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Galaxy Gaming raises $600,000 through private placement9 November 2009
By Howard Stutz
The company told Wall Street this week it raised $600,000.
"As evidenced by the over-subscription of our recent offering, our investors seemed to be pleased with the progress our company is making," Galaxy Gaming Chief Executive Officer Robert Saucier said in a statement. "While our third quarter was yet another record breaker, our team's focus remains to continually build Galaxy Gaming into a major innovator in the gaming industry."
In the quarter that ended Sept. 30, Galaxy Gaming reported revenues of $782,493, a 47 percent increase compared with $533,375 in the same quarter a year ago.
The company's gross profit was $691,335, a 35 percent increase, and cash flow was $15,327, Galaxy's first positive cash flow figure since going public earlier this year.
Galaxy Gaming provides casinos with side wagers for blackjack and pai gow poker and two proprietary nontraditional table games.
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Galaxy Gaming raises $600,000 through private placement is republished from CasinoVendors.com.