Gaming Partners International Corporation (Nasdaq: GPIC) today reported that its French subsidiary, GPI SAS, has closed a euro 1.5 million (approximately $1.92 million) working-capital loan to finance production expansion. The five-year, fixed-rate note payable in quarterly installments was obtained from GPIC's bank in France at a favorable 3.4 percent interest rate per annum with the maintenance of a minimum balance of euro 0.5 million. The loan is secured by the company's marketable securities on deposit at the bank, the balance of which is presently in excess of several million Euros.
The company, a leading manufacturer and supplier of casino table game equipment under the Paulson, Bud Jones and Bourgogne et Grasset brands said the loan proceeds are being used for purchasing additional manufacturing equipment to meet sharply increased demand for the company's RFID-embedded gaming chips. Gaming Partners previously announced that it has received substantial orders for its RFID products from several new casinos in Macau, including the Wynn and Galaxy Star World properties. At that time, Gaming Partners also disclosed that it would procure additional equipment to expand manufacturing capacity.
"Based on year-to-date sales and signed orders anticipated to be delivered in 2006, revenues from RFID gaming chips already are expected to exceed $16 million -- an increase of approximately 3.5 times over last year," said Gerard P. Charlier, the company's president and chief executive officer. "This working capital loan, acquired at such a low interest rate, enables our GPI SAS business unit to finance additional equipment -- and more, if necessary -- without compromising the company's short-term cash-flow, which can remain available for other future operational purposes."
About the Company
GPIC manufactures and supplies gaming chips, table layouts, playing cards, dice, gaming furniture, table accessories and other products that are used with casino table games such as blackjack, poker, baccarat, craps and roulette. GPIC is headquartered in Las Vegas, Nevada, with offices in Beaune, France; San Luis, Mexico; and Atlantic City, New Jersey. GPIC sells its casino products directly to licensed casinos throughout the world. For additional information about GPIC, visit our web site at http://www.gpigaming.com .
This press release may contain certain forward-looking statements that are subject to risks and uncertainties. GPIC's expectations regarding operating results and operating efficiencies, including the growth of new product markets, may not be met. Factors that could cause actual results to vary materially from these forward-looking statements include: reduction in growth rate of new and existing casinos and markets, particularly in Asia, failure of the industry to accept RFID technology generally, or 125KHz or 13.56 MHz RFID technologies, with respect to gaming chips and readers, potential patent infringement issues, development of competing technologies by our competitors, timing and volume of customer demand for our casino products, customer cancellation of orders included in our backlog, timing of new casino openings and expansions, failure of the industry to accept RFID technology with respect to gaming chips and readers, domestic or international terrorists incidents, and unexpected taxes, charges, costs or difficulties in consolidating the operations of the companies. Additional information concerning factors and risks that could affect these statements and GPIC's financial condition and results of operations are included in GPIC's Form 10-K for the year ended December 31, 2005 and Form 10-Q for the quarter ended March 31, 2006.
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