Business
TransAct Technologies Reports Preliminary Fourth Quarter and Full Year 2022 Financial Results
2022 Fourth Quarter Net Sales of $18.0 Million, up 61% on a Year-Over-Year Basis Quarterly Casino and Gaming Sales of $11.0 Million, up 123% on a
About this update from Transact Technologies Incorporated
[{"type":"text","content":"\n2022 Fourth Quarter Net Sales of $18.0 Million, up 61% on a Year-Over-Year Basis\n\nQuarterly Casino and Gaming Sales of $11.0 Million, up 123% on a Year-Over-Year Basis\n\nFST Paid Terminals Up 24% from December 31, 2021\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 results for the quarter and year ended December 31, 2022.\n\n“2022 was a record-breaking year in many respects for TransAct, and I could not be more proud of the team and the progress we have made from the depths of the pandemic to the worldwide parts shortage to where we are today. Most notably, Casino and Gaming market sales reached an all-time quarterly high in the fourth quarter of 2022, increasing market share across the globe and carrying significant momentum into the new year,” said Bart C. Shuldman, Chief Executive Officer of TransAct. Mr. Shuldman continued, “Casino and Gaming sales were up 123% this quarter and up over 96% for the year, and we continue to increase production to meet the casino printer demand around the world. We are also seeing our enhanced FST sales team make meaningful progress with new potential FST customers in the verticals we serve and also with a major, international QSR restaurant brand, which we believe bodes well for TransAct going forward. We are seeking to deliver shareholder value and consistent profitability going forward. Overall, I am so proud of the results our team delivered, and believe we are extremely well positioned for future growth.”\n\nFourth Quarter 2022 Financial Highlights\n\n\nNet Sales: Net sales for the fourth quarter of 2022 were $18.0 million, up 61% compared to $11.1 million for the fourth quarter of 2021.\n\n\nFST Recurring Revenue: FST recurring revenue for the fourth quarter of 2022 was $2.4 million, up 14% compared to $2.1 million for the fourth quarter of 2021.\n\n\nGross Profit: Gross profit for the fourth quarter of 2022 was $8.2 million, resulting in gross margin of 45.8%, compared to gross profit of $4.3 million for the fourth quarter of 2021, which resulted in a 38.7% gross margin.\n\n\nOperating income (loss): Operating income for the fourth quarter of 2022 was $0.5 million, compared to operating loss o...