Galaxy Gaming reports record third quarter results

Financial highlights Q-3 2012 vs. Q-3 2011
EBITDA of us$ 777K improved us$ 969K from a loss of (us$ 192K). Net profit of us$ 129K improved us$ 350K from a loss of (us$2 21K).

Q-3 2012 vs. Q-2 2012
Revenue of us$ 1,874K increased 4.7% or us$ 83K from us$ 1,790K. EBITDA of us$ 777K increased 22.9% or us$ 145K from us$ 632K. Net profit increased 108% to us$ 129K from us$ 62K.
 
9 Months 2012 vs. 9 Months 2011
Revenue of us$ 5,309K increased 135% or us$ 3,045K from us$ 2,264K. EBITDA of us$ 1,897K improved us$ 2,271K from a loss of (us$ 374K). Net profit of us$ 20K improved us$ 483K from a loss of (us$ 463K).

Saucier added: "At 2012's commencement, our stated financial goals were to achieve approximately us$ 7 million in revenues, us$ 2 million in EBITDA and a break-even net profit. At the nine-month checkpoint, we are clearly on course to meet or exceed those targets. We continue to capitalize on the high demand for our products, as was demonstrated by the positive response we received at the Global Gaming Exhibition in October. Subsequently, we accumulated a backlog of orders which could propel our upward momentum into 2013."

Gary A. Vecchiarelli, Galaxy's CFO commented, "The increase in our recurring revenues and a prudent approach to expenses continue to be major factors contributing to our profitability. This quarter also marks an all-time high of recording our prosperous combination of 99% recurring revenue with 99% gross margins. The importance of this combination is highlighted by the fact that 81% of the additional revenue we obtained over last quarter dropped to our bottom line. Additionally, the significant gains achieved in EBITDA have allowed us to internally fund our strategic initiatives for future growth, while simultaneously reducing debt."

"In just one year, quarterly revenues rose over us$ 1.1 million, EBITDA rose nearly a million and profits are up us$ 350 thousand," continued Saucier. "However, we recognize our mission is not complete, but rather just beginning. Our team's demonstrated devotion has spawned this positive momentum, which now provides a catalyst for continued growth of recurring revenues, cash flow and profits; thus supporting increased shareholder value. While our primary strategy remains the exploitation of our impressive inventory of products, technologies and intellectual property, we intend to add to that portfolio through our internal development efforts as well as evaluating potential intelligent, synergistic and accretive acquisitions; thereby sowing the seeds for future growth opportunities."