TOCCOA, Ga., Feb. 15, 2019 (GLOBE NEWSWIRE) -- Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy"), a U.S. distributor of interactive learning technology hardware and software that create fully collaborative instructional environments, today announced its operating results for the second Quarter of fiscal year 2019, ended December 31, 2018, with a Q/Q Increase in Revenues from $351,545 to $649,211, an Increase of 84.7%. Galaxy announces that it will achieve profitability in the current quarter while maintaining its Gross Profit Margins in the Mid 30% Range.
As previously announced the company completed the transfer of the common stock of its wholly owned subsidiary, FLCR, reducing its consolidated debt going forward by $5 Million.
"We're pleased to report such strong revenue growth for the second consecutive quarter," stated founder and CEO Gary LeCroy, adding, “with the current quarter shaping up as a profitable one, which cannot be said of several of our peers in the space, we continue to be optimistic regarding the fortunes of the company.”
Echoing the above, Magen McGahee, COO/EVP of Galaxy said, “The global education technology market is expected to grow at an annualized rate of 18.3% CAGR over the next several years.”
About Galaxy Next Generation, Inc.
Galaxy Next Generation is a U.S. distributor of interactive learning technology hardware and software that allows the presenter and participant to engage in a fully collaborative instructional environment. Galaxy's products include Galaxy's own private-label interactive touch screen panel as well as numerous other national and international branded peripheral and communication devices. Galaxy's distribution channel consists of 22+ resellers across the U.S. who primarily sell the Company's products within the commercial and educational market. Galaxy does not control where resellers focus their resell efforts, although generally, the K-12 education market is the largest customer base for Galaxy products - comprising nearly 90% of Galaxy's sales.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements and are based on future expectations, plans and prospects for GAXY's business and operations and involve a number of risks and uncertainties. GAXY's forward-looking statements in this report are made as of the date hereof and GAXY disclaims any duty to supplement, update or revise such statements on a going forward basis, whether as a result of subsequent developments, change, expectations or otherwise. In connection with the "safe harbour" provision of the Private Securities Litigation Reform Act of 1995 GAXY is identifying certain forward-looking information. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause further events or results to vary from those addressed in the forward-looking statements include, without limitation, risks and uncertainties arising from the implementation of Galaxy's business plan; uncertainties relating to the ability to realize the expected benefits of the merger; unanticipated or unfavorable regulatory matters; general economic conditions in the region and industry in which GALAXY operates, and other risk factors as discussed in GAXY' s other filings made from time to time with the United States Securities and Exchange Commission.
CONTACT:
Galaxy Next Generation, Inc.
Investor Relations
mgilbert@magellanfin.com
317-361-2392
Source: Galaxy Next Generation
