MINNETONKA, Minn., Nov. 13, 2023 (GLOBE NEWSWIRE) — Table Trac, Inc. (OTCQX: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, announced financial results for the three and nine months ending September 30, 2023.
The 10-Q can be found @ http://www.sec.gov
Third Quarter 2023 Highlights
- The Company installed four systems and our distributors expanded our system in new and current locations during the quarter.
- The Company had six customer contracts in backlog as of September 30, 2023. The company anticipates that the majority of these contracts will be installed in the next two quarters. As of the filing date of this report, the Company has signed two new contracts.
Financial Results
Maintenance revenue for the quarter was $1.3M compared to $883K in 2022, an increase of approximately 48%.
Gross profit for the nine months ending was $5.16M as compared to $4.98M in 2022.
Net income for the nine months ending was $1,079,239 as compared to $1,309,642 in 2022.
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, 2023 and 2022:
| For the Three Months Ended | |||||||
| September 30, | |||||||
| 2023 | 2022 | ||||||
| Basic and diluted earnings per share calculation: | |||||||
| Net income | $ | 171,998 | $ | 290,126 | |||
| Weighted average number of common shares outstanding – basic | 4,552,988 | 4,521,988 | |||||
| Basic net income per share | $ | 0.04 | $ | 0.06 | |||
| Weighted average number of common shares outstanding – diluted | 4,606,488 | 4,566,679 | |||||
| Diluted net income per share | $ | 0.04 | $ | 0.06 | |||
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| For the nine Months Ended | |||||||
| September 30, | |||||||
| 2023 | 2022 | ||||||
| Basic and diluted earnings per share calculation: | |||||||
| Net income to common stockholders | $ | 1,079,239 | $ | 1,309,642 | |||
| Weighted average number of common shares outstanding – basic | 4,552,481 | 4,521,988 | |||||
| Basic net income per share | $ | 0.24 | $ | 0.29 | |||
| Weighted average number of common shares outstanding – diluted | 4,610,786 | 4,560,604 | |||||
| Diluted net income per share | $ | 0.23 | $ | 0.29 | |||
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 Australia and 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:
Randy Gilbert, CFO
Table Trac, Inc.
952-548-8877