News

TransAct announces third-quarter earnings

February 26, 2002

WALLINGFORD, Conn. - Transaction-based printer producer TransAct Technologies Inc. (NASDAQ:TACT) reported a net loss of $252,000 for the third quarter ending Sept. 30. The loss, coming on net sales of $13.2 million, was due to pre-tax charges of $571,000 due to restructuring and plant consolidation. TransAct plans to close its Wallingford, Conn., facility at year's end and consolidate its operations in Ithaca, N.Y.

Without the pre-tax charges, the figures are similar to the same period in 2000. During that three-month period, the kiosk printer manufacturer reported net income of $290,000 on revenue of $14.6 million.

For the nine-month period ending Sept. 30, the company reported a net loss of $3.4 million on revenue of $33.8 million, compared to a net loss of $426,000 on revenue of $39.6 million. TransAct predicted it would end the year with revenue of between $44 million and $47 million.

Richard Cote, TransAct executive vice president and chief financial officer, said the results reflected the company's diversity. TransAct markets its printers to the point-of-sale (POS), gaming and lottery, financial services, kiosk, and Internet sectors.

"Despite the recent general economic downturn and the impact of the tragic events of Sept. 11, the diversity of our product offerings and markets that we serve enabled us to offset weakness in the POS marketplace by capitalizing on the strength of the gaming and lottery marketplace," Cote said in a news release.

TransAct announced sales of $7.1 million in the gaming and lottery sector, $5.4 million in POS, and $682,000 to other sectors during the third quarter of 2001.