Table Trac, Inc. Reports Third Quarter Earnings for 2024
Overview of Financial Performance
Table Trac, Inc. (OTCQX: TBTC), known for developing innovative casino information and management systems, has reported its financial results for the third quarter and the cumulative nine months ending in September 2024. The company is based in Minnetonka and focuses on solutions that enhance the operational management of casinos, thus creating a more efficient gaming environment.
Quarterly Highlights
In the third quarter of 2024, Table Trac installed two new systems, adding to its growing portfolio. As of September 30, 2024, the company had five additional installations in its backlog, with expectations of these contracts being installed in the upcoming quarter. Along with this, Table Trac signed an additional contract, further showcasing the company's ongoing business development efforts.
Financial Results Summary
The revenue for the nine months concluding on September 30, 2024, reached $8 million, marking an impressive increase of approximately 22% compared to $6.6 million in the same period of 2023. Additionally, the gross profit for the third quarter was recorded at $1.8 million, a rise from $1.4 million in the previous year.
Earnings Per Share Details
Calculating Net Income
Table Trac provided a detailed reconciliation of its net income figures, stating that the net income for the three months was $292,379 for 2024 versus $171,988 for the same period in 2023. Breaking down the shares, the weighted average number of common shares outstanding was reported as 4,575,068, resulting in a basic net income per share of $0.06 compared to $0.04 in 2023.
The nine-month figures revealed a net income to common stockholders of $1,110,610 for 2024, contrasted with $1,079,239 in 2023. The basic net income per share for the first nine months stood firm at $0.24, consistent across both years.
About Table Trac, Inc.
Established in 1995, Table Trac, Inc. has consistently developed and marketed advanced information and management systems for the casino industry. With a focus on open architecture, the company's systems like CasinoTrac are designed to seamlessly integrate with various third-party software and hardware options. Key offerings include robust player tracking programs, promotions through kiosks, and strict vault and cage controls.
Table Trac has made significant strides in enhancing its offerings, including the innovative real-time systems that automate gaming table operations. The company currently maintains contracts for ongoing support and maintenance with over 115 casino operators, impacting more than 300 gaming establishments globally.
The company is steadfast in expanding its market presence, continually improving its product line to meet the evolving demands of the gaming sector.
Contact Information
For more information about Table Trac, Inc. or its products, you may contact Randy Gilbert, CFO, at 952-548-8877.
Frequently Asked Questions
What is the primary business of Table Trac, Inc.?
Table Trac, Inc. specializes in developing and providing casino management systems and information solutions to enhance operational efficiencies.
What are the recent financial highlights of Table Trac, Inc.?
In the third quarter of 2024, Table Trac reported a revenue of $8 million, showing a 22% increase from the previous year.
How many installations does the company currently have?
As per the latest report, Table Trac has completed two new installations this quarter and has five in backlog.
Who can I contact for more information about Table Trac?
You can reach out to Randy Gilbert, CFO, at 952-548-8877 for any inquiries related to Table Trac, Inc.
What is the stock ticker for Table Trac, Inc.?
The company is traded on OTCQX under the ticker symbol TBTC.
