Table Trac, Inc. Announces Year End Results for 2020

Rhea-AI Summary

Table Trac, Inc. (OTCQX: TBTC) announced its year-end financial results for 2020, revealing a decrease in revenues to $4,401,441 from $7,908,461 in 2019 due to the COVID-19 pandemic. The net income also declined to $306,893 from $805,265. Despite these downturns, the company installed its CasinoTrac system at 10 new locations, bringing total installations to 110 operators in over 170 casinos globally. Table Trac was granted a patent for a new system facilitating touchless monetary management, reflecting innovation amid the pandemic.

Positive

• Installed CasinoTrac system in 10 new locations, totaling 110 operators.
• Granted a patent for touchless monetary management at gaming machines.
• Introduced Dynamic Auto Social Distancing solution for COVID-19 safety.

Negative

• Revenues dropped to $4,401,441 from $7,908,461, a decrease of approximately 44%.
• Net income declined to $306,893 from $805,265, reflecting significant financial impact.

MINNETONKA, Minn., March 31, 2021 /PRNewswire/ -- 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 year ended December 31, 2020.

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

Year End Highlights

• The CasinoTrac system was installed in 10 locations during 2020. At the end of 2020, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts with 110 casino operators in over 170 casinos worldwide.
• The United States Patent Office granted Table Trac, Inc. a patent for SYSTEMS AND METHODS OF FACILITATING INTERACTIONS BETWEEN AN ELECTRONIC GAMING MACHINE, GAME PLAYER, AND A CONTROL SYSTEM, a patent providing for touchless secure monetary management at gaming machines.
• Announce the affirming response to its proprietary and patent-pending Dynamic Auto Social Distancing (DASD) solution. DASD helps to automate social distancing at games and supports the enhanced sanitization protocols and guidelines in light of the Covid-19 pandemic. Table Trac was the first to develop and deploy these advanced technology solutions in live gaming casinos to help safely reopen those casinos.
• With the geometric growth of player rewards kiosks in casinos, Table Trac dedicated more resources to the development and deployment of promotional kiosks across multiple gaming platforms. The resources will assist in the development of CasinoTrac's integrated and stand-alone player rewards kiosk software, KioskTrac. These efforts will lead to the expansion of current promotional offerings and functionality available through the player rewards kiosk to CasinoTrac and other gaming systems customers.

Year-to-Date Financial Results

Overall revenues decreased from $7,908,461 in 2019 to $4,401,441 in 2020 as a result of the COVID-19 pandemic.

Total operating expenses decreased from $4,528,567 in 2019 to $3,670,912 in 2020 a 19% decrease of approximately $860k.  This decrease was primarily a result of the Company's reaction to COVID-19 and cost cutting efforts

The net income for 2020 was $306,893 compared to net income of $805,265 for 2019.

Management Commentary

"In a transformative period for our business and the world, we finished the year strong and are well-positioned to meet our long-term growth goals.  During this year, Table Trac Inc has been responsive in providing gaming floor technologies to address concerns raised in the era of COVID-19, including Dynamic Auto Social Distancing software and Clean/Disinfect shutoff and mapping software for our CasinoTrac CMS system customers," said Chad Hoehne, President & CEO at Table Trac Inc. "This new patent application showcases our unique approach to providing this technology."

Restatement of prior period financial statements

The restatement reflects adjustments to correct misstatements related to the accounting treatment of revenue recognition accounting guidance under Topic 606. 

There was no impact on cash as a result of these misstatements, and as such, the statement of cash flows for the corresponding adjustments reflects an adjustment to net income and to the balance sheet items, resulting in no change to cash flows from operations for all periods impacted.

Earnings per share was not affected by the restatements.

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, Australia 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:
Randy Gilbert
Table Trac, Inc.
952-548-8877

View original content:http://www.prnewswire.com/news-releases/table-trac-inc-announces-year-end-results-for-2020-301260001.html

SOURCE Table Trac, Inc.

FAQ

What were the total revenues for Table Trac, Inc. in 2020?

Table Trac, Inc. reported total revenues of $4,401,441 for the year 2020.

How did Table Trac's net income change from 2019 to 2020?

Net income decreased from $805,265 in 2019 to $306,893 in 2020.

What new technology did Table Trac deploy in 2020?

Table Trac introduced the Dynamic Auto Social Distancing (DASD) solution to help maintain safety in casinos.

How many new CasinoTrac systems were installed in 2020?

The CasinoTrac system was installed in 10 new locations during 2020.

What is the significance of the patent granted to Table Trac?

The patent covers touchless secure monetary management at gaming machines.