Table Trac, Inc. Announces Year End Results for 2013

MINNETONKA, Minn., March 26, 2014 /PRNewswire/ -- Table Trac, Inc. (OTCQB: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos announced financial results for the year ended December 31, 2013.

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

Year End Highlights

• The Company signed eight new customer contracts in 2013 representing nine casino management system installations. At the end of 2013, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts at 46 casinos worldwide.
• Total revenues increased to $5,322,364 in 2013 compared to $4,782,618 in 2012, and compared to revenues of $2,623,819 in 2011. This represents a 103% two-year turnaround and an 11% increase in revenues year-over-year from 2012 to 2103.
• The Company posted net income of $580,363 in 2013 compared to net income of $24,674 in 2012 and compared to a net loss of $422,957 in 2011.
• The Company continued its investment in technology to enhance its core casino management and table games management systems.
• The Company expanded into several new markets in 2013, including the California tribal gaming market.

Year-to-Date Financial Results

Revenues increased from $4,782,618 in 2012 to $5,322,364 in 2013. The increase of $539,746 was due to new installations which affected 2013 revenues as well as installations which occurred in 2012 and had recurring monthly revenue recognition in 2013.

System sales revenues increased from $2,806,863 in 2012 to $3,394,306 in 2013, a 20.9% increase of $587,443 due to 2013 new system installations as well as 2012 financed contracts which had revenue recognition in 2013.  Recurring maintenance revenue has decreased from $1,118,120 in 2012 to $994,776 in 2013; an 11.0% decrease of $123,344, due to the loss of one customer at the beginning of 2013. Other sales, which include CashIO kiosk sales, promotional kiosk software sales and monthly rental contracts increased from $857,635 in 2012 to $933,282 in 2013, an 8.8% increase of $75,647.

Gross margin for the year ended December 31, 2013 was $3,769,263 or 70.8% of sales as compared to $3,577,892 or 74.8% of sales in 2012. The decrease of gross margin was primarily due to higher other sales in 2013 compared to 2012 which generally have a lower margin. Meanwhile, operating expenses decreased from $3,616,539 in 2012 to $2,965,006 in 2013.  This 18.0% decrease of $651,533 was primarily due to the decrease in subcontracted research and development costs as compared to 2012.

The net income for 2013 was $580,363 compared to $24,674 in 2012; which represents an improvement of $555,689. The basic earnings per share in 2013 was $0.12 compared to $0.01 in 2012.

Net cash flows provided by operating activities for the year ended December 31, 2013 was $439,505 compared with net cash flows used of $214,068 for the year ended December 31, 2012.  The Company had $1,038,288 in cash and cash equivalents as of December 31, 2013, an increase of $428,598 from $609,690 as of December 31, 2012.

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the years ended December 31, 2013 and 2012.

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

SOURCE Table Trac, Inc.