Table Trac, Inc. Reports 2024 Second Quarter Earnings
Rhea-AI Summary
Table Trac, Inc. (OTCQX: TBTC) reported its 2024 second quarter earnings, showing significant growth. System revenue for the quarter increased by approximately 125% to $2M, compared to $907K in 2023. Net income rose to $806,570 from $571,380 in the same period last year. The company installed two systems and expanded its presence through distributors. Table Trac has four customer contracts in backlog as of June 30, 2024, with most expected to be installed in the next two quarters.
Earnings per share also improved, with basic EPS increasing to $0.18 from $0.13, and diluted EPS rising to $0.17 from $0.12 year-over-year. For the six-month period, net income slightly decreased to $818,231 from $907,241 in 2023, with both basic and diluted EPS at $0.18 compared to $0.20 in the previous year.
Positive
- System revenue increased by 125% to $2M in Q2 2024
- Net income rose to $806,570 in Q2 2024, up from $571,380 in Q2 2023
- Basic EPS increased to $0.18 from $0.13 year-over-year in Q2
- Diluted EPS rose to $0.17 from $0.12 year-over-year in Q2
- Four customer contracts in backlog as of June 30, 2024
Negative
- Six-month net income decreased to $818,231 from $907,241 year-over-year
- Six-month EPS declined to $0.18 from $0.20 compared to the same period in 2023
News Market Reaction
On the day this news was published, TBTC declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MINNETONKA, Minn., Aug. 13, 2024 (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 six months ending June 30, 2024.
The 10-Q can be found @ http://www.sec.gov
Second Quarter 2024 Highlights
- The Company installed two systems, our distributors expanded our system in new and current locations during the quarter.
- The Company has four customer contracts in backlog as of June 30, 2024. 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 one new contract.
Financial Results
System revenue for the quarter was
Net income for the quarter was
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, 2024 and 2023:
| For the Three Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Basic and diluted earnings per share calculation: | ||||||||
| Net income | $ | 806,570 | $ | 571,380 | ||||
| Weighted average number of common shares outstanding - basic | 4,574,365 | 4,552,450 | ||||||
| Basic net income per share | $ | 0.18 | $ | 0.13 | ||||
| Weighted average number of common shares outstanding - diluted | 4,627,039 | 4,617,648 | ||||||
| Diluted net income per share | $ | 0.17 | $ | 0.12 | ||||
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, 2024 and 2023:
| For the Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Basic and diluted earnings per share calculation: | ||||||||
| Net income to common stockholders | $ | 818,231 | $ | 907,241 | ||||
| Weighted average number of common shares outstanding - basic | 4,574,365 | 4,552,220 | ||||||
| Basic net income per share | $ | 0.18 | $ | 0.20 | ||||
| Weighted average number of common shares outstanding - diluted | 4,615,661 | 4,624,436 | ||||||
| Diluted net income per share | $ | 0.18 | $ | 0.20 | ||||
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
FAQ
What was Table Trac's (TBTC) system revenue for Q2 2024?
How much net income did Table Trac (TBTC) report for Q2 2024?
What was Table Trac's (TBTC) earnings per share for Q2 2024?
How many customer contracts does Table Trac (TBTC) have in backlog as of June 30, 2024?
Did Table Trac (TBTC) install any new systems in Q2 2024?
