Galaxy Gaming has lauded a very successful quarter, which has seen net income exceed $1m for the first time in the company’s history.
Revenue for the quarter increased 19 per cent year-on-year from $4.5m to $5.3m, adjusted EBITDA was boosted 45 per cent to $2.4m and net income saw a huge swing from a negative $596,000 to topple the million dollar barrier for the first time at $1.05m.
Galaxy also provided a brief update on its performance during the first half of the year, with revenue increasing 21 per cent to $10.7m.
Adjusted EBITDA for H1 rose 38 per cent to come in at $4.4m, with net income again showing a dramatic turn around from -$60,000 to $1.5m.
Todd Cravens, Galaxy’s president and CEO, explained: “Q2 2019 was a very good quarter for us at both the revenue line and the expense line. As a result, quarterly net income exceeded $1m for the first time in our history.
“We saw year-over-year revenue growth in all of our continuing product lines, with especially good growth in progressives and igaming.
“Looking ahead, we will have our largest booth ever at G2E in October and will be showing a number of exciting new games and electronics products.”
Las Vegas headquartered Galaxy Gaming develops and distributes proprietary table games, electronic wagering platforms and bonusing systems to land-based, riverboat, cruise ships and online casinos worldwide
Harry Hagerty, Galaxy’s CFO, added: “The stock redemption transaction we completed in May 2019 significantly changed our balance sheet, but the underlying business fundamentals are intact.
“Our growing EBITDA and free cash flow have allowed us to comfortably service our bank debt, and we feel confident that we will also be able to comfortably cover the interest expense on the redemption debt (which has no principal payments until 2029) and other operating needs.”