Table Trac, Inc. Announces Third Quarter 2011 Financial Results
For the three months ended September 30, 2011, revenues totaled $968,833 compared to $959,102 for 2010. For the three months ended September 30, 2011, the Company reported a profit from operations of $52,931 compared to $57,209 for 2010. The major components of revenues, cost of sales, and selling, general and administrative expenses are discussed in the 10Q.
The 10Q can be found @ http://www.sec.gov
MINNETONKA, Minn., Nov. 14, 2011 /PRNewswire/ -- Table Trac, Inc. (OTCQB: 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 2011.
Third Quarter Highlights
During the third quarter of 2011 the Company completed one casino management system installation in Curacao in the Netherlands Antilles. Following this installation, the Company ended the quarter with no system contracts 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 third quarter the Company announced a strategic distribution agreement with Nevada-based Tipping Point Gaming, LLC for the PlayItVision™ system, a universal picture-in-picture style marketing and media delivery platform right at the point of play. PlayItVision provides players and operators with a menu of information, service and promotions right at the point of play through the main gaming machine video. When players insert their players club card into the machine, a player-user-interface, customized to meet the casinos' needs appears on the main game screen where operators can enhance the players club experience, provide unique bonus features, accept additional wagers from other gaming systems and ultimately enhance player loyalty and operators profits.
The Company also showcased its products and technologies at the Oklahoma Indian Gaming Association trade show and conference in Tulsa.
As previously stated, in 2010, the Company began offering certain new customers a rental contract. Revenues are billed monthly based on a per game per day basis. There is an option to purchase the system after the rental agreement at a pre-determined residual value. In essence, rental agreements provide a predictable longer term revenue stream which differs from the single payment recognition that results in the historical up and down financial effect from quarter to quarter. The Company currently has three customers under rental contracts.
The Company has casino management systems operational in gaming establishments in six 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 September 30, 2011 and 2010:
Three Months Ended September 30, |
|||||
2011 |
2010 |
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Basic earnings (loss) per share calculation: |
|||||
Net income (loss) to common stockholders |
$ |
45,569 |
$ |
43,852 |
|
Weighted average number of common shares outstanding |
4,699,892 |
4,254,533 |
|||
Basic net income (loss) per share |
$ |
0.01 |
$ |
0.01 |
|
Diluted earnings (loss) per share calculation: |
|||||
Net income (loss) |
$ |
45,569 |
$ |
43,852 |
|
Weighted average number of common shares outstanding |
4,699,892 |
4,254,533 |
|||
Common stock equivalents: |
|||||
Stock options |
(1) |
312,684 |
|||
Weighted average diluted shares outstanding |
4,699,892 |
4,567,217 |
|||
Diluted net income (loss) per share |
$ |
0.01 |
$ |
0.01 |
|
Stock options outstanding of (1) 70,000 were not included in the calculation as they would have been anti-dilutive. |
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The Company will host a conference call beginning at 4:30 p.m. ET (3:30 p.m. CT) on Monday, November 14, 2011. 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 25971214.
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.
Glenn Goulet, CEO |
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Table Trac, Inc. |
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Phone: (952) 548-8877 |
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SOURCE Table Trac, Inc.
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