Galaxy Gaming Reports Q-3 Financial Results

LAS VEGAS, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC:GLXZ), the world's largest independent developer, manufacturer and distributor of casino table games and enhanced systems, announced today its results for the three and nine months ended September 30, 2016.

Financial Highlights

Q-3 2016 vs. Q-3 2015
  • Revenue of $3,192K increased 16%
  • Adjusted EBITDA of $1,499K increased 68%
  • Pre-tax income of $1,424K increased 569%
  • Net income of $821K increased 586%

Q-3 2016 vs. Q-2 2016
  • Revenue of $3,192K increased 4%
  • Adjusted EBITDA of $1,499K increased 14%
  • Pre-tax income of $1,424K increased 134%
  • Net income of $821K increased 117%

9 Months 2016 vs. 9 Months 2015
  • Revenue of $9,240K increased 15%
  • Adjusted EBITDA of $4,041K increased 58%
  • Pre-tax income of $2,569K increased 466%
  • Net income of $1,578K increased 521%

Executive Comments

Gary A. Vecchiarelli, Galaxy's CFO commented, "We are very pleased with our continued progress in the third quarter.  Our top and bottom lines continue to grow as this quarter represents another record breaking period for our Company."  Mr. Vecchiarelli added, "We also finished the quarter with almost $2 million in cash.  The refinancing transaction has changed the financial profile of our Company and provided us with the working capital and flexibility we need to expand rapidly."

The Company's CEO Robert B. Saucier added, "When reporting our results, it's always a pleasure to simply say, 'the numbers speak for themselves.'  But beyond our Company's fiscal performance, what excites me most are the investments we are making to stimulate a compelling future.  The majority of our increased cash flow is being re-invested to develop new innovative products and to escalate our sales and marketing activities.  These considerable investments should beneficially increase revenues, profits and cash flow commencing in 2017 and continuing into at least 2018."