Supplier News
US – Galaxy feels a 15 per cent increase in Q1
By Phil - 3 June 2016
Galaxy Gaming, a company that claims to be the world’s largest independent developer, manufacturer and distributor of casino table games and enhanced systems, saw its first quarter revenue increase by 15 per cent to $2,984K.
This increase is primarily due to additional placement of premium games and expansion into new territories. Between the first quarter 2016 and fourth quarter 2015, total revenues increased two per cent to $2,984,099. This increase was recognized in all categories of products, with premium games netting the largest gains.
Gary Vecchiarelli, Galaxy’s CFO, said: “2016 started with increases across the board. We have now increased our recurring revenues 17 of the last 18 quarters. Our EBITDA has also improved significantly, with a one-two punch of an increase in our recurring revenues and a decrease in our operating expenses.”
Robert Saucier, Galaxy’s CEO added: “It’s always encouraging to start the year on such a high note. While the numbers speak for themselves, it is important to comprehend that throughout 2015 and early 2016, we were engaged in time consuming and expensive litigation. As previously reported, we prevailed in the litigation, which we are in the final stages of winding up. Accordingly, we are now able to focus on more productive things, such as growing our core business. Our results prove that our products are gaining solid market acceptance and as a result, we continue to increase placements. These increases combined with the reduction of operating expenses permit us to aggressively pay down our long-term debt.”
Headquartered in Las Vegas, Nevada, Galaxy Gaming 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. Galaxy’s games can be played online at FeelTheRush.com.
