Exhibit 99.1



TRANSACT TECHNOLOGIES REPORTS FOURTH QUARTER 2010 RESULTS

HAMDEN, CT – March 8, 2011 –
TransAct Technologies Incorporated (NASDAQ: TACT), a global leader in market-specific printers for transaction-based industries, today announced financial results for the three months and full year ended December 31, 2010.  Summary results for the periods are as follows:
  
   
Three months ended December 31,
   
Year ended December 31,
 
(in $000s, except EPS)
 
2010
   
2009
   
% change
   
2010
   
2009
   
% change
 
Net Sales
  $ 16,174     $ 13,926       16.1 %   $ 63,194     $ 58,346       8.3 %
                                                 
Operating income
    1,450       281       416.0 %     5,861       3,296       77.8 %
Net income
    1,078       186       479.6 %     3,904       2,140       82.4 %
Diluted earnings per share
  $ 0.11     $ 0.02       450.0 %   $ 0.41     $ 0.23       78.3 %

“We are very pleased with our fourth quarter results, which saw double-digit revenue growth, triple-digit net income growth and another quarter of strong year-over-year gross margin improvement,” said Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies.  “2010 was a year of significant recovery for TransAct, recording our second-best annual sales figures for the company driven by the strength in our casino and gaming and point-of-sale (“POS”) markets.  We believe the introduction of our game-changing EPICENTRAL™ Print System for casinos, coupled with the success of 2010, positions us well for 2011 and beyond.”

Mr. Shuldman continued, “For the fourth quarter of 2010, our overall casino and gaming sales were up 64% from the prior-year quarter – driven by high double-digit growth in both our domestic and international markets.  In fact, our domestic casino sales were up 73% in the fourth quarter 2010 and 29% for the full year, which we believe resulted from a solid gain in market share.  Overall banking and POS sales increased 9% on a year-over-year basis, led by continued strong POS sales for McDonald’s, partially offset by the conclusion of a large banking order to a customer in the fourth quarter of 2009 that did not repeat in this year’s quarter.  Lottery sales, which can vary significantly from quarter to quarter, decreased by 45% in the fourth quarter of 2010 due to fewer orders from our lottery customer in the fourth quarter of 2010 compared to the fourth quarter of 2009.  TransAct Services Group revenue rose 16% compared to the fourth quarter of 2009, primarily due to a 34% increase in consumables sales largely from sales to new customers.  Finally, our balance sheet remains solid, with $11.3 million in cash and no debt outstanding at the end of 2010.”

Fourth Quarter 2010 Results

Revenue for the fourth quarter of 2010 was $16.2 million, an increase of 16% compared to $13.9 million in the prior-year period.  Gross margin for the fourth quarter of 2010 was 34.9%, compared to 31.0% in the prior-year quarter as the Company benefited from its strategic decision to move a substantial portion of its production to its lower-cost manufacturer in China, as well as selling more high-margin products.  Operating expenses were $4.2 million, an increase of $0.2 million from the prior-year period. This increase was driven largely by higher selling and marketing expenses due largely to an increase in the Company’s sales staff, as well as increased travel and higher sales commissions on higher sales in the fourth quarter of 2010 compared to that of 2009.  The Company recorded net income in the fourth quarter of 2010 of approximately $1.1 million, or $0.11 per diluted share, compared to net income of approximately $0.2 million, or $0.02 per diluted share, in the prior-year period.

Commenting on the financial results, Steven A. DeMartino, President and Chief Financial Officer of TransAct Technologies said, “We were very pleased with our quarterly financial results that were driven by strength in our casino and gaming market in light of a continued tough domestic casino environment.  With an improved sales mix and our move to China behind us, we realized a 390 basis point year-over-year improvement in our gross margin and were able to increase our cash position by $1.7 million from the third quarter of 2010.”

Full Year 2010 Results

Revenue for the year ended December 31, 2010 was $63.2 million, an increase of 8% compared to $58.3 million in the prior year.  Gross margin for the year ended December 31, 2010 was 35.7%, an increase of approximately 340 basis points from 32.3% in the prior year.  Operating expenses were $16.7 million, an increase of $1.2 million from the prior year driven primarily by increased selling and marketing expenses, primarily from higher sales commissions due to higher sales volume, as well as increased travel expenses for sales staff.  In addition, engineering and general and administrative expenses rose largely due to increased employee compensation-related
 
 

The following information was filed by Transact Technologies Inc (TACT) on Tuesday, March 8, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Transact Technologies Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Transact Technologies Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account