Galaxy Gaming reverses losses in fourth quarter, full year 2012

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, reversing 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.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.

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