Supplier News
US – Galaxy Gaming sees progressive increase of 12.5 per cent in Q3
By Phil - 14 November 2019
Galaxy Gaming, a developer and distributor of casino table games and enhanced systems, saw its revenue increase by 12.5 per cent to $5,372K for the fiscal quarter ended September 30, 2019.
Adjusted EBITDA increased 23.5 per cent to $2,217K with revenue for the year so far increasing by 17.9 per cent to $16,118K.
“We are pleased to continue delivering double-digit growth in both revenue and Adjusted EBITDA,” said Todd Cravens, Galaxy’s President and CEO. “The new licenses we have received and are pursuing should give us the opportunity to offer more of our products in underserved markets. However, we do not expect to realize meaningful revenue from the new license opportunities until 2020.”
“The third quarter showed our ability to continue to execute,” stated Harry Hagerty, Galaxy’s CFO. “We paid down $370K in debt and still added to the cash balance. Most importantly, just after quarter’s end we were able to sign an amendment to our credit agreement with Nevada State Bank that restructured the leverage covenants to allow us to carry the debt incurred in the redemption transaction. The new covenants will become effective for the December 31, 2019 quarter. For the third quarter of 2019, we were solidly in compliance with the Free Cash Flow and Senior Leverage covenants and our non-compliance with the Total Leverage covenant was waived as a result of the amendment entered into in May 2019.”
