Table Trac, Inc. Announces Year End Results for 2016

MINNETONKA, Minn., March 29, 2017 /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, 2016.

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

Year End Highlights

• The Company signed twelve new customer contracts in 2016, expanded the Company's presence in California, and Oklahoma, and delivered its first systems in Texas and Washington. At the end of 2016, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts with 77 casino operators worldwide.
• During 2016, the Company delivered product with a value exceeding $3,900,000 for new contracts at the respective contract dates. However, nearly $1,400,000 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 approximately $73,000 each month to the existing recurring revenue which, as of December 31^st, was at the highest point in company history.
• The company also received gaming licenses in Colorado and Nevada, which will allow the pursuit of sales in these territories.

Year-to-Date Financial Results

Revenues increased from $3,766,041 in 2015 to $5,836,382 in 2016.  The 54.9% increase of $2,070,341 was due to larger installations in 2016 compared to 2015, with more revenue being recognized immediately and an increase in maintenance revenue compared to 2015.

Revenues from systems sales increased from $2,046,599 in 2015 to $3,735,383 in 2016, an 82.5% increase of $1,688,784 compared to 2015.

Ongoing maintenance revenue increased from $1,688,024 in 2015 to $1,998,912 in 2016, an 18.4% increase of $310,888, due to high customer retention rate along with new accounts added during 2016.

The gross margin in 2016 was $4,180,143 or 71.6% of sales compared with $2,683,317 or 71.3% in 2015. 

Total operating expenses increased from $3,393,688 in 2015 to $3,976,211 in 2016.  This 17.2% increase of $582,523 was primarily due to the expense of obtaining gaming licenses in the states of Colorado and Nevada.

The net income for 2016 was $142,851 compared to net loss of $399,271 for 2015, which is an increase of $542,122.

Deferred revenues – long-term decreased to $2,745,081 in 2016 from $2,890,467 in 2015.  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 decrease of $145,386 in 2016 represents multiple contracts that were signed and installed during the year, combined with the contracts installed in prior years, which had deferred revenue remaining as of December 31, 2016.  While the deferred revenues – long-term decreased slightly, they continue to provide a strong financial foundation to the company each month.

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, 2016 and 2015:  The decrease of the weighted shares outstanding is due to the repurchase program, which began in December 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