Live gaming and system manufacturer Galaxy Gaming reported revenue of $3.1m, marking an increase of 16 per cent for the three months ended September 30, 2016.
This increase in revenue was primarily due to additional placement of premium games and expansion into new territories. This increase was recognized in all categories of products, with premium games netting the largest gains.
Adjusted EBITDA of $1.5m increased 68 per cent whilst pre-tax income of $1.4m increased 569 per cent.
Gary 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. We also finished the quarter with almost $2m 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.”
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.”