Business
TransAct Technologies Reports Preliminary Second Quarter 2023 Financial Results
2023 Second Quarter Net Sales of $19.9 Million, up 58% on a Year-Over-Year Basis Casino and Gaming Sales of $12.2 Million, up 87% on a Year-Over-Year Basis
About this update from Transact Technologies Incorporated
[{"type":"text","content":"\n2023 Second Quarter Net Sales of $19.9 Million, up 58% on a Year-Over-Year Basis\n\n\nCasino and Gaming Sales of $12.2 Million, up 87% on a Year-Over-Year Basis\n\n\nFST Sales of $3.9 Million, up 14% on a Year-Over-Year Basis\n\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 second quarter ended June 30, 2023.\n\n\n“Our team continues to capitalize on opportunities in our core markets as they present themselves, and while the competitive environment in casino and gaming has started to normalize as predicted, we believe that we will see a sustainable, net market share gain in the long run,” said John Dillon, Chief Executive Officer of TransAct. “We have also been hard at work with our now restructured food service technology (“FST”) sales team, and are beginning to actively market and demonstrate our new BOHA! Terminal 2 to existing and potential customers. While these are multi-stage sales opportunities with lengthy cycle times, we are encouraged by our early results and pre-orders, and believe a solid foundation has been laid for future growth.”\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\nNet Sales: Net sales for the second quarter of 2023 were $19.9 million, up 58% compared to $12.6 million for the second quarter of 2022.\n\n\n\nFST Recurring Revenue: FST recurring revenue for the second quarter of 2023 was $2.5 million, up 14% compared to $2.2 million for the second quarter of 2022.\n\n\n\nGross Profit: Gross profit for the second quarter of 2023 was $10.9 million, resulting in gross margin of 54.5%, compared to gross profit of $5.4 million for the second quarter of 2022, which delivered a 43.0% gross margin.\n\n\n\nOperating income (loss): Operating income for the second quarter of 2023 was $1.2 million, compared to operating loss of $(3.0) million for the second quarter of 2022.\n\n\n\nNet income (loss): Net income for the second quarter of 2023 was $765 thousand, or $0.08 net income per diluted share, based on 10.0 million weighted average common shares outstanding. Net loss for the comparable 2022 period was $(2.4) million, or $(0.24) net loss per diluted share, based on 9.9 million weighted average common ...