Galaxy claims record performance in third quarter

Galaxy Gaming has revealed that it was able to set new financial records during the three months to September 30.

Revenue for the third quarter amounted to $3.2 million (€3 million), 16% more than in the corresponding three-month period last year, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 68% year-on-year to 1.5 million.

Pre-tax income rocketed by 569% to €1.4 million, with net income also jumping 586% to €821,000.

In addition, Galaxy was able to secure a new $10.5 million loan during the quarter to help refinance its existing long-term debt.

The third-quarter results place revenue for the year to date, through to the end of September, at $9.2 million, 15% more than at the same point last year.

Adjusted EBITDA increased 58% year-on-year to $4 million, pre-tax income was up 466% to €2.6 million, while net income hiked 521% to $1.6 million.

“Our top and bottom lines continue to grow as this quarter represents another record-breaking period for our company,” Galaxy’s chief financial officer Gary Vecchiarelli said.

“We also finished the quarter with almost $2 million in cash; the refinancing transaction has changed the financial profile of our company and provided us with the working capital and flexibility we need to expand rapidly.”

Robert Saucier, chief executive of Galaxy, added: “When reporting our results, it’s always a pleasure to simply say, 'the numbers speak for themselves'.

“But beyond our company’s fiscal performance, what excites me most are the investments we are making to stimulate a compelling future.

“The majority of our increased cash flow is being reinvested to develop new innovative products and to escalate our sales and marketing activities.

“These considerable investments should beneficially increase revenues, profits and cash flow commencing in 2017 and continuing into at least 2018.”

Related article: Galaxy closes $10.5m loan