Table Trac, Inc. Announces Year End Results for 2014

MINNETONKA, Minn., March 30, 2015 /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, 2014.

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

Year End Highlights

• The Company signed three new customer contracts in 2014 and expanded the Company's presence into California and Costa Rica. At the end of 2014, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts at 52 casinos worldwide.
• On December 23, 2014, the Company's Board of Directors approved a program for the repurchase of its outstanding shares of common stock in private transactions and in the open market.

Year-to-Date Financial Results

Revenues decreased from $5,322,364 in 2013 to $3,478,580 in 2014.  The decrease of $1,843,784 was due to fewer installations in 2014 as a result of some contracts that were postponed to 2015.

Ongoing maintenance revenue increased from $994,776 in 2013 to $1,339,829 in 2014, a 34.7% increase of $345,053, due to high customer retention rate along with new accounts added during 2013.

The gross margin in 2014 was $2,842,906 or 81.7% of sales compared with $3,769,263 or 70.8% of sales in 2013.  The increase of gross margin was primarily due to less other sales noted above in 2014 compared to 2013 which generally have a lower margin.

Total operating expenses decreased from $2,965,006 in 2013 to $2,865,759 in 2014.  This 3.3% decrease of $99,247 was primarily due a bad debt expense from 2013 that was recovered in 2014.

The net income for 2014 was $33,290 compared to $580,363 for 2013, which is a decrease of $547,073.

Net cash used in financing activities was ($51,343) during the year ended December 31, 2014, compared to ($10,907) for the same period in 2013. This change of $40,436 was caused primarily by the repurchase of commons stock in 2014 compared to none in 2013.

The Company's cash position at December 31, 2014 was $1,208,201, an increase of $169,913 from $1,038,288 at December 31, 2013.

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, 2014 and 2014.  The increase of the weighted shares outstanding is due to the repurchase program being initiated in December 2014, while 7,500 shares were issued in June 2014.

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.

Related Links

http://www.tabletrac.com