Galaxy cites new launches and expansion as revenue climbs in Q1

Galaxy Gaming has said that a 15% year-on-year increase in revenue during the three months to March 31 was primarily down to a number of new launches as well as its expansion into various new territories.

The casino systems supplier’s revenue in the first quarter amounted to $3 million (€2.6 million), up from the $2.6 million posted in the corresponding period last year.

Adjusted earnings before interest, tax, depreciation and amortisation climbed 49% from $829,000 to $1.2 million, while net income rocketed by 502% from $63,000 to $379,000.

In addition, pre-tax gain jumped 362% year-on-year from $116,000 to $379,000.

Robert Saucier, chief executive of Galaxy, said: “It's always encouraging to start the year on such a high note.

“While the numbers speak for themselves, it is important to comprehend that throughout 2015 and early 2016, we were engaged in time consuming and expensive litigation.

“As previously reported, we prevailed in the litigation, which we are in the final stages of winding up.

“Accordingly, we are now able to focus on more productive things, such as growing our core business.

“Our results prove that our products are gaining solid market acceptance and as a result, we continue to increase placements.

“These increases combined with the reduction of operating expenses permit us to aggressively pay down our long-term debt.”

Related article: Galaxy highlights game launches and expansion as revenue rises