Gaming Partners Q3
revenues, income higher

Nov 21, 2006 5:07 AM

Huge increases in revenues and net income were reported by Las Vegas-based Gaming Partners International Corporation (GPIC) for the third quarter of the 2006 fiscal year.

Third quarter revenues reached $20.1 million, an increase of 50% over last year’s $14.4 million. Gross profit for the quarter was $6.1 million or 30.1% of revenues, compared to $4.9 million or 36.2% of revenues in the same period of 2005.

Net income increased to $1 million or $0.12 per diluted share. Last year’s third quarter net income was $246,000 or $0.03 per basic share.

For the nine months of fiscal 2006 that ended on Sept. 30, the company reported revenues of $457.9 million, a jump of more than 41% over last year. Net income was $5 million or $0.62 per diluted share, topping last year’s $2.2 million or $0.27 per diluted share.

Gerard Charlier, president and CEO, remarked, "In the third quarter, we saw a continuation of strong year-over-year revenue growth, fueled by the strong showing of our GPI-SAS subsidiary which saw revenue double compared to the third quarter last year."

He said he remained encouraged by the opportunities the company has realized with its next generation casino currency solutions, especially in the RFID high frequency chips.

WMS Industries

Increased sales boosted revenues and profits during the first fiscal quarter of 2007 for WMS Industries Inc. (WMS).

For the period that ended on Sept. 30, the company earned $7.1 million or $0.20 per share, a 16% increase over last year’s $6.1 million or $0.18 per share. Sales rose 6% to $110.6 million.

The company said its gaming operations revenue rose 25% to $42 million during the quarter.

For the remainder of the fiscal year, the company said it expects sales between $525 million and $540 million, due to product shipments to Pennsylvania’s newly legal casinos. The previous forecast was for sales to be between $510 million and $528 million.

Progressive Gaming

Revenues were higher and the net loss a bit lower for Progressive Gaming International Corporation (PGIC) during the quarter that ended on Sept. 30.

Including charges of stock compensation expense, the company reported a net loss of $3.3 million or $0.09 per share. On a comparative basis excluding stock compensation expense, the net loss for the third quarter of 2006 was $0.07 per share compared to a net loss of $0.08 per share in the third quarter of 2005.

The results were considered promising for company management. Russell McMeekin, president and CEO, said, "Our systems business continues to grow quarter on quarter and year on year, as evidenced by our record quarter of systems revenues. We believe we are well positioned to be a market leader for key components of casino management systems in these rapidly growing markets."

On another matter, the company reported that it had received approval for its Progressive Baccarat table game for use in Macau casinos.