LAS VEGAS, April 4, 2011 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCBB:GLXZ) announced its results for 2010. Interested parties should refer to the Company's annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission on March 31, 2011.
2010 vs. 2009 Financial Highlights
Recurring Revenue of $2,951K increased 17% or $435K from $2,515K. Recurring Revenue rose to 97% of total revenue from 91%. Gross Revenues less Costs of Ancillary Products and Assembled Components (formerly reported as Gross Profit) of $2,919K increased 15% or $377K from $2,542K. Profit Margins rose to 96% from 92%. Negative EBITDA of ($9K) improved compared to ($177K). Net Loss of ($136K) improved compared to ($448K).
Balance Sheet Highlights
Working capital of $249K compared to ($23K). Shareholders' Equity of $34K compared to Stockholders' Deficit of ($479K).
During 2010, the Company:
Expanded operations into Colorado, Connecticut, Pennsylvania and West Virginia. Released the Andromeda Series of the Bonus Jackpot System. Introduced several new game titles including "Triple Attack Blackjack" which won Casino Journal's coveted "Best New Table Game for 2010" and "Deuces Wild" which it acquired from T & P Gaming, "Bust Bonus" and "21 Magic." Commenced its Inter-Casino Jackpot System. Posted a net profit in two quarters for the first time in its history. Added two key executives, Ron Marks, VP of Sales and Greg Flowers, Marketing and Corporate Communications Manager.
"We continued our streak of increased recurring revenues and improved our financial condition all around," commented Robert Saucier, Galaxy Gaming's CEO. "Our balance sheet is stronger, our operating results are better and we expanded our distribution footprint. We also increased our investor visibility campaign which likely stimulated increased trading volume."
"Most exciting however," continued Mr. Saucier, "was our commitment in 2010 to establish a solid foundation for growth in 2011 and beyond. For example, we made significant upgrades to our Bonus Jackpot System, which has now booked over 24,000,000 wagers since introduced in 2009. We initiated our Inter-Casino Jackpot System, which was the first of its kind in the world. We added several new game titles and products including, in February 2011, the TableMAX e-Table system. We developed an exciting and revolutionary new system for casino table games called MEGA-Share, to be unveiled later this month. All of these developments are expected to contribute to the sustained growth of our recurring revenues. Overall, we like what we see for 2011," concluded Mr. Saucier.
Tomorrow's Conference Call
A conference call is scheduled this Tuesday, April 5 at 1:30pm PT (4:30pm ET) and is accessible by calling US/Canada: (888) 215-6895 or International: (913) 981-5552. Conference ID: 6305761
About Galaxy Gaming
Headquartered in Las Vegas, Galaxy Gaming (www.galaxygaming.com) is the world's second largest developer, manufacturer and distributor of casino table games including Lucky Ladies, Texas Shootout, Emperor's Challenge, Deuces Wild and Triple Attack Blackjack. In addition, it develops innovative and enhanced electronic wagering platforms and systems such as its Bonus Jackpot System, its Inter-Casino Jackpot System and the TableMAX e-Table Gaming System. Galaxy Gaming distributes its products to casinos throughout North America and on cruise ships worldwide.
The Galaxy Gaming, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6569
This release may contain certain "forward-looking statements" relating to the Company's business which may be subject to various factors that may cause actual results to be materially different from those described herein as anticipated, estimated, or expected. The Company disclaims any obligation to update or alter its forward-looking statements.
CONTACT: Robert B. Saucier, CEO Andrew Zimmerman, CFO 702-939-3254
Image: company logoSource: Galaxy Gaming, Inc.