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Galaxy Gaming Reports Q2 2019 Financial Results

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11-5 Galaxy Gaming Reports Q2 2019 Financial ResultsReading Time: 2 minutes

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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BetCity Becomes the Russian Betting Partner of AS Monaco

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9-8 BetCity Becomes the Russian Betting Partner of AS MonacoReading Time: 2 minutes

 

Russian betting company BetCity has become the official exclusive Russian betting partner of AS Monaco football club for the following two seasons.

BetCity is a Russian betting company whose live sports betting platform offers the possibility to bet live on a huge variety of sports. In 2018, AS Monaco entered China with the adapted website and official accounts on 4 different platforms.

AS Monaco attracts the attention of international partners and is currently supported by Yabo Sport in the Asian region, luxury Italian brand Phillip Plein, while BetCity will become the first official regional partner in Russia, one of key markets for the club.

“We are very happy to bring the Club closer to our Russian fans through our partnership with BetCity, famous sponsor of CSKA Moscow. Russia is a key market for us, and we are convinced that this collaboration will contribute to the development and consolidation of our relationship with Russian sports lovers. AS Monaco and BetCity will take a step forward to achieve common ambitions and join forces in the digital area to provide interesting and exclusive contents for the fans. We will also bring the opportunity for BetCity clients to discover and enjoy VIP experiences on Stade Louis-II here in Monaco. It’s an exciting new adventure,” Juli Ferré Nadal, Commercial and Marketing Director of AS Monaco said.

“I hope this is the start of a lasting collaboration between AS Monaco and the sports betting company BetCity, where we aim to join our forces to add to the development and promotion of football in both countries. We are very honored to partner with AS Monaco, such a well-renowned European football club and see the interest they expressed in working with us. BetCity has long been involved in the development of Russian football in close collaboration with the popular football club PFC CSKA Moscow. The new partnership will allow us to reach the new level in today’s world football. We are convinced that AS Monaco will help us effectively accomplish the most ambitious projects and marketing-related targets,” Sergey Samsonenko, President of BetCity said.


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: BetCity Becomes the Russian Betting Partner of AS Monaco

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GES Installs Poker Jackpot and Management System at Skycity Adelaide

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8-10 GES Installs Poker Jackpot and Management System at Skycity AdelaideReading Time: 1 minute

 

Gaming Entertainment Systems has installed its Poker Jackpot and Management System at Skycity Adelaide in New Zealand. Skycity Adelaide is the first customer to use the High Hand Bonus feature which awards a fixed prize for the highest poker hand achieved during specific time periods. The players are also offered a Royal Flush Jackpot.

“GES and Skycity Adelaide have worked closely together to deliver an integrated poker management solution including jackpots, bonusing, cash game management, waitlist and tournament functionality,” Simon Witty, GES’ managing director said.

“We are delighted to be able to enhance our poker product with unique features including a Royal Flush Jackpot and High Hand Bonus, both of which have proved very popular since launch. The GES system installation was flawless and their customer support has been outstanding,” Ash Azad, Skycity Adelaide’s general manager for table games said.


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: GES Installs Poker Jackpot and Management System at Skycity Adelaide

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BCLC to Launch Optional Budgeting Tool “PlayPlanner”

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7-8 BCLC to Launch Optional Budgeting Tool “PlayPlanner”Reading Time: 1 minute

 

BCLC is going to introduce PlayPlanner to every casino and community gaming centre in B.C. as part of its commitment to encourage positive play and informed decision-making.

PlayPlanner is an optional budgeting tool allows Encore Rewards members to set and manage daily time and money limits when playing slot or eTable games. During each playing session, players receive reminders on how they are tracking against their settings through onscreen pop-up messages.

“We’ve created PlayPlanner to make it easier for players to stay within personal limits by making decisions about time and money before gambling. We are committed to ensuring that this tool meets the needs of our players now and into the future as part of our focus on supporting healthy play,” Jamie Wiebe, BCLC Director, Player Health said.


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: BCLC to Launch Optional Budgeting Tool “PlayPlanner”

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