News

TransAct improves second-quarter earnings

July 30, 2002

WALLINGFORD, Conn. - Bolstered by steady revenue and the conclusion of a consolidation-restructuring program, transaction-based printer manufacturer TransAct Technologies Inc. (NASDAQ:TACT) recorded net income of $289,000 on revenue of $10.9 million during the second quarter, ending June 30.

Earnings per share for the quarter were 4 cents, compared to a loss of 24 cents in the same quarter during 2001.

During the same period in fiscal year 2001, the company suffered a net loss of $1.2 million on revenue of $10.8 million. For the six months ending June 30, 2002, TransAct has net income of $160,000 on revenue of $21.4 million, compared to a loss of $3.0 million on revenue of $20.6 million for the same period in 2001.

Company officials cited a dramatic decrease in operating expenses for the improved financial numbers, from $4.2 million during the second quarter of 2001 to $2.7 million this year. Last year, the company took a $585,000 charge related to consolidation and restructuring.

For the second half of 2002, TransAct anticipates receiving several unspecified orders in the casino slot machine and kiosk printer sectors. Revenue of about $20 million to $21 million is expected during the period, with TransAct's operating results finishing in the range of break-even to a net loss of 5 cents per share.