Slow 3Q results in lower profits for Gaming Partners Int.

Nov 18, 2008 5:01 PM

by Ray Poirier | A slower third quarter resulted in a slightly lower profit for Gaming Partners International Corporation (GPIC).

Revenues for the period fell 9% to $13.8 million but gross profit was $4.6 million compared to $4.8 million in the third quarter of 2007.

Net income for the period was $1.2 million or $0.15 per share compared to net income of $400,000 or $0.05 per share the previous year.

"Several things went well for us in the quarter," said Gerard Charlier, president and CEO, who called the reporting quarter a "challenging period."

Among the things that went well, he said, were a better operational result due to improved gross margins and lower selling and administrative expenses. Also, he said, the company gained on its foreign currency transactions and enjoyed a lower tax rate.

He said that as of Sept. 30 the company had cash and marketable securities of $12.2 million compared to $9.4 million as of Dec. 31, 2007.