STRATEGIC PARTNERS
February 19, 2002
WALLINGFORD, Conn. - Printer manufacturer TransAct Technologies Inc. (NASDAQ: TACT), dealing with a sluggish economy and a consolidation of operations during 2001, on Feb. 20 announced a net loss of $4.9 million for fiscal year 2001. In 2000, the company lost $344,000.
The company finished the year with net sales of $44 million, down from sales of $53.7 million in 2000. The drop in sales, combined with an increase in business consolidation and restructuring expenses from $189,000 in 2000 to $4.1 million last year led to the increased losses for the year.
For the fourth quarter of 2001, ending Dec. 31, the company experienced a net loss of $1.8 million on net sales of $10.2 million. During the same period in 2000, the company lost $148,000 on sales of $14.1 million.
Despite the grim financial results in 2001, TransAct vice president and chief financial officer Richard L. Cote predicted the company would achieve operating profitability in 2002 due to a lowered cost structure and market growth.
TransAct manufactures printers and other related products that are used in the kiosk, gaming and lottery, financial services, and point-of-sale industries.
