Business
TransAct Technologies Reports Preliminary Third Quarter 2021 Financial Results
2021 Third Quarter Net Sales of $10.6 Million FST Recurring Revenue of $2.0 Million, up 28% on a Year-Over-Year Basis FST Paid Terminals Up 129% from
About this update from Transact Technologies Incorporated
[{"type":"text","content":"\n2021 Third Quarter Net Sales of $10.6 Million\n\nFST Recurring Revenue of $2.0 Million, up 28% on a Year-Over-Year Basis\n\nFST Paid Terminals Up 129% from September 30, 2020\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 September 30, 2021.\n\n“Our results mark the highest quarterly net sales since the fourth quarter of 2019, due to sustained momentum in BOHA! and our key Food Service Technology (“FST”) business, and a fantastic rebound in our domestic casino and gaming markets. We posted another quarter of over $2 million in recurring FST revenue, including gains in our high margin software and label recurring revenues, even in the face of a then-surging Delta variant. We also saw some solid BOHA! terminal additions, and we ended the quarter at 8,749 paid terminals in the market, representing over 3,000 added during the first nine months of 2021. Even though we are only in the early stages of our BOHA! growth story, we are already seeing the power of our recurring revenue base beginning to drive consistent results. We are also experiencing continued strong interest in our BOHA! solution to help with the labor shortages faced by our FST customers,” said Bart C. Shuldman, Chairman and CEO of TransAct. “In addition, we are really pleased with the encouraging trends in the casino and gaming market, with sales up over 100% year-over-year to $4 million for the third quarter of 2021. The domestic rebound is leading the way, courtesy of the continued reinvestment in the casino floor, as the American gamer clearly has been very eager to return to business as usual.”\n\nThird Quarter 2021 Financial Highlights\n\n\nNet Sales: Net sales for the third quarter of 2021 were $10.6 million, up 46% compared to $7.3 million for the third quarter of 2020.\n\n\nFST Recurring Revenue: FST recurring revenue for the third quarter of 2021 was $2.0 million, up 28% compared to $1.6 million for the third quarter of 2020.\n\n\nGross Profit: Gross profit for the third quarter of 2021 was $4.3 million, resulting in gross margin of 40.6%, compared to gross profit of $3.3 million for the third quarter of 2020, which resulted in ...