Galaxy Gaming Reports Record Financial Results
March 26 2014 - 8:30PM
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.
Financial Highlights
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.
Executive Comments
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."
Conference Call
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
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