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November 27, 2009

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Gaming Partners reports quarterly loss on charge

By Sun Staff (contact)

Thursday, Nov. 12, 2009 | 3:50 p.m.

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Gaming Partners International Corp. of Las Vegas, which makes casino currency and table game equipment, today announced a loss as it wrote down the value of assets to reflect the recession's affect on its business.

Gaming Partners said it lost $300,000 or 4 cents per share in the third quarter vs. a profit of $1.2 million or 15 cents in last year's third quarter.

Revenue for the 2009 quarter of $13.4 million was down 3 percent from the year-ago period.

The company posted a one-time, noncash goodwill impairment charge against earnings of $1.6 million, which it called "a reflection of the slowdown in the domestic gaming market, which we believe can be attributed to the economic environment in the United States."

By writing down the value of goodwill, an intangible asset, a company predicts lower future revenue and profit from that asset.

Discussion: 1 comment so far…

  1. By environprotector
    11/12/09 at 5:16 p.m.
    Suggest removal

    Bad news is shared by all..

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