Quarterly Revenues Increase 15%; EBITDAS Up 47%; Losses Reversed
LAS VEGAS, May 15, 2013 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC:GLXZ), announced today its results for the three months ended March 31, 2013. The Las Vegas-based company is the world's second-largest developer, manufacturer and distributor of cutting-edge products for the casino industry, including casino table games such as: Lucky Ladies, Texas Shootout, Emperor's Challenge, Deuces Wild, 21+3, Three Card Poker, Bonus Craps and High Card Flush. Galaxy also develops innovative electronic wagering platforms and systems such as its Bonus Jackpot System, Inter-Casino Jackpot System, MEGA-Share and the TableMAX e-Table gaming system.
Q-1 2013 vs. Q-1 2012
- Revenue of $1,896K increased 15% or $251K from $1,645K.
- EBITDAS of $812K improved 47% or $259K from $553k.
- Income before taxes of $153K improved $324K from a loss of ($171K).
Q-1 2013 vs. Q-4 2012
- Revenue of $1,896K decreased 0.9% or $17K from $1,913K.
- EBITDAS of $812K increased 0.7% or $5K from $807K.
- Income before taxes of $153K decreased 41% or $108K from $260K.
"Following on the heels of our best year ever in 2012, we are pleased to kick off 2013 with the strongest first quarter in our Company's history," announced Robert Saucier, Galaxy Gaming's CEO. "Our continued focus remains on expanding our base of high-margin recurring revenues, while bolstering our cash flows and profits. With the significant improvements gained to start the year, 2013 is expected to further build on 2012's momentum and could be another record year, particularly in light of anticipated contribution from our new product offerings and the expansion of our footprint, both domestically and internationally," Saucier added.
Gary A. Vecchiarelli, Galaxy's CFO stated, "Galaxy Gaming is in a great position, with a positive growth trend and a solid financial standing. This historic first quarter sets the stage for our best year yet and will only get better with the commercialization of innovative products like High Card Flush. The excitement we are generating is translating into higher revenues and a welcome impact on our top and bottom lines."
The Company will host an investor conference call to discuss its financial and operating results.
|When: Thursday, May 16th, at 1:00pm Pacific Time (4:00pm Eastern)|
|US/Canada: (866) 538-3621|
|International: (908) 982-4689|
|Conference ID: 71490832|
|Web Presentation: www.galaxygaming.com/investor-relations|
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, 21+3, Three Card Poker, Bonus Craps and High Card Flush. Galaxy also develops innovative electronic wagering platforms and systems such as its Bonus Jackpot System, its Inter-Casino Jackpot System, MEGA-Share and the TableMAX e-Table Gaming System. Galaxy Gaming distributes its products to casinos worldwide.
CONTACT: Robert B. Saucier, CEO Gary A. Vecchiarelli, CFO (702) 939-3254