Table Trac, Inc. Announces Year End Results for 2015

MINNETONKA, Minn., March 30, 2016 /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, 2015.

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

Year End Highlights

• The Company signed nineteen new customer contracts in 2015 and expanded the Company's presence California, Iowa, Oklahoma, and Colombia. At the end of 2015, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts with 71 casino operators worldwide.
• During 2015, the Company delivered product with a value exceeding $3,400,000 for new contracts at the respective contract dates.  However, nearly $2,000,000 of the revenue for these system sales was deferred, and will be recognized in future periods, since a substantial amount is not due within 12 months.  As a result, those contracts, along with the related maintenance, will add more than $100,000 each month to the existing recurring revenue which, as of December 31^st, was at the highest point in company history.

Year-to-Date Financial Results
Revenues increased from $3,478,580 in 2014 to $3,766,041 in 2015.  The increase of $287,461 was due to larger installations in 2015 compared to 2014.

Ongoing maintenance revenue increased from $1,339,829 in 2014 to $1,688,024 in 2015, a 24.5% increase of $348,195, due to high customer retention rate along with new accounts added during 2015.

The gross margin in 2015 was $2,683,317 or 71.3% of sales compared with $2,842,906 or 81.7% in 2014.  The decrease of gross margin was primarily due to the mix of hardware and software sold with the systems in 2015.

Total operating expenses increased from $2,865,759 in 2014 to $3,393,688 in 2015.  This 18.4% increase of $527,929 was primarily due to additional contractor fees related to the expansion in Colombia, offset by bad debt recovery during 2014.

The net loss for 2015 was $399,271 compared to net income of $33,290 for 2014 due primarily to the 2015 long-term contracts that will have revenues and margins recognized in future periods.

Deferred revenues – long-term increased to $2,890,467 in 2015 from $1,090,746 in 2014.  The balance represents systems which have been installed under contracts that have been signed and invoiced, but revenue will be recognized and cash collected monthly over multiple years.  The increase of $1,799,721 in 2015 represents multiple contracts that were signed and installed during the year, combined with the contracts installed in 2014, which had deferred revenue remaining as of December 31, 2015.

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for years ended December 31, 2015 and 2014:  The decrease of the weighted shares outstanding is due to the repurchase program, which began in December 2014.

In 2014, stock options outstanding of 10,000 were not included in the calculation as the stock exercise price is greater than the fair market price.

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