Galaxy Gaming revels in financial growth

Galaxy Gaming was able to achieve year-on-year growth across all key financials during the 12 month to December 31, 2016.

Revenue came in at $12.5 million (€11.7 million), which represents an increase of 14% on the restated total of just under $11 million last year.

Adjusted earnings before interest, tax, depreciation and amortisation amounted to $5.2 million, up 59% on the restated amount of $3.3 million last year, while net debt was cut 18% to $9.9 million.

In addition, pre-tax income rocketed by 280% year-on-year to $2.5 million, while net income also shot up by 273% to $1.8 million.
 
Robert Saucier, chief executive of Galaxy, said: “An interesting pattern continues to emerge regarding our business model’s scalability.

“Our high gross margin recurring revenue base is making significant contributions to our other numbers, which is evident in our fiscal results.

“Major accomplishments included prevailing in a major lawsuit and restructuring the debt related to the acquisition of Prime Table Games.

“We expanded our global footprint, increased our share in key markets, strengthened our product portfolio and took meaningful steps to enhance our scalability.

“Although we never provide forward-looking financial guidance, I am comfortable in saying that we believe we are well positioned to continue our revenue momentum in 2017.”

Earlier this month, Galaxy said that its financial statements for 2015 would be restated due to a number of issues.

The first issue pertained to the amortisation of original issue discount related to the Prime Table Games’ (PTG) promissory note, which had not previously been deducted on the company’s income tax returns in any period since the note was issued in October 2011.

The second issue also related to the PTG note, as the related foreign currency transaction gains and losses were incorrectly reported as other comprehensive income, rather than earnings.

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