Table Trac, Inc. Reports 2023 First Quarter Earnings

/EIN News/ -- MINNETONKA, Minn., May 12, 2023 (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 three months ending March 31, 2023.

The 10-Q can be found @ http://www.sec.gov

First Quarter 2023 Highlights

• The Company installed one system at a new customer location, expanded the services at an existing customer and our distributors expanded our system in new and current locations during the quarter.
  
• The Company had five customer contracts in backlog as of March 31, 2023. The company anticipates that the majority of these contracts will be installed in the next two quarters. As of the filing date of this report, the Company has signed two new contracts with an existing customer.

First Quarter 2023 Financial Results

Maintenance revenue for the quarter was $1.2M compared to $799K in 2022, an increase of approximately 51%.

Service and other revenue for the quarter was $274K compared to $177K in 2022, an increase of approximately 58%.

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, 2023 and 2022:

	For the Three Months Ended
	March 31,
	2023			2022
Basic and diluted earnings per share calculation:
Net income	$	335,861		$	1,261,840
Weighted average number of common shares outstanding - basic		4,551,988			4,521,988
Basic net income per share	$	0.07		$	0.28
Weighted average number of common shares outstanding - diluted		4,626,930			4,596.037
Diluted net income per share	$	0.07		$	0.27

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 Australia and 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, CFO
Table Trac, Inc.
952-548-8877