Table Trac Announces 3rd Quarter 2014 Results
Company Marks 6th Consecutive Profitable Quarter
For the three months ended September 30, 2014, revenues totaled $870,744 while net income from operations was $55,957 for the 3rd quarter. The major components of revenues, cost of sales, and selling, general and administrative expenses are discussed in the 10Q.
The 10Q can be found at http://www.sec.gov
MINNETONKA, Minn., Nov. 13, 2014 /PRNewswire/ -- Table Trac, Inc. (OTCBB: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, today announced financial results for its third quarter of 2014, marking the 6th consecutive quarter of net income.
Third Quarter Highlights
In the third quarter, the Company completed the installation of one casino management system and provided hardware and software to support several exiting casinos in their expansion efforts in Latin America, the Caribbean and the U.S. At the end of the third quarter, the Company had one casino management system installations in backlog.
During the third quarter the Company signed an international distribution agreement with Toocann Gaming Products to help position the Company and its casino management systems in several Australasian and Asian gaming markets. In addition, the Company engaged a consultant, based in South America, to execute a sales and marketing strategy in key Caribbean, Central and South American gaming jurisdictions. Recently, the Company announced the signing of a new systems contract with the Cool Casino Group for a property in Costa Rica.
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013:
| Three Months Ended |
Nine Months Ended |
||||||||
| 2014 |
2013 |
2014 |
2013 |
||||||
| Basic earnings per share calculation: |
|||||||||
| Net income to common stockholders |
$ |
53,234 |
$ |
155,810 |
$ |
177,286 |
$ |
351,069 |
|
| Weighted average number of common shares outstanding |
4,782,305 |
4,767,305 |
4,777,690 |
4,762,662 |
|||||
| Basic net income per share |
$ |
0.01 |
$ |
0.03 |
$ |
0.04 |
$ |
0.07 |
|
| Diluted earnings per share calculation: |
|||||||||
| Net income |
$ |
53,234 |
$ |
155,810 |
$ |
177,286 |
$ |
351,069 |
|
| Weighted average number of common shares outstanding |
4,782,305 |
4,767,305 |
4,777,690 |
4,762,662 |
|||||
| Common stock equivalents: |
|||||||||
| Stock options |
(1) |
(1) |
(1) |
(1) |
|||||
| Weighted average diluted shares outstanding |
4,782,305 |
4,767,305 |
4,777,690 |
4,762,662 |
|||||
| Diluted net income per share |
$ |
0.01 |
$ |
0.03 |
$ |
0.04 |
$ |
0.07 |
|
| (1) Stock options outstanding of 60,000 were not included in the calculation as they would have been anti-dilutive. |
|||||||||
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 the Caribbean. More information is available at http://www.tabletrac.com/.
Forward Looking Statements
Statements made in this press release, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute "forward-looking statements" within the meaning of the federal securities laws. These certain statements are based on our assumptions and estimates and are subject to risks and uncertainties. You can identify these forward-looking statements by words like "strategy," "expects," "plans," "believes," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. For these statements, we claim the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.
For further information on factors that could impact Table Trac and statements contained in this press release, reference should be made to Table Trac's filings with the Securities and Exchange Commission, including quarterly reports on Forms 10-Q, current reports on Form 8-K and annual reports on Form 10-K. You can access such filings at http://www.sec.gov.
For More Information
Glenn Goulet, CEO
Table Trac, Inc.
952-548-8877
SOURCE Table Trac, Inc.
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