Table Trac has published its financial results for 2021. The supplier reported a total of almost $7m in revenue for the year ending December 31.
Last year’s revenue increased by almost 63% from 2020. The company attributed the increase to the casino industry returning to normal business functions during the pandemic.
Table Trac President and CEO Chad Hoehne said: "2021 for Table Trac Inc. was a year of regaining momentum to levels the company had prior to the industry shutdowns and we retained our talented staff during those times, allowing us to quickly return to our course.
“We are solidly on the right track, expanding and supplying our customers without interruption with a full schedule of installations coming into 2022."
Net income during 2021 reached $1.7m, almost five times the net income generated the previous year. The company also reported that its net income per share was more than five times the amount from 2020, climbing to $0.38 per share.
Table Trac CFO Randy Gilbert said: "As expected, our overall topline was up for the year, which was a direct result of the easing of Covid restrictions. Our sales team is gaining momentum, driving new customers and deepening relationships.”
Table Trac also experienced expansion during 2021. The company installed its CasinoTrac system in 10 locations during the fiscal year.
“We ended 2021 with 10 new installations and eight customers in our backlog. We expect most of the backlog to be installed by the end of Q2 2022. Other sales, which included DataTrac and kiosk related products grew 225% compared to 2020 and accounted for more than 8% of our total revenue in 2021,” said Gilbert.
“Looking at our costs, the optimization measures we implemented during 2020 and continued throughout all of 2021 have made us a more nimble and efficient organization, reflected by strong margins and reduced operating expenses, we expect to continue this model in 2022."
