Table Trac Announces Second Quarter 2017 Results

MINNETONKA, Minn., Aug. 14, 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 June 30, 2017.

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

Second Quarter Highlights

• The Company delivered two systems during the quarter and three existing customers purchased additional products from the Company. 
• The Company had four new customer contracts in backlog as of June 30, 2017 that are scheduled for delivery in the third quarter of 2017.  Some of the revenues from these new contracts will be recognized immediately, while most of the revenues will be recognized in future quarters.
• The Company received approval from the Maryland Lottery and Gaming Agency that will allow the Company to install its management system in gaming facilities throughout the state upon the successful signing of Purchase Agreements with the various gaming facilities.

Second Quarter Financial Results

Revenues increased from $1,921,800 in 2016 to $2,183,787 in 2017.  The 13.6% increase of $261,987 was due to the installation of the two systems during the second quarter of 2017, along with three existing customers purchasing additional products, compared to the same period in 2016, in which the Company delivered five systems and deferred the revenues for two of those systems delivered.

Ongoing maintenance revenue increased from $499,020 in 2016 to $550,363 in 2017, a 10.3% increase of $51,343 due to high customer retention rate, along with new accounts added over the past year.

The gross margin for the second quarter of 2017 was $1,429,856 or 65.5% of sales compared with $1,262,901 or 65.7% of sales in 2016. 

Total operating expenses were $1,192,708 in 2017 compared to $954,488 in 2016, a 24.9% increase of $238,220.  However, the second quarter 2017 operating expenses were elevated primarily due to a bad debt expense during the quarter, and ongoing expenses related to licensing in new territories.

The net income for the second quarter of 2017 was $164,988 compared to $215,204 for second quarter 2016.

Deferred revenues – long-term decreased slightly to $2,661,837 at June 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 six months ended June 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 122 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.

Related Links

http://www.tabletrac.com