{"id":281,"date":"2024-06-28T22:44:52","date_gmt":"2024-06-28T19:44:52","guid":{"rendered":"https:\/\/clubplayernodepositbonuscodes.icu\/2024\/06\/28\/galaxy-gaming-reports-record-earnings-in-2021\/"},"modified":"2024-06-28T22:44:52","modified_gmt":"2024-06-28T19:44:52","slug":"galaxy-gaming-reports-record-earnings-in-2021","status":"publish","type":"post","link":"https:\/\/clubplayernodepositbonuscodes.icu\/2024\/06\/28\/galaxy-gaming-reports-record-earnings-in-2021\/","title":{"rendered":"Galaxy Gaming Reports Record Earnings in 2021"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/kTN46ttH8jo\" frameborder=\"0\" allowfullscreen><br>\n<\/iframe><\/p>\n<p>Cosmic Entertainment revealed its 2021 annual financial outcomes, reporting overall earnings of $19.9 million (\u00a3415.1 million\/\u20ac17.9 million) for the period ending December 31, including record online gaming earnings.<\/p>\n<p>The company\u2019s earnings rose by 95.3% compared to 2020, which was affected by the pandemic and saw earnings of $10.2 million.<\/p>\n<p>Operating earnings from North America and the Caribbean were $10 million, while Europe, the Middle East, and Africa generated $9.9 million.<\/p>\n<p>Online gaming earnings accounted for $8.1 million of the total.<\/p>\n<p>Costs for the year amounted to $15.6 million, up 25.2% from 2020. Sales, general, and administrative costs accounted for $10.6 million, an increase of 18.7%. Depreciation and amortization costs came in second at $2.8 million, up 28.6% year-over-year.<\/p>\n<p>The remaining $2.1 million included the cost of auxiliary products, research and development costs, and stock-based compensation.<\/p>\n<p>After subtracting costs, total operating profit was $4.3 million, a $6.6 million increase compared to the previous year, which saw a loss of $2.2 million.<\/p>\n<p>Other costs primarily included $1.5 million in interest expense, totaling $2.1 million.<\/p>\n<p>This resulted in a pre-tax profit of $2.1 million, an increase of $4.9 million from 2020, when the company reported a loss of $2.8 million. <\/p>\n<p>Following the subtraction of $48,637 in income tax and $184,884 in foreign currency translation adjustments, the net profit for the period was $1.9 million, a rise of $4 million from the corresponding period in the previous year.<\/p>\n<p>Galaxy\u2019s revenue in the last quarter was $5.6 million, a rise of 73% from the same period a year ago. Of this, online gaming revenue was $2.1 million.<\/p>\n<p>Net income was $598,000, nearly half of what it was in the same period last year, even though revenue in the fourth quarter of 2020 was significantly boosted by government-provided loan forgiveness associated with the COVID-19 pandemic.<\/p>\n<p>Galaxy Gaming President and CEO Todd Cravens expressed gratitude for the company\u2019s performance in the final quarter during the COVID-19 pandemic.<\/p>\n<p>Cravens stated, \u201cWe concluded 2021 on a positive note. While some of our clients\u2019 properties are still affected by COVID-19, our total fourth-quarter revenue was a record $6.1 million.<\/p>\n<p>\u201cOur online gaming business performed exceptionally well, with total online gaming revenue for 2021 reaching a record $8.1 million. We believe that as the impact of COVID-19 on our clients continues to diminish, we will witness a strong recovery in GG\u2019s core business (felt and electronics), as well as continued expansion in our online gaming business.\u201d<\/p>\n<p>Looking ahead to 2022, the company\u2019s Chief Financial Officer, Harry Haggarty, anticipates growth across the board.<\/p>\n<p>Haggarty stated, \u201cWe are in a solid financial position. We have a substantial amount of cash on hand and a low level of debt maturing this year.\u201d <\/p>\n<p>The company anticipates its earnings (excluding online gaming royalties) to be within a range of $23.5 million to $25 million for the financial year 2022. They project an adjusted EBITDA between $11.5 million and $12.5 million.<\/p>\n<p>Mark Lipparelli, the head of Galaxy\u2019s board, also spoke about the company\u2019s settlement payment to Triangle Partners and its previous chairman and chief executive officer, Robert Sosi.<\/p>\n<p>The settlement was reached after Triangle filed a lawsuit against Galaxy, alleging that Galaxy attempted to pressure Triangle to sell its shares due to regulatory disputes.<\/p>\n<p>\u201cWe successfully managed the Sosi legal proceedings and related restructuring, despite a difficult customer operating environment, including some customers who have completely ceased operations,\u201d Lipparelli stated. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cosmic Entertainment revealed its 2021 annual financial outcomes, reporting overall earnings of $19.9 million (\u00a3415.1 million\/\u20ac17.9 million) for the period ending December 31, including record online gaming earnings. The company\u2019s earnings rose by 95.3% compared to 2020, which was affected by the pandemic and saw earnings of $10.2 million. Operating earnings from North America and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cosmic Entertainment Soars with Record 2021 Earnings<\/title>\n<meta name=\"description\" content=\"Cosmic Entertainment reports record earnings for 2021, driven by strong online gaming performance. 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