Galaxy Gaming has posted very strong quarterly figures. The casino and gaming technology and services provider’s quarterly net income crossed $1 million mark for the first time.
Galaxy’s Q2 income shot up by 19 percent year-on-year from $4.5m to $5.3m. Moreover, the company’s adjusted EBITDA jumped 45 percent to $2.4m. The most significant increase was in the company’s net income, which surged from $596,000 to $1.05 million.
Todd Cravens, Galaxy’s president and CEO explained: “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 $1m for the first time in our history.
“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.”
Harry Hagerty, Galaxy’s CFO, said: “The stock redemption transaction we completed in May 2019 significantly changed our balance sheet, but the underlying business fundamentals are intact.
“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.”