Table Trac posts $7m in gross profit for 2023
The Minnesota-based company opened an additional Las Vegas office during the year.
Table Trac has released its end-of-year business and financial results for 2023. The company reported the highest annual gross profit in its history.
Gross profit for 2023 reached $7m, while Table Trac’s gross margin exceeded 74% for the year.
Along with its gross profit results, Table Trac posted an all-time high in reoccurring revenue, which increased by 42% year-over-year. Reoccurring revenue for the year totaled $4.9m.
Regarding business results, Table Trac successfully installed its casino management system, CasinoTrac in 13 locations during 2023.
CasinoTrac was designed so that it can be adapted to suit multiple entertainment and gaming environments, including those that are considered Class III gaming centers, which offer players access to game terminals that have the look and feel of slot machines.
The company elaborated on its expansion in a statement, “At the end of 2023, the Company had casino management systems, table games management systems and ancillary products installed with 110 casino operators in over 300 casinos worldwide.
Table Trac also set up a showroom and office in Las Vegas during the year.
President and CEO Chad Hoehne commented on last year’s results by saying, “Once again, Table Trac Inc. continues to add product offerings while expanding our customer base.
“The result is building more ways we can sustain and deliver shareholder value and per share earnings.”
CFO Randy Gilbert described 2023 as a successful year and commented on some of Table Trac’s goals for 2024.
He said, “We ended the year having installed 13 new systems, expanding one of our current customers and we currently have four projects in our backlog.
“We expect most of the backlogged projects to be installed by the end of Q2 2024. Our reoccurring revenue continues to increase. Other sales, which included DataTrac and kiosk related products increased over 9% compared to 2022 and accounted for over 12% of our total revenue in 2023.”
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