Galaxy Gaming ‘not concerned’ over first-quarter losses

Gary Vecchiarelli, chief financial officer of Galaxy Gaming, had said that the land-based and online games developer is “not concerned” that quarter-on-quarter losses in the three months to March 31 will have an impact on its performance during the rest of the year.

Revenue in the first quarter amounted to $2.6 million (€2.3 million), up 14% on the corresponding period last year but down 1% on the final quarter of 2014.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 15% from $979,000 in the first quarter of 2014 to $829,000 this year, with the figure also down 4% from the $867,000 posted in the final quarter of last year.

Pre-tax income was down 52% from $244,000 in the same period last year to $116,000 in the opening quarter of this year.

However, Galaxy noted that pre-tax income did improve on a quarter-on-quarter basis, with the figure of $116,000 up from a loss of $520,000 in the final period of 2014.

Results were similar in terms of net income, with this amounting to $63,000 in the opening period of 2015, down 58% on the same period last year but up from a loss of $326,000 in the final quarter of 2014.

“The first quarter has historically been the period we see the lowest revenue growth rates of the year,” Vecchiarelli said.

“While several factors contributed to our first decrease of recurring revenues in the last three years, we are not concerned it will have impact on future quarters.

“Our adjusted EBITDA and fundamentals of the business remains strong and we expect a strong 2015.”

Robert Saucier, chief executive officer of Galaxy, added: “Clearly, our first quarter results do not match the high standards and expectations we have set for ourselves.

“However, we do not consider this a setback, as a number of great developments did occur in the quarter which provide us with optimism that indeed 2015 will be another record year for Galaxy.

“We are totally focused on obtaining that goal.”

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