Table Trac, Inc. Announces Year End Results for 2021

Rhea-AI Summary

Table Trac, Inc. (OTCQX: TBTC) reported strong financial results for the year ending December 31, 2021. Revenues increased to $6.97 million, up from $4.40 million in 2020, as the casino industry rebounded. The company achieved a net income of $1.71 million compared to $306,893 previously, with earnings per share rising to $0.38. Operating expenses decreased to $3.56 million, aided by Employee Retention Credits. Table Trac installed its casino management systems in ten locations during 2021, supporting over 100 casino operators across 265 casinos globally.

Positive

• Revenue increased to $6.97 million in 2021, up from $4.40 million in 2020.
• Net income rose to $1.71 million, significantly higher than $306,893 in 2020.
• Earnings per share improved to $0.38 compared to $0.07 in 2020.
• Operating expenses decreased to $3.56 million, supported by Employee Retention Credits.
• Ten new casino management systems were installed in 2021.
• Table Trac supports over 100 casino operators in more than 265 casinos worldwide.

Negative

• None.

MINNETONKA, Minn., March 28, 2022 /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, 2021.

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

Year End Highlights

• Table Trac was recognized with a 2022 OTCQX Best 50 award which is given to the top 50 companies from the over 500 OTCQX listed companies for their performance during the 2021 calendar year.  The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX Best Market.
• Shortlisted at the 2021 Global Gaming Awards for Land based product of the year for KioskTrac and our Mobile app.
• Shortlisted at the 2021 Global Gaming Awards for Land based supplier of the year.
• The CasinoTrac system was installed in ten locations during 2021. At the end of 2021, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts with 100 casino operators in over 265 casinos worldwide.

Year-to-Date Financial Results

Overall revenues increased to $6,966,683 in 2021 from $4,401,441 in 2020 as the casino industry resumed normal business activity a result of the easing of the COVID-19 pandemic.

Total operating expenses decreased from $3,670,912 in 2020 to $3,562,000 in 2021.  This decrease was primarily driven by the approximate $523,000 or Employee Retention Credit received during 2021.  The company did resume a more normal pattern of marketing, including attending the industry's gaming and tradeshows.

The net income for 2021 was $1,710,651 compared to net income of $306,893 for 2020.

Net income per share – basic was $0.38/share in 2021 as compared to $0.07/share in 2020.

Management Commentary

"2021 for Table Trac Inc was a year of regaining momentum to levels the company had prior to the industry shutdowns and we retained our talented staff during those times, allowing us to quickly return to our course," said Chad Hoehne, Table Trac's President & CEO. "We are solidly on the right track, expanding and supplying our customers without interruption with a full schedule of installations coming into 2022."   

Table Trac, Inc CFO Randy Gilbert commented: "As expected, our overall topline was up for the year, which was a direct result of the easing of COVID restrictions. Our sales team is gaining momentum, driving new customers and deepening relationships. We ended 2021 with ten new installations and eight customers in our backlog. We expect most of the backlog to be installed by the end of Q2 2022.  Other sales, which included DataTrac and kiosk related products grew 225% compared to 2020 and accounted for more than 8% of our total revenue in 2021. Looking at our costs, the optimization measures we implemented during 2020 and continued throughout all of 2021 have made us a more nimble and efficient organization, reflected by strong margins and reduced operating expenses, we expect to continue this model in 2022."

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

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SOURCE Table Trac, Inc.

FAQ

What were Table Trac's financial results for 2021?

Table Trac reported revenues of $6.97 million and net income of $1.71 million for 2021.

How much did Table Trac's revenue increase from 2020 to 2021?

The revenue increased from $4.40 million in 2020 to $6.97 million in 2021.

What was Table Trac's net income per share for 2021?

The net income per share for Table Trac in 2021 was $0.38.

Did Table Trac reduce its operating expenses in 2021?

Yes, operating expenses decreased to $3.56 million in 2021 from $3.67 million in 2020.

How many new installations did Table Trac achieve in 2021?

Table Trac installed ten new casino management systems in 2021.