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16 May
2008 Gaming
Partners International Reports Financial
Results Gaming Partners
International, a provider of Casino
currency and table Gaming
equipment, have announced financial results for the
first quarter of 2008. For the first
quarter of 2008, the Company reported revenues of
$12.1 million compared to revenues of $8.9 million
for the first quarter of 2007. Gross profit for the
quarter was $3.8 million, or 31% of revenues,
compared to $1.6 million or 18% of revenues in the
same period a year ago. The increase in revenues
was due to increased sales of gaming chips to
casinos in Macau, which resulted in higher
production and improved margins by allocating fixed
costs over the higher production. Net loss for the
first quarter was $412,000, or $0.05 per basic and
diluted share, compared to a net loss of $1.5
million or $0.18 per basic and diluted share in the
first quarter of 2007. As of March 31,
2008, the Company had cash and marketable
securities of $11.2 million, compared to $9.4
million as of December 31, 2007. As of March 31,
2008, our backlog of unfilled orders, which are
expected to be filled in 2008, was $14.0 million.
At March 31, 2007, our backlog was $12.7
million. Commenting on the
results, Gerard Charlier, President and CEO, said,
"Our first quarter 2008 results are significantly
improved over last year's results, but we posted a
loss and our performance is not where we want it to
be. We will continue to pursue revenue
opportunities but we are addressing our costs as
well, such as moving our Las Vegas-based chip
manufacturing to our Mexico facility." |
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