Business
TransAct Technologies Reports Preliminary First Quarter 2020 Financial Results
2020 First Quarter Net Sales of $10.2 Million Food Service Technology Revenues up 13% on a Year-Over-Year Basis Revolving Credit Facility and PPP Loan
About this update from Transact Technologies Incorporated
[{"type":"text","content":"\n2020 First Quarter Net Sales of $10.2 Million\n\n\nFood Service Technology Revenues up 13% on a Year-Over-Year Basis\n\n\nRevolving Credit Facility and PPP Loan Provide Operational Liquidity\n\n HAMDEN, Conn.--(BUSINESS WIRE)--\nTransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”), a global leader in software-driven technology and printing solutions for high-growth markets, today reported preliminary operating results for the quarter ended March 31, 2020.\n\n\n“While the economic headwinds and disruptions in the quarter had an undeniable effect on our results, we are pleased with the upward trajectory of our Food Service Technology revenues prior to the industry disruptions that have occurred as a result of the COVID-19 crisis. We continue to be excited by the momentum of our BOHA! solution and the long-term opportunities it provides us,” said Bart C. Shuldman, Chairman and CEO of TransAct. “Unfortunately, COVID-19 is still causing massive disruptions across the world with widespread closures, and we expect this to continue to negatively impact our casino and gaming business as well as most restaurant and food service locations for the foreseeable future. While it is difficult to predict the magnitude of the impact that the spread of the virus and the associated stay at home orders will have on our customers and our business, we are confident in the steps we have taken to help us manage through these turbulent times.”\n\n\nFirst Quarter 2020 Financial Highlights\n\n\n\nNet Sales: Net Sales for the first quarter of 2020 were $10.2 million, down 11% compared to $11.6 million for the first quarter of 2019.\n\n\nGross Profit: Gross profit for the first quarter of 2020 was $4.9 million, resulting in gross margin of 48.0%, compared to gross profit of $6.1 million in the first quarter of 2019, which resulted in a 52.7% gross margin.\n\n\nOperating income (loss): Operating loss for the first quarter of 2020 was $1.3 million, compared to operating income of $0.8 million in the first quarter of 2019.\n\n\nNet income (loss): Net loss for the first quarter of 2020 was $1.0 million, or $0.13 net loss per share, based on 7.5 million diluted weighted average common shares outstanding. Net income for the comparable 2019 period was $0.7 million, or $0.10 net income per share, based on 7.6 million diluted weighted ave...