Galaxy Gaming Reports Record Financial Results
Revenues, EBITDAS and Profits Reach All-Time High; Recurring Revenues Increase for Ninth Consecutive Quarter
LAS VEGAS, March 26, 2014 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC:GLXZ), the world's second largest developer, manufacturer and distributor of casino table games and enhanced systems, announced today its results for the quarter and twelve months ended December 31, 2013.
Q-4 2013 vs. Q-4 2012
- Revenue of $2,242K increased 17% or $329K from $1,913K.
- EBITDAS of $1,036K increased 28% or $229K from $807K.
- Pre-tax profit of $374K increased 44% or $114K from $260K.
- Net income of $395K decreased 34% or $207 from $602K.
Q-4 2013 vs. Q-3 2013
- Revenue of $2,242K increased 5% or $106K from $2,136K.
- EBITDAS of $1,036K increased 30% or $238K from $798K.
- Pre-tax profit of $375K increased $393K from a loss of ($19K).
- Net income of $395K increased $416K, reversing a loss of ($21K).
12 Months 2013 vs. 12 Months 2012
- Revenue of $8,218K increased 14% or $996K from $7,222K.
- EBITDAS of $3,434K increased 21% or $587K from $2,847K.
- Pre-tax profit of $633K increased 126% or $353K from $280K.
- Net income of $563K decreased 9% or $59K from $622K.
Gary A. Vecchiarelli, Galaxy's CFO stated, "2013 is more than just another record-breaking year for our company and our success isn't just measured by an increase for nine consecutive quarters. The combination of our high-margin recurring revenue business model and our strategy is translating into profitable financial performance as indicated by increases across the board. Of particular note is the direct contribution of increased revenue to EBITDAS. For example, for every dollar of added revenue in 2013, almost 60 cents went directly to EBITDAS. We simply couldn't be more energized and excited about our prospects and potential in 2014 and beyond."
Robert Saucier, Galaxy Gaming's CEO expanded on Mr. Vecchiarelli's comments pertaining to the Company's performance. "The positive, record-setting results we posted in 2013 have a very special meaning to me. Those who have followed our company are aware of some of the highly publicized issues we faced in late 2012 and 2013. Throughout these challenges, we took the high road and maintained our integrity and focus. Congratulations are in order to all of our team members who fought through these distractions, keeping their morale at high levels and sticking to the mission of growing our company. The result was that we posted our best year ever. Surpassing $1,000,000 in EBITDAS for the latest quarter was also an important milestone, but not as important as the tenacity and determination demonstrated by Galaxy Gaming's great group of dedicated employees. I could not be more proud of them."
Looking toward 2014, Mr. Saucier continued, "We know that 'success begets success' and coming off of the heels of a great 2013, we are all excited about the prospects for 2014. Most importantly, we have successfully resolved all but one of the diversion items we encountered the last two years and expect to have that last one also successfully resolved this year. Without these distractions and the expenses associated with them, I can confidently predict that we are on track to make 2014 another record year."
The Company will host an investor conference call to discuss its financial and operating results.
|When: Thursday, March 27th at 1:00pm Pacific Time (4:00pm Eastern)|
|US/Canada: (888) 287-5563|
|International: (719) 325-2329|
|Conference ID: 7725311|
|Web Presentation: www.galaxygaming.com/investor-relations|
About Galaxy Gaming
Headquartered in Las Vegas, Galaxy Gaming (www.galaxygaming.com) develops, manufactures and distributes innovative proprietary table games, state-of-the-art electronic wagering platforms and enhanced bonusing systems to land-based, riverboat, cruise ships and online casinos worldwide. Through its iGaming partner Games Marketing Ltd., Galaxy Gaming licenses its proprietary table games to the online gaming industry.
CONTACT: Jonathan Wilcox (702) 939-3254
Released March 26, 2014