Table Trac Announces Third Quarter 2017 Results

MINNETONKA, Minn., Nov. 13, 2017 /PRNewswire/ -- Table Trac, Inc. (OTCQB: TBTC), a developer and provider of information and management systems that automate and monitor the operations of gaming facilities, announced financial results for the quarter ending September 30, 2017.

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

Third Quarter Highlights

• The Company delivered seven casino management systems during the quarter, and had one new customer contract in backlog as of September 30, 2017 that has subsequently been delivered.
  
  
• The Company entered the Maryland market with two installations during the third quarter.
  
  
• The Company received formal approval of completion of field trials in Nevada during August.

Third Quarter Financial Results

Revenues for the third quarter increased from $1,159,530 in 2016 to $1,862,684 in 2017.  The 60.6% increase of $703,154 was due to the installation of the seven systems during the third quarter of 2017, compared to the same period in 2016, in which the Company delivered one system and deferred most of the revenue for that system delivered.  Most of the revenues for five of the installations in 2017 were deferred to future periods, since a substantial amount is not due within 12 months.

Ongoing maintenance revenue increased from $524,029 in 2016 to $559,624 in 2017, a 6.8% increase of $35,595 due to high customer retention rate, along with new accounts added over the past year.

The gross margin for the third quarter of 2017 was $1,298,031 or 69.7% of sales compared with $780,701 or 67.3% of sales in 2016. 

Total operating expenses were $888,105 in 2017 compared to $882,201 in 2016, a 0.7% increase of $5,904. 

The net income for the third quarter of 2017 was $272,049 compared to a net loss of $74,613 for the third quarter 2016.

Deferred revenues – long-term increased to $3,191,517 at September 30, 2017 from $2,745,081 at December 31, 2016.  The balance represents systems which have been installed under contracts that have been signed and invoiced, but the revenue will be recognized and cash collected monthly over future periods. 

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, 2017 and 2016:  The decrease of the weighted shares outstanding is due to the repurchase program, which began in December 2014.

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 130 sites throughout North, South, and Central America, as well as 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:
Brian Hinchley
Table Trac, Inc.
952-548-8877

SOURCE Table Trac, Inc.