In a nutshell, Table Trac Inc reported a net income of $46,365,479 for the quarter ending March 31, 2024. Their total assets increased to $250,000,000, and their total liabilities increased to $47,639,645. The company’s revenue for the quarter was $47,639,645, with a gross profit of $46,365,479. Their net income margin was 10.1%, and their return on equity was 10.1%.
Forward-Looking Statements
Some statements made in this report are forward-looking statements that reflect the company’s current plans, expectations, assumptions and projections about future events. Actual results could differ materially due to various risk factors.
Company Overview
Table Trac, Inc. is a Nevada corporation that has developed a proprietary casino management system called Table Trac. This system automates and monitors casino table games. The company continues to increase market share by expanding offerings to include new features and ancillary products.
First Quarter 2024 Financial Results
Revenues totaled $2,020,795 for Q1 2024, compared to $2,302,410 for Q1 2023. The company delivered two new systems, expanded an existing customer, and the exclusive supplier installed systems in multiple locations in Australia during Q1 2024.
Revenue by Product Line
Product | Q1 2024 Revenue | % of Total Q1 2024 Revenue |
---|---|---|
Systems | $552,500 | 27% |
Maintenance | $255,370 | 13% |
Services & Other | $1,212,925 | 60% |
Total | $2,020,795 | 100% |
Cost of sales rose to $544,201 in Q1 2024 from $421,841 in Q1 2023 due to more installations and fewer cash payments from customers. Gross profit was 73.1% of revenue in Q1 2024 compared to 81.7% in Q1 2023 due to increased maintenance labor costs.
These expenses decreased to $1,489,022 in Q1 2024 from $1,543,786 in Q1 2023 due to lower payroll costs.
Q1 2024 net income was $11,661 compared to $335,861 in Q1 2023. Lower gross profit margins and a tax provision of $63,000 contributed to the decline.
Backlog
The company had 2 incomplete installation projects in its backlog as of March 31, 2024 compared to 5 projects in the prior year period. Additional contracts have been signed since then.
Liquidity & Capital Resources
The company believes it has adequate cash to meet obligations and continue operations for at least 12 months. Cash and equivalents totaled $4,496,840 on March 31, 2024. Cash from operations rose to $1,025,634 in Q1 2024 from $432,017 in Q1 2023 due to working capital improvements.
Outlook
Table Trac serves gaming establishments in 17 U.S. states and several foreign countries. It aims to pursue further opportunities and partnerships to continue expanding market share. Lower Q1 profits appear temporary given new contracts signed. The proprietary technology and diverse product offerings position Table Trac for future growth.