Table Trac has reported its third quarterly results and nine-month results for 2023, revealing a 20.2% decrease in revenue – down to $1.8m when compared to the same period in 2022.
Additionally, for the three months ended 30 September 2023, of that revenue, system revenue dropped from $1.1m to $211,775; maintenance revenue increased from $882,861 to $1.3m and service, and other revenues increased by 7% to $318,171.
Income from operations also more than halved to $115,141, dropping 66.3% year-on-year.
Furthermore, net income also dropped drastically from $290,126 to $171,998.
This led to a decrease in gross profit dropping 2% to $1.4m when compared to Q3 2022.
Overall, total cost of sales dropped by 50.5% to $428,800. Meanwhile, maintenance slightly rose from $225,179 to $239,609.
During this period, net income per share also decreased from $0.06 to $0.04.
During the nine months, revenue dropped from $8.1m to $$6.6m. Cost of sales decreased from $3.1m to $1.4m, resulting in a gross profit increase of 3.5% to $5.2m.
Breaking down this revenue during the nine months, system revenue dropped from $4.8m to $1.9m; maintenance revenue increased from $2.5m to $3.8m; and service and other revenue also increased from $812,872 to $884,692.
However, despite the slight increase in gross profit, net income dropped from $1.3m to $1.1m during the nine-month period. Additionally, diluted net income per share dropped from $0.29 to $0.23.
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