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TheStreet Open House

Galaxy Gaming Reports Record 2012 Financial Results

Stocks in this article: GLXZ

  • Revenue Increases 96%
  • EBITDAS Increases $2.7 Million
  • Record Net Income of $622 Thousand

LAS VEGAS, April 1, 2013 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCBB: GLXZ), announced today its results for the quarter and twelve months ended December 31, 2012. 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.

Financial Highlights

2012 vs. 2011

  • Revenue of $7,223K increased 96% or $3,538K from $3,685K.
  • EBITDAS of $2,847K increased 1,837% or $2,700K from $147K.
  • Net income* of $622K improved $1,095K from a loss of ($473K).

Q-4 2012 vs. Q-4 2011

  • Revenue of $1,913K increased 35% or $492K from $1,421K.
  • EBITDAS of $839K increased 72% or $350K from $488K.
  • Net income* of $601K improved $611K from a loss of ($10K).

Q-4 2012 vs. Q-3 2012

  • Revenue of $1,913K increased 2% or $40K from $1,873K.
  • EBITDAS of $838K increased 8% or $60K from $778K.
  • Net income* of $601K increased 362% or $471K from $130K.

* Net income in 2012's fourth quarter includes an income tax benefit of $342K.

Executive Comments

"We are pleased that our team's devotion to executing our business plan can now be reflected by solid financial results," announced Robert B. Saucier, Galaxy Gaming's CEO. "At the beginning of 2012, our internal financial goals were to achieve approximately $7 million in revenues, $2 million in EBITDAS and a break-even net profit. Clearly, we have exceeded 2012's ambitious goals."

Gary A. Vecchiarelli, Galaxy's CFO added, "Capitalizing on the opportunities provided by our purchase of the Prime Table Games' portfolio and increased world-wide market penetration, Galaxy Gaming is a much different company today than even a year ago. Not only have revenues practically doubled, but profitability and cash flow have increased significantly due to the solid strategies we have executed. In just one year, our annual revenues rose over $3.5 million, EBITDAS increased $2.7 million and profits are at a record all-time high.  Last year, we had negative cash flow from operations. Today, we are demonstrating our ability to generate significant cash, even as we internally fund future growth initiatives and pay down debt." 

"Posting record recurring revenues, profits and cash flow undoubtedly defined 2012 as a landmark year for Galaxy Gaming," continued Mr. Saucier. "But our group is not content on resting on our laurels. Fortunately, the dramatic increases in high-margin recurring revenues, combined with a continuing conviction of frugality, provides us with the means to internally fund development of new products and implement additional growth strategies. Our performance in 2012 serves as a springboard for us to excel in 2013 and beyond.  Galaxy Gaming is undoubtedly on target to be a major player in this lucrative industry."

Conference Call

An investor conference call is scheduled to discuss financial and operating results.

When: Tuesday, April 2 nd at 1:00pm Pacific Time (4:00pm Eastern)
US/Canada: (866) 538-3621
International: (908) 982-4689
Conference ID: 27806548
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 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.

CONTACT: Robert B. Saucier, CEO
         Gary A. Vecchiarelli, CFO
         (702) 939-3254

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