Galaxy ‘healthier than ever’ after first half performance

Gary Vecchiarelli, chief financial officer of Galaxy Gaming, has said that despite having posted mixed results for the six months through to June 30, the company is now “healthier than ever”.

Revenue in the first half totalled $5.3 million (€4.8 million), which represents an increase of 11% on the $4.7 million posted in the corresponding period last year.

However, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 14% year-on-year to $1.7 million.

Pre-tax income slumped 50% year-on-year to $241,000 while net income also dropped 49% to $134,000.

Galaxy also noted that its results for the three months through to June 30 were similar to those in the first half, with revenue increasing but losses incurred elsewhere.

Revenue in the second quarter came in at $2.7 million, up 9% on the same period last year and 4% on the opening quarter of this year.

Adjusted EBITDA amounted to $842,000, which was 15% down on a year-on-year basis, but an increase of 2% on the first quarter of the year.

Pre-tax income was down 46% on a year-on-year basis to $125,000, but up 8% on the opening three months of this year, while net income was down 34% year-on-year to $72,000, but up 14% on the first quarter.

“Growth continues to be the recurring theme, as we have now increased our recurring revenues in 14 of the last 15 quarters,” Vecchiarelli said.

“While we have incurred increased legal and regulatory costs recently, I anticipate resolution in both those areas will open up further revenue opportunities for the company.

“Those who monitor our balance sheet should recognise our commitment to long-term debt reduction.

“Cash generated from operations continues to reduce the principal balances of our debt approximately $1 million each quarter.

“In summary, the company is now healthier than ever as a result of increased operational performance combined with an improving balance sheet.”

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