Golden Matrix Reports Net Income of $545,888 on Record Revenues of $881,845 for the First Fiscal Quarter of 2020

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.