Calling 2012 a breakout year, Las Vegas-based Galaxy Gaming reported record net income and a rebound from last year’s fourth-quarter loss.
The small table games manufacturer whose offerings include a series of variations and side wagers on traditional games reported net income of $601,000 on revenue of $1.9 million for the quarter that ended Dec. 31.
A year ago, the company showed a loss of $10,000 on revenue of $1.4 million for the quarter.
Executives attributed gains to increased global market penetration resulting from the rollout of products from the company’s acquisition of Great Britain-based Prime Table Games for $23 million in 2011.
“Posting record recurring revenues, profits and cash flow undoubtedly defined 2012 as a landmark year for Galaxy Gaming,” Galaxy CEO Robert Saucier said in a news release. “Our performance in 2012 serves as a springboard for us to excel in 2013 and beyond. Galaxy Gaming is undoubtedly on target to be a major player in this lucrative industry.”
For 2012, Galaxy had net income of $622,000 on revenue of $7.2 million. That compared with a net loss of $473,000 on revenue of $3.7 million in 2011.