LAS VEGAS, Aug. 14, 2019 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of on line casino desk video games and enhanced techniques, introduced in the present day its monetary outcomes for the fiscal quarter and half-year ended June 30, 2019.
Q2 2019 vs. Q2 2018
- Income elevated 19% to $5,399Okay
- Adjusted EBITDA elevated 45% to $2,405Okay1
- Web revenue of $1,055Okay vs. web lack of $(596)Okay
H1 2019 vs. H1 2018
- Income elevated 21% to $10,746Okay
- Adjusted EBITDA elevated 38% to $4,424Okay2
- Web revenue of $1,516Okay vs. web lack of $(60)Okay
Stability Sheet Modifications (vs. December 31, 2018)
- Money elevated 29% to $8,172Okay
- Whole debt (gross) elevated 376% to $48,562Okay because of the Could 2019 inventory redemption
- Stockholders’ deficit of $(29,591)Okay vs. stockholders’ fairness of $7,457Okay because of the Could 2019 inventory redemption
“Q2 2019 was an excellent quarter for us at each the income line and the expense line. In consequence, quarterly web revenue exceeded $1 million for the primary time in our historical past,” mentioned Todd Cravens, Galaxy’s President and CEO. “We noticed year-over-year income development in all of our persevering with product traces, with particularly good development in progressives and iGaming. Trying forward, we could have our largest sales space ever at G2E in October and will likely be displaying a variety of thrilling new video games and electronics merchandise.”
“The inventory redemption transaction we accomplished in Could 2019 considerably modified our stability sheet, however the underlying enterprise fundamentals are intact,” said Harry Hagerty, Galaxy’s CFO. “Our rising EBITDA and free money movement have allowed us to comfortably service our financial institution debt, and we really feel assured that we’ll additionally be capable to comfortably cowl the curiosity expense on the redemption debt (which has no principal funds till 2029) and different working wants.”
Sure statements on this launch might represent forward-looking statements, which contain a variety of dangers and uncertainties. Galaxy cautions readers that any forward-looking info is just not a assure of future efficiency and that precise outcomes might differ materially from these contained within the forward-looking info because of a variety of elements, together with these listed infrequently in stories that Galaxy information with the Securities and Alternate Fee.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes revolutionary proprietary desk video games, state-of-the-art digital wagering platforms and enhanced bonusing techniques to land-based, riverboat, cruise ships and on-line casinos worldwide. By way of its iGaming associate Video games Advertising and marketing Ltd., Galaxy Gaming licenses its proprietary desk video games to the net gaming business. Galaxy’s video games will be performed on-line at FeelTheRush.com. Join with Galaxy on Fb, YouTube and Twitter.
|Media:||John Strickland (702) 938-1753|
|Buyers:||Harry Hagerty (702) 938-1740|
1 Adjusted EBITDA in Q2 2019 consists of an addback for about $170Okay of authorized and different bills associated to our evaluation of strategic options, litigation bills associated to the Could 2019 inventory redemption transaction and sure different non-recurring bills.
2 Adjusted EBITDA in H1 2019 consists of an addback for about $766Okay of authorized and different bills associated to our evaluation of strategic options, litigation bills associated to the Could 2019 inventory redemption transaction and sure different non-recurring bills.