Table Trac Announces Third Quarter 2019 Results
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PR Newswire
MINNETONKA, Minn., Nov. 13, 2019
MINNETONKA, Minn., Nov. 13, 2019 /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, 2019.
The 10-Q can be found @ http://www.sec.gov
Third Quarter Highlights
- Licensing agreement signed with BroadBand Security for the Japanese market
- The Company's reseller in Australia continued installing systems
- The Company delivered four systems during the quarter.
- The Company has one new customer contracts in backlog as of September 30, 2019 that are scheduled for delivery in the fourth quarter of 2019.
Third Quarter Financial Results
Revenues were $2,438,819 in 2019 compared to $2,329,681 in 2018.
Ongoing maintenance revenue increased from $684,738 in 2018 to $735,023 in 2019, a 7.3% increase of approximately $50,000 due to an increasing number of maintenance customers.
The gross margin for the third quarter of 2019 was $2,066,934 compared with $1,746,921 in 2018, an 18.3% increase of approximately $320,000.
The net income for 2019 was $531,035 compared to net income of $464,408 for 2018.
The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018, respectively:
For the Three Months Ended | For the Nine Months Ended | ||||||||
2019 | 2018 | 2019 | 2018 | ||||||
Basic and diluted earnings per share calculation: | |||||||||
Net income to common stockholders | $ | 531,035 | $ | 464,408 | $ | 805,752 | $ | 695,109 | |
Weighted average number of common shares outstanding - basic | 4,493,777 | 4,468,602 | 4,497,435 | 4,474,531 | |||||
Basic net income per share | $ | 0.12 | $ | 0.10 | $ | 0.18 | $ | 0.16 | |
Weighted average number of common shares outstanding - diluted | 4,500,862 | 4,475,982 | 4,503,138 | 4,482,148 | |||||
Diluted net income per share | $ | 0.12 | $ | 0.10 | $ | 0.18 | $ | 0.16 | |
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
Table Trac, Inc.
952-548-8877
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SOURCE Table Trac, Inc.
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