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Galaxy Gaming Reports Q2 2019 Financial Results

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Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems, announced today its financial results for the fiscal quarter and half-year ended June 30, 2019.

Financial Highlights

Q2 2019 vs. Q2 2018

  • Revenue increased 19% to $5,399K
  • Adjusted EBITDA increased 45% to $2,405K1
  • Net income of $1,055K vs. net loss of $(596)K

H1 2019 vs. H1 2018

  • Revenue increased 21% to $10,746K
  • Adjusted EBITDA increased 38% to $4,424K2
  • Net income of $1,516K vs. net loss of $(60)K 

Balance Sheet Changes (vs. December 31, 2018)

  • Cash increased 29% to $8,172K
  • Total debt (gross) increased 376% to $48,562K due to the May 2019 stock redemption
  • Stockholders’ deficit of $(29,591)K vs. stockholders’ equity of $7,457K due to the May 2019 stock redemption

Executive Comments

“Q2 2019 was a very good quarter for us at both the revenue line and the expense line.  As a result, quarterly net income exceeded $1 million for the first time in our history,” said Todd Cravens, Galaxy’s President and CEO. “We saw year-over-year revenue growth in all of our continuing product lines, with especially good growth in progressives and iGaming. Looking ahead, we will have our largest booth ever at G2E in October and will be showing a number of exciting new games and electronics products.”

“The stock redemption transaction we completed in May 2019 significantly changed our balance sheet, but the underlying business fundamentals are intact,” stated Harry Hagerty, Galaxy’s CFO.  “Our growing EBITDA and free cash flow have allowed us to comfortably service our bank debt, and we feel confident that we will also be able to comfortably cover the interest expense on the redemption debt (which has no principal payments until 2029) and other operating needs.”

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.

About Galaxy Gaming

Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops 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.  Through its iGaming partner Games Marketing Ltd., Galaxy Gaming licenses its proprietary table games to the online gaming industry.  Galaxy’s games can be played online at FeelTheRush.com.  Connect with Galaxy on Facebook, YouTube  and Twitter.

Contact:
Media: John Strickland (702) 938-1753
Investors: Harry Hagerty (702) 938-1740

1 Adjusted EBITDA in Q2 2019 includes an addback for approximately $170K of legal and other expenses related to our review of strategic alternatives, litigation expenses related to the May 2019 stock redemption transaction and certain other non-recurring expenses.

2 Adjusted EBITDA in H1 2019 includes an addback for approximately $766K of legal and other expenses related to our review of strategic alternatives, litigation expenses related to the May 2019 stock redemption transaction and certain other non-recurring expenses.

 


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Galaxy Gaming Reports Q2 2019 Financial Results

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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KingMidas Games and Notix.Games Forge Strategic Partnership to Accelerate Global Reach and Innovation in iGaming

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KingMidas Games, a leading iGaming provider, has announced a new strategic partnership with Notix.Games, a leading game aggregator and developer.

KingMidas Games is integrating its portfolio of creative and IP-driven titles into the Notix.Games platform, expanding its global presence and offering operators unique, engaging, and next-generation gaming experiences. This collaboration strengthens Notix.Games’ content portfolio and reinforces its commitment to delivering diverse, high-performing, and innovative content to its network of partners.

Sean Auret, Global Head at KingMidas Games, commented, “KingMidas Games is always focused on pushing the boundaries of creativity and player engagement. By joining forces with Notix.Games, we can bring our unique and IP-driven titles to a wider audience and deliver truly memorable gaming experiences. This partnership aligns with our mission to expand globally while ensuring operators and players access the very best in next-generation content.”

“At Notix.Games, we collaborate with partners who redefine gaming experiences through innovation and quality. KingMidas Games brings a unique creative approach and a strong commitment to delivering games that truly engage players worldwide,” said Ahikam Raviv, CCO at Notix.Games.

Together, KingMidas Games and Notix.Games are setting new standards in creativity and collaboration within the iGaming ecosystem. The partnership embodies a shared vision of empowering operators through innovation, compliance, and exceptional player engagement — driving the next phase of growth and evolution in the global iGaming industry.

The post KingMidas Games and Notix.Games Forge Strategic Partnership to Accelerate Global Reach and Innovation in iGaming appeared first on European Gaming Industry News.

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Introducing Red Papaya – a studio powered by Microgaming

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New developer promises to get player pulses racing with slots that blend creativity, features and data 

There’s a new studio in town, and it’s a bold and bright one. Red Papaya is the flagship studio powered by Microgaming and blends creativity, features and data to craft edge-of-the-seat slot experiences that captivate players around the world.

The studio has been founded by an award-winning team with a proven track record in delivering top-performing, data-driven slots that have quickly risen to the top of the charts. When it comes to themes, features and markets, they’ve done it all.

Features will be an area of strong differentiation, with the studio incorporating formats such as Hold & Win, Cash Collect, Bonus Buy, Jackpot, Pot Link and Maxways into each of its titles.

The bar for production value will be set incredibly high, with cinematic visuals, superior sound design and compelling narratives, storylines and characters.

Red Papaya’s debut slot, Kong’s Jungle Tower, is set for launch in a matter of weeks, with players taken on an epic expedition where fortunes can be found hidden within a forgotten temple, hidden deep within the undergrowth.

New games will launch regularly with a strategic product roadmap aimed at meeting a wide range of player preferences. Red Papaya will also offer exclusive launch periods with custom branded game opportunities on the table, too.

Madelein Ozok, Head of Studio at Red Papaya, said: “We are so excited to finally break cover – Red Papaya has been built on many decades of industry experience, so we’re ready to hit the ground running. Of course, this would not be possible without the backing of Microgaming.

“Our product roadmap is incredibly strong with our first slot set to hit the market later this month. And make no mistake about it, our pipeline is packed with hits.

“Red Papaya is all about colourful disruption via cutting edge slots that combine creativity, features and data to deliver world-class experiences that hit the mark with players spin after spin. We are ready, but are you?

“In the meantime, make sure to learn more about Red Papaya on the newly-launched microgaming.io website”

The post Introducing Red Papaya – a studio powered by Microgaming appeared first on European Gaming Industry News.

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EveryMatrix acquires Goma Gaming to boost front-end development firepower

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EveryMatrix has acquired UX specialist Goma Gaming to boost the Group’s front-end development firepower.

Specialising in delivering innovative front-end solutions for the betting industry, the Goma Gaming team bring 20 years consumer product design and digital UX experience.

The acquisition will instantly enhance EveryMatrix’s existing front-end capabilities with experience from both sports betting and casino projects that have included delivering bespoke solutions for tier-1 brands.

The Goma team will continue to operate as a standalone unit, side-by-side with the existing EveryMatrix front-end division.

Its capacity will be upscaled to provide additional bandwidth and capabilities to the Group’s sports and casino products with the objective of delivering superior customer experience and even more alternatives for EveryMatrix clients.

Goma Gaming’s UX player experience platform has delivered strong results for tier-1 operators, generating higher retention and longer engagement with an average 30% margin uplift, while adding enhanced functionality for next generation players.

Ebbe Groes, Group CEO & Co-founder EveryMatrix, said: “Our front-end development has made huge strides, creating bespoke sites and features for some of our largest customers such as Bet-at-home and the Hungarian Lottery.

“The addition of Goma means we will immediately have more front-end firepower to deploy and deliver to both existing and new sports and casino turnkey customers who require differentiation that moves the dial when it comes to higher retention, engagement, margin and revenues.”

“I’d like to welcome Andrew and his team and look forward to having them with us to further accelerate our rapid business growth.”

Andrew Brown, CEO, Goma Gaming, said: “We’ve made great progress developing Goma in the last five years, but joining the EveryMatrix Group now means we have greater resources to rapidly scale our capacity whenever it’s needed and to make an even bigger impact.

“Thank you to everyone who has supported us along the way and enabled us to get us to this stage. We can’t wait for the next phase of our journey as part of EveryMatrix.”

The post EveryMatrix acquires Goma Gaming to boost front-end development firepower appeared first on European Gaming Industry News.

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