Dec. 3, 2012
/PRNewswire/ -- Gaming Partners International Corporation (Nasdaq: GPIC) (the "Company"), a leading worldwide provider of casino currency and table gaming equipment, announced today that, on
November 30, 2012
, its Board of Directors declared a special cash dividend of
per share to be paid on
December 18, 2012
to stockholders of record as of
December 10, 2012
. The Board also approved an increase of 88,561 shares under the Company's existing share repurchase program, and, to assist the implementation of such program, has also adopted a 10b5-1 Purchase Plan. Under the 10b5-1 Purchase Plan, the Company has engaged a broker to purchase certain share amounts in open market transactions. All repurchases remain subject to the limitations under SEC Rule 10b-18, which provides safe harbor restrictions on open market repurchases.
As amended, the total number of shares authorized for repurchase under the repurchase program is 400,000 shares, or approximately 4.9 percent of the Company's currently outstanding common stock. Since the repurchase program was adopted in
, the Company has purchased 98,512 shares. The remaining terms of the repurchase program as previously adopted by the Board of Directors remain in full force and effect.
Commenting on both the dividend and share repurchase program,
, President and CEO, said, "The Board determined that it is in the stockholders' best interests to pay a special cash dividend for 2012. The dividend amount is
per share, or
, and utilizes cash provided by the Company's continued profitability during 2012."
"Additionally, the increase of shares authorized under our share repurchase program provides us with the flexibility to return additional value to our stockholders. After using funds for both the dividend and the share repurchase program, we will continue to have adequate resources for future initiatives."