Galaxy Gaming reports Q2 results
The company increased revenues by 24 per cent during the second quarter of 2018.
US.- Galaxy Gaming announced on Tuesday its financial results for the second quarter of the year, ending June 30th. The developer, manufacturer and distributor of casino table games and enhanced systems increased its revenue by 24 per cent.
The company revealed that revenue totalled US$4,5 million, while adjusted EBITDA increased 49 per cent to US$1,6 million and net loss stands at US$596k. Moreover, the company reported that during the first six months of the year revenue increased 25 per cent to US$8.8 million, and adjusted EBITDA rose 37 per cent to US$3.2 million.
“Revenue in the second quarter increased on both a sequential and year-over-year basis,” stated Todd Cravens, Galaxy’s President and CEO. “However, as was the case in the first quarter, operating expense increases have moderated in 2018 as compared to 2017. The result was year-over-year EBITDA growth of 49 per cent.”
“We had a net loss in the quarter and the first half due primarily to a loss on extinguishment of debt related to the refinancing we completed in April,” stated Harry Hagerty, Galaxy’s CFO. “That refinancing also led to meaningfully lower interest expense in Q2 2018 quarter. We were cash flow positive in Q2, adding US$313K in cash and equivalents (including restricted cash). Finally, we were in compliance with our debt covenants as of June 30th, 2018.”
