Table Trac Announces Third Quarter 2022 Results

Rhea-AI Summary

Table Trac, Inc. (OTCQX: TBTC) reported robust financial results for the third quarter and nine months ended September 30, 2022. Revenue surged by 59% year-over-year to approximately $2.3 million for Q3 2022 and increased by 60% to $8.1 million for the nine-month period. The company expanded operations with installations at new locations and an increase in games for existing customers. As of September 30, 2022, ten system contracts were in backlog, indicating sustained growth opportunities.

Positive

• Revenue for Q3 2022 increased by 59% to $2,301,328 year-over-year.
• Revenue for the nine months ended September 30, 2022, rose by 60% to $8,112,167 compared to 2021.
• The company installed three systems at new locations and expanded current locations during Q3 2022.
• Ten system contracts and one system expansion were in backlog as of September 30, 2022.

Negative

• None.

MINNETONKA, Minn., Nov. 10, 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 three and nine months ending September 30, 2022.

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

Third Quarter Highlights

• The Company installed three systems at new locations, increased the number games at a current customer and our distributors expanded current locations and installed our system in over 30 new locations during the quarter.
• The Company had ten system contracts and one current system expansion in backlog as of September 30, 2022 which are scheduled for installation over the next six months.

Financial Results

Revenue for the third quarter of 2022 was $2,301,328 compared to revenue of $1,449,881 in 2021, an increase of approximately $850,000, or 59%.

Revenue for the nine months ending September 30, 2022 was $8,112,167 compared to revenue of $2,301,329 for the same period in 2021, an increase of approximately $3,000,000 or 60%.

The following table provides the numerators and denominators used in calculating basic and diluted earnings per share for the three months ended September 30, 2022 and 2021:

		For the Three Months Ended
		September 30,
		2022			2021
Basic and diluted earnings per share calculation:
Net income		$	290,126		$	186,811
Weighted average number of common shares outstanding - basic			4,521,988			4,511,988
Basic net income per share		$	0.06		$	0.04
Weighted average number of common shares outstanding - diluted			4,566,679			4,526,115
Diluted net income per share		$	0.06		$	0.04

The following table provides the numerators and denominators used in calculating basic and diluted earnings per share for the nine months ended September 30, 2022 and 2021:

		For the Nine Months Ended
		September 30,
		2022			2021
Basic and diluted earnings per share calculation:
Net income		$	1,309,648		$	956,453
Weighted average number of common shares outstanding - basic			4,521,988			4,508,258
Basic net income per share		$	0.29		$	0.21
Weighted average number of common shares outstanding - diluted			4,560,604			4,522,694
Diluted net income per share		$	0.29		$	0.21

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
Table Trac, Inc.
952-548-8877

FAQ

What are the financial results for Table Trac, Inc. (TBTC) for Q3 2022?

In Q3 2022, Table Trac, Inc. reported a revenue of $2,301,328, a 59% increase from $1,449,881 in Q3 2021.

How much did Table Trac, Inc. (TBTC) earn in the first nine months of 2022?

For the nine months ending September 30, 2022, Table Trac, Inc. generated revenue of $8,112,167, reflecting a 60% increase from $2,301,329 in the same period of 2021.

What operational expansions did Table Trac, Inc. (TBTC) achieve in Q3 2022?

During Q3 2022, Table Trac, Inc. installed three systems at new locations and increased the number of games at existing locations.

What is the backlog status for Table Trac, Inc. (TBTC) as of September 30, 2022?

As of September 30, 2022, Table Trac, Inc. had ten system contracts and one system expansion in backlog scheduled for installation over the next six months.