Business
TransAct Technologies Reports Preliminary Fourth Quarter and Full Year 2019 Financial Results
2019 Fourth Quarter Net Sales of $11.2 Million BOHA! Related Software, Labels and Other Recurring Revenue Increases Over 200% on a Year-Over-Year Basis
About this update from Transact Technologies Incorporated
[{"type":"text","content":"\n2019 Fourth Quarter Net Sales of $11.2 Million\n\n\nBOHA! Related Software, Labels and Other Recurring Revenue Increases Over 200% on a Year-Over-Year Basis\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 and full year ended December 31, 2019.\n\n\n“We are pleased with our execution throughout the year as we transition the focus of our business to the very large Food Service Technology market opportunity that is served by our BOHA! ecosystem of recurring software and service subscriptions, consumable label sales and our purpose-built BOHA! hardware. We are excited by the momentum our BOHA! solutions technology have received in the market, evidenced by the 58% year-over-year growth in total food service technology sales in the fourth quarter 2019 that includes an over 200% increase in BOHA! related software, labels and other recurring revenue,” said Bart C. Shuldman, Chairman and CEO of TransAct Technologies. “Looking ahead to 2020, our focus will be on investing to leverage our position in this emerging market to grow our business and create significant long-term value for our shareholders. As awareness grows around BOHA!’s ability to drive measurable improvement across restaurant and foodservice operators’ bottom lines, we believe more customers will deploy our BOHA! Solutions.”\n\n\nFourth Quarter 2019 Financial Highlights\n\n\n\nNet Sales: Net Sales for the fourth quarter of 2019 was $11.2 million, down 5% compared to $11.8 million for the fourth quarter of 2018.\n\n\nGross Profit: Gross profit for the fourth quarter of 2019 was $4.6 million, resulting in gross margin of 41.2%, compared to gross profit of $5.9 million in the fourth quarter of 2018, which resulted in a 50.1% gross margin.\n\n\nOperating income (loss): Operating loss for the fourth quarter of 2019 was $1.1 million, compared to operating income of $1.1 million in the fourth quarter of 2018.\n\n\nNet income (loss): Net loss for the fourth quarter of 2019 was $0.8 million, or $0.11 loss per share, based on 7.5 million diluted weighted average shares outstanding. Net income for the comparable 2018 period was $1.0 million, or $0.12 earnings p...