Business
TransAct Technologies Reports Preliminary Third Quarter 2023 Financial Results
2023 Third Quarter Net Sales of $17.2 Million, down 4% on a Year-Over-Year Basis Casino and Gaming Sales of $9.0 Million, up 17% on a Year-Over-Year Basis
About this update from Transact Technologies Incorporated
2023 Third Quarter Net Sales of $17.2 Million, down 4% on a Year-Over-Year Basis Casino and Gaming Sales of $9.0 Million, up 17% on a Year-Over-Year Basis Food Service Technology (“FST”) Sales of $4.2 Million, up 13% on a Year-Over-Year Basis HAMDEN, Conn.--(BUSINESS WIRE)-- TransAct 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 third quarter ended September 30, 2023. “We are pleased with our operational progress in the quarter and believe that we are well positioned to build momentum in FST as we move into the end of the year,” said John Dillon, Chief Executive Officer of TransAct. “The quarter also reflected the initial effects of our cost cutting initiatives as we adjust our business model and direct our efforts more efficiently. I strongly believe that we are moving the business successfully towards an optimized and sustainable growth model which I expect we will continue to build upon during 2024.” Third Quarter 2023 Financial Highlights Net Sales: Net sales for the third quarter of 2023 were $17.2 million, down 4% compared to $17.9 million for the third quarter of 2022. FST Recurring Revenue: FST recurring revenue for the third quarter of 2023 was $3.1 million, up 22% compared to $2.6 million for the third quarter of 2022. Gross Profit: Gross profit for the third quarter of 2023 was $8.9 million, resulting in gross margin of 51.9%, compared to gross profit of $8.2 million for the third quarter of 2022, which delivered a 45.9% gross margin. Operating income: Operating income for the third quarter of 2023 was $1.2 million, compared to $0.4 million for the third quarter of 2022. Net income: Net income for the third quarter of 2023 was $906 thousand, or $0.09 per diluted share, based on 10.1 million weighted average common shares outstanding. Net income for the comparable 2022 period was $528 thousand, or $0.05 per diluted share, based on 9.9 million weighted average common shares outstanding. EBITDA: EBITDA was $1.5 million for the third quarter of 2023, compared to $0.9 million for the third quarter of 2022. Adjusted EBITDA: Adjusted EBITDA was $1.7 million for the third quarter of 2023, compared to $1.2 million for the third quarter of 2022. Recent Development The Company announced that it ...
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