Las Vegas-based table game and systems supplier Galaxy Gaming has released its financial results for the first quarter of 2016, detailing major like-for-like gains across the board, despite ongoing legal difficulties with its financiers.
The company’s quarterly revenue of just under $3m (E2.7m) was up 15 per cent, whilst its profit saw a dramatic 49 per cent surge to $1.23m (E1.09m). Meanwhile, Galaxy’s net income increased some 502 per cent from $63,000 (E55,800) to $316,000 (E279,700).
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.
In a statement accompanying the latest raft of financials, Galaxy’s chief financial officer Gary Vecchiarelli stated: “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.”
The company’s chief executive Robert Saucier 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.”