Galaxy Gaming, the side-bet supplier that had been mired in regulatory difficulties related to the activities of former CEO Robert Saucier, reported fourth-quarter net income, reversing a loss the year earlier. The good news came as the company is working with an adviser to explore the sale of a majority stake in the company.
in a filing with the Securities and Exchange Commission, Galaxy said it earned $438,000 for the three months ended December 31, reversing a year-earlier loss of $66,000.
Saucier resigned his position as CEO last year, and was replaced by Todd Cravens.
In a statement March 14, Galaxy Chairman Mark Lipparelli said the company will stick to its plan to expand geographically and add to its product library. Lipparelli did not address a possible sale, saying only that the company “will continue to evaluate other opportunities to enhance shareholder value as they may, from time to time, arise.”
In the same statement, Cravens said working with the adviser has been a benefit in itself.
“This process has required us to do a very thorough review of the opportunities facing Galaxy’s business both in the near and long term,” Cravens said. “We have seen steady improvements in our market reach and financial performance in the past year, and we believe that there is a bright future for Galaxy.”
