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Tuesday, December 06, 2005

Table Trac (TBTC) Q1 to Q3

3,831,534 shares, 4,112,377 diluted.
AR skyrocketed to $128K from $26K.
Deferred revenue liability of $100K appeared.
Equity increased to $98K from $51K

Revenue actually down to $166K from $274K (I wish I knew the split between installation revenue and continuing revenue).
61% of revenue went to AR.
COGS decreased only slightly in comparison.
Operating expense nearly doubled to $114K. This was needed for additional support.
Net income: $33.6K (a bit less than 1 cent per share)

Cash flow from ops was about zero.
No financing, investing was trivial.

8 casinos are 98% of revenues.
Two systems sold in Q1 (four were sold in Q1 2004).

share count unchanged.
Cash jumped up to $107K from $30K.
AR doubled again to $265K
Inventory dropped.
AP dropped to about zero.
Deferred revenue liability jumped another $57K to $157K.
Equity doubled to $236K

Massive increase in revenue to $454K due to new system installations. (again, need split between one-time install revenue and continuing revenue)
COGS jumped to $118K
Gross profit: $336K
Operating expense went up about what I'd expect.
Net profit: $139K (3.4 cents per share diluted)
remember there's no taxes here
Still 30% of revenues went to AR (better than Q1)

Cash flow from ops was $74K (not good, but better)
No finance activity.
Same minor investing activity with warrant conversion (no additional dilution, it's old stuff).
No capex all this time?

Nine customers are 100% of revenues for the 6 months.
Total of 3 system installations for the year.

share count increased to 3,959,034
Cash drops back down to $88K.
AR is up only slightly to $285K, but deferred revenue is gone, so it's worse than it looks.

Equity up to $374K
Revenues increased slightly from Q2 to $462K
COGS remained about the same
Gross profit: $348K
remember, no tax here
Net profit: $138K (3.3 cents per diluted share)
Dilution still remains unchanged.

Negative cash flow from ops during Q3, mostly due to deferred revenue disappearing. So in reality, they're still selling stuff largely on credit.

No financing.
Same investing warrant conversion.

Ten customers (10 casinos total) are 100% of revenues for the 9 months. One new system installed.
Continued efforts to expand the Company's sales through marketing are ongoing. Development to expand the products offered, and expand the functionality of existing products have been ongoing. Predicted revenues from the development efforts in 2004 on new product offerings have been realized in 2005.
So they're saying they made whatever money they're going to make with the current product set?

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