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Table Trac, Inc. (TBTC) reported strong financial results for the year ended December 31, 2023, with a record $7 million in gross profit and a gross margin exceeding 74%. Recurring revenue saw a 42% increase to $4.9 million. The company declared three quarterly dividends of $0.01/share and installed its CasinoTrac system in thirteen locations in 2023. Earnings per share remained strong at $0.35/share, with net income reaching $1,675,717. Table Trac also expanded its product offerings and customer base, aiming to deliver shareholder value and per share earnings.
Positive
- Record $7 million in gross profit with a gross margin exceeding 74%.
- Recurring revenue increased by 42% to $4.9 million.
- Three quarterly dividends of $0.01/share declared and paid.
- Installation of CasinoTrac system in thirteen locations in 2023.
- Earnings per share remained strong at $0.35/share, with net income of $1,675,717.
- Expansion of product offerings and customer base to enhance shareholder value.
MINNETONKA, Minn., March 29, 2024 (GLOBE NEWSWIRE) — 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 year ended December 31, 2023.
The 10-K can be found @ http://www.sec.gov
Year End Highlights
- Record $7 Million in Gross Profit
- Gross Margin percentage exceeds 74%
- Record reoccurring revenue of $4.9 Million a 42% increase over the prior year
- Table Trac declared and paid three quarterly dividends of $0.01/share.
- The CasinoTrac system was installed in thirteen locations during 2023. At the end of 2023, the Company had casino management systems, table games management systems and ancillary products installed with 110 casino operators in over 300 casinos worldwide.
- Table Trac established an office/showroom in Las Vegas
Year-to-Date Financial Results
Earnings per share remained strong at $0.35/share – diluted, which was consistent with 2022.
Recurring revenue accounted for 52.6% of total revenues.
Net Income for 2023 was $1,675,717 compared to $1,624,453 for 2022.
Management Commentary
Table Trac, Inc CFO Randy Gilbert commented: 2023 was another very strong year for Table Trac. We ended the year having installed thirteen new systems, expanding one of our current customers and we currently have four projects in our backlog. We expect most of the backlogged projects to be installed by the end of Q2 2024. Our reoccurring revenue continues to increase. Other sales, which included DataTrac and kiosk related products increased over 9% compared to 2022 and accounted for over 12% of our total revenue in 2023.
“Once again, Table Trac Inc. continues to add product offerings while expanding our customer base. The result is building more ways we can sustain and deliver shareholder value and per share earnings.”, said Chad Hoehne, President & CEO
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, Australia 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.
Table Trac, Inc. reported a record $7 million in gross profit with a gross margin exceeding 74%.
Table Trac, Inc. saw a 42% increase in recurring revenue to $4.9 million.
Table Trac, Inc. maintained strong earnings per share at $0.35/share.
Table Trac, Inc. declared and paid three quarterly dividends of $0.01/share in 2023.
Table Trac, Inc. installed the CasinoTrac system in thirteen locations in 2023.
Table Trac, Inc. reported a net income of $1,675,717 for 2023.
Table Trac, Inc. established an office/showroom in Las Vegas in 2023.
OTC:TBTC
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Casinos (except Casino Hotels)
Arts, Entertainment, and Recreation
Electronic Equipment/Instruments, Electronic Technology, Arts, Entertainment, and Recreation, Casinos (except Casino Hotels)
About TBTC
today’s gaming markets are highly competitive so having the edge is critical to success. streamline your casino gaming operations with casinotrac™, the most affordable, secure and scalable casino management system on the market today. now processing millions of transactions daily at upwards of 50 casinos worldwide. the casinotrac™ casino management system by table trac, inc. provides operators with full functionality from accounting and revenue audits to players club and promotions.
