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 $0.20
per share for the same period last year.
The following table provides a reconciliation of the numerators
and denominators used in calculating basic and diluted earnings per
share for the years ended December 31,
2011 and 2010.
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2011
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2010
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Basic earnings (loss) per share
calculation:
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Net income (loss) to common
stockholders
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$
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(422,957)
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$
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124,123
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Weighted average number of
common shares outstanding
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4,652,382
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4,281,523
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Basic net income (loss) per
share
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$
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(0.09)
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$
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0.03
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Diluted earnings (loss) per
share calculation:
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Net income (loss)
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$
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(422,957)
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$
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124,123
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Weighted average number of
common shares outstanding
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4,652,382
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4,281,523
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Common stock
equivalents:
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Stock options
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(1)
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(1)
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Weighted average diluted
shares outstanding
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4,652,382
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4,281,523
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Diluted net income (loss) per
share
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$
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(0.09)
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$
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0.03
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Stock options outstanding of
(1) 70,000 were not included in the calculation as they would
have been anti-dilutive.
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"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.
For More
Information
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Glenn Goulet,
CEO
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Table Trac,
Inc.
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Phone: (952)
548-8877
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SOURCE Table Trac, Inc.