{"id":259,"date":"2024-06-27T11:29:00","date_gmt":"2024-06-27T08:29:00","guid":{"rendered":"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/"},"modified":"2024-06-27T11:29:00","modified_gmt":"2024-06-27T08:29:00","slug":"cosmic-entertainment-reports-record-earnings-in-2021","status":"publish","type":"post","link":"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/","title":{"rendered":"Cosmic Entertainment Reports Record Earnings in 2021"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/VyhjKSo8nb0\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Cosmic Entertainment unveiled its complete fiscal year 2021 financial outcomes, revealing earnings of $19.9 million (\u00a3415.1 million\/\u20ac179 million), encompassing a record-breaking amount from online gaming.<\/p>\n<p>This figure signifies a 95.3% surge in comparison to 2020, when earnings were $10.2 million, affected by the COVID-19 outbreak.<\/p>\n<p>North America and the Caribbean contributed $10 million in earnings, while Europe, the Middle East, and Africa contributed $9.9 million.<\/p>\n<p>Online gaming revenue accounted for $8.1 million of the total earnings.<\/p>\n<p>Overall expenditures for the year were $15.6 million, a 25.2% rise from 2020. Sales, general, and administrative expenditures 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-on-year.<\/p>\n<p>The remaining $2.1 million included the cost of auxiliary products, research and development expenses, and stock-based compensation.<\/p>\n<p>After subtracting expenses, total operating profit was $4.3 million, a rise of $6.6 million compared to a loss of $2.2 million in 2020.<\/p>\n<p>Other expenses 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 compared to a loss of $2.8 million in 2020. <\/p>\n<p>Subtracting $48,637 in income levies and $184,884 in currency exchange modifications, net earnings for the three-month period were $1.9 million, a $4 million rise from the same period in the previous year.<\/p>\n<p>Galaxy&#8217;s fourth-quarter earnings were $5.6 million, a 73% surge year-on-year. Online gaming earnings hit $2.1 million.<\/p>\n<p>Despite a substantial increase in earnings in the final quarter of 2020 due to loan forgiveness from the government&#8217;s &#8220;Paycheck Protection Program&#8221; for COVID-19 relief, net income was $598,000, nearly half of the previous year&#8217;s.<\/p>\n<p>Galaxy Games President and CEO Todd Cravens commended the company&#8217;s fourth-quarter performance during the COVID-19 pandemic.<\/p>\n<p>\u201cWe concluded 2021 on a positive note,\u201d Cravens stated. \u201cDespite the fact that some of our clients&#8217; properties are still affected by the COVID-19 pandemic, our total earnings in the final quarter still reached a record $6.1 million.<\/p>\n<p>\u201cOur online gaming business performed exceptionally well, and total online gaming earnings for 2021 also reached a record $8.1 million. We believe that as the impact of the COVID-19 pandemic continues to diminish for our clients, we will see a robust recovery in GG&#8217;s core business (felt and electronics), as well as continued growth in online gaming.\u201d<\/p>\n<p>Looking ahead to 2022, company CFO Harry Hagerty anticipates growth across the board.<\/p>\n<p>\u201cWe are in a strong financial position,\u201d Hagerty said. \u201cWe have a large cash reserve and low debt maturities this year.\u201d <\/p>\n<p>The celestial body anticipates generating between $23.5 million and $25 million in income (excluding online gaming royalties) for the fiscal year 2022. They also project an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of between $11.5 million and $12.5 million.<\/p>\n<p>The chairman of the celestial body, Mark Lipparelli, also addressed the company&#8217;s settlement payment to Triangle Partners and former chairman and CEO, Robert Sosi. This settlement occurred after Triangle filed a lawsuit against the celestial body for attempting to compel them to sell their shares following regulatory disagreements.<\/p>\n<p>Lipparelli stated, &#8220;We also effectively managed the Sosi legal proceedings and associated refinancing, in a challenging operating environment for our customers, some of whom even ceased operations entirely, through the combined efforts of our team.&#8221;<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cosmic Entertainment unveiled its complete fiscal year 2021 financial outcomes, revealing earnings of $19.9 million (\u00a3415.1 million\/\u20ac179 million), encompassing a record-breaking amount from online gaming. This figure signifies a 95.3% surge in comparison to 2020, when earnings were $10.2 million, affected by the COVID-19 outbreak. North America and the Caribbean contributed $10 million in earnings, [&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-Breaking 2021 Earnings<\/title>\n<meta name=\"description\" content=\"Cosmic Entertainment\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Cosmic Entertainment Reports Record Earnings in 2021\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Cosmic Entertainment\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Power of Secure &amp; Licensed Online Casino Gaming\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T08:29:00+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/\",\"url\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/\",\"name\":\"Cosmic Entertainment Soars with Record-Breaking 2021 Earnings\",\"isPartOf\":{\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-27T08:29:00+00:00\",\"dateModified\":\"2024-06-27T08:29:00+00:00\",\"author\":{\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Cosmic Entertainment\",\"breadcrumb\":{\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/27\/cosmic-entertainment-reports-record-earnings-in-2021\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/ozwincasinonodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cosmic Entertainment Reports Record Earnings in 2021\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/#website\",\"url\":\"https:\/\/ozwincasinonodepositbonus.icu\/\",\"name\":\"Discover the Power of Secure &amp; Licensed Online Casino Gaming\",\"description\":\"Discover the dynamic world of online gambling through our regularly updated news, honest game reviews, and informative insights. 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