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Galaxy Gaming Reports Q3 2019 Financial Results

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Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems, announced today its financial results for the fiscal quarter and nine months ended September 30, 2019.

Financial Highlights

Q3 2019 vs. Q3 2018

  • Revenue increased 12.5% to $5,372K
  • Adjusted EBITDA increased 23.5% to $2,217K1
  • Net income per share (diluted) increased to $0.03 from $0.02

Nine Months 2019 vs. Nine Months 2018

  • Revenue increased 17.9% to $16,118K
  • Adjusted EBITDA increased 32.9% to $6,654K2
  • Net income per share (diluted) increased to $0.07 from $0.02

Balance Sheet Changes (vs. December 31, 2018)

  • Cash increased 35.9% to $8,577K
  • Total debt (gross) increased 372.4% to $48,192K due to the May 2019 stock redemption
  • Stockholders’ deficit was $(28,379)K vs. stockholders’ equity of $7,457K due to the May 2019 stock redemption

Executive Comments

“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.”

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.

 

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SIS and Premier Greyhound Racing reveal improved greyhound race time schedule

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Sports Information Services (SIS), the leading multi-content supplier of 24/7 live betting services, and Premier Greyhound Racing (PGR), the media rights company supplier of greyhound racing to the betting industry and direct to viewers, have collaborated to offer a revised race time schedule starting from 20 May.

Designed to protect the long-term future of UK greyhound racing, the new schedule will see morning fixtures start slightly later – moving from 10.47 to 11.01 and 10.54 to 11.09. Additionally, there will also be a slightly later start time for some evening fixtures aimed at a retail audience, with the first evening fixture now starting at 18.08.

Commenting on the improved schedule, Terry Mahoney, Head of Business Development at ARC, said: “The new race times will help make it easier for customers to navigate busy racing schedules as well as improving operations trackside. We will continue to listen, monitor, and adapt schedules where and when needed as we move forward to deliver the best service possible for betting operators as well as punters.”

Paul Witten, Managing Director at SIS, added: “We are passionate about delivering a greyhound racing service that benefits all of the sport’s stakeholders. Together with Premier Greyhound Raxing, we have introduced a revised racing schedule that benefits operators and their customers.

“Our approach to greyhound racing is grounded in sustainability and flexibility. This collaboration with fellow service providers allows everyone to enjoy all the high-quality action produced on a daily basis from tracks across the UK and Ireland.”

SIS has long-term agreements in place with bet365, William Hill, Paddy Power and Betfred to deliver its greyhound content across UK and Irish retail and digital channels. SIS also promotes this content across dozens of leading international operators, as well as through SISRacing.tv.

PGR offers greyhound action, cards, video replays, results, news and info on greyhounds.attheraces.com, and regular live broadcasts on Sky Sports Racing. Premier Greyhound Racing is a joint venture between Arena Racing (ARC) and Entain, the global sports betting, gaming and interactive entertainment group. Between them, the two companies own nine of the 20 licensed British greyhound tracks and ARC manage the media rights for five independent tracks.

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PRAGMATIC PLAY HITS THE SWEET SPOT WITH FRUITY TREATS

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Pragmatic Play, a leading content supplier to the iGaming industry, has added Fruity Treats to its collection of clusters pays Slots. 

Five or more fruit symbols must connect horizontally or vertically to award a win in this vibrant 7×7 title, which features a variation of the popular multiplier spots mechanic. 

At the start of each spin, four marked spots of different colours take up random positions on the grid. If a win forms over a marked spot, a starting multiplier of 5x, 10x, 15x or 20x (depending on the spot colour) will be activated. Each time a winning combination lands on a marked spot after a tumble, the multiplier is applied to the win and then increases by its starting value.  

Hitting at least three candy scatters on a spin awards entry to the bonus game with 10 free spins. During the feature, which can be retriggered with five additional free spins, activated multipliers from marked spots do not reset between free spins, potentially leading to massive wins. 

Fruity Treats is the latest cluster pays Slot in Pragmatic Play’s multi-award-winning range, joining recent hit Sugar Rush 1000. 

Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “The roaming multiplier spots feature in Fruity Treats sets it apart from other successful cluster pays Slots in the Pragmatic Play portfolio, with marked spots staying sticky in the bonus game for even greater win potential.” 

Pragmatic Play currently produces up to eight new Slot titles a month, while also delivering Live Casino and Bingo games as part of its multi-product portfolio, available through a single API.         

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Kambi’s Festival of Sportsbook returns for fourth year

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Kambi’s Festival of Sportsbook returns in June with registrations now open for a two-day content series featuring speakers from across the Kambi Group and insights covering the full breadth of the industry.

Taking place between 4-5 June, the Festival will be comprised of online sessions taking in topics ranging from UX optimisation and harnessing AI to maximising a summer of soccer featuring both UEFA Euro 2024 and the Copa América.

Erik Lögdberg, Managing Director of Kambi Sportsbook, will open the Festival with a session entitled ‘Exceptional, everywhere: meeting the increasingly high standards of an evolving market’, discussing how operators can develop their sportsbook to navigate changing consumer habits and fragmenting markets.

Kambi’s Head of Legal and Regulatory Compliance, Victoria Fernandes, will also be joined by Partner Success Manager Sabrina Andrade for a Portuguese language session delving into Brazil and how local operators can compete in the soon-to-be-regulated market.

Gerard Starkey, Kambi Group’s SVP of Marketing & Communications, said: “We are excited to once again be welcoming the industry to Kambi’s Festival of Sportsbook, and we look forward to sharing the sportsbook insights and knowledge the event has become known for. As ever, the agenda features a broad range of sessions hosted by experts from across the Kambi Group, providing plenty to interest those working in or with the sports betting industry today.”

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