Table Trac Announces Third Quarter 2020 Results

12/11/2020 09:55

MINNETONKA, Minn., Nov. 12, 2020 /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 quarter ending September 30, 2020.

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

Third Quarter Highlights

The Company delivered two systems and expanded the systems of two existing customers during the quarter.
The Company had three new customer contracts in backlog as of September 30, 2020 that are scheduled for delivery in the fourth quarter of 2020.

Second Quarter Financial Results

Net Income for the third quarter of 2020 was $78,861 compared to income of $531,035 in 2019, a decrease of approximately $450,000. This decrease is due in part to the COVID-19 induced industry slowdown.

Operating expenses for the third quarter of 2020 were $843,781 compared with $1,339,984 in 2019, a decrease of approximately $496,000. This decrease is a direct result of the COVID-19 related decreases in sales and marketing activity.

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 September 30, 2020 and 2019:

		For the Three Months Ended September 30,
		For the Three Months Ended September 30,
		2020		2019
Basic and diluted earnings per share calculation:
Net income to common stockholders	$	78,861	$	531,035
Weighted average number of common shares outstanding - basic		4,486,788		4,493,777
Basic net income per share	$	0.02	$	0.12
Weighted average number of common shares outstanding - diluted		4,494,785		4,500,862
Diluted net income per share	$	0.02	$	0.12

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the nine months ended September 30, 2020 and 2019:

		For the nine Months Ended June 30,
		For the nine Months Ended June 30,
		2020		2019
Basic and diluted earnings per share calculation:
Net income to common stockholders	$	111,247	$	805,753
Weighted average number of common shares outstanding - basic		4,486,788		4,497,435
Basic net income per share	$	0.02	$	0.18
Weighted average number of common shares outstanding - diluted		4,495,569		4,503,138
Diluted net income per share	$	0.02	$	0.18

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

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