Double-digit revenue increase for Galaxy Gaming
The operator Galaxy Gaming has reported a revenue increase of 19% in the second quarter of the year to US$5.3 million.
US.- Las Vegas-based Galaxy Gaming has reported its financial results for the second quarter and half-year ended June 30. In the three-month period, Galaxy Gaming increased revenue by 10% to US$5.3 million.
Adjusted EBITDA rose 45% to US$2.4 million, while net income totalled US$1 million and net loss was US$596k. Todd Cravens, Galaxy’s President and CEO, said: “Q2 2019 was a very good quarter for us at both the revenue line and the expense line. As a result, quarterly net income exceeded US$1 million for the first time in our history.”
“We saw year-over-year revenue growth in all of our continuing product lines, with especially good growth in progressives and iGaming. Looking ahead, we will have our largest booth ever at G2E in October and will be showing a number of exciting new games and electronics products,” he added.
For the first six months of the year, revenue increased 21% to US$1.7 million. Adjusted EBITDA rose 38% to US$4.4 million, and net income totalled US$1.5 million. Net loss in the first six months was US$60k.
“The stock redemption transaction we completed in May 2019 significantly changed our balance sheet, but the underlying business fundamentals are intact,” stated Harry Hagerty, Galaxy’s CFO. “Our growing EBITDA and free cash flow have allowed us to comfortably service our bank debt. We feel confident that we will be able to cover the redemption debt interest expense and other operating needs.”
Earlier this year, Galaxy Gaming announced a deal with Caesars EMEA. This includes an integrated partnership with product and marketing support for all Galaxy proprietary table game titles at EMEA properties.
