Table Trac Announces Second Quarter 2022 Results

Rhea-AI Summary

Table Trac, Inc. (OTCQX: TBTC) reported its financial results for Q2 2022, showing a revenue increase of approximately $1,012,000, rising to $2,459,014 from $1,447,046 in Q2 2021. The company installed six new systems, expanded customer locations, and recorded the highest number of games installed in a quarter. As of June 30, 2022, there are seven contracts and one expansion in backlog. However, $2,829,200 of installed systems were not recorded as revenue due to collectability issues, affecting financial metrics for the quarter.

Positive

• Revenue for Q2 2022 increased to $2,459,014 from $1,447,046 in 2021, marking a significant growth.
• Installed a record number of games in Q2 2022.
• Seven customer contracts and one expansion in backlog poised for installation within the year.

Negative

• As of June 30, 2022, $2,829,200 of installed systems did not meet revenue recognition criteria due to collectability concerns.

MINNETONKA, Minn., Aug. 11, 2022 (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 quarter ending June 30, 2022.

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

Second Quarter Highlights

• The Company installed six systems at new locations, increased the number games at a current customer and our distributors expanded current locations and installed our system in over 40 new locations during the quarter.
• The Company installed a record number of games during Q2 2022
• The Company had seven customer contracts and one current customer expansion in backlog as of June 30, 2022 that are scheduled for installation before the end of the year.

Financial Results

Revenue for the second quarter of 2022 was $2,459,014 compared to revenue of $1,447,046 in 2021, an increase of approximately $1,012,000.

As of June 30, 2021 the company had a balance of $1,525,391, as a result of contract installations, which did not meet the revenue recognition collectability criterion. Based on management’s collectability review, this amount was not included in accounts receivable and revenue was only recognized as payments were received.   During Q1 of 2022, based on management's ongoing collectability assessment, $1,079,000 of this balance was determined to be collectable and was subsequently reported as revenue and included into accounts receivable.  During the three months ended June 30, 2022, $2,829,200 for systems installed under contract have not been recorded as revenue or included in accounts receivable based on the collectability assessment performed by the Company. A change in the collectability assessment in a future period may allow the Company to recognize revenue prior to collecting cash.

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 June 30, 2022 and 2021:

		For the Three Months Ended
		June 30,
			2022				2021
Basic and diluted earnings per share calculation:
Net income to common stockholders		$	(242,324	)		$	153,635
Weighted average number of common shares outstanding - basic			4,521,988				4,511,988
Basic net income per share		$	(0.05	)		$	0.03
Weighted average number of common shares outstanding - diluted			4,521,988				4,522,075
Diluted net income per share		$	(0.05	)		$	0.03

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the six months ended June 30, 2022 and 2021:

		For the Six Months Ended
		June 30,
			2022			2021
Basic and diluted earnings per share calculation:
Net income to common stockholders		$	1,019,516		$	769,641
Weighted average number of common shares outstanding - basic			4,521,988			4,506,361
Basic net income per share		$	0.23		$	0.17
Weighted average number of common shares outstanding - diluted			4,548,449			4,521,711
Diluted net income per share		$	0.22		$	0.17

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:
Robert Siqveland
Table Trac, Inc.
952-548-8877

FAQ

What was Table Trac's revenue in Q2 2022?

Table Trac's revenue for Q2 2022 was $2,459,014.

How much did Table Trac's revenue increase from Q2 2021 to Q2 2022?

The revenue increased by approximately $1,012,000 from Q2 2021.

What new systems did Table Trac install in Q2 2022?

Table Trac installed six systems at new locations during Q2 2022.

What financial issues did Table Trac face in Q2 2022?

Table Trac could not recognize $2,829,200 in revenue due to collectability issues.

How many customer contracts did Table Trac have in backlog as of June 30, 2022?

Table Trac had seven customer contracts and one current customer expansion in backlog.