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Howard Stutz

Galaxy Gaming reverses losses in fourth quarter, full year 2012

2 April 2013

LAS VEGAS -- Table game provider Galaxy Gaming on Monday said it reversed net losses in the fourth quarter and for all of 2012.

Las Vegas-based Galaxy, which has shares traded over-the-counter, said its net income of $601,000 in the quarter ended Dec. 31 reversed a net loss of $10,000 in the same quarter of 2011. An income tax benefit of $342,000 helped boost Galaxy’s fourth-quarter results.

Fourth-quarter revenues increased 35 percent to $1.9 million.

For all of 2012, Galaxy Gaming said net revenues grew 96 percent to $7.2 million while net income was $622,000, reversing a net loss of $473,000 in 2011.

“Our team’s devotion to executing our business plan can now be reflected by solid financial results,” Galaxy CEO Robert Saucier said in a statement.

Galaxy Gaming shares rose 1 cent, or 4.17 percent, Monday to close at 25 cents on the Over-the-Counter Bulletin Board.