Table Trac Announces Second Quarter 2016 Results

MINNETONKA, Minn., Aug. 11, 2016 /PRNewswire/ -- Table Trac, Inc. (OTCPink: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, announced financial results for the quarter ending June 30, 2016.

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

Second Quarter Highlights

• The Company signed three new customer contracts during the quarter, and delivered five systems with an aggregate value of approximately $1,853,000.  Roughly $867,000 of the revenue for these system sales will be recognized in future periods, since a substantial amount is not due within 12 months.  These contracts, along with the related maintenance, will add to the existing recurring revenue, which was at the highest point in company history as of June 30th.
• The value of the two contracts in backlog as of June 30th was approximately $732,000 with delivery scheduled for the third quarter of 2016.  Some revenue from some of these contracts will be recognized immediately, while some will be recognized in future quarters.
• The Company repurchased 10,500 shares during the quarter and held 136,469 shares in its treasury as of June 30, 2016.

Year-to-Date Financial Results

Revenues increased from $2,073,619 in 2015 to $2,861,171 in 2016.  The increase of $787,552 was due to more projects installed in 2016, compared to the 2015.

Ongoing maintenance revenue increased from $781,429 in 2015 to $962,673 in 2016, a 23.2% increase of $181,244 due to high customer retention rate along with new accounts added over the past year.

The gross margin in 2016 was $2,102,685 or 73.5% of sales compared with $1,422,773 or 68.6% in 2015.  The increase of gross margin was primarily due to the mix of hardware and software sold with the systems in 2016.

Total operating expenses increased from $1,614,397 in 2015 to $2,006,035 in 2016.  This 24.3% increase of $391,638 was primarily due to the cost of the process of attaining state licenses during the first six months of 2016.

The net income for 2016 was $78,298 compared to net loss of $107,620 for 2015, due primarily to the number of contracts delivered in the first six months of 2016.

Deferred revenues – long-term increased to $3,949,364 at June 30, 2016 from $2,890,467 at December 31, 2015.  The balance represents systems which have been installed under contracts that have been signed and invoiced, but the revenue will be recognized and cash collected monthly over multiple years.  The increase of $1,058,897 represents multiple contracts that were signed and installed during 2016, combined with the contracts installed previously, which had deferred revenue remaining as of June 30, 2016.

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, 2016 and 2015:  The decrease of the weighted shares outstanding is due to the repurchase program, which began in December 2014.

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 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:
Brian Hinchley
Table Trac, Inc.
952-548-8877

SOURCE Table Trac, Inc.