Table Trac, Inc., announced financial results for the year ended December 31, 2019.
Year End Highlights
- The CasinoTrac system was installed in 27 locations during 2019. At the end of 2019, 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 160 casinos worldwide.
- During 2019, the Company delivered product with a value of approximatelyĀ $4,460,000Ā on new contracts at the respective contract dates. ApproximatelyĀ $2,500,000Ā of the revenue for these system sales will be recognized in future periods. As a result, those contracts, along with the related maintenance, are expected to add approximatelyĀ $97,000Ā each month to the existing recurring revenue.
- The company signed an exclusivity contract with the Japanese company, BroadBand Security Inc., inĀ Tokyo, to rebrand, adapt and market their casino management system (CMS) to the developing Japanese gaming market.
Year-to-Date Financial Results
Revenues from service and other sales increased fromĀ $229,704Ā in 2018 toĀ $1,415,947Ā in 2019.
Ongoing maintenance revenue increased fromĀ $2,635,122Ā in 2018 toĀ $2,829,740Ā in 2019, a 7% increase of approximatelyĀ $195k, due to high customer retention along with new accounts added during 2019.
Total operating expenses increased fromĀ $4,611,097Ā in 2018 toĀ $4,853,767Ā in 2019 a 4.7% increase of approximatelyĀ $219k.Ā This increase was primarily a result of the Company’s increased sales and marketing efforts
The net income for 2019 wasĀ $805,998Ā compared to net income ofĀ $514,965Ā for 2018.
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, andĀ Central America, as well as the Caribbean.Ā More information is available atĀ http://www.tabletrac.com/.
SOURCE Table Trac, Inc.
