First it was SHFL, then PGIC. This could have been the bright spot in an otherwise horrible quarter for the gaming suppliers. GPIC could have been the one shining star in the sector. Unfortuanetly there was probably a lot of analysist and investors closely watching, now this. Horrible timing, and I think we we could get punished for the next couple quarters. Still long and like the companies prospects but not very happy at this particular moment. I guess we will have to see what comes out in the next couple weeks.
This arises from the 9-12-02 agreement with Charlier on an annual profit-related option incentive. If I recall, GPIC needed $2M in annual profit or something like that to trigger the option. http://www.sec.gov/Archives/edgar/data/9...
This is unfortunate, but as I stated yesterday, I doubt this effects any long-term valuation, just a minor blip. Am glad my BSTE went up to buy on the dip. I think this is solely related to compensation, and hope it doesn't affect earnings. Probably similar to an individual in an IRS audit. It takes a lot of time/man-hours to clear up the paperwork, but the guy's day job isn't affected. I'm sure the new acct'g firm is busy cleaning up D&T's mess, so the delay was inevitable once the can of worms was opened.
Hey if the company was about to tank, you KNOW Endy would be selling ahead of the news.