TransAct Technologies Reports 2018 Fourth Quarter and Full Year Results
2018 Fourth Quarter Net Sales of $11.8 Million Combined with
Quarterly Gross Margin of 50.1% Drives Diluted EPS of $0.12
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 operating results for
the fourth quarter and full year ended December 31, 2018.
| Summary of 2018 Q4 Results | ||||||||||
|
(In millions, except per share and percentage data) |
||||||||||
|
Three Months Ended December 31, |
||||||||||
| 2018 | 2017 | |||||||||
| Net sales | $ | 11.8 | $ | 13.2 | ||||||
| Gross profit | $ | 5.9 | $ | 6.6 | ||||||
| Gross margin | 50.1 | % | 50.2 | % | ||||||
| Operating income | $ | 1.1 | $ | 1.5 | ||||||
| Net income (loss) | $ | 1.0 | $ | (0.4 | ) | |||||
| Net income (loss) per diluted share | $ | 0.12 | $ | (0.06 | ) | |||||
|
Non-GAAP(1): |
||||||||||
| EBITDA | $ | 1.2 | $ | 1.7 | ||||||
| Adjusted EBITDA | $ | 1.3 | $ | 1.8 | ||||||
| Adjusted net income per diluted share | $ | 0.12 | $ | 0.12 | ||||||
|
(1) |
A reconciliation of each non-GAAP financial measure to the most comparable Generally Accepted Accounting Principles (“GAAP”) financial measure is included in this release. See “Non-GAAP Financial Measures” below for a discussion of these metrics. |
|
Bart Shuldman, Chairman and Chief Executive Officer of TransAct,
commented, “Throughout 2018 and to-date in 2019, the TransAct team has
focused on building towards the transformational launch of BOHA!. This
new ecosystem of cloud-based apps and companion hardware solutions is
designed to address what we believe is a very large sales opportunity in
providing critical back-of-house automation solutions to restaurant and
foodservice operators. Importantly, while devoting resources to the
development of the BOHA! solution suite, we simultaneously leveraged our
strong position in the global casino and gaming industry throughout the
year to drive further sales growth in this market. The growth in casino
and gaming sales, combined with our increasing emphasis on the sale of
higher value solutions, drove a 170 basis point improvement in our full
year gross profit margin as well as a 69% and 67% improvement in 2018
full year net income and diluted earnings per share, respectively. This
also delivered the cash flow that has allowed us to completely self-fund
our all-important BOHA! development strategy.
“During the 2018 fourth quarter, global casino and gaming sales grew 21%
year over year as we further expanded our share of the global casino
market. In particular, we made initial shipments of our new Epic Edge
ticket-in/ticket-out printer for a large domestic operator’s upcoming
new casino opening. TransAct further benefited from our decision to
change our sales approach to direct sales in Europe to better serve our
large base of customers across the region. Our European direct sales
team has achieved significant success for TransAct and their efforts
were a key driver of the 43% full-year 2018 growth in casino and gaming
sales to $26.6 million.
“As we work to expand our restaurant solutions business, TransAct
recently achieved a significant milestone for this large market
opportunity. Earlier this week we announced the launch of BOHA!, our new
comprehensive ecosystem of cloud-based SaaS (Software as a Service) apps
and hardware solutions that we believe will transform how restaurant and
food service companies manage their back-of-house operations. With
BOHA!, TransAct can now deliver a full, single-vendor suite of
integrated software applications and hardware solutions designed to help
customers automate a wide array of their back-of-house operations. The
suite of powerful BOHA! solutions, which is launching with nine
cloud-based SaaS applications and four companion hardware devices, will
allow our customers to easily deploy automation and technology in their
work flows and devote more of their attention towards delivering the
best possible customer experience. Additionally, increased back-of-house
automation will allow our customers to operate more efficiently, helping
to offset continuously rising food and labor costs.
“The launch of BOHA! culminates what has been a true team effort across
the TransAct organization and we are delighted to bring our one-stop
solution for restaurants and food service companies of all sizes to
market. TransAct’s new BOHA! platform and its suite of solutions
demonstrates to existing and potential customers that we listen and take
seriously their ever-evolving needs. We have worked tirelessly with
restaurant and food service operators to determine how to best address
their critical operations and developed BOHA! to simplify their
processes into a single platform, single portal solution that eliminates
the complexity of deploying solutions from multiple vendors. In
addition, BOHA! is designed as a future-proof platform capable of
evolving along with our customers which we believe is crucial and of
increasing importance as restaurants and food service operators continue
to explore new and more efficient ways to operate their businesses.
“Looking to 2019, we are focused on an aggressive sales effort to drive
awareness for BOHA! and to turn initial interest into contracts and
deployments. We have been working with a select number of restaurant
operators through the development of the BOHA! solution suite and are
pleased to have secured an initial order from one of these customers. As
we begin to generate hardware sales from our terminals, handhelds and
sensors while simultaneously building a backlog of SaaS revenue based on
recurring monthly fees associated with app usage, we are more confident
than ever that the decision to focus intently on this significant market
opportunity has the potential to deliver meaningful shareholder value
over time. We are excited by what the future holds and believe that our
shareholders will benefit from a suite of products that we expect will
be a long-term driver of growth.”
Review of Balance Sheet and Capital Return Initiatives
At December 31, 2018, TransAct had approximately $4.7 million of cash
and cash equivalents and no debt. During the 2018 fourth quarter, the
Company paid a dividend to common shareholders of $0.09 per share, which
resulted in a return of capital of approximately $0.7 million for the
quarter. TransAct made no stock repurchases during the 2018 fourth
quarter and has approximately $3.0 million remaining under its existing
$5.0 million share repurchase authorization. TransAct returned a total
of $4.7 million to shareholders in the form of quarterly cash dividends
and share repurchases during 2018.
Steve DeMartino, President and Chief Financial Officer of TransAct,
added, “We closed our fiscal 2018 fourth quarter and entered 2019 with a
strong, debt-free balance sheet and healthy financial flexibility that
will allow TransAct to launch the BOHA! solution set, ultimately leading
to a transformation of our business model from a traditional hardware
model towards one built around recurring sales of SasS-based software.
Given the nature of SaaS-related agreements, this transition will take
some time to become apparent in our financial results. In the meantime,
we expect to continue to benefit from our steady casino gaming business,
resulting in attractive cash flow for use in the development and rollout
of BOHA! as well as our consistent return of capital initiatives. We
believe that within our two key markets, serving the casino and gaming
market with our Epic printers and Epicentral software and the restaurant
solutions market with BOHA!, TransAct’s potential for long-term value
creation is as strong as ever.”
Summary of 2018 Fourth Quarter Operating Results
TransAct generated 2018 fourth quarter net sales of $11.8 million
compared with 2017 fourth quarter net sales of $13.2 million. Casino and
gaming net sales in the 2018 fourth quarter were $5.3 million compared
to $4.4 million in the prior-year period, reflecting a 10% decline in
domestic casino and gaming sales and a 223% increase in international
casino and gaming sales. Casino and gaming net sales included the first
shipments of the Company’s new Epic Edge printer for a large domestic
casino operator in support of an upcoming property opening and increased
demand for the Epic 950 in international markets as a result of the
Company’s direct sales efforts. Restaurant solutions net sales were $1.0
million in the 2018 fourth quarter compared to $1.4 million in the 2017
fourth quarter, with increased sales of AccuDate XL terminals to three
large customers more than offset by lower sales of the AccuDate 9700,
which included sales to the Company’s former distributor. The Company
recorded an approximate four-fold increase in label sales in its
TransAct Services Group sales unit as a result of prior AccuDate
terminal sales. POS automation and banking net sales decreased $0.2
million year over year to $1.4 million in the 2018 fourth quarter driven
by a decline in sales of the Ithaca 9000 printer to McDonald’s from
record levels in the prior-year period. Lottery printer net sales were
$1.3 million in the 2018 fourth quarter compared to $1.9 million in the
2017 fourth quarter, reflecting lower sales to the Company’s single
lottery customer. Printrex net sales were $235 thousand in the 2018
fourth quarter compared to $234 thousand in the 2017 fourth quarter,
while the Company’s TransAct Services Group, inclusive of the AccuDate
label sales noted above, generated net sales of $2.6 million in the 2018
fourth quarter compared to $3.7 million in the 2017 fourth quarter as a
result of lower sales of lottery printer spare parts.
The Company recorded gross margin of 50.1% in the 2018 fourth quarter
compared to gross margin of 50.2% in the 2017 fourth quarter. Gross
profit in the 2018 fourth quarter was $5.9 million compared to $6.6
million in the prior-year period, primarily as a result of an 11%
decrease in net sales.
Total operating expenses in the 2018 fourth quarter decreased 6% to $4.8
million compared to $5.1 million in the 2017 fourth quarter, primarily
reflecting lower selling and marketing expenses and lower incentive
compensation.
TransAct generated operating income of $1.1 million, or 9.1% of net
sales, in the 2018 fourth quarter compared to $1.5 million, or 11.4% of
net sales, for the 2017 fourth quarter. Net income in the 2018 fourth
quarter was $1.0 million, or $0.12 per diluted share, compared to a net
loss of $0.4 million, or a net loss of $0.06 per diluted share, in the
prior-year period.
2018 Fourth Quarter Conference Call and Webcast
TransAct is hosting a conference call and webcast today, March 6, 2019,
beginning at 4:30 p.m. ET to discuss 2018 fourth quarter and full year
results and other matters. Both the call and the webcast are open to the
general public. The conference call number is 678-825-8259 and the
conference ID number is 5160948 (domestic or international). Please call
five minutes prior to the presentation to ensure that you are connected.
Interested parties may also access the conference call live on the
Internet at www.transact-tech.com
(select “Investor Relations” followed by “Events & Presentations”).
Approximately two hours after the call has concluded, an archived
version of the webcast will be available for replay at the same location.
Non-GAAP Financial Measures
TransAct is providing certain non-GAAP financial measures because the
Company believes that these measures are helpful to investors and others
in assessing the ongoing nature of what the Company’s management views
as TransAct’s core operations. The Company believes that the non-GAAP
financial measures of EBITDA and adjusted EBITDA provide relevant and
useful information, which is widely used by analysts, investors and
competitors in the Company’s markets as well as by the Company’s
management in assessing the Company’s performance. The Company uses
these non-GAAP financial measures internally to focus management on the
results of the Company’s core business. The presentation of this
non-GAAP information is not considered superior to or a substitute for,
and should be read in conjunction with, the financial information
prepared in accordance with GAAP.
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 GAAP financial measure, can be found
attached to this release.
Adjusted EBITDA is defined as net income before net interest expense,
income taxes, depreciation and amortization and is adjusted for
share-based compensation. The Company adjusts EBITDA for share-based
compensation because the Company considers share-based compensation to
be a non-cash expense similar to depreciation and amortization. A
reconciliation of adjusted EBITDA to net income, the most comparable
GAAP financial measure, can be found attached to this release.
EBITDA and adjusted EBITDA provide the Company with an understanding of
one aspect of earnings before the impact of investing and financing
charges and income taxes. EBITDA and adjusted EBITDA may be useful to an
investor in evaluating the Company’s operating performance because these
measures are: (i) widely used by investors to measure a company’s
operating performance without regard to non-recurring items excluded
from the calculation of such measure; (ii) used as financial
measurements by lenders and other parties to evaluate creditworthiness;
and (iii) used by the Company’s management for various purposes
including strategic planning and forecasting, assessing financial
performance and paying incentive compensation.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in developing
software-driven technology and printing solutions for high-growth
markets including restaurant solutions, POS automation, casino and
gaming, lottery, and oil and gas. The Company’s solutions are designed
from the ground up based on customer requirements and are sold under the
BOHA!™, AccuDate™, EPICENTRAL®, Epic®, Ithaca®, and Printrex® brands.
TransAct has sold over 3.3 million printers and terminals around the
world and is committed to providing world-class software, service, spare
parts and accessories to support its installed product base. Through the
TransAct Services Group, the Company also provides customers with a
complete range of supplies and consumable items both online at http://www.transactsupplies.com
and through its direct sales team. TransAct is headquartered in Hamden,
CT. For more information, please visit http://www.transact-tech.com
or call (203) 859-6800.
Forward-Looking Statements
Certain statements in this press release include forward-looking
statements. Forward-looking statements generally can be identified by
the use of forward-looking terminology, such as “may”, “will”, “expect”,
“intend”, “estimate”, “anticipate”, “believe”, or “continue”, or the
negative thereof, or other similar words. All forward-looking statements
involve risks and uncertainties, including, but not limited to, customer
acceptance and market share gains, both domestically and
internationally, in the face of substantial competition from competitors
that have broader lines of products and greater financial resources; our
competitors introducing new products into the marketplace; our ability
to successfully develop new products; our dependence on significant
customers; our dependence on significant vendors; our dependence on
contract manufacturers for the assembly of a large portion of our
products in Asia; our ability to protect intellectual property; our
ability to recruit and retain quality employees as the Company grows;
our dependence on third parties for sales outside the United States,
including Australia, New Zealand, Latin America and Asia; the economic
and political conditions in the United States, Australia, New Zealand,
Europe, Latin America and Asia; marketplace acceptance of new products;
risks associated with foreign operations; the availability of
third-party components at reasonable prices; price wars or other
significant pricing pressures affecting the Company’s products in the
United States or abroad; risks associated with potential future
acquisitions; our line of restaurant solutions products driving
increased adoption by customers; increased product costs or reduced
customer demand for our products due to changes in U.S. policy that may
result in trade wars or tariffs; and other risk factors detailed from
time to time in TransAct’s reports filed with the Securities and
Exchange Commission. Actual results may differ materially from those
discussed in, or implied by, the forward-looking statements. The
forward-looking statements speak only as of the time of issuance of this
press release, and the Company assumes no duty to update them to reflect
new, changing or unanticipated events or circumstances.
– Financial tables follow –
| TRANSACT TECHNOLOGIES INCORPORATED | ||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| (In thousands, except per share amounts) | December 31, | December 31, | ||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| Net sales | $ | 11,755 | $ | 13,194 | $ | 54,587 | $ | 56,311 | ||||||||||
| Cost of sales | 5,869 | 6,574 | 27,844 | 29,649 | ||||||||||||||
| Gross profit | 5,886 | 6,620 | 26,743 | 26,662 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Engineering, design and product development | 1,066 | 1,143 | 4,576 | 4,303 | ||||||||||||||
| Selling and marketing | 1,753 | 1,960 | 7,203 | 7,561 | ||||||||||||||
| General and administrative | 1,994 | 2,016 | 8,205 | 7,984 | ||||||||||||||
| 4,813 | 5,119 | 19,984 | 19,848 | |||||||||||||||
| Operating income | 1,073 | 1,501 | 6,759 | 6,814 | ||||||||||||||
| Interest and other income (expense): | ||||||||||||||||||
| Interest, net | (6 | ) | (8 | ) | (27 | ) | (33 | ) | ||||||||||
| Other, net | (129 | ) | (1 | ) | (266 | ) | (9 | ) | ||||||||||
| (135 | ) | (9 | ) | (293 | ) | (42 | ) | |||||||||||
| Income before income taxes | 938 | 1,492 | 6,466 | 6,772 | ||||||||||||||
| Income tax provision (benefit) | (24 | ) | 1,904 | 1,040 | 3,561 | |||||||||||||
| Net income (loss) | $ | 962 | $ | (412 | ) | $ | 5,426 | $ | 3,211 | |||||||||
| Net income (loss) per common share: | ||||||||||||||||||
| Basic | $ | 0.13 | $ | (0.06 | ) | $ | 0.73 | $ | 0.43 | |||||||||
| Diluted | $ | 0.12 | $ | (0.06 | ) | $ | 0.70 | $ | 0.42 | |||||||||
| Shares used in per share calculation: | ||||||||||||||||||
| Basic | 7,431 | 7,478 | 7,444 | 7,423 | ||||||||||||||
| Diluted | 7,717 | 7,478 | 7,759 | 7,592 | ||||||||||||||
| SUPPLEMENTAL INFORMATION – SALES BY SALES UNIT: | ||||||||||||||
|
|
Three Months Ended | Year Ended | ||||||||||||
| (In thousands) | December 31, | December 31, | ||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||
| Restaurant solutions | $ | 957 | $ | 1,407 | $ | 4,579 | $ | 4,758 | ||||||
| POS automation and banking | 1,372 | 1,570 | 7,273 | 7,905 | ||||||||||
| Casino and gaming | 5,319 | 4,402 | 26,593 | 18,615 | ||||||||||
| Lottery | 1,322 | 1,877 | 3,093 | 9,805 | ||||||||||
| Printrex | 235 | 234 | 1,297 | 1,052 | ||||||||||
| TransAct Services Group | 2,550 | 3,704 | 11,752 | 14,176 | ||||||||||
| Total net sales | $ | 11,755 | $ | 13,194 | $ | 54,587 | $ | 56,311 | ||||||
| TRANSACT TECHNOLOGIES INCORPORATED | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||
| (Unaudited) | ||||||||||
| December 31, | December 31, | |||||||||
| (In thousands) | 2018 | 2017 | ||||||||
| Assets: | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 4,691 | $ | 5,507 | ||||||
| Accounts receivable, net | 8,025 | 10,948 | ||||||||
| Inventories | 12,835 | 8,875 | ||||||||
| Other current assets | 1,486 | 1,031 | ||||||||
| Total current assets | 27,037 | 26,361 | ||||||||
| Fixed assets, net | 2,272 | 2,169 | ||||||||
| Goodwill | 2,621 | 2,621 | ||||||||
| Deferred tax assets | 2,198 | 2,308 | ||||||||
| Intangible assets, net | 797 | 458 | ||||||||
| Other assets | 31 | 33 | ||||||||
| 7,919 | 7,589 | |||||||||
| Total assets | $ | 34,956 | $ | 33,950 | ||||||
| Liabilities and Shareholders’ Equity: | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 3,483 | $ | 3,841 | ||||||
| Accrued liabilities | 2,765 | 3,339 | ||||||||
| Deferred revenue | 384 | 169 | ||||||||
| Total current liabilities | 6,632 | 7,349 | ||||||||
| Deferred revenue, net of current portion | 265 | 69 | ||||||||
| Deferred rent, net of current portion | 250 | 271 | ||||||||
| Other liabilities | 242 | 247 | ||||||||
| 757 | 587 | |||||||||
| Total liabilities | 7,389 | 7,936 | ||||||||
| Shareholders’ equity: | ||||||||||
| Common stock | 115 | 114 | ||||||||
| Additional paid-in capital | 32,129 | 31,353 | ||||||||
| Retained earnings | 27,515 | 24,756 | ||||||||
| Accumulated other comprehensive loss, net of tax | (82 | ) | (99 | ) | ||||||
| Treasury stock, at cost | (32,110 | ) | (30,110 | ) | ||||||
| Total shareholders’ equity | 27,567 | 26,014 | ||||||||
| Total liabilities and shareholders’ equity | $ | 34,956 | $ | 33,950 | ||||||
| TRANSACT TECHNOLOGIES INCORPORATED | ||||||||||||||
|
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING |
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| NON-GAAP FINANCIAL MEASURES | ||||||||||||||
|
(Unaudited, thousands of dollars, except percentages and per share amounts) |
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|
Three months ended
December 31, 2018 |
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|
|
Reported |
Adjustments(1) |
Adjusted
Non-GAAP |
|||||||||||
| Operating expenses | $ | 4,813 | $ | – | $ | 4,813 | ||||||||
| % of net sales | 40.9 | % | 40.9 | % | ||||||||||
| Operating income | 1,073 | – | 1,073 | |||||||||||
| % of net sales | 9.1 | % | 9.1 | % | ||||||||||
| Income before income taxes | 938 | – | 938 | |||||||||||
| Income tax provision (benefit) | (24 | ) | – | (24 | ) | |||||||||
| Net income | 962 | – | 962 | |||||||||||
| Diluted net income per share | $ | 0.12 | – | $ | 0.12 | |||||||||
|
(1) No adjustments. |
||||||||||||||
|
Three months ended
December 31, 2017 |
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|
|
Reported |
Adjustments(2) |
Adjusted
Non-GAAP |
|||||||||||
| Operating expenses | $ | 5,119 | $ | – | $ | 5,119 | ||||||||
| % of net sales | 38.8 | % | 38.8 | % | ||||||||||
| Operating income | 1,501 | – | 1,501 | |||||||||||
| % of net sales | 11.4 | % | 11.4 | % | ||||||||||
| Income before income taxes | 1,492 | – | 1,492 | |||||||||||
| Income tax provision | 1,904 | (1,315 | ) | 589 | ||||||||||
| Net income (loss) | (412 | ) | 1,315 | 903 | ||||||||||
| Diluted net income (loss) per share | $ | (0.06 | ) | $ | 0.18 | $ | 0.12 | |||||||
|
(2) |
Adjustment includes a $1,315 charge to income tax expense related to the write-down of deferred tax assets resulting from the Tax Cuts and Jobs Act of 2017 that was enacted in December 2017. |
|||||
| TRANSACT TECHNOLOGIES INCORPORATED | ||||||||||||||
|
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING |
||||||||||||||
| NON-GAAP FINANCIAL MEASURES | ||||||||||||||
|
(Unaudited, thousands of dollars, except percentages and per share amounts) |
||||||||||||||
|
Year ended
December 31, 2018 |
||||||||||||||
|
|
Reported |
Adjustments(3) |
Adjusted
Non-GAAP |
|||||||||||
| Operating expenses | $ | 19,984 | $ | – | $ | 19,984 | ||||||||
| % of net sales | 36.6 | % | 36.6 | % | ||||||||||
| Operating income | 6,759 | – | 6,759 | |||||||||||
| % of net sales | 12.4 | % | 12.4 | % | ||||||||||
| Income before income taxes | 6,466 | – | 6,466 | |||||||||||
| Income tax provision | 1,040 | – | 1,040 | |||||||||||
| Net income | 5,426 | – | 5,426 | |||||||||||
| Diluted net income per share | $ | 0.70 | – | $ | 0.70 | |||||||||
|
(3) No adjustments. |
||||||||||||||
|
Year ended
December 31, 2017 |
||||||||||||||
|
|
Reported |
Adjustments(4) |
Adjusted
Non-GAAP |
|||||||||||
| Operating expenses | $ | 19,848 | $ | – | $ | 19,848 | ||||||||
| % of net sales | 35.2 | % | 35.2 | % | ||||||||||
| Operating income | 6,814 | – | 6,814 | |||||||||||
| % of net sales | 12.1 | % | 12.1 | % | ||||||||||
| Income before income taxes | 6,772 | – | 6,772 | |||||||||||
| Income tax provision | 3,561 | (1,315 | ) | 2,246 | ||||||||||
| Net income | 3,211 | 1,315 | 4,526 | |||||||||||
| Diluted net income per share | $ | 0.42 | $ | 0.18 | $ | 0.60 | ||||||||
|
(4) |
Adjustment includes a $1,315 charge to income tax expense related to the write-down of deferred tax assets resulting from the Tax Cuts and Jobs Act of 2017 that was enacted in December 2017. |
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| TRANSACT TECHNOLOGIES INCORPORATED | ||||||||||||||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | ||||||||||||||||
| NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| (In thousands) | December 31, | December 31, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net income (loss) | $ | 962 | $ | (412 | ) | $ | 5,426 | $ | 3,211 | |||||||
| Interest expense, net | 6 | 8 | 27 | 33 | ||||||||||||
| Income tax provision (benefit) | (24 | ) | 1,904 | 1,040 | 3,561 | |||||||||||
| Depreciation and amortization | 258 | 215 | 997 | 1,081 | ||||||||||||
| EBITDA | 1,202 | 1,715 | 7,490 | 7,886 | ||||||||||||
| Share-based compensation expense | 105 | 125 | 629 | 609 | ||||||||||||
| Adjusted EBITDA | $ | 1,307 | $ | 1,840 | $ | 8,119 | $ | 8,495 | ||||||||
Contacts
Investor:
Steve DeMartino
President and Chief Financial
Officer
TransAct Technologies Incorporated
203-859-6810
Richard Land, Joseph Jaffoni, Jim Leahy
JCIR
212-835-8500 or [email protected]
