Table Trac Announces First Quarter 2018 Results
MINNETONKA, Minn., May 15, 2018 /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 quarter ending March 31, 2018.
The 10-Q can be found @ http://www.sec.gov
First Quarter Financial Results
Revenues remained flat from $1,100,632 in 2017 to $1,081,268 in 2018, due primarily to fact that no new systems were delivered in the first quarter of 2018.
Ongoing maintenance revenue increased from $545,620 in 2017 to $627,018 in 2018, a 14.9% increase of $81,398 due to high customer retention rate, along with new accounts added over the past year.
The gross margin for the first quarter of 2018 was $777,573 or 71.9% of sales compared with $779,566 or 70.8% of sales in 2017. The increase in gross margin percentage is primarily due to the historically lower mix of hardware sold with the systems that are in deferred revenue.
The net loss for 2018 was $179,836 compared to net loss of $124,372 for 2017, due primarily to fact that no new systems were delivered in the first quarter of 2018.
Deferred revenues – long-term decreased to $2,373,409 at March 31, 2018 from $3,313,772 at December 31, 2017. The balance represents systems which have been installed under contracts that have been signed and invoiced, in most cases, the revenue will be recognized and cash collected monthly over future periods. During the first quarter it was determined that two systems with deposits totaling $564,466 would be installed during the second quarter of 2018, their respective deposits were reclassified from long-term to short-term.
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 March 31, 2018 and 2017: The increase of the weighted shares outstanding is due to the shares granted to the CFO less shares acquired from the repurchase program, which was reinstituted in January 2018.
| For the Three Months Ended |
||||
| 2018 |
2017 |
|||
| Basic and diluted earnings per share calculation: |
||||
| Net income (loss) to common stockholders |
$ |
(179,836) |
$ |
(124,372) |
| Weighted average number of common shares outstanding - basic |
4,486,559 |
4,511,965 |
||
| Basic net income (loss) per share |
$ |
(0.04) |
$ |
(0.03) |
| Weighted average number of common shares outstanding - diluted |
4,532,115 |
4,511,965 |
||
| Diluted net income (loss) per share |
$ |
(0.04) |
$ |
(0.03) |
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
SOURCE Table Trac, Inc.
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