HAMDEN, CT – March 8, 2012 – TransAct Technologies Incorporated (NASDAQ: TACT), a global leader in market-specific printers for transaction-based and other industries, today announced financial results for the three months and full year ended December 31, 2011. Summary results for the periods are as follows:
Three months ended Dec. 31,
Full year ended Dec. 31,
(in $000s, except EPS)
Diluted earnings per share
“Despite another challenging year in the world economy, we once again managed to increase our sales and, more importantly, our earnings by 20% from the prior year,” said Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies. “This is a testament to the fantastic job performed by the entire TransAct team in the face of a continued challenging economy. In addition, we are very proud of achieving a record quarterly gross margin of 41.6% in the fourth quarter of 2011, aided by our acquisition of Printrex and continued above-market performance in our domestic casino and gaming market. In addition, we were pleased to provide a return to our shareholders in 2011 through the repurchase of approximately 3% of our outstanding common stock for $2.7 million. Looking into 2012, we are excited about the completion of the first installation of the EPICENTRAL™ Print System, and are encouraged that we will be able to sign up additional properties throughout the year. Further, we will have a full year’s contribution from Printrex, which will further add to our revenue stream and provide continued expansion of our gross margin for 2012.”
Mr. Shuldman continued, “For the fourth quarter of 2011, our overall casino and gaming sales were down 16% from the prior-year quarter, as growth of 23% in our domestic casino and gaming market was more than offset by a 38% decline in international sales. Printrex printer sales for the fourth quarter – our first full quarter of owning Printrex – were $1.2 million. Banking and POS sales declined 42% on a year-over-year basis, as the U.S. rollout of printers for the two projects at McDonald’s continues to wind down. Lottery printer sales were down 50% to $0.9 million as shipments of thermal printers to GTECH returned to more normalized levels. TransAct Services Group revenue declined 11% compared to the fourth quarter of 2010, primarily as a result of lower sales of consumable products. Finally, our balance sheet remains solid, with $6.9 million in cash and no debt outstanding as of December 31, 2011.”
Fourth Quarter 2011 Results
Revenue for the fourth quarter of 2011 was $13.6 million, a decrease of 16% compared to $16.2 million in the prior-year period. Gross margin for the fourth quarter of 2011 increased to 41.6% from 34.9% in the prior-year quarter as the Company experienced a more favorable sales mix, as well as contribution from the higher-margin Printrex business. Operating expenses were $4.8 million, an increase of $0.6 million from the prior-year period, driven mainly by expenses related to the Printrex acquisition. Specifically, operating expenses included approximately $0.2 million of integration expenses, as well as amortization of intangible assets, related to the acquisition of Printrex. The Company recorded net
The following information was filed by Transact Technologies Inc (TACT) on Thursday, March 8, 2012 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.
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Ticker: TACT CIK: 1017303 Form Type:10-K Annual Report Accession Number: 0001017303-12-000013 Submitted to the SEC: Mon Mar 12 2012 3:52:53 PM EST Accepted by the SEC: Mon Mar 12 2012 Period: Saturday, December 31, 2011 Industry: Computer Peripheral Equipment