MINNETONKA, Minn., May 13, 2011 /PRNewswire/ -- Table Trac, Inc. (OTCQB: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, today announced financial results for its first quarter of 2011.
First Quarter Highlights
During the first quarter of 2011 the Company was engaged in various stages of installation of four casino systems that were in its backlog. Currently, the Company has five casino systems contracts in our backlog that we anticipate completing in second quarter 2011.
In 2010, the Company began offering certain new customers a rental contract. Revenues are billed monthly per game per day basis. There is an option to purchase the system after the rental agreement at a pre-determined residual value. In essence, rental agreements provide a predictable longer term revenue stream which differs from the lump sum recognition that historically results in up and down financial effect from quarter to quarter.
Table Trac is undergoing a corporate rebranding in which the focus is on developing technology enhancements to our current system solutions, increasing customer service and client satisfaction, coupled with a more aggressive sales and marketing effort. The company participated in several industry leading trade shows and conferences in the first quarter, including the Caribbean Gaming Show in Dominican Republic and the National Indian Gaming Association's trade show and conference in Phoenix, Arizona. For the second quarter, the company is planning to participate in the Southern Gaming Summit in Biloxi, Mississippi, CasinoFest in Catoosa, Oklahoma and G2E Asia in Macau, where the company will be showcasing its latest table games management system, Table Trac'.
The Company is currently working with gaming establishments in eight US states, as well as countries in Central and South America offering new systems and expanded service offerings and products for existing customers.
In addition, the company has now hired a very qualified full-time CFO. More on this topic will be outlined in a press release.
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, 2011 and 2010:
ThreeMonthsEnded March 31, | |||||
2011 | 2010 | ||||
Basic earnings per share calculation: | |||||
Net loss to common stockholders | $ | (240,232) | $ | (73,420) | |
Weighted average number of common shares outstanding | 4,586,305 | 4,162,234 | |||
Basic net loss per share | $ | (0.05) | $ | (0.02) | |
Diluted earnings per share calculation: | |||||
Net loss | $ | (240,232) | $ | (73,420) | |
Weighted average number of common shares outstanding | 4,586,305 | 4,162,234 | |||
Common stock equivalents: | |||||
Stock options | (1) | (2) | |||
Weighted average diluted shares outstanding | 4,586,305 | 4,162,234 | |||
Diluted net loss per share | $ | (0.05) | $ | (0.02) | |
Stock options outstanding of (1)70,000 and (2)337,500 were not included in the calculation as they would have been anti-dilutive.
Chad Hoehne, CEO, President & CFO
Table Trac, Inc.
Phone: (952) 548-8877
SOURCE Table Trac, Inc.
