Table Trac, Inc. Announces First Quarter 2012 Financial Results
For the three months ended March 31, 2012, revenues totaled $795,488 compared to $321,351 for 2011. For the three months ended March 31, 2012, the loss from operations was $175,629 compared to $404,272 for 2011.The major components of revenues, cost of sales, and selling, general and administrative expenses are discussed in the 10-Q.
The 10Q can be found @ http://www.sec.gov
MINNETONKA, Minn., May 11, 2012 /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 first quarter of 2012.
First Quarter Highlights
The Company signed two new contracts in the first quarter of 2012 and entered two new markets; Bonaire in the Dutch Antiles and Nevada. The Company has completed both of these installations and currently has one system installation in backlog. The Company's backlog generally consists of future system installations and expansion of offerings for currently installed and supported systems.
Also in the first quarter the Company announced a strategic distribution agreement with CountR, a worldwide market leader in developing cash handling and cash management systems for the casino gaming industry. This International Dealer Agreement positions Table Trac, Inc. as the sole and exclusive dealer of several innovative products from CountR, including the automated CAION and CashIO cash handling and coinless gaming redemption kiosks. The agreement also provides Table Trac with distribution rights for CountR's latest innovative technology, the TiTa®, a micro ticket redemption and issuing device that can be used at table games; along with RODI, a new and scalable advertising and information platform that provides digital signage through a centrally-managed administrative system.
In the first quarter, the Company continued to have its systems and technologies reviewed by independent testing laboratories and expect these reviews to be finalized in the second quarter. Completing these initiatives competitively positions the Company, its products and technologies. The Company also increased its research and development efforts to bring new technologies and products to market quicker.
At the end of the first quarter, the Company had casino management systems operational in 37 gaming establishments in seven U.S. states, as well as countries in Central and South America and the Caribbean.
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three months ended March 31, 2012 and 2011:
| Three Months Ended March 31, |
||||
| 2012 |
2011 |
|||
| Basic earnings per share calculation: |
||||
| Net loss to common stockholders |
$ |
(97,155) |
$ |
(240,232) |
| Weighted average number of common shares outstanding |
4,704,305 |
4,586,305 |
||
| Basic net loss per share |
$ |
(0.02) |
$ |
(0.05) |
| Diluted earnings per share calculation: |
||||
| Net loss |
$ |
(97,155) |
$ |
(240,232) |
| Weighted average number of common shares outstanding |
4,704,305 |
4,586,305 |
||
| Common stock equivalents: |
||||
| Stock options |
(1) |
(2) |
||
| Weighted average diluted shares outstanding |
4,704,305 |
4,586,305 |
||
| Diluted net loss per share |
$ |
(0.02) |
$ |
(0.05) |
| Stock options outstanding of (1) 70,000 and (2) 337,500 were not included in the calculation as they would have been anti-dilutive. |
||||
The Company will host a conference call beginning at 4:30 pm ET (3:30 pm CT) on Monday, May 14th. The call is open to the general public.
The conference call number is 877-652-0046 domestic or 706-679-3897 international. The conference ID code is 81142028. The call is open to the general public.
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. |
|
| Phone: (952) 548-8877 |
SOURCE Table Trac, Inc.
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