{"id":468974,"date":"2021-03-31T15:49:56","date_gmt":"2021-03-31T19:49:56","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=468974"},"modified":"2021-03-31T15:49:56","modified_gmt":"2021-03-31T19:49:56","slug":"table-trac-inc-announces-year-end-results-for-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/table-trac-inc-announces-year-end-results-for-2020\/","title":{"rendered":"Table Trac, Inc. Announces Year End Results for 2020"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">MINNETONKA, Minn.<\/span>, <span class=\"xn-chron\">March 31, 2021<\/span> \/PRNewswire\/ &#8212; Table Trac, Inc. (OTCQX: TBTC),\u00a0a developer and provider of casino information and management systems that automate and monitor the operations of casinos announced financial results for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>.<\/p>\n<p class=\"prntac\">The 10-K can be found @ <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">http:\/\/www.sec.gov<\/a><\/p>\n<p>\n        <b>Year End Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>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. <\/li>\n<li>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. <\/li>\n<li>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. <\/li>\n<li>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&#8217;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. <\/li>\n<\/ul>\n<p>\n        <b>Year-to-Date Financial Results<\/b>\n      <\/p>\n<p>Overall revenues decreased from <span class=\"xn-money\">$7,908,461<\/span> in 2019 to <span class=\"xn-money\">$4,401,441<\/span> in 2020 as a result of the COVID-19 pandemic.<\/p>\n<p>Total operating expenses decreased from <span class=\"xn-money\">$4,528,567<\/span> in 2019 to <span class=\"xn-money\">$3,670,912<\/span> in 2020 a 19% decrease of approximately <span class=\"xn-money\">$860k<\/span>.\u00a0 This decrease was primarily a result of the Company&#8217;s reaction to COVID-19 and cost cutting efforts<\/p>\n<p>The net income for 2020 was <span class=\"xn-money\">$306,893<\/span> compared to net income of <span class=\"xn-money\">$805,265<\/span> for 2019. <\/p>\n<p>\n        <b>Management Commentary<\/b>\n      <\/p>\n<p>&#8220;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.\u00a0 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,&#8221; said <span class=\"xn-person\">Chad Hoehne<\/span>, President &amp; CEO at Table Trac Inc. &#8220;This new patent application showcases our unique approach to providing this technology.&#8221;<\/p>\n<p>\n        <b>Restatement of prior period financial statements<\/b>\n      <\/p>\n<p>The restatement reflects adjustments to correct misstatements related to the accounting treatment of revenue recognition accounting guidance under Topic 606.\u00a0 <\/p>\n<p>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.<\/p>\n<p>Earnings per share was not affected by the restatements.<\/p>\n<p>\n        <b>About Table Trac, Inc.<\/b>\n      <\/p>\n<p>Founded in 1995, Table Trac, Inc. designs, develops and sells casino information and management systems. The company has systems installed in North, South, and <span class=\"xn-location\">Central America<\/span>, <span class=\"xn-location\">Australia<\/span> as well as the Caribbean.\u00a0 More information is available at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3115510-1&amp;h=3744595509&amp;u=http%3A%2F%2Fwww.tabletrac.com%2F&amp;a=http%3A%2F%2Fwww.tabletrac.com%2F\" rel=\"nofollow noopener noreferrer\">http:\/\/www.tabletrac.com\/<\/a>.<\/p>\n<p>\n        <b>Forward Looking Statements<\/b>\n      <\/p>\n<p>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&#8217;s filings with the Securities and Exchange Commission.<\/p>\n<p>\n        <b>For more information:<\/b><br \/>\n        <br \/>\n        <span class=\"xn-person\">Randy Gilbert<\/span><br \/>\n        <br \/>Table Trac, Inc.<br \/>952-548-8877<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CG28645&amp;sd=2021-03-31\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/table-trac-inc-announces-year-end-results-for-2020-301260001.html\">http:\/\/www.prnewswire.com\/news-releases\/table-trac-inc-announces-year-end-results-for-2020-301260001.html<\/a><\/p>\n<p>SOURCE  Table Trac, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CG28645&amp;Transmission_Id=202103311546PR_NEWS_USPR_____CG28645&amp;DateId=20210331\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire MINNETONKA, Minn., March 31, 2021 \/PRNewswire\/ &#8212; Table Trac, Inc. (OTCQX: TBTC),\u00a0a 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, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/table-trac-inc-announces-year-end-results-for-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Table Trac, Inc. Announces Year End Results for 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-468974","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Table Trac, Inc. Announces Year End Results for 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/table-trac-inc-announces-year-end-results-for-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Table Trac, Inc. Announces Year End Results for 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire MINNETONKA, Minn., March 31, 2021 \/PRNewswire\/ &#8212; Table Trac, Inc. (OTCQX: TBTC),\u00a0a 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, &hellip; Continue reading &quot;Table Trac, Inc. 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