Galaxy Gaming Inc. has announced its financial results for the fiscal quarter (that ended in September) of 2019. The company has been doing quite well it seems since their revenue is much better than last year’s respective quarter. Compared to last year’s Q3, Galaxy Gaming revenue for this one increased 12,5% up to $5,372K. EBITDA is also up, growing to $2,217K1 (23.5%) and its income share increased to $0.03 from $0.02.
When compared to nine month’s income in 2018, this year also was defined by big gains for the company.
The revenue increased 17.9% to $16,118K and EBITDA was up 32.9% to $6,654K2. Net income per share was also up, it increased to $0.07 from $0.02.
“We are pleased to continue delivering double-digit growth in both revenue and Adjusted EBITDA,” said Todd Cravens, Galaxy’s President and CEO. “The new licenses we have received and are pursuing should give us the opportunity to offer more of our products in underserved markets. However, we do not expect to realize meaningful revenue from the new license opportunities until 2020.”
“The third quarter showed our ability to continue to execute,” stated Harry Hagerty, Galaxy’s CFO. “We paid down $370K in debt and still added to the cash balance. Most importantly, just after quarter’s end we were able to sign an amendment to our credit agreement with Nevada State Bank that restructured the leverage covenants to allow us to carry the debt incurred in the redemption transaction. The new covenants will become effective for the December 31, 2019 quarter. For the third quarter of 2019, we were solidly in compliance with the Free Cash Flow and Senior Leverage covenants and our non-compliance with the Total Leverage covenant was waived as a result of the amendment entered into in May 2019.”