Las Vegas casino supplier Galaxy Gaming swings to a profit
13 November 2012
Las Vegas casino supplier Galaxy Gaming Inc. said today it swung from a third-quarter loss to a profit because of higher sales.
The company sells casino table games and associated systems.
Galaxy said third quarter revenue of $1.9 million was up from $734,000 in the year-ago quarter. Its net profit of $129,000 improved from a loss of $221,000.
The company also had positive EBITDA of $777,000, compared to a loss of $192,000 a year ago. EBITDA is a financial measure meaning earnings before interest, taxes, depreciation and amortization.
Galaxy didn't immediately disclose per-share data or comment on a pending lawsuit with Bank of America in a dispute over a loan. It plans an investor conference call Wednesday and may provide more details then.
"At 2012's commencement, our stated financial goals were to achieve approximately $7 million in revenue, $2 million in EBITDA and a break-even net profit," CEO Robert Saucier said in a statement. "At the nine-month checkpoint, we are clearly on course to meet or exceed those targets. We continue to capitalize on the high demand for our products, as was demonstrated by the positive response we received at the Global Gaming Exhibition in October. Subsequently, we accumulated a backlog of orders which could propel our upward momentum into 2013."
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