Other OTC:TBTC
Table Trac Announces Second Quarter 2022 Results
MINNETONKA, Minn., Aug. 11, 2022 (GLOBE NEWSWIRE) — Table Trac, Inc. (OTCQX: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, announced financial results for the quarter ending June 30, 2022.
The 10-Q can be found @ http://www.sec.gov
Second Quarter Highlights
- The Company installed six systems at new locations, increased the number games at a current customer and our distributors expanded current locations and installed our system in over 40 new locations during the quarter.
- The Company installed a record number of games during Q2 2022
- The Company had seven customer contracts and one current customer expansion in backlog as of June 30, 2022 that are scheduled for installation before the end of the year.
Financial Results
Revenue for the second quarter of 2022 was $2,459,014 compared to revenue of $1,447,046 in 2021, an increase of approximately $1,012,000.
As of June 30, 2021 the company had a balance of $1,525,391, as a result of contract installations, which did not meet the revenue recognition collectability criterion. Based on management’s collectability review, this amount was not included in accounts receivable and revenue was only recognized as payments were received. During Q1 of 2022, based on management’s ongoing collectability assessment, $1,079,000 of this balance was determined to be collectable and was subsequently reported as revenue and included into accounts receivable. During the three months ended June 30, 2022, $2,829,200 for systems installed under contract have not been recorded as revenue or included in accounts receivable based on the collectability assessment performed by the Company. A change in the collectability assessment in a future period may allow the Company to recognize revenue prior to collecting cash.
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three months ended June 30, 2022 and 2021:
| For the Three Months Ended | |||||||
| June 30, | |||||||
| 2022 | 2021 | ||||||
| Basic and diluted earnings per share calculation: | |||||||
| Net income to common stockholders | $ | (242,324 | ) | $ | 153,635 | ||
| Weighted average number of common shares outstanding – basic | 4,521,988 | 4,511,988 | |||||
| Basic net income per share | $ | (0.05 | ) | $ | 0.03 | ||
| Weighted average number of common shares outstanding – diluted | 4,521,988 | 4,522,075 | |||||
| Diluted net income per share | $ | (0.05 | ) | $ | 0.03 | ||
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the six months ended June 30, 2022 and 2021:
| For the Six Months Ended | ||||||
| June 30, | ||||||
| 2022 | 2021 | |||||
| Basic and diluted earnings per share calculation: | ||||||
| Net income to common stockholders | $ | 1,019,516 | $ | 769,641 | ||
| Weighted average number of common shares outstanding – basic | 4,521,988 | 4,506,361 | ||||
| Basic net income per share | $ | 0.23 | $ | 0.17 | ||
| Weighted average number of common shares outstanding – diluted | 4,548,449 | 4,521,711 | ||||
| Diluted net income per share | $ | 0.22 | $ | 0.17 | ||
About Table Trac, Inc.
Founded in 1995, Table Trac, Inc. designs, develops and sells casino information and management systems. The company has systems installed in North, South, and Central America, as well as Australia and the Caribbean. More information is available at http://www.tabletrac.com/.
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.
For more information:
Robert Siqveland
Table Trac, Inc.
952-548-8877
MINNETONKA, Minn., Sept. 14, 2023 (GLOBE NEWSWIRE) — Table Trac, Inc. (OTCQX: TBTC) today announced Four Jacks Hotel & Casino has selected CasinoTrac™ to replace a competitor’s system. The full featured casino management system will be deployed to introduce a new loyalty program, with all promotional capabilities.
Chad Hoehne, President of Table Trac, Inc., said, “We have been working hard to provide CasinoTrac’s value and reliability to our system clients in northern Nevada since 2016; it’s always exciting to add another partner. We are grateful for the opportunity to earn their business.” Hoehne continued, “The Four Jacks team is strong, a knowledgeable operating group – we appreciate their confidence in CasinoTrac and our team.”
Derrick Jack, owner and operator of Four Jacks Hotel and Casino stated, “We are excited to work with CasinoTrac. Launching our first players club will provide additional benefits and a new level of service to our loyal players.”
Four Jacks will be installing CasinoTrac’s CMS, an end-to-end, unified operations and marketing platform to not only consolidate accounting and TITO into a single wire, but also to introduce a first of its kind loyalty program for the property. The CasinoTrac tech stack will drive revenues and profit, through efficient processes and enhancing the Four Jacks brand with their customers.
About Table Trac, Inc.
Founded in 1995, Table Trac, Inc. designs, develops and sells casino management systems. CasinoTrac is operational in casinos across 13 countries including the United States, Central and South America, the Caribbean, and Australia. More information is available at https://www.CasinoTrac.com/.
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.
CONTACT: For more information: Randy Gilbert Table Trac, Inc. 952-548-8877
MINNETONKA, Minn., Sept. 07, 2023 (GLOBE NEWSWIRE) — Table Trac, Inc. (OTCQX: TBTC) announces it has signed an agreement to replace a competitor’s system with the CasinoTrac™ casino management system, for the Red Cliff Band of Lake Superior at Legendary Waters Resort and Casino, in Bayfield, Wisconsin.
Legendary Waters Resort & Casino is located on the northern-most shores of the State of Wisconsin within the boundaries of the Apostle Islands National Lakeshore. Located just three miles north of Bayfield, twenty-three miles north of Ashland, and eighty miles east of The Twin Ports (Duluth/Superior) on Highway 13, Legendary Waters is a beautiful resort and casino on Lake Superior that provides guests with amazing views throughout the entire facility.
“When it came to the need for better streamlining our gaming management system and to best evolve our player development and direct marketing efforts, we found the answer with CasinoTrac. Their mission statement permeates in all aspects and our team members and guests will benefit greatly from their progressive technology and ease of use.” stated Randy Soulier, Interim General Manager, Legendary Waters Resort & Casino.
Chad Hoehne, President of Table Trac, Inc., stated, “We are honored that the Red Cliff Band of Lake Superior have selected the CasinoTrac management system for the Legendary Waters Resort and Casino.” Hoehne continued, “We are confident CasinoTrac will help grow Legendary Waters’ business through an enhanced loyalty program, less system downtime, the value of our maintenance and support program, and greater efficiency by streamlined processes.”
About Table Trac, Inc.
Founded in 1995, Table Trac, Inc. designs, develops and sells casino management systems. CasinoTrac is operational in casinos across 13 countries including the United States, Central and South America, the Caribbean, and Australia. More information is available at https://www.CasinoTrac.com/.
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.
CONTACT: For more information: Randy Gilbert Table Trac, Inc. 952-548-8877
MINNETONKA, Minn., Aug. 10, 2023 (GLOBE NEWSWIRE) — Table Trac, Inc. (OTCQX: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, announced financial results for the three and six months ending June 30, 2023.
The 10-Q can be found @ http://www.sec.gov
Second Quarter 2023 Highlights
- The Company installed four systems, expanded the services at two existing customer and our distributors expanded our system in new and current locations during the quarter.
- The Company had eight customer contracts in backlog as of June 30, 2023. The company anticipates that the majority of these contracts will be installed in the next two quarters. As of the filing date of this report, the Company has not signed any new contracts.
Financial Results
Maintenance revenue for the quarter was $1.2M compared to $837K in 2022, an increase of approximately 48%.
Net income for the quarter was $571,380 verse a loss of $242,324 in 2022.
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three months ended June 30, 2023 and 2022:
| For the Three Months Ended | |||||||
| June 30, | |||||||
| 2023 | 2022 | ||||||
| Basic and diluted earnings per share calculation: | |||||||
| Net income | $ | 571,380 | $ | (242,324 | ) | ||
| Weighted average number of common shares outstanding – basic | 4,569,450 | 4,521,988 | |||||
| Basic net income per share | $ | 0.13 | $ | (0.05 | ) | ||
| Weighted average number of common shares outstanding – diluted | 4,634,648 | 4,521,988 | |||||
| Diluted net income per share | $ | 0.12 | $ | (0.05 | ) | ||
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the six months ended June 30, 2023 and 2022:
| For the Six Months Ended | |||||||
| June 30, | |||||||
| 2023 | 2022 | ||||||
| Basic and diluted earnings per share calculation: | |||||||
| Net income to common stockholders | $ | 907,241 | $ | 1,019,516 | |||
| Weighted average number of common shares outstanding – basic | 4,551,720 | 4,521,988 | |||||
| Basic net income per share | $ | 0.20 | $ | 0.23 | |||
| Weighted average number of common shares outstanding – diluted | 4,624,436 | 4,548,449 | |||||
| Diluted net income per share | $ | 0.20 | $ | 0.22 | |||
About Table Trac, Inc.
Founded in 1995, Table Trac, Inc. designs, develops and sells casino information and management systems. The company has systems installed in North, South, and Central America, as well as Australia and the Caribbean. More information is available at http://www.tabletrac.com/.
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.
For more information:
Randy Gilbert, CFO
Table Trac, Inc.
952-548-8877
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