Table Trac, Inc. Announces Year End Results for 2020
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MINNETONKA, Minn., March 31, 2021 /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, 2020.
The 10-K can be found @ http://www.sec.gov
Year End Highlights
- The CasinoTrac system was installed in 10 locations during 2020. At the end of 2020, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts with 110 casino operators in over 170 casinos worldwide.
- The United States Patent Office granted Table Trac, Inc. a patent for SYSTEMS AND METHODS OF FACILITATING INTERACTIONS BETWEEN AN ELECTRONIC GAMING MACHINE, GAME PLAYER, AND A CONTROL SYSTEM, a patent providing for touchless secure monetary management at gaming machines.
- Announce the affirming response to its proprietary and patent-pending Dynamic Auto Social Distancing (DASD) solution. DASD helps to automate social distancing at games and supports the enhanced sanitization protocols and guidelines in light of the Covid-19 pandemic. Table Trac was the first to develop and deploy these advanced technology solutions in live gaming casinos to help safely reopen those casinos.
- With the geometric growth of player rewards kiosks in casinos, Table Trac dedicated more resources to the development and deployment of promotional kiosks across multiple gaming platforms. The resources will assist in the development of CasinoTrac's integrated and stand-alone player rewards kiosk software, KioskTrac. These efforts will lead to the expansion of current promotional offerings and functionality available through the player rewards kiosk to CasinoTrac and other gaming systems customers.
Year-to-Date Financial Results
Overall revenues decreased from $7,908,461 in 2019 to $4,401,441 in 2020 as a result of the COVID-19 pandemic.
Total operating expenses decreased from $4,528,567 in 2019 to $3,670,912 in 2020 a 19% decrease of approximately $860k. This decrease was primarily a result of the Company's reaction to COVID-19 and cost cutting efforts
The net income for 2020 was $306,893 compared to net income of $805,265 for 2019.
"In a transformative period for our business and the world, we finished the year strong and are well-positioned to meet our long-term growth goals. During this year, Table Trac Inc has been responsive in providing gaming floor technologies to address concerns raised in the era of COVID-19, including Dynamic Auto Social Distancing software and Clean/Disinfect shutoff and mapping software for our CasinoTrac CMS system customers," said Chad Hoehne, President & CEO at Table Trac Inc. "This new patent application showcases our unique approach to providing this technology."
Restatement of prior period financial statements
The restatement reflects adjustments to correct misstatements related to the accounting treatment of revenue recognition accounting guidance under Topic 606.
There was no impact on cash as a result of these misstatements, and as such, the statement of cash flows for the corresponding adjustments reflects an adjustment to net income and to the balance sheet items, resulting in no change to cash flows from operations for all periods impacted.
Earnings per share was not affected by the restatements.
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 GilbertTable Trac, Inc.952-548-8877
SOURCE Table Trac, Inc.
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