Table Trac Announces Third Quarter 2015 Results
MINNETONKA, Minn., Nov. 13, 2015 /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 2015.
For the three months ended September 30, 2015, revenues totaled $811,841 compared to $870,744 for the same period in 2014, a decrease of 6.8%. Net loss from operations was $284,411 for the three months ended September 30, 2015 compared to a net income from operations of $55,957 for the same period in 2014.
For the nine months ended September 30, 2015, revenues totaled $2,885,461 compared to $2,946,256 for the same period in 2014, a decrease of 2.1%. Net loss from operations was $476,036 for the nine months ended September 30, 2015 compared to a net income from operations of $206,937 for the same period in 2014.
As of September 30, 2015 deferred revenue was $2,785,399 which is an increase of $1,694,653 from the balance of $1,090,746 at December 31, 2014.
During the nine month period ending September 30, 2015, the Company repurchased 170,849 shares, and retired 50,000 of those shares.
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
Third Quarter Highlights
In the third quarter, the Company delivered one system, and continued to install systems in South America. Most of the revenue for the projects delivered during the quarter was deferred, and will be recurring revenue in future periods.
As of November 13, 2015, the Company also has two signed contracts in the process of delivery.
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, 2015 and 2014:
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||
| 2015 |
2014 |
2015 |
2014 |
||||||
| Basic earnings per share calculation: |
|||||||||
| Net income (loss) to common stockholders |
$ |
(170,873) |
$ |
53,234 |
$ |
(278,494) |
$ |
177,286 |
|
| Weighted average number of common shares outstanding |
4,573,759 |
4,782,305 |
4,615,812 |
4,777,690 |
|||||
| Basic net income (loss) per share |
$ |
(0.04) |
$ |
0.01 |
$ |
(0.06) |
$ |
0.04 |
|
| Diluted earnings per share calculation: |
|||||||||
| Net income (loss) |
$ |
(170,873) |
$ |
53,234 |
$ |
(278,494) |
$ |
177,286 |
|
| Weighted average number of common shares outstanding |
4,573,759 |
4,782,305 |
4,615,812 |
4,777,690 |
|||||
| Common stock equivalents: |
|||||||||
| Stock options |
(a) |
(b) |
(a) |
(b) |
|||||
| Weighted average diluted shares outstanding |
4,573,759 |
4,782,305 |
4,615,812 |
4,777,690 |
|||||
| Diluted net income (loss) per share |
$ |
(0.04) |
$ |
0.01 |
$ |
(0.06) |
$ |
0.04 |
|
| Stock options outstanding of (a) 10,000 and (b) 60,000 were not included in the calculation as the stock expense price is greater than the fair market price. |
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
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.
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