TBTC Table Trac Inc (QX)

MINNETONKA, Minn., March 28, 2013 /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, 2012.

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

Year End Highlights

• The Company signed five new customer contracts in 2012 representing nine casino management system installations; bringing the number of casinos using the Company's CasinoTrac casino management system and TableTrac table games management system to 40.
• Total revenues increased to $4,782,618 as compared to $2,623,819 in 2011, representing an 82.3% increase year-over-year.
• The Company posted net income of $24,674 in 2012 compared to a net loss of $422,957 in 2011.
• The Company signed a dealer agreement with CountR, a worldwide company specializing in cash handling and coinless gaming kiosks for the gaming industry.  The dealer agreement allows for Table Trac to represent CountR's cash handling kiosk product lines in several gaming jurisdictions in the U.S., Central and South America. The agreement also allows for Table Trac to represent CountR's latest gaming innovation, the TiTa, a micro-ticket redemption device designed for table games.
• The Company announced that its latest casino management system was reviewed, tested and approved by Gaming Laboratories International (GLI) as it relates to the standards, rules, and regulations for On-Line Monitoring and Control Systems and Validation Systems in Casinos and Promotional Standards.
• One of Table Trac's casino management systems was approved by the Peruvian government. As such, Table Trac is authorized to provide casinos and slot hall operators with an interconnected computerized system with real-time connectivity to Peru's Ministry of Foreign Trade and Tourism.
• The Company made a significant technology investment into the development of certain proprietary software designed to support the Tipping Point Gaming platform.

Year-to-Date Financial Results

Revenues increased from $2,623,819 on 2011 to $4,782,618 in 2012. The increase of $2,158,799 was due to new installations which affected 2012 revenues as well as installations which occurred in 2011 and had recurring monthly revenue recognition in 2012.

Recurring maintenance revenue has increased from $926,775 in 2011 to $1,118,120 in 2012; a 20.6% increase. Other sales, which include CashIO kiosk sales, promotional kiosk software sales and monthly rental contracts increased from $505,397 in 2011 to $857,635 in 2012; a 69.7% increase of $352,238.

Gross margin for the year ended December 31, 2012 was $3,577,892 or 74.8% of sales compared to $1,938,546 or 73.9% of sales in 2011. The increase was primarily due to higher system sales in 2012 compared to 2011 which generally have a higher margin. Meanwhile, operating expenses increased from $2,678,231 in 2011 to $3,616,539 in 2012. This 35% increase of $938,308 was primarily due to investing in sales and marketing and subcontracting with a third-party for development of new technologies and products.  In addition, there was an increase in the allowance for doubtful accounts in 2012.

The net income (loss) for 2012 was $24,674 compared to ($422,957) for 2011 which represents an improvement of $447,631. The basic earnings (loss) per share in 2012 was $0.01 compared to a ($0.09) in 2011.

The Company used $214,068 in operating activities for the year ended December 31, 2012 compared to $72,412 in 2011, and had $609,690 in cash and cash equivalents as of December 31, 2012 compared to $834,665 as of December 31, 2011.

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, 2012 and 2011.

"In 2012, Table Trac carefully executed on its business plan and increased its customer base, drove higher revenues, and completed several key technology initiatives that now position the Company to offer the exciting Tipping Point Gaming platform to the market," said Glenn Goulet, CEO of Table Trac. "Already in 2013 we have entered into a new market, California, with the contract signings for two new casino management systems. We remain focused on improving all aspects of our business and hope to build on the turn-around milestones of 2012."

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.

For More Information

SOURCE Table Trac, Inc.