LAS VEGAS, Dec. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Golden Matrix Group Inc. (OTCPK: GMGI), a technology-driven company that designs and develops social gaming platforms, systems and gaming content, today announced that for the first fiscal (2020) quarter ended October 31, 2019, the company reported net income of $545,888, a 64.4% increase on net income of $331,999 in the first fiscal quarter ended October 31, 2018. Record revenues of $881,845 in fiscal Q1’20 represent a 38.1% improvement on revenues of $638,695 in fiscal Q1’19.
Net profit margin was 62% in fiscal Q1’20 versus 52% in the like year-ago quarter.
First quarter revenues of $881,845 were also an 11.2% increase on revenues of $792,807 recorded in the fourth fiscal quarter ended July 31, 2019 and mark the company’s seventh consecutive quarter of rising revenues.
Cash on hand as of October 31, 2019 increased 33.2% to $2,305,117 from $1,731,095 at year-end (July 31) fiscal 2019, and total assets increased to $3,375,417, up 12.3% on total assets of $3,005,050 at year-end fiscal 2019. During the same period, total liabilities decreased 16.9% to $1,638,943 from $1,971,722.
The company’s revenues are derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region.
According to Golden Matrix CEO Brian Goodman, “Our impressive accelerating growth can be attributed primarily to introductions - over the past year - of exciting proprietary and exclusive gaming content on our powerful GM-X platform, which in turn has led to meaningful increases in the number of operators and active users.”
Mr. Goodman noted that one of the company’s key distributors had been responsible for the addition of many new operators.
“We continue to generate impressive quarterly results, with rising revenues, solid profitability and a growing cash position,” said Mr. Goodman. “It has put us in an excellent position to not only improve our market share in the Asia-Pacific gaming market, but also to consider expansion into additional gaming opportunities in new markets. To that end, we expect fiscal 2020 to be a transformative year for Golden Matrix that will generate a significantly improved valuation for its shareholders.”
For additional information on Golden Matrix’s Q1 2020 performance, please refer to the Company's 10-Q filing at https://www.otcmarkets.com/stock/GMGI/disclosure or www.sec.gov.
A summary of the Company’s performance and highlights can be found at: www.goldenmatrix.com/highlights.html
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. The company's platform can be accessed through both desktop and mobile applications. Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
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