Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Gaming Partners International CORP | ' |
Entity Central Index Key | '0000918580 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'GPIC | ' |
Entity Common Stock, Shares Outstanding | ' | 7,916,094 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $12,877 | $14,038 |
Marketable securities | 6,430 | 13,546 |
Accounts receivable, net | 6,758 | 5,802 |
Inventories | 7,763 | 7,337 |
Prepaid expenses | 1,027 | 893 |
Deferred income tax asset | 1,407 | 2,908 |
Other current assets | 2,280 | 1,311 |
Total current assets | 38,542 | 45,835 |
Property and equipment, net | 11,283 | 11,190 |
Intangibles, net | 1,015 | 540 |
Deferred income tax asset | 3,590 | 3,857 |
Inventories, non-current | 136 | 207 |
Other assets | 1,579 | 1,653 |
Total assets | 56,145 | 63,282 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 2,488 | 2,842 |
Accrued liabilities | 2,997 | 5,179 |
Customer deposits and deferred revenue | 1,668 | 3,037 |
Deferred income tax liability | 0 | 2,858 |
Income taxes payable | 244 | 571 |
Total current liabilities | 7,397 | 14,487 |
Deferred income tax liability | 2,246 | 2,174 |
Total liabilities | 9,643 | 16,661 |
Commitments and contingencies - see Note 8 | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, authorized 10,000,000 shares, $.01 par value, none issued and outstanding | 0 | 0 |
Common stock, authorized 30,000,000 shares, $.01 par value, 8,207,077 and 7,916,094 issued and outstanding, respectively, as of September 30, 2013, and 8,207,077 and 8,045,904 issued and outstanding, respectively, as of December 31, 2012 | 82 | 82 |
Additional paid-in capital | 19,731 | 19,563 |
Treasury stock at cost: 290,983 and 161,173 shares | -2,263 | -1,250 |
Retained earnings | 27,601 | 27,039 |
Accumulated other comprehensive income | 1,351 | 1,187 |
Total stockholders' equity | 46,502 | 46,621 |
Total liabilities and stockholders' equity | $56,145 | $63,282 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 8,207,077 | 8,207,077 |
Common stock, shares outstanding | 7,916,094 | 8,045,904 |
Treasury stock, shares | 290,983 | 161,173 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $13,519 | $16,939 | $42,433 | $45,394 |
Cost of revenues | 9,095 | 11,454 | 29,343 | 29,745 |
Gross profit | 4,424 | 5,485 | 13,090 | 15,649 |
Marketing and sales | 1,683 | 1,413 | 4,692 | 4,239 |
General and administrative | 2,249 | 2,140 | 6,730 | 5,338 |
Research and development | 467 | 405 | 1,495 | 1,237 |
Operating income | 25 | 1,527 | 173 | 4,835 |
Other income and (expense), net | -8 | 185 | 30 | 313 |
Income before income taxes | 17 | 1,712 | 203 | 5,148 |
Income tax provision (benefit) | -66 | 455 | -359 | 809 |
Net income | $83 | $1,257 | $562 | $4,339 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.01 | $0.16 | $0.07 | $0.53 |
Diluted (in dollars per share) | $0.01 | $0.15 | $0.07 | $0.53 |
Weighted-average shares of common stock outstanding: | ' | ' | ' | ' |
Basic (in shares) | 7,917 | 8,105 | 7,950 | 8,132 |
Diluted (in shares) | 8,001 | 8,113 | 8,033 | 8,152 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $83 | $1,257 | $562 | $4,339 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized (loss) gain on securities, net of tax | 0 | 0 | -1 | 2 |
Amortization of pension transition asset, net of tax | 0 | -3 | 4 | -9 |
Foreign currency translation adjustment | 606 | 342 | 161 | -229 |
Other comprehensive income (loss), net of tax | 606 | 339 | 164 | -236 |
Total comprehensive income | $689 | $1,596 | $726 | $4,103 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $42,484 | $82 | $19,401 | ($267) | $22,442 | $826 |
Balance (in shares) at Dec. 31, 2011 | ' | 8,187,764 | ' | ' | ' | ' |
Net income | 4,339 | 0 | 0 | 0 | 4,339 | 0 |
Repurchases of common stock | -590 | 0 | 0 | -590 | 0 | 0 |
Repurchases of common stock (in shares) | ' | -87,260 | ' | ' | ' | ' |
Unrealized gain (loss) on securities, net of tax | 2 | 0 | 0 | 0 | 0 | 2 |
Stock compensation expense | 149 | 0 | 149 | 0 | 0 | 0 |
Amortization of pension transition asset, net of tax | -9 | 0 | 0 | 0 | 0 | -9 |
Foreign currency translation adjustment | -229 | 0 | 0 | 0 | 0 | -229 |
Balance at Sep. 30, 2012 | 46,146 | 82 | 19,550 | -857 | 26,781 | 590 |
Balance (in shares) at Sep. 30, 2012 | ' | 8,100,504 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 46,621 | 82 | 19,563 | -1,250 | 27,039 | 1,187 |
Balance (in shares) at Dec. 31, 2012 | ' | 8,045,904 | ' | ' | ' | ' |
Net income | 562 | 0 | 0 | 0 | 562 | 0 |
Repurchases of common stock | -1,013 | 0 | 0 | -1,013 | 0 | 0 |
Repurchases of common stock (in shares) | ' | -129,810 | ' | ' | ' | ' |
Unrealized gain (loss) on securities, net of tax | -1 | 0 | 0 | 0 | 0 | -1 |
Stock compensation expense | 168 | 0 | 168 | 0 | 0 | 0 |
Amortization of pension transition asset, net of tax | 4 | 0 | 0 | 0 | 0 | 4 |
Foreign currency translation adjustment | 161 | 0 | 0 | 0 | 0 | 161 |
Balance at Sep. 30, 2013 | $46,502 | $82 | $19,731 | ($2,263) | $27,601 | $1,351 |
Balance (in shares) at Sep. 30, 2013 | ' | 7,916,094 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income | $562 | $4,339 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation | 1,704 | 1,613 |
Amortization of intangible assets | 105 | 80 |
Amortization of bond premium | 0 | 10 |
Provision for bad debt | -6 | -117 |
Deferred income taxes | -1,005 | 127 |
Stock compensation expense | 168 | 149 |
Loss on sale of property and equipment | 0 | 2 |
(Gain) on sale of marketable securities | -13 | -9 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -943 | -1,056 |
Inventories | -227 | 796 |
Prepaid expenses and other current assets | -1,056 | -475 |
Non-current other assets | 75 | -1,352 |
Accounts payable | -373 | -176 |
Customer deposits and deferred revenue | -1,380 | -1,765 |
Accrued liabilities | -1,886 | 113 |
Income taxes payable | -327 | 337 |
Other current liabilities | -320 | -844 |
Net cash (used in) provided by operating activities | -4,922 | 1,772 |
Cash Flows from Investing Activities | ' | ' |
Purchases of marketable securities | 0 | -15,452 |
Proceeds from sale of marketable securities | 7,244 | 18,587 |
Capital expenditures | -1,542 | -926 |
Purchase of business assets | -775 | 0 |
Proceeds from sale of property and equipment | 0 | 25 |
Net cash provided by investing activities | 4,927 | 2,234 |
Cash Flows from Financing Activities | ' | ' |
Repayment of debt obligations | 0 | -32 |
Repurchases of common stock | -1,013 | -590 |
Net cash (used in) financing activities | -1,013 | -622 |
Effect of exchange rate changes on cash | -153 | -136 |
Net (decrease) increase in cash and cash equivalents | -1,161 | 3,248 |
Cash and cash equivalents, beginning of period | 14,038 | 9,282 |
Cash and cash equivalents, end of period | 12,877 | 12,530 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 0 | 3 |
Cash paid for income taxes, net of refunds | 1,684 | 1,086 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Property and equipment acquired through accounts payable | $0 | $31 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 9 Months Ended | ||
Sep. 30, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Business Description and Accounting Policies [Text Block] | ' | ||
Note 1. Nature of Business and Significant Accounting Policies | |||
Organization and Nature of Business | |||
Gaming Partners International Corporation (GPIC or the Company) is headquartered in Las Vegas, Nevada and has three operating subsidiaries: Gaming Partners International USA, Inc. (GPI USA) (including GPI Mexicana, our maquiladora manufacturing operation in Mexico), Gaming Partners International SAS (GPI SAS), and Gaming Partners International Asia Limited (GPI Asia). Our subsidiaries have the following distribution and product focus: | |||
• | GPI USA sells in the United States, Canada, the Caribbean, and Latin America. GPI USA sells our full product line, with most of the products manufactured at our facility in San Luis Rio Colorado, Mexico and the remainder either manufactured in France or purchased from United States vendors. We also warehouse inventory in San Luis, Arizona and at our Las Vegas, Nevada headquarters, and have sales offices in Las Vegas; Atlantic City, New Jersey; and Gulfport, Mississippi. | ||
• | GPI SAS sells primarily in Europe and Africa out of its office in Beaune, France. GPI SAS predominantly sells casino currency, which includes radio frequency identification device (RFID) and non-RFID versions of both American-style chips and European-style plaques and jetons. Most of the products sold by GPI SAS are manufactured in France, with the remainder manufactured in Mexico. | ||
• | GPI Asia, with offices in Macau S.A.R., China, is the exclusive distributor for GPI USA and GPI SAS products in the Asia-Pacific region. GPI Asia primarily sells casino currency, as well as RFID product solutions. | ||
GPIC was formed in 2002 through a reverse merger between Paul-Son Gaming Corporation and Bourgogne et Grasset S.A. initiated by the late Francois Carrette, whose firm, Holding Wilson, S.A., remains GPIC’s controlling shareholder. We have established brand names such as Paulson®, Bourgogne et Grasset® (BG®), and Bud Jones®. GPIC and each of its subsidiaries are sometimes collectively referred to herein as the “Company,” “us,” “we” or “our.” GPI USA was founded in 1963 as Paul-Son Gaming Supplies, Inc. by Paul S. Endy, Jr., and initially manufactured and sold dice to casinos in Las Vegas. GPI SAS was founded in 1923 as Etablissements Bourgogne et Grasset S.A. by Etienne Bourgogne and Claudius Grasset in Beaune, France to produce and sell counterfeit-resistant chips to casinos in Monaco. | |||
Our business activities include the manufacture and supply of casino currency, table layouts, RFID solutions for casino currency, playing cards, gaming furniture, table accessories, and dice, all of which are used in conjunction with casino table games such as blackjack, poker, baccarat, craps, and roulette. | |||
Significant Accounting Policies | |||
Basis of Consolidation and Presentation. The condensed consolidated financial statements include the accounts of GPIC and its wholly-owned subsidiaries GPI SAS, GPI USA, GPI Mexicana, and GPI Asia. All material intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These statements should be read in conjunction with our annual audited consolidated financial statements and related notes included in our Form 10-K for the year ended December 31, 2012. | |||
These unaudited condensed consolidated financial statements, in the opinion of management, reflect only normal and recurring adjustments necessary for a fair presentation of results for such periods. The results of operations for an interim period are not necessarily indicative of the results for the full year. | |||
Reclassifications. Certain amounts for the three months and nine months ended in 2012 have been reclassified between cost of revenues and selling, general, and administrative expenses to conform to the 2013 presentation. These reclassifications had no impact on revenues, net income, total assets or total liabilities. | |||
Recently Issued Accounting Standards. Effective January 1, 2013, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires disclosure about reclassifications out of accumulated other comprehensive income (AOCI). For significant reclassifications out of AOCI to earnings in their entirety in the same reporting period, disclosure is required about the effect of these reclassifications on the respective line items on the income statement. Implementation of this ASU did not affect our condensed consolidated financial position, results of operations or cash flows. | |||
Effective January 1, 2012, we adopted FASB ASU No. 2011-05, Presentation of Comprehensive Income, which requires other comprehensive income to be presented either with net income in one continuous statement or in a separate statement consecutively following net income. We chose to present comprehensive income in separate Condensed Consolidated Statements of Comprehensive Income. | |||
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | ' |
Note 2. Acquisition | |
In May 2013, we purchased certain assets of The Blue Chip Company, LLC (Blue Chip), a privately-held manufacturer of compression-molded gaming chips. The acquisition is part of our overall acquisition strategy to use our cash position to acquire companies, products or technologies that enable us to grow and diversify our product offerings. We completed the acquisition of Blue Chip on May 31, 2013 for total consideration of $0.8 million. We did not present pro forma results of operations, actual results of operations from the acquisition date through September 30, 2013, or other disclosure required for business combinations, because the acquisition was not material. The condensed consolidated statements of operations for the three and nine month periods ended September 30, 2013 include the results of Blue Chip from the acquisition date. | |
Cash_Cash_Equivalents_and_Mark
Cash, Cash Equivalents, and Marketable Securities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | |||||||||||||||||||
Note 3. Cash, Cash Equivalents, and Marketable Securities | ||||||||||||||||||||
We hold our cash, cash equivalents, and marketable securities in financial institutions in various countries throughout the world. Substantially all accounts have balances in excess of government-insured limits. The following summarizes the geographic location of our holdings (in thousands): | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Cash and | Marketable | Total | Cash and | Marketable | Total | |||||||||||||||
Cash | Securities | Cash | Securities | |||||||||||||||||
Equivalents | Equivalents | |||||||||||||||||||
United States | $ | 10,072 | $ | - | $ | 10,072 | $ | 8,120 | $ | - | $ | 8,120 | ||||||||
France | 594 | 6,430 | 7,024 | 1,084 | 13,546 | 14,630 | ||||||||||||||
Macau S.A.R., China | 2,211 | - | 2,211 | 4,834 | - | 4,834 | ||||||||||||||
Total | $ | 12,877 | $ | 6,430 | $ | 19,307 | $ | 14,038 | $ | 13,546 | $ | 27,584 | ||||||||
Available-for-sale marketable securities consist of investments in securities such as certificates of deposit offered by French banks and bond mutual funds (in thousands): | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Cost | Unrealized | Fair Value | Cost | Unrealized | Fair Value | |||||||||||||||
Gain/(Loss) | Gain/(Loss) | |||||||||||||||||||
Certificates of deposit | $ | 4,597 | $ | - | $ | 4,597 | $ | 7,137 | $ | - | $ | 7,137 | ||||||||
Bond mutual funds | 1,833 | - | 1,833 | 6,409 | - | 6,409 | ||||||||||||||
Total marketable securities | $ | 6,430 | $ | - | $ | 6,430 | $ | 13,546 | $ | - | $ | 13,546 | ||||||||
We present our marketable securities at their estimated fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We have determined that all of our marketable securities are Level 1 financial instruments, with asset values recorded at quoted prices in active markets for identical assets. | ||||||||||||||||||||
Accounts_Receivable_and_Allowa
Accounts Receivable and Allowance for Doubtful Accounts | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||
Note 4. Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||||||
At September 30, 2013, two casino customers accounted for 20% and 11% of our accounts receivable balance, respectively. At December 31, 2012, two different casino customers accounted for 17% and 12% of our accounts receivable balance, respectively. | |||||||||||||||||
The allowance for doubtful accounts consists of the following (in thousands): | |||||||||||||||||
Balance at | Provision | Write-offs, | Exchange | Balance at | |||||||||||||
Beginning of | Net of | Rate Effect | End of | ||||||||||||||
Year | Recoveries | Period | |||||||||||||||
30-Sep-13 | $ | 152 | $ | -6 | $ | - | $ | - | $ | 146 | |||||||
31-Dec-12 | $ | 366 | $ | -214 | $ | - | $ | - | $ | 152 | |||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 5. Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 5,349 | $ | 4,147 | ||||
Work in progress | 738 | 1,875 | ||||||
Finished goods | 1,812 | 1,522 | ||||||
Total inventories | $ | 7,899 | $ | 7,544 | ||||
We classified a portion of our inventories as non-current because we do not expect this portion to be used within one year. The classification of our inventories on our condensed consolidated balance sheets is as follows (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Current | $ | 7,763 | $ | 7,337 | ||||
Non-current | 136 | 207 | ||||||
Total inventories | $ | 7,899 | $ | 7,544 | ||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Note 6. Property and Equipment | ||||||||
Property and equipment consists of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Land | $ | 1,786 | $ | 1,779 | ||||
Buildings and improvements | 8,909 | 8,662 | ||||||
Equipment and furniture | 21,965 | 20,189 | ||||||
Vehicles | 447 | 432 | ||||||
33,107 | 31,062 | |||||||
Less accumulated depreciation | -21,824 | -19,872 | ||||||
Property and equipment, net | $ | 11,283 | $ | 11,190 | ||||
Depreciation expense for the three months ended September 30, 2013 and 2012 was $574,000 and $539,000, respectively. Depreciation expense for the nine months ended September 30, 2013 and 2012 was $1,704,000 and $1,613,000, respectively. | ||||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||||
Note 7. Intangible Assets | ||||||||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | Estimated | ||||||||||||||||
Carrying | Amort. | Carrying | Carrying | Amort. | Carrying | Useful Life | ||||||||||||||||
Amount | Amount | Amount | Amount | (Years) | ||||||||||||||||||
Patents | $ | 517 | $ | -478 | $ | 39 | $ | 690 | $ | -633 | $ | 57 | 13-14 | |||||||||
Trademarks | 631 | -228 | 403 | 620 | -191 | 429 | 15-May | |||||||||||||||
Customer list | 513 | -17 | 496 | - | - | - | 15-May | |||||||||||||||
Licenses | 225 | -225 | - | 225 | -200 | 25 | 3-Jan | |||||||||||||||
Trade secret formulas | 56 | -2 | 54 | - | - | - | 15-May | |||||||||||||||
Other intangible assets | 46 | -23 | 23 | 44 | -15 | 29 | 5 | |||||||||||||||
Total intangible assets | $ | 1,988 | $ | -973 | $ | 1,015 | $ | 1,579 | $ | -1,039 | $ | 540 | ||||||||||
In May 2013, we acquired certain intangible assets from Blue Chip, including a customer list, trade secret formulas, and a trademark. In the third quarter of 2013, we finalized the Blue Chip valuation. The values allocated to the intangibles acquired are reflected in the financial statements ended September 30, 2013. | ||||||||||||||||||||||
In September 2013, two fully amortized patents were written-off, resulting in a reduction to the gross carrying value and accumulated amortization of $ 173,000. | ||||||||||||||||||||||
Amortization expense for intangible assets for the three months ended September 30, 2013 and 2012 was $42,000 and $26,000, respectively. Amortization expense for intangible assets for the nine months ended September 30, 2013 and 2012 was $105,000 and $80,000, respectively. | ||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 8. Commitments and Contingencies | |
Legal Proceedings and Contingencies | |
We are engaged in disputes and claims in the normal course of business. We believe the ultimate outcome of these proceedings will not have a material adverse impact on our consolidated financial position or results of operations. Liabilities for material claims against us are accrued when a loss is considered probable and can be reasonably estimated. Legal costs associated with claims are expensed as incurred. | |
Commitments | |
We have exclusive intellectual property license agreements from an unrelated third party which grant us the exclusive rights to manufacture and distribute gaming chips, RFID equipment, and software worldwide under patents for a gaming chip tracking system and method that utilizes gaming chips with embedded electronic circuits scanned by antennas in gaming chip placement areas (gaming tables and casino cage) and other RFID-related intellectual property. The duration of these agreements ranges from annual renewal to the life of the patents, the last of which expires in 2015. Cumulative minimum net annual royalty payments are $375,000. | |
We purchased certain security technology from an unrelated third party for use in our gaming chips under an exclusive contract which requires that we purchase a minimum of $50,000 in product each year through 2016, or $200,000 during the remaining life of the contract. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||
Note 9. Accumulated Other Comprehensive Income | ||||||||||||||
Changes in accumulated other comprehensive income, net of tax, and by component for the three months ended September 30, 2013, were as follows (in thousands): | ||||||||||||||
Foreign | Unrealized | Unrecognized | Total | |||||||||||
Currency | Gains on | Pension | ||||||||||||
Translation | Securities | Transition | ||||||||||||
Asset | ||||||||||||||
Balance at June 30, 2013 | $ | 745 | $ | - | $ | - | $ | 745 | ||||||
Other comprehensive income | 606 | - | - | 606 | ||||||||||
Balance at September 30, 2013 | $ | 1,351 | $ | - | $ | - | $ | 1,351 | ||||||
Changes in accumulated other comprehensive income, net of tax, and by component for the nine months ended September 30, 2013, were as follows (in thousands): | ||||||||||||||
Foreign | Unrealized | Unrecognized | Total | |||||||||||
Currency | Gains on | Pension | ||||||||||||
Translation | Securities | Transition | ||||||||||||
Asset | ||||||||||||||
Balance at January 1, 2013 | $ | 1,190 | $ | 1 | $ | -4 | $ | 1,187 | ||||||
Other comprehensive income | 161 | -1 | 4 | 164 | ||||||||||
Balance at September 30, 2013 | $ | 1,351 | $ | - | $ | - | $ | 1,351 | ||||||
Geographic_and_Product_Line_In
Geographic and Product Line Information | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
Note 10. Geographic and Product Line Information | |||||||||||||
We manufacture and sell casino table game equipment in one operating segment - casino table game equipment products and chip authentication software. Although we derive our revenues from a number of different product lines, we neither allocate resources based on the operating results from the individual product lines, nor manage each individual product line as a separate business unit. | |||||||||||||
The following tables present our net sales by geographic area (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||
The Americas | $ | 8,173 | 60.4 | % | $ | 7,952 | 46.9 | % | |||||
Asia Pacific | 4,414 | 32.7 | % | 8,282 | 48.9 | % | |||||||
Europe and Africa | 932 | 6.9 | % | 705 | 4.2 | % | |||||||
Total | $ | 13,519 | 100 | % | $ | 16,939 | 100 | % | |||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||
The Americas | $ | 23,922 | 56.4 | % | $ | 24,068 | 53 | % | |||||
Asia Pacific | 16,119 | 38 | % | 17,613 | 38.8 | % | |||||||
Europe and Africa | 2,392 | 5.6 | % | 3,713 | 8.2 | % | |||||||
Total | $ | 42,433 | 100 | % | $ | 45,394 | 100 | % | |||||
The following table presents our property and equipment by geographic area (in thousands): | |||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||
Property and equipment, net: | |||||||||||||
France | $ | 4,583 | $ | 4,874 | |||||||||
Mexico | 3,384 | 2,935 | |||||||||||
United States | 3,156 | 3,327 | |||||||||||
Asia | 160 | 54 | |||||||||||
Total | $ | 11,283 | $ | 11,190 | |||||||||
The following table presents our intangible assets by geographic area (in thousands): | |||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||
Intangible assets, net: | |||||||||||||
United States | $ | 992 | $ | 511 | |||||||||
France | 23 | 29 | |||||||||||
Total | $ | 1,015 | $ | 540 | |||||||||
The following tables present our net sales by product line (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Casino currency without RFID (1) | $ | 4,402 | 32.6 | % | $ | 7,767 | 45.8 | % | |||||
Casino currency with RFID (1) | 2,590 | 19.2 | % | 3,416 | 20.2 | % | |||||||
Total casino currency | 6,992 | 51.8 | % | 11,183 | 66 | % | |||||||
Playing cards | 1,803 | 13.3 | % | 1,335 | 7.9 | % | |||||||
Table accessories and other products | 1,129 | 8.3 | % | 1,086 | 6.4 | % | |||||||
Table layouts | 991 | 7.3 | % | 1,037 | 6.1 | % | |||||||
Gaming furniture | 871 | 6.4 | % | 1,028 | 6.1 | % | |||||||
RFID solutions | 674 | 5 | % | 106 | 0.6 | % | |||||||
Dice | 576 | 4.3 | % | 596 | 3.5 | % | |||||||
Shipping | 483 | 3.6 | % | 568 | 3.4 | % | |||||||
Total | $ | 13,519 | 100 | % | $ | 16,939 | 100 | % | |||||
(1) Casino currency includes our American-style gaming chips and our European-style plaques and jetons, as well as our new currency products. | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Casino currency without RFID (1) | $ | 13,798 | 32.5 | % | $ | 20,890 | 46.1 | % | |||||
Casino currency with RFID (1) | 10,939 | 25.8 | % | 7,769 | 17.1 | % | |||||||
Total casino currency | 24,737 | 58.3 | % | 28,659 | 63.2 | % | |||||||
Playing cards | 4,827 | 11.4 | % | 4,113 | 9 | % | |||||||
Table accessories and other products | 2,845 | 6.7 | % | 2,854 | 6.3 | % | |||||||
Table layouts | 3,200 | 7.5 | % | 3,358 | 7.4 | % | |||||||
Gaming furniture | 2,082 | 4.9 | % | 2,531 | 5.6 | % | |||||||
RFID solutions | 1,578 | 3.7 | % | 671 | 1.5 | % | |||||||
Dice | 1,812 | 4.3 | % | 1,733 | 3.8 | % | |||||||
Shipping | 1,352 | 3.2 | % | 1,475 | 3.2 | % | |||||||
Total | $ | 42,433 | 100 | % | $ | 45,394 | 100 | % | |||||
-1 | Casino currency includes our American-style gaming chips and our European-style plaques and jetons, as well as our new currency products. | ||||||||||||
For the nine months ended September 30, 2013 and 2012, one casino customer accounted for 10% and 16% of total revenues, respectively. | |||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 11. Stockholders’ Equity | |
On December 1, 2011, the Board of Directors approved a stock repurchase program which authorized the repurchase of up to 5%, or 409,951 shares, of common stock. On November 30, 2012, the Board of Directors increased the number of shares available for repurchase to 498,512 shares. As of September 30, 2013, we have repurchased 282,922 shares and 215,590 shares remain authorized for repurchase. | |
Repurchases are subject to market conditions, share price, and other factors, as well as periodic review by the Board of Directors. Repurchases have been and will be made in accordance with applicable securities laws in the open market, in privately-negotiated transactions, and/or pursuant to Rule 10b5-1 for trading plans. To assist the implementation of the program, our Board of Directors adopted a 10b5-1 Purchase Plan on December 3, 2012 (the “Plan”). As permitted by the Plan, on August 5, 2013, the Board of Directors elected to terminate the Plan effective August 12, 2013. While the Plan has been terminated, the repurchase program remains in effect. The repurchase program does not specify an expiration date and it may be suspended or discontinued at any time. In addition to terminating the Plan, the Board of Directors has imposed a minimum six month time period from the effective date of termination of the Plan before the Company may make any additional repurchases under the repurchase program, and there is no assurance that the Company will commence any repurchases at that time. | |
During the quarter ended September 30, 2013, we repurchased 15,869 shares of our common stock under the repurchase program at a cost of $127,517, or a weighted-average price of $8.04 per share. During the quarter ended September 30, 2012, we repurchased 7,800 shares of our common stock under this program at a cost of $49,499, or a weighted-average price of $6.35 per share. From the program’s inception through September 30, 2013, we have repurchased an aggregate of 282,922 shares of our common stock at a cost of $2,066,728, or a weighted-average price of $7.30 per share. | |
Earnings_per_Share_EPS
Earnings per Share (EPS) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share [Text Block] | ' | |||||||||
Note 12. Earnings per Share (EPS) | ||||||||||
Shares used to compute basic and diluted earnings per share from operations are as follows: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||
Weighted-average number of common shares outstanding - basic | 7,917 | 8,105 | 7,950 | 8,132 | ||||||
Potential dilution from equity grants | 84 | 8 | 83 | 20 | ||||||
Weighted-average number of common shares outstanding - diluted | 8,001 | 8,113 | 8,033 | 8,152 | ||||||
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Basis of Consolidation and Presentation. The condensed consolidated financial statements include the accounts of GPIC and its wholly-owned subsidiaries GPI SAS, GPI USA, GPI Mexicana, and GPI Asia. All material intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These statements should be read in conjunction with our annual audited consolidated financial statements and related notes included in our Form 10-K for the year ended December 31, 2012. | |
These unaudited condensed consolidated financial statements, in the opinion of management, reflect only normal and recurring adjustments necessary for a fair presentation of results for such periods. The results of operations for an interim period are not necessarily indicative of the results for the full year. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications. Certain amounts for the three months and nine months ended in 2012 have been reclassified between cost of revenues and selling, general, and administrative expenses to conform to the 2013 presentation. These reclassifications had no impact on revenues, net income, total assets or total liabilities. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Issued Accounting Standards. Effective January 1, 2013, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires disclosure about reclassifications out of accumulated other comprehensive income (AOCI). For significant reclassifications out of AOCI to earnings in their entirety in the same reporting period, disclosure is required about the effect of these reclassifications on the respective line items on the income statement. Implementation of this ASU did not affect our condensed consolidated financial position, results of operations or cash flows. | |
Effective January 1, 2012, we adopted FASB ASU No. 2011-05, Presentation of Comprehensive Income, which requires other comprehensive income to be presented either with net income in one continuous statement or in a separate statement consecutively following net income. We chose to present comprehensive income in separate Condensed Consolidated Statements of Comprehensive Income. | |
Cash_Cash_Equivalents_and_Mark1
Cash, Cash Equivalents, and Marketable Securities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||||||||||||||
Cash and Cash Equivalents and Marketable Securities [Table Text Block] | ' | |||||||||||||||||||
The following summarizes the geographic location of our holdings (in thousands): | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Cash and | Marketable | Total | Cash and | Marketable | Total | |||||||||||||||
Cash | Securities | Cash | Securities | |||||||||||||||||
Equivalents | Equivalents | |||||||||||||||||||
United States | $ | 10,072 | $ | - | $ | 10,072 | $ | 8,120 | $ | - | $ | 8,120 | ||||||||
France | 594 | 6,430 | 7,024 | 1,084 | 13,546 | 14,630 | ||||||||||||||
Macau S.A.R., China | 2,211 | - | 2,211 | 4,834 | - | 4,834 | ||||||||||||||
Total | $ | 12,877 | $ | 6,430 | $ | 19,307 | $ | 14,038 | $ | 13,546 | $ | 27,584 | ||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||
Available-for-sale marketable securities consist of investments in securities such as certificates of deposit offered by French banks and bond mutual funds (in thousands): | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Cost | Unrealized | Fair Value | Cost | Unrealized | Fair Value | |||||||||||||||
Gain/(Loss) | Gain/(Loss) | |||||||||||||||||||
Certificates of deposit | $ | 4,597 | $ | - | $ | 4,597 | $ | 7,137 | $ | - | $ | 7,137 | ||||||||
Bond mutual funds | 1,833 | - | 1,833 | 6,409 | - | 6,409 | ||||||||||||||
Total marketable securities | $ | 6,430 | $ | - | $ | 6,430 | $ | 13,546 | $ | - | $ | 13,546 | ||||||||
Accounts_Receivable_and_Allowa1
Accounts Receivable and Allowance for Doubtful Accounts (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Allowance for Doubtful Accounts Receivable Roll Forward [Table Text Block] | ' | ||||||||||||||||
The allowance for doubtful accounts consists of the following (in thousands): | |||||||||||||||||
Balance at | Provision | Write-offs, | Exchange | Balance at | |||||||||||||
Beginning of | Net of | Rate Effect | End of | ||||||||||||||
Year | Recoveries | Period | |||||||||||||||
30-Sep-13 | $ | 152 | $ | -6 | $ | - | $ | - | $ | 146 | |||||||
31-Dec-12 | $ | 366 | $ | -214 | $ | - | $ | - | $ | 152 | |||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 5,349 | $ | 4,147 | ||||
Work in progress | 738 | 1,875 | ||||||
Finished goods | 1,812 | 1,522 | ||||||
Total inventories | $ | 7,899 | $ | 7,544 | ||||
Schedule of Inventory, Noncurrent [Table Text Block] | ' | |||||||
The classification of our inventories on our condensed consolidated balance sheets is as follows (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Current | $ | 7,763 | $ | 7,337 | ||||
Non-current | 136 | 207 | ||||||
Total inventories | $ | 7,899 | $ | 7,544 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment consists of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Land | $ | 1,786 | $ | 1,779 | ||||
Buildings and improvements | 8,909 | 8,662 | ||||||
Equipment and furniture | 21,965 | 20,189 | ||||||
Vehicles | 447 | 432 | ||||||
33,107 | 31,062 | |||||||
Less accumulated depreciation | -21,824 | -19,872 | ||||||
Property and equipment, net | $ | 11,283 | $ | 11,190 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | Estimated | ||||||||||||||||
Carrying | Amort. | Carrying | Carrying | Amort. | Carrying | Useful Life | ||||||||||||||||
Amount | Amount | Amount | Amount | (Years) | ||||||||||||||||||
Patents | $ | 517 | $ | -478 | $ | 39 | $ | 690 | $ | -633 | $ | 57 | 13-14 | |||||||||
Trademarks | 631 | -228 | 403 | 620 | -191 | 429 | 15-May | |||||||||||||||
Customer list | 513 | -17 | 496 | - | - | - | 15-May | |||||||||||||||
Licenses | 225 | -225 | - | 225 | -200 | 25 | 3-Jan | |||||||||||||||
Trade secret formulas | 56 | -2 | 54 | - | - | - | 15-May | |||||||||||||||
Other intangible assets | 46 | -23 | 23 | 44 | -15 | 29 | 5 | |||||||||||||||
Total intangible assets | $ | 1,988 | $ | -973 | $ | 1,015 | $ | 1,579 | $ | -1,039 | $ | 540 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
Changes in accumulated other comprehensive income, net of tax, and by component for the three months ended September 30, 2013, were as follows (in thousands): | ||||||||||||||
Foreign | Unrealized | Unrecognized | Total | |||||||||||
Currency | Gains on | Pension | ||||||||||||
Translation | Securities | Transition | ||||||||||||
Asset | ||||||||||||||
Balance at June 30, 2013 | $ | 745 | $ | - | $ | - | $ | 745 | ||||||
Other comprehensive income | 606 | - | - | 606 | ||||||||||
Balance at September 30, 2013 | $ | 1,351 | $ | - | $ | - | $ | 1,351 | ||||||
Changes in accumulated other comprehensive income, net of tax, and by component for the nine months ended September 30, 2013, were as follows (in thousands): | ||||||||||||||
Foreign | Unrealized | Unrecognized | Total | |||||||||||
Currency | Gains on | Pension | ||||||||||||
Translation | Securities | Transition | ||||||||||||
Asset | ||||||||||||||
Balance at January 1, 2013 | $ | 1,190 | $ | 1 | $ | -4 | $ | 1,187 | ||||||
Other comprehensive income | 161 | -1 | 4 | 164 | ||||||||||
Balance at September 30, 2013 | $ | 1,351 | $ | - | $ | - | $ | 1,351 | ||||||
Geographic_and_Product_Line_In1
Geographic and Product Line Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Revenue from Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||
The following tables present our net sales by geographic area (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||
The Americas | $ | 8,173 | 60.4 | % | $ | 7,952 | 46.9 | % | |||||
Asia Pacific | 4,414 | 32.7 | % | 8,282 | 48.9 | % | |||||||
Europe and Africa | 932 | 6.9 | % | 705 | 4.2 | % | |||||||
Total | $ | 13,519 | 100 | % | $ | 16,939 | 100 | % | |||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||
The Americas | $ | 23,922 | 56.4 | % | $ | 24,068 | 53 | % | |||||
Asia Pacific | 16,119 | 38 | % | 17,613 | 38.8 | % | |||||||
Europe and Africa | 2,392 | 5.6 | % | 3,713 | 8.2 | % | |||||||
Total | $ | 42,433 | 100 | % | $ | 45,394 | 100 | % | |||||
Schedule of Property Plant and Equipment by Geographic Area [Table Text Block] | ' | ||||||||||||
The following table presents our property and equipment by geographic area (in thousands): | |||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||
Property and equipment, net: | |||||||||||||
France | $ | 4,583 | $ | 4,874 | |||||||||
Mexico | 3,384 | 2,935 | |||||||||||
United States | 3,156 | 3,327 | |||||||||||
Asia | 160 | 54 | |||||||||||
Total | $ | 11,283 | $ | 11,190 | |||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||
The following table presents our intangible assets by geographic area (in thousands): | |||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||
Intangible assets, net: | |||||||||||||
United States | $ | 992 | $ | 511 | |||||||||
France | 23 | 29 | |||||||||||
Total | $ | 1,015 | $ | 540 | |||||||||
Schedule of Product Revenue [Table Text Block] | ' | ||||||||||||
The following tables present our net sales by product line (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Casino currency without RFID (1) | $ | 4,402 | 32.6 | % | $ | 7,767 | 45.8 | % | |||||
Casino currency with RFID (1) | 2,590 | 19.2 | % | 3,416 | 20.2 | % | |||||||
Total casino currency | 6,992 | 51.8 | % | 11,183 | 66 | % | |||||||
Playing cards | 1,803 | 13.3 | % | 1,335 | 7.9 | % | |||||||
Table accessories and other products | 1,129 | 8.3 | % | 1,086 | 6.4 | % | |||||||
Table layouts | 991 | 7.3 | % | 1,037 | 6.1 | % | |||||||
Gaming furniture | 871 | 6.4 | % | 1,028 | 6.1 | % | |||||||
RFID solutions | 674 | 5 | % | 106 | 0.6 | % | |||||||
Dice | 576 | 4.3 | % | 596 | 3.5 | % | |||||||
Shipping | 483 | 3.6 | % | 568 | 3.4 | % | |||||||
Total | $ | 13,519 | 100 | % | $ | 16,939 | 100 | % | |||||
(1) Casino currency includes our American-style gaming chips and our European-style plaques and jetons, as well as our new currency products. | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Casino currency without RFID (1) | $ | 13,798 | 32.5 | % | $ | 20,890 | 46.1 | % | |||||
Casino currency with RFID (1) | 10,939 | 25.8 | % | 7,769 | 17.1 | % | |||||||
Total casino currency | 24,737 | 58.3 | % | 28,659 | 63.2 | % | |||||||
Playing cards | 4,827 | 11.4 | % | 4,113 | 9 | % | |||||||
Table accessories and other products | 2,845 | 6.7 | % | 2,854 | 6.3 | % | |||||||
Table layouts | 3,200 | 7.5 | % | 3,358 | 7.4 | % | |||||||
Gaming furniture | 2,082 | 4.9 | % | 2,531 | 5.6 | % | |||||||
RFID solutions | 1,578 | 3.7 | % | 671 | 1.5 | % | |||||||
Dice | 1,812 | 4.3 | % | 1,733 | 3.8 | % | |||||||
Shipping | 1,352 | 3.2 | % | 1,475 | 3.2 | % | |||||||
Total | $ | 42,433 | 100 | % | $ | 45,394 | 100 | % | |||||
-1 | Casino currency includes our American-style gaming chips and our European-style plaques and jetons, as well as our new currency products. | ||||||||||||
Earnings_per_Share_EPS_Tables
Earnings per Share (EPS) (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||||
Shares used to compute basic and diluted earnings per share from operations are as follows: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||
Weighted-average number of common shares outstanding - basic | 7,917 | 8,105 | 7,950 | 8,132 | ||||||
Potential dilution from equity grants | 84 | 8 | 83 | 20 | ||||||
Weighted-average number of common shares outstanding - diluted | 8,001 | 8,113 | 8,033 | 8,152 | ||||||
Acquisition_Details_Textual
Acquisition (Details Textual) (Blue Chip Acquisition [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Blue Chip Acquisition [Member] | ' |
Business Acquisitions, Cost of Acquired Entity, Purchase Price | $0.80 |
Business Acquisition, Effective Date of Acquisition | 31-May-13 |
Cash_Cash_Equivalents_and_Mark2
Cash, Cash Equivalents, and Marketable Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents | $12,877 | $14,038 | $12,530 | $9,282 |
Marketable Securities | 6,430 | 13,546 | ' | ' |
Total | 19,307 | 27,584 | ' | ' |
United States [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents | 10,072 | 8,120 | ' | ' |
Marketable Securities | 0 | 0 | ' | ' |
Total | 10,072 | 8,120 | ' | ' |
France [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents | 594 | 1,084 | ' | ' |
Marketable Securities | 6,430 | 13,546 | ' | ' |
Total | 7,024 | 14,630 | ' | ' |
Macau S.A.R. China [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents | 2,211 | 4,834 | ' | ' |
Marketable Securities | 0 | 0 | ' | ' |
Total | $2,211 | $4,834 | ' | ' |
Cash_Cash_Equivalents_and_Mark3
Cash, Cash Equivalents, and Marketable Securities (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Cost | $6,430 | $13,546 |
Unrealized Gain/(Loss) | 0 | 0 |
Fair Value | 6,430 | 13,546 |
Certificates of Deposit [Member] | ' | ' |
Cost | 4,597 | 7,137 |
Unrealized Gain/(Loss) | 0 | 0 |
Fair Value | 4,597 | 7,137 |
Bond Mutual Funds [Member] | ' | ' |
Cost | 1,833 | 6,409 |
Unrealized Gain/(Loss) | 0 | 0 |
Fair Value | $1,833 | $6,409 |
Accounts_Receivable_and_Allowa2
Accounts Receivable and Allowance for Doubtful Accounts (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Balance at Beginning of Year | $152 | $366 | $366 |
Provision | -6 | -117 | -214 |
Write-offs, Net of Recoveries | 0 | ' | 0 |
Exchange Rate Effect | 0 | ' | 0 |
Balance at End of period | $146 | ' | $152 |
Accounts_Receivable_and_Allowa3
Accounts Receivable and Allowance for Doubtful Accounts (Details Textual) | Sep. 30, 2013 | Dec. 31, 2012 |
Customer One [Member] | ' | ' |
Entity Wide Receivable, Major Customer, Percentage | 20.00% | 17.00% |
Customer Two [Member] | ' | ' |
Entity Wide Receivable, Major Customer, Percentage | 11.00% | 12.00% |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Raw materials | $5,349 | $4,147 |
Work in progress | 738 | 1,875 |
Finished goods | 1,812 | 1,522 |
Total inventories | $7,899 | $7,544 |
Inventories_Details_1
Inventories (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current | $7,763 | $7,337 |
Non-current | 136 | 207 |
Total inventories | $7,899 | $7,544 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Land | $1,786 | $1,779 |
Buildings and improvements | 8,909 | 8,662 |
Equipment and furniture | 21,965 | 20,189 |
Vehicles | 447 | 432 |
Property, Plant and Equipment, Gross | 33,107 | 31,062 |
Less accumulated depreciation | -21,824 | -19,872 |
Property and equipment, net | $11,283 | $11,190 |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Depreciation | $574 | $539 | $1,704 | $1,613 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Intangible assets, Gross Carrying Amount | $1,988 | $1,579 |
Intangible assets, Accumulated Amortization | -973 | -1,039 |
Intangible assets, Net Carrying Amount | 1,015 | 540 |
Patents [Member] | ' | ' |
Intangible assets, Gross Carrying Amount | 517 | 690 |
Intangible assets, Accumulated Amortization | -478 | -633 |
Intangible assets, Net Carrying Amount | 39 | 57 |
Trademarks [Member] | ' | ' |
Intangible assets, Gross Carrying Amount | 631 | 620 |
Intangible assets, Accumulated Amortization | -228 | -191 |
Intangible assets, Net Carrying Amount | 403 | 429 |
Customer Lists [Member] | ' | ' |
Intangible assets, Gross Carrying Amount | 513 | 0 |
Intangible assets, Accumulated Amortization | -17 | 0 |
Intangible assets, Net Carrying Amount | 496 | 0 |
Licensing Agreements [Member] | ' | ' |
Intangible assets, Gross Carrying Amount | 225 | 225 |
Intangible assets, Accumulated Amortization | -225 | -200 |
Intangible assets, Net Carrying Amount | 0 | 25 |
Trade Secret Formulas [Member] | ' | ' |
Intangible assets, Gross Carrying Amount | 56 | 0 |
Intangible assets, Accumulated Amortization | -2 | 0 |
Intangible assets, Net Carrying Amount | 54 | 0 |
Other Intangible Assets [Member] | ' | ' |
Intangible assets, Gross Carrying Amount | 46 | 44 |
Intangible assets, Accumulated Amortization | -23 | -15 |
Intangible assets, Net Carrying Amount | $23 | $29 |
Intangible assets, Estimated Useful Life (Years) | '5 years | '5 years |
Minimum [Member] | Patents [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '13 years | '13 years |
Minimum [Member] | Trademarks [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '5 years | '5 years |
Minimum [Member] | Customer Lists [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '5 years | '5 years |
Minimum [Member] | Licensing Agreements [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '1 year | '1 year |
Minimum [Member] | Trade Secret Formulas [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '5 years | '5 years |
Maximum [Member] | Patents [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '14 years | '14 years |
Maximum [Member] | Trademarks [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '15 years | '15 years |
Maximum [Member] | Customer Lists [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '15 years | '15 years |
Maximum [Member] | Licensing Agreements [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '3 years | '3 years |
Maximum [Member] | Trade Secret Formulas [Member] | ' | ' |
Intangible assets, Estimated Useful Life (Years) | '15 years | '15 years |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amortization of Intangible Assets | $42 | $26 | $105 | $80 |
Patents [Member] | ' | ' | ' | ' |
Reduction of Gross Carrying Value and Accumulated Amortization | $173 | ' | $173 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Royalty Expense | $375,000 |
Long-term Purchase Commitment, Installment Amount | 50,000 |
Long-term Purchase Commitment, Amount | $200,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign Currency Translation, Beginning Balance | $745 | ' | $1,190 | ' |
Foreign Currency Translation, Other comprehensive income | 606 | ' | 161 | -229 |
Foreign Currency Translation, Ending Balance | 1,351 | ' | 1,351 | ' |
Unrealized Gains on Securities, Beginning Balance | 0 | ' | 1 | ' |
Unrealized Gains on Securities, Other comprehensive income | 0 | ' | -1 | ' |
Unrealized Gains on Securities, Ending Balance | 0 | ' | 0 | ' |
Unrecognized Pension Transition Asset, Beginning Balance | 0 | ' | -4 | ' |
Unrecognized Pension Transition Asset, Other comprehensive income | 0 | ' | 4 | ' |
Unrecognized Pension Transition Asset, Ending Balance | 0 | ' | 0 | ' |
Accumulated other comprehensive income, Beginning Balance | 745 | ' | 1,187 | ' |
Total Other comprehensive income | 606 | 339 | 164 | -236 |
Accumulated other comprehensive income, Ending Balance | $1,351 | ' | $1,351 | ' |
Geographic_and_Product_Line_In2
Geographic and Product Line Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $13,519 | $16,939 | $42,433 | $45,394 |
Revenues, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
The Americas [Member] | ' | ' | ' | ' |
Revenues | 8,173 | 7,952 | 23,922 | 24,068 |
Revenues, Percentage | 60.40% | 46.90% | 56.40% | 53.00% |
Asia Pacific [Member] | ' | ' | ' | ' |
Revenues | 4,414 | 8,282 | 16,119 | 17,613 |
Revenues, Percentage | 32.70% | 48.90% | 38.00% | 38.80% |
Europe and Africa [Member] | ' | ' | ' | ' |
Revenues | $932 | $705 | $2,392 | $3,713 |
Revenues, Percentage | 6.90% | 4.20% | 5.60% | 8.20% |
Geographic_and_Product_Line_In3
Geographic and Product Line Information (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property and equipment, net | $11,283 | $11,190 |
France [Member] | ' | ' |
Property and equipment, net | 4,583 | 4,874 |
Mexico [Member] | ' | ' |
Property and equipment, net | 3,384 | 2,935 |
United States [Member] | ' | ' |
Property and equipment, net | 3,156 | 3,327 |
Asia [Member] | ' | ' |
Property and equipment, net | $160 | $54 |
Geographic_and_Product_Line_In4
Geographic and Product Line Information (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible assets, net | $1,015 | $540 |
United States [Member] | ' | ' |
Intangible assets, net | 992 | 511 |
France [Member] | ' | ' |
Intangible assets, net | $23 | $29 |
Geographic_and_Product_Line_In5
Geographic and Product Line Information (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues | $13,519 | $16,939 | $42,433 | $45,394 | ||||
Revenues, Percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Casino Without RFID [Member] | ' | ' | ' | ' | ||||
Revenues | 4,402 | [1] | 7,767 | [1] | 13,798 | [1] | 20,890 | [1] |
Revenues, Percentage | 32.60% | [1] | 45.80% | [1] | 32.50% | [1] | 46.10% | [1] |
Casino With RFID [Member] | ' | ' | ' | ' | ||||
Revenues | 2,590 | [1] | 3,416 | [1] | 10,939 | [1] | 7,769 | [1] |
Revenues, Percentage | 19.20% | [1] | 20.20% | [1] | 25.80% | [1] | 17.10% | [1] |
Total Casino [Member] | ' | ' | ' | ' | ||||
Revenues | 6,992 | 11,183 | 24,737 | 28,659 | ||||
Revenues, Percentage | 51.80% | 66.00% | 58.30% | 63.20% | ||||
Playing Cards [Member] | ' | ' | ' | ' | ||||
Revenues | 1,803 | 1,335 | 4,827 | 4,113 | ||||
Revenues, Percentage | 13.30% | 7.90% | 11.40% | 9.00% | ||||
Table Accessories and Other Products [Member] | ' | ' | ' | ' | ||||
Revenues | 1,129 | 1,086 | 2,845 | 2,854 | ||||
Revenues, Percentage | 8.30% | 6.40% | 6.70% | 6.30% | ||||
Table Layouts [Member] | ' | ' | ' | ' | ||||
Revenues | 991 | 1,037 | 3,200 | 3,358 | ||||
Revenues, Percentage | 7.30% | 6.10% | 7.50% | 7.40% | ||||
Gaming Furniture [Member] | ' | ' | ' | ' | ||||
Revenues | 871 | 1,028 | 2,082 | 2,531 | ||||
Revenues, Percentage | 6.40% | 6.10% | 4.90% | 5.60% | ||||
RFID Solutions [Member] | ' | ' | ' | ' | ||||
Revenues | 674 | 106 | 1,578 | 671 | ||||
Revenues, Percentage | 5.00% | 0.60% | 3.70% | 1.50% | ||||
Dice [Member] | ' | ' | ' | ' | ||||
Revenues | 576 | 596 | 1,812 | 1,733 | ||||
Revenues, Percentage | 4.30% | 3.50% | 4.30% | 3.80% | ||||
Shipping [Member] | ' | ' | ' | ' | ||||
Revenues | $483 | $568 | $1,352 | $1,475 | ||||
Revenues, Percentage | 3.60% | 3.40% | 3.20% | 3.20% | ||||
[1] | Casino currency includes our American-style gaming chips and our European-style plaques and jetons, as well as our new currency products. |
Geographic_and_Product_Line_In6
Geographic and Product Line Information (Details Textual) (Customer One [Member]) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Customer One [Member] | ' | ' |
Sales Revenue, Goods, Net, Percentage | 10.00% | 16.00% |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 20 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 05, 2013 | Nov. 30, 2012 | Dec. 01, 2011 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | ' | ' | 409,951 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased, Percentage | ' | ' | ' | ' | ' | ' | 5.00% |
Stock Repurchase Program, Number of Shares Available to be Repurchased | ' | ' | ' | ' | ' | 498,512 | ' |
Stock Repurchased Program, Shares Outstanding | 215,590 | ' | 215,590 | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | 15,869 | 7,800 | 129,810 | 87,260 | 282,922 | ' | ' |
Stock Repurchased During Period, Value | $127,517 | $49,499 | $1,012,147 | $589,651 | $2,066,728 | ' | ' |
Stock Repurchased Program, Weighted Average Price Per Share | $8.04 | $6.35 | $7.80 | $6.76 | $7.30 | ' | ' |
Earnings_per_Share_EPS_Details
Earnings per Share (EPS) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted-average number of common shares outstanding - basic | 7,917 | 8,105 | 7,950 | 8,132 |
Potential dilution from equity grants | 84 | 8 | 83 | 20 |
Weighted-average number of common shares outstanding - diluted | 8,001 | 8,113 | 8,033 | 8,152 |