues and net income for the three months ended September 30, 2014, was directly attributable to the business generated from our acquisition of the gaming assets of GemGroup and the increase of currency sales in the Asia region.”

For the first nine months of 2014, GPI’s revenues were $41m, a decrease of $1.4m, or 3.3 per cent, compared to revenues of$42.4m for the same period of 2013. For the first nine months of 2014, net income was $0.5m, compared to net income of $0.6m for the same period of 2013.

Mr. Gronau added: “The decrease in our results for the nine months ended September 30, 2014, was due to the overall decrease in currency sales and the increase in income tax expense, offset by the business generated from our acquisition of the gaming assets of GemGroup. We do not expect any major casino openings for the remainder of 2014 but we are actively working on securing orders for 2015 casino openings. Following our acquisition, we have started consolidating our card production in Blue Springs, Missouri. This will result in approximately $0.4m of pre-tax, one time charges but it will provide significant savings in the manufacturing of cards. This is in line with our overall plan to streamline our operations and reduce our overheads and operating expenses.”