Exhibit 99.1


TRANSACT TECHNOLOGIES REPORTS 2015 FOURTH QUARTER
AND FULL YEAR RESULTS

-  
Reports 2015 Fourth Quarter Revenue of $12.1 Million and $0.07 GAAP Diluted EPS
-  
2015 Fourth Quarter Adjusted Diluted EPS Increases 133% to $0.07 from $0.03
-  
2015 Full-Year Revenue Rises 12% to $59.7 Million
-  
2015 Full-Year GAAP Diluted EPS of $0.39
-  
Adjusted Diluted EPS for 2015 Full Year Rises to $0.54 from $0.13

Hamden, CT – March 3, 2016 –
TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”) today reported operating results for the fourth quarter and full year ended December 31, 2015 as summarized below:

Summary of 2015 Q4 and Full Year Results
(In millions, except per share and percentage data)

   
Three Months Ended
December 31,
   
Twelve Months Ended
December 31,
   
2015
   
2014
   
2015
   
2014
Net sales
  $ 12.1     $ 12.3     $ 59.7     $ 53.1
Gross profit
  $ 5.0     $ 4.9     $ 25.0     $ 21.7
Gross margin
    41.5%       39.9%       41.9%       40.9%
Operating income (loss)
  $ 0.5     $ (4.8)     $ 4.5     $ (3.8)
EBITDA(1)
  $ 0.8     $ (4.5)     $ 5.9     $ (2.4)
Net income (loss)
  $ 0.5     $ (3.0)     $ 3.1     $ (2.4)
Diluted earnings per share (loss)
  $ 0.07     $ (0.37)     $ 0.39     $ (0.29)
                               
Adjusted operating income(2)
  $ 0.5     $ 0.2     $ 6.2     $ 1.7
Adjusted EBITDA(1)
  $ 0.9     $ 0.6     $ 8.1     $ 3.6
Adjusted net income(2)
  $ 0.5     $ 0.2     $ 4.2     $ 1.1
Adjusted diluted earnings per share(2)
  $ 0.07     $ 0.03     $ 0.54     $ 0.13

(1)  
EBITDA is defined as net income before net interest expense, income taxes, depreciation and amortization.  A reconciliation of EBITDA to net income, the most comparable Generally Accepted Accounting Principles (“GAAP”) financial measure, can be found attached to this release.  Adjusted EBITDA is defined as net income before net interest expense, income taxes, depreciation, amortization and adjusted for share-based compensation and the impact of certain legal fees, settlement expenses and accrued contingent consideration as described later in this release.  A reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure, can be found attached to this release.
 
(2)  
Reconciliations of GAAP financial measures to corresponding non-GAAP financial measures can be found attached to this release.
 

Bart Shuldman, Chairman and Chief Executive Officer of TransAct, commented, “TransAct’s fourth quarter financial results again benefitted from the diversification of our product portfolio to include higher margin products that address new market opportunities.  As a result, the 160 basis point improvement in fourth quarter gross margin more than offset a slight decline in net sales and led to an over two-fold increase in adjusted operating income, a 50% increase in adjusted EBITDA, and a 133% rise in adjusted diluted EPS compared to the fourth quarter of 2014.  For the 2015 full year, we nearly doubled sales of our AccuDate food safety terminals and generated consistent market share gains in our domestic casino and gaming printer business.  Our focus on and success with sales execution, combined with our prudent management of costs and the increase in gross margin led to a 12% increase in 2015 full year sales, solid year-over-year increases in adjusted operating income and adjusted EBITDA, and a nearly four-fold increase in adjusted net income.
 
 
 

The following information was filed by Transact Technologies Inc (TACT) on Thursday, March 3, 2016 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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