MINNETONKA, Minn., Nov. 14, 2016 /PRNewswire/ -- Table Trac, Inc. (OTCPink: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, announced financial results for the quarter ending September 30, 2016.
The 10-Q can be found @ http://www.sec.gov
Third Quarter Highlights
- The Company signed two new customer contracts during the quarter, and delivered one system. Most of the revenue for this system sale will be recognized in future periods, since a substantial amount is not due within 12 months. This contract, along with the related maintenance, will add to the existing recurring revenue, which was at the highest point in company history as of September 30, 2016.
- The Company had three contracts in backlog, as of September 30, 2016 that are scheduled for delivery in the fourth quarter of 2016. Some revenue from these contracts will be recognized immediately, while some will be recognized in future quarters.
- The Company repurchased 15,800 shares during the quarter, and held 152,269 shares in its treasury as of September 30, 2016.
- During the quarter, the Company was granted a Manufacturer and Distributor license by the Nevada Gaming Commission. The license approval will allow the Company to pursue business with casinos in Nevada.
Year-to-Date Financial Results
Revenues increased from $2,885,461 in 2015 to $4,020,700 in 2016. The increase of $1,135,239 was due to more projects installed in 2016, compared to 2015.
Ongoing maintenance revenue increased from $1,222,443 in 2015 to $1,486,702 in 2016, a 21.6% increase of $264,259 due to high customer retention rate, along with new accounts added over the past year.
The gross margin in 2016 was $2,883,386 or 71.8% of sales compared with $1,979,706 or 68.6% in 2015. The increase of gross margin was primarily due to the mix of hardware and software sold with the systems in 2016.
Total operating expenses increased from $2,455,742 in 2015 to $2,886,408 in 2016. This 17.5% increase of $430,666 was primarily due to the cost of the process of attaining state licenses during the first nine months of 2016.
The net income for 2016 was $3,685 compared to net loss of $278,494 for 2015, due primarily to the number of contracts delivered in the first nine months of 2016.
Deferred revenues – long-term increased to $4,052,469 at September 30, 2016 from $2,890,467 at December 31, 2015. 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 multiple years. The increase of $1,162,002 represents multiple contracts that were signed and installed during 2016, combined with the contracts installed previously, which had deferred revenue remaining as of September 30, 2016.
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, 2016 and 2015: The decrease of the weighted shares outstanding is due to the repurchase program, which began in December 2014.
For the Nine Months Ended |
||||
2016 |
2015 |
|||
Basic and diluted earnings per share calculation: |
||||
Net income (loss) to common stockholders |
$ |
3,685 |
$ |
(278,494) |
Weighted average number of common shares outstanding |
4,518,103 |
4,615,812 |
||
Basic and diluted net income (loss) per share |
$ |
0.00 |
$ |
(0.06) |
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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