The company posted revenues of $13.8 million and a decline in net income of $0.5 million compared to the net income of $0.8 million for the third quarter last year. Nevertheless, gross profit for the third quarter of 2011 was up by $0.1million at $4.2 million, compared to $4.1 million for the prior year quarter.
GPI states the increase in revenue for the third quarter of 2011 was due primarily to an approximate $1 million increase in sales of European-style casino chips to Asia, particularly to SJM casinos in Macau.
President and CEO of GPI, Gregory Gronau, said: “Our results for the third quarter were driven by continued higher revenues in Asia. We have also recently received orders from the Sands Cotai Central Project Parcels 5 and 6 in Macau, the Star Casino in Australia and from the Genting Casinos in the United Kingdom. Totalling approximately $6.2 million and to be delivered in 2012, these orders reflect our continued efforts to expand our relationships with key operators in every major gaming jurisdiction.”
The Company ended the quarter with $25.2 million in cash, cash equivalents and marketable securities.
Electronic gaming machines provider, Entertainment Gaming Asia (EGA), has reported a loss in operating results for the 2011 third quarter. Though there was a decline in net income with a $647,000 reported figure for Q3 2011 compared to $725,000 for Q3 2010 – total net revenue from EGMs on participation for Q3 2011 was up at $4.4 million. That’s an increase of 7% from the third quarter of 2010.
The company’s average consolidated win per unit per day result also denoted a third quarter success this year at $145, an increase of 16% from the third quarter of 2010.
Chairman and Chief Executive Officer of Entertainment Gaming Asia, Clarence Chung, said: “I am pleased to announce that Entertainment Gaming Asia has reported another quarter of solid operating results. We remain focused on improving overall returns through investment in our core participation operations and our casino development growth strategy within emerging gaming markets in the Indo-China region.”
The Company is continuing to pursue potential new gaming projects in the Indochina region.