Galaxy Gaming reports record quarterly revenue

LAS VEGAS, Nevada -- (PRESS RELEASE) -- Galaxy Gaming, Inc. (GLXZ), announced today its results for the three and nine months ended September 30, 2013. The Las Vegas-based company is the world's second-largest developer, manufacturer and distributor of cutting-edge products for the casino industry, including casino table games such as: Lucky Ladies, Texas Shootout, Emperor's Challenge, Deuces Wild, 21+3, Three Card Poker, Bonus Craps, High Card Flush and World Poker Tour Heads Up Hold'em. Galaxy also develops innovative electronic wagering platforms and systems such as its Bonus Jackpot System, Inter-Casino Jackpot System, MEGA-Share and distributes the TableMAX e-Table gaming system.

Financial Highlights

Q-3 2013 vs. Q-3 2012

Revenue of $2,136K increased 14% or $262K from $1,874K.
EBITDAS of $798K improved 1% or $11K from $787k.
Net loss of $21K reversed from net income of $129K.
Q-3 2013 vs. Q-2 2013

Revenue of $2,136K increased 10% or $192K from $1,944K.
EBITDAS of $798K increased 1% or $10K from $788K.
Net loss of $21K reversed from net income of $85K.
9 months 2013 vs. 9 months 2012

Revenue of $5,976K increased 13% or $667K from $5,309K.
EBITDAS of $2,398K increased 18% or $358K from $2,040K.
Net income of $168K increased 740% or $148K from $20K.
Executive Comments

"This marks the ninth consecutive quarter of growth in our recurring revenues," said Galaxy's CFO Gary A. Vecchiarelli. "While we experienced our first net loss in six consecutive quarters, this was primarily attributable to one-time regulatory costs and a non-cash impairment of an intangible asset related to the California territory. We do not see this trend continuing."

"Achieving the $2 million dollar milestone for the quarter was an important step in our continued growth strategy," said Robert B. Saucier, Galaxy Gaming's CEO. "This was accomplished even though some anticipated revenue increases were carried over to the fourth quarter. In addition, we were hit with significant one-time expenses this quarter, yet still managed to show strong EBITDAS and a miniscule loss for the period. As a result, Galaxy Gaming emerges stronger at the end of the quarter than the beginning and we can now focus exclusively on profit-making opportunities, which we continue to seize in both domestic and international markets. In the wake of our successful G2E conference in September and our upcoming Raving Table Games Conference next week, we remain focused on our core strategy and continuing commitment to provide our innovative products to a rapidly growing market segment."