Gaming Partners International reported solid results for the fourth quarter and full year ended December 31, 2009.
The company posted revenues of $15.8m and net income of $1.7m during the fourth quarter of 2009, compared with $15.7m and $1.8m a year earlier. Gross profit for the quarter was $5.7m, up from $5.5m for the fourth quarter of 2008.
For the full year, it reported revenues of $49.5m and net income of $1m. Annual revenues for 2008 stood at $60.5m and net income was $4.5m. Overall, GPI’s gross profit for 2009 was $15.9, compared with $19.9m in 2008.
"I am pleased that we were able to finish out the year with a strong fourth quarter," said Greg Gronau, president and chief executive officer of GPI. "2009 proved to be an extraordinary challenging year for the gaming industry, as the worldwide recession took its toll on our customers’ business. Even with the reduction in revenues, our expense reductions helped us through a very difficult year.
"More importantly, I am excited about new business opportunities in both Delaware and Pennsylvania when these states expand into table games later this year. Internationally, we expect continued sales opportunities in Asia and are looking to expand our market share in South America. We believe we are well positioned to serve customers in all these markets."
