LAS VEGAS, April 13, 2010 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCBB:GLXZ), announced today its results for 2009:
-- Total Revenue of $2.8M increased by 34% or $698K from $2.1M in 2008. -- Recurring Revenue of $2.5M increased by 22% or $521K from $2.0M in 2008. -- Gross Profit of $2.5M increased by 30% or $594K from $1.9M in 2008. -- Gross Margins of 92% compared to 94% in 2008. The decrease was mainly due to higher one-time equipment reimbursement. -- Net loss from operations of $200K decreased 51% or $211K from 2008's loss of $411K. -- Shareholders' Deficit of $479K decreased 57% or $642K from 2008's Deficit of $1.1M
Andrew Zimmerman, Galaxy Gaming's Chief Financial Officer commented, "During an adverse economic climate, whereby we saw many companies in the gaming sector decline or completely disappear, we achieved record year-over-year growth, significantly reduced our losses and strengthened our balance sheet."
-- In February, Galaxy Gaming, Inc. became a public company through its reverse merger with Secured Diversified Investment, Ltd. -- In March, the Company's Bonus Jackpot System saw its debut into casinos. -- In December, the Company brought its Data Center on-line. The Data Center was made possible as the result of an arrangement with Amazon Web Services, a unit of Amazon.com.
"We feel we accomplished most of the major goals we set out to achieve in 2009," stated Robert Saucier, Chief Executive Officer. "Now our attention turns to executing our business plan and achieving our primary financial goals which include: further increasing our base of recurring revenues with a complement of new products, crossing the threshold to profitability and continuing to bolster our balance sheet. We believe we have the people, the products and the distribution in place to accomplish these objectives."
Conference Call Information
A conference call will be held on Wednesday, April 28th at 5:00pm EDT to present and discuss our 2009 results. Those interested in participating should dial toll free (888) 740-6139 (Passcode: 5647719) at least five minutes prior.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (www.galaxygaming.com), is the world's second largest developer, manufacturer and distributor of casino table games including Lucky Ladies, Texas Shootout and Emperor's Challenge. In addition, it develops innovative and enhanced electronic wagering platforms such as its Bonus Jackpot System. Galaxy Gaming distributes its products to casinos throughout North America and on cruise ships worldwide.
This release contains certain "forward-looking statements" relating to the Company's business which can be identified by the use of terminology such as "believes", "expects", or similar expressions, which involve risks and uncertainties relating to product development, market acceptance, future capital requirements, competition and other 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: Galaxy Gaming Robert B. Saucier, CEO 702-939-3254 Fax: 702-939-3255