Table Trac, Inc. Reports Year End Results for 2023

Rhea-AI Summary

Table Trac, Inc. (TBTC) reported strong financial results for the year ended December 31, 2023, with a record $7 million in gross profit and a gross margin exceeding 74%. Recurring revenue saw a 42% increase to $4.9 million. The company declared three quarterly dividends of $0.01/share and installed its CasinoTrac system in thirteen locations in 2023. Earnings per share remained strong at $0.35/share, with net income reaching $1,675,717. Table Trac also expanded its product offerings and customer base, aiming to deliver shareholder value and per share earnings.

Positive

• Record $7 million in gross profit with a gross margin exceeding 74%.
• Recurring revenue increased by 42% to $4.9 million.
• Three quarterly dividends of $0.01/share declared and paid.
• Installation of CasinoTrac system in thirteen locations in 2023.
• Earnings per share remained strong at $0.35/share, with net income of $1,675,717.
• Expansion of product offerings and customer base to enhance shareholder value.

Negative

• None.

MINNETONKA, Minn., March 29, 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 year ended December 31, 2023.

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

Year End Highlights

• Record $7 Million in Gross Profit
• Gross Margin percentage exceeds 74%
• Record reoccurring revenue of $4.9 Million a 42% increase over the prior year
• Table Trac declared and paid three quarterly dividends of $0.01/share.
• The CasinoTrac system was installed in thirteen locations during 2023. At the end of 2023, the Company had casino management systems, table games management systems and ancillary products installed with 110 casino operators in over 300 casinos worldwide.
• Table Trac established an office/showroom in Las Vegas

Year-to-Date Financial Results

Earnings per share remained strong at $0.35/share – diluted, which was consistent with 2022.

Recurring revenue accounted for 52.6% of total revenues.

Net Income for 2023 was $1,675,717 compared to $1,624,453 for 2022.

Management Commentary

Table Trac, Inc CFO Randy Gilbert commented: 2023 was another very strong year for Table Trac. We ended the year having installed thirteen new systems, expanding one of our current customers and we currently have four projects in our backlog. We expect most of the backlogged projects to be installed by the end of Q2 2024. Our reoccurring revenue continues to increase. Other sales, which included DataTrac and kiosk related products increased over 9% compared to 2022 and accounted for over 12% of our total revenue in 2023.

“Once again, Table Trac Inc. continues to add product offerings while expanding our customer base. The result is building more ways we can sustain and deliver shareholder value and per share earnings.”, said Chad Hoehne, President & CEO

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.

FAQ

What was Table Trac, Inc.'s gross profit for the year ended December 31, 2023?

Table Trac, Inc. reported a record $7 million in gross profit with a gross margin exceeding 74%.

How much was the increase in recurring revenue for Table Trac, Inc. in 2023?

Table Trac, Inc. saw a 42% increase in recurring revenue to $4.9 million.

What was the earnings per share for Table Trac, Inc. in 2023?

Table Trac, Inc. maintained strong earnings per share at $0.35/share.

How many quarterly dividends did Table Trac, Inc. declare and pay in 2023?

Table Trac, Inc. declared and paid three quarterly dividends of $0.01/share in 2023.

How many locations were the CasinoTrac system installed in by Table Trac, Inc. in 2023?

Table Trac, Inc. installed the CasinoTrac system in thirteen locations in 2023.

What was Table Trac, Inc.'s net income for 2023?

Table Trac, Inc. reported a net income of $1,675,717 for 2023.

Where did Table Trac, Inc. establish an office/showroom in 2023?

Table Trac, Inc. established an office/showroom in Las Vegas in 2023.