Table Trac, Inc. Reports 2023 Third Quarter Earnings

Rhea-AI Summary

Table Trac, Inc. (OTCQX: TBTC) announced financial results for the three and nine months ending September 30, 2023. The company installed four systems and expanded its system in new and current locations. It had six customer contracts in backlog as of September 30, 2023, with the anticipation of installing the majority in the next two quarters. Maintenance revenue for the quarter increased by approximately 48% compared to 2022. Gross profit for the nine months ending was $5.16M, and net income was $1,079,239.

Positive

• The company experienced an increase in maintenance revenue by approximately 48% compared to 2022.
• The installation of four systems and expansion into new and current locations demonstrates the company's growth and market demand.
• The increase in gross profit and positive net income indicate financial stability and growth potential.

Negative

• None.

MINNETONKA, Minn., Nov. 13, 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 nine months ending September 30, 2023.

The 10-Q can be found @ http://www.sec.gov

Third Quarter 2023 Highlights

• The Company installed four systems and our distributors expanded our system in new and current locations during the quarter.
   
• The Company had six customer contracts in backlog as of September 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 signed two new contracts.

Financial Results

Maintenance revenue for the quarter was $1.3M compared to $883K in 2022, an increase of approximately 48%.

Gross profit for the nine months ending was $5.16M as compared to $4.98M in 2022.

Net income for the nine months ending was $1,079,239 as compared to $1,309,642 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 September 30, 2023 and 2022:

	For the Three Months Ended
	September 30,
		2023				2022
Basic and diluted earnings per share calculation:
Net income	$	171,998			$	290,126
Weighted average number of common shares outstanding - basic		4,552,988				4,521,988
Basic net income per share	$	0.04			$	0.06
Weighted average number of common shares outstanding - diluted		4,606,488				4,566,679
Diluted net income per share	$	0.04			$	0.06

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:

	For the nine Months Ended
	September 30,
		2023				2022
Basic and diluted earnings per share calculation:
Net income to common stockholders	$	1,079,239			$	1,309,642
Weighted average number of common shares outstanding - basic		4,552,481				4,521,988
Basic net income per share	$	0.24			$	0.29
Weighted average number of common shares outstanding - diluted		4,610,786				4,560,604
Diluted net income per share	$	0.23			$	0.29

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

 

What were Table Trac, Inc.'s maintenance revenue for the quarter?

Maintenance revenue for the quarter was $1.3M compared to $883K in 2022, an increase of approximately 48%.

How many customer contracts were in backlog as of September 30, 2023?

The company had six customer contracts in backlog as of September 30, 2023, with the anticipation of installing the majority in the next two quarters.

What was the net income for the nine months ending September 30, 2023?

Net income for the nine months ending was $1,079,239.

Where can the 10-Q be found?

The 10-Q can be found @ http://www.sec.gov.