Gaming Partners International posted a net loss of US$1.1 million in the first quarter as fewer casino currency sales worldwide caused revenues to fall 28%.
Las Vegas-based GPI (Nasdaq: GPIC), a leading supplier of chips, plaques and table gaming equipment, reported revenues of $10.6 million for the three months ended 31st March, down from $14.8 million in the same period in 2013.
The company attributed the drop in sales to fewer new casino openings and expansions during the year so far.
“Although there is potential for significant expansions in the second half of 2014, most of the major casino developments will take place in 2015 and beyond,” said President and CEO Greg Gronau.
The net loss amounted to 14 cents per basic and diluted share—compared with a $500,000 profit in Q1 2013 (7 cents per share)—and was largely the result of the sales drop, which meant that fixed manufacturing costs had to be allocated over lower production volumes, the company said.