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Table Trac, Inc. Announces Year End Results for 2021Mar 28th, 2022 12:50 EST
MINNETONKA, Minn., March 28, 2022 /PRNewswire/ — 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, 2021.
The 10-K can be found @ http://www.sec.gov
Year End Highlights
- Table Trac was recognized with a 2022 OTCQX Best 50 award which is given to the top 50 companies from the over 500 OTCQX listed companies for their performance during the 2021 calendar year. The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX Best Market.
- Shortlisted at the 2021 Global Gaming Awards for Land based product of the year for KioskTrac and our Mobile app.
- Shortlisted at the 2021 Global Gaming Awards for Land based supplier of the year.
- The CasinoTrac system was installed in ten locations during 2021. At the end of 2021, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts with 100 casino operators in over 265 casinos worldwide.
Year-to-Date Financial Results
Overall revenues increased to $6,966,683 in 2021 from $4,401,441 in 2020 as the casino industry resumed normal business activity a result of the easing of the COVID-19 pandemic.
Total operating expenses decreased from $3,670,912 in 2020 to $3,562,000 in 2021. This decrease was primarily driven by the approximate $523,000 or Employee Retention Credit received during 2021. The company did resume a more normal pattern of marketing, including attending the industry’s gaming and tradeshows.
The net income for 2021 was $1,710,651 compared to net income of $306,893 for 2020.
Net income per share – basic was $0.38/share in 2021 as compared to $0.07/share in 2020.
“2021 for Table Trac Inc was a year of regaining momentum to levels the company had prior to the industry shutdowns and we retained our talented staff during those times, allowing us to quickly return to our course,” said Chad Hoehne, Table Trac’s President & CEO. “We are solidly on the right track, expanding and supplying our customers without interruption with a full schedule of installations coming into 2022.”
Table Trac, Inc CFO Randy Gilbert commented: “As expected, our overall topline was up for the year, which was a direct result of the easing of COVID restrictions. Our sales team is gaining momentum, driving new customers and deepening relationships. We ended 2021 with ten new installations and eight customers in our backlog. We expect most of the backlog to be installed by the end of Q2 2022. Other sales, which included DataTrac and kiosk related products grew 225% compared to 2020 and accounted for more than 8% of our total revenue in 2021. Looking at our costs, the optimization measures we implemented during 2020 and continued throughout all of 2021 have made us a more nimble and efficient organization, reflected by strong margins and reduced operating expenses, we expect to continue this model in 2022.”
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.
For more information: Randy Gilbert Table Trac, Inc. 952-548-8877
SOURCE Table Trac, Inc.