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Tuesday, August 10, 2010 12:21:47 PM
Company Posts Its First Profitable Quarter
LAS VEGAS, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCBB:GLXZ - News) announced today its results for the second quarter ended June 30, 2010:
Q-2 2010 vs. Q-2 2009 Financial Highlights
* Total Revenue of $736K increased by 9% or $61K from $674K a year ago.
* Recurring Revenue of $723K increased by 18% or $111K from $611K.
* Gross Profit of $725 increased by 19% or $121K from $610K.
* Gross Margins of 99% compared to 90%.
* Positive EBITDA of $56K increased from negative EBITDA of ($22K).
* Net Profit of $21K compared to a Net Loss of ($155K).
Q-2 2010 vs. Q-1 2010 Financial Highlights
* Recurring Revenue increased 2%. This marks the ninth consecutive quarter of increased recurring revenues.
* Gross Profit increased 3%.
* Gross Margins increased to 99% compared to 94%.
* Positive EBITDA of 56K compared to negative EBITDA of ($71K).
* Net Profit of $21K compared to a Net Loss of ($100K).
Balance Sheet Highlights
* Cash balance of $579K increased compared to $117K at 6/30/09.
* Current Liabilities have been reduced to $967K from $1,397K at 6/30/09.
* Positive Working Capital position of $242K versus Negative Working Capital of ($519K) at 6/30/09.
Andrew Zimmerman, Galaxy Gaming's CFO, commented, "Near the end of the first quarter, our entire team committed to taking the necessary steps to achieve profitability. Recurring revenues and gross profit margins increased, and conversely, expenses decreased, thereby contributing to our improved results in the second quarter."
"We recognize the primary objective of any company is to make a profit," stated Robert Saucier, CEO of Galaxy Gaming. "Now our attention turns to implementing some of the growth initiatives we previously identified and to continue to build our recurring revenues. We remain particularly excited about the potential of our Inter-Casino Jackpot Network and believe that it could significantly drive future revenues and profits."
Today's Conference Call
The Company will hold a conference call to discuss its results today at 2:30 p.m. PT (5:30 p.m. ET). The call will be accessible by calling (877) 852-6580. The conference call ID is 3094295.
Recent GLXZ News
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/14/2024 12:55:12 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 10:41:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 10:38:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 10:36:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 10:34:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 10:32:33 PM
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 01/03/2024 10:27:02 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/20/2023 09:15:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/13/2023 04:56:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/07/2023 09:59:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 05:42:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 05:40:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 05:39:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 05:38:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 05:36:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/05/2023 11:04:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/05/2023 11:01:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/05/2023 10:58:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/05/2023 10:57:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/05/2023 10:56:16 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 06/30/2023 08:37:27 PM
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