TBTC Table Trac Inc (QX)

MINNETONKA, Minn., March 29, 2012 /PRNewswire/ -- Table Trac, Inc. (OTCQB: 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, 2011.

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

Year End Highlights

• The Company signed four new customers in 2011 representing five casino management system sales and completed eight casino management system installations; bringing the number of casinos using the Company's CasinoTrac casino management system and TableTrac table games management system to 35.
• Total revenues decreased from $3,024,653 in 2010 to $2,623,819 in 2011.
• Recurring revenues have increased by 62% or roughly $59,000 per month from December 2010 to 2011.
• The Company announced a distribution agreement with Tipping Point Gaming, LLC for the PlayItVision™ system, a universal picture-in-picture style marketing and media delivery platform right at the point of play.
• The Company submitted its latest casino management system to an independent gaming laboratory for industry standards testing.
• The Company restructured its senior management team, including the hiring of Brian Hinchley as Chief Financial Officer and elevating Glenn Goulet to Chief Executive Officer.
• The Company elected two new, independent board members, Louis Fornetti and Gary Loebig and elected Steven A. Browne chairman.  The Board consists of three independent members and two insiders.

Year-to-Date Financial Results

Total revenues decreased from $3,024,653 in 2010 to $2,623,819 in 2011.  The decrease of 13.2% or $400,834 was due to the fact that although we installed our casino management systems at five operating entities in 2011, two of the systems installed at the end of 2011 are being recognized monthly over multiple years due to the contract extended payment terms not meeting the criteria for immediate revenue recognition.

Maintenance revenue has increased slightly from $925,704 in 2010 to $926,775 in 2011. Other sales, which includes monthly rental and contracts recognized monthly over multiple years has increased from $441,074 in 2010 to $505,397 in 2011, an increase of $64,323 or 14.6%.

Gross profit for the year ended December 31, 2011 was $1,938,546, or 73.9% of sales, compared to gross profit of $2,321,347 or 76.7% gross margin, in the comparable period last year.  

Total operating expenses for the year ended December 31, 2011 were $2,678,231, an increase of 19.6% compared with $2,238,412 in 2010.  This increase of $439,819 was primarily due to investing in the areas of technology development and sales and marketing. Meanwhile, an increase in total wages of $246,450 was due to additional employees in 2011, but was partially offset by a decrease of $13,180 in amounts paid contractors for services rendered.

The net income (loss) for 2011 was ($422,957) compared to $124,123 for the same period last year; which is a decrease of $547,080. The basic earnings (loss) per share in 2011 was ($0.09) compared to $0.03 in 2010.

The Company used $72,412 in operating cash flow in the full-year-period ended December 31, 2011, and had $834,665 in cash and cash equivalents, or $0.18 per share, as of December 31, 2011 compared to $935,301 or $0.20 per share for the same period last year.  

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the years ended December 31, 2011 and 2010.

"In fiscal year 2011 we increased our customer base, strengthened senior management, defined our technology initiatives, and began the process of having our technologies reviewed by independent gaming laboratories," said Glenn Goulet, CEO of Table Trac. "Already in 2012 we have sold and installed two new gaming systems in two new markets, Nevada and Bonaire in the Dutch Antilles.  Since 2010 we have installed casino management systems in 15 casinos worldwide bringing the number of casinos using Table Trac to thirty-seven. We are focused on improving all aspects of our business, with the expected outcome of improved returns for our shareholders."

The Company will host a conference call beginning at 4:00 p.m. ET (3:00 p.m. CT) on Friday, March 30, 2012. The call is open to the general public.

The conference call number is 877-652-0046 domestic or 706-679-3897 international.  The conference ID code is 65606114.

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

Statements made in this press release, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute "forward-looking statements" within the meaning of the federal securities laws. These certain statements are based on our assumptions and estimates and are subject to risks and uncertainties. You can identify these forward-looking statements by words like "strategy," "expects," "plans," "believes," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. For these statements, we claim the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.  For further information on factors that could impact Table Trac and statements contained in this press release, reference should be made to Table Trac's filings with the Securities and Exchange Commission, including quarterly reports on Forms 10-Q, current reports on Form 8-K and annual reports on Form 10-K. You can access such filings at http://www.sec.gov.

SOURCE Table Trac, Inc.