Board of Directors Reviewing Options to Increase Flexibility of
Return of Capital Initiatives
HAMDEN, Conn.--(BUSINESS WIRE)--
TransAct Technologies Incorporated (Nasdaq: TACT) ("TransAct" or "the
Company") announced today that it will release its 2014 third quarter
financial results after the market closes on Thursday, November 6, 2014,
and will host a conference call and simultaneous webcast at 4:30 p.m. ET
that day. Both the call and webcast are open to the general public.
The conference call number is 678/825-8259; please call five minutes in
advance to ensure that you are connected prior to the presentation.
Interested parties may also access the live call on the Internet at www.transact-tech.com
(select "Investor Relations" followed by "Events & Presentations");
allow 15 minutes to register and download and install any necessary
software. Questions and answers on the call will be reserved for
analysts and investors. Following its completion, an archived version of
the webcast will be available for replay at the same location.
TransAct Reviewing Opportunities to Increase Flexibility of Stock
Repurchase Return of Capital Program
The Company also announced today that its Board of Directors is
reviewing options to increase the flexibility of the stock repurchase
return of capital program currently in place which complements the
Company's quarterly cash dividend return of capital program. TransAct
currently pays a regular quarterly cash dividend and on August 11, 2014,
the Company's Board of Directors approved the repurchase of up to $7.5
million of the Company's outstanding shares of common stock from time to
time on the open market, depending on market conditions, share price and
other factors. The $0.08 per share quarterly dividend paid to
shareholders on September 15, 2015 reflects an annual yield of 5.9%
based on the on the $5.40 per share closing price of the Company's stock
on October 17, 2014. Through September 16, 2014, the beginning of the
Company's blackout period prior to the reporting of its 2014 third
quarter results, and pursuant to the August repurchase authorization,
TransAct has repurchased approximately 109,000 shares of its common
stock for total consideration of approximately $0.8 million. There can
be no assurance that the Company's Board of Directors will authorize any
additional return of capital initiatives or if additional return of
capital programs are approved what the timing or activity will be
pursuant to any newly approved programs.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a leader in developing and
manufacturing market-specific solutions, including printers, terminals,
software and other products for transaction-based and other industries.
These industries include casino and gaming, lottery, food safety,
banking, point-of-sale, hospitality, oil and gas, medical and mobile.
Each individual market has distinct, critical requirements for printing
and the transaction is not complete until the receipt and/or ticket is
produced. TransAct printers and products are designed from the ground up
based on market-specific requirements and are sold under the Ithaca®,
RESPONDER, Epic, EPICENTRAL® and Printrex® product brands. TransAct
distributes its printers and terminals through OEMs, value-added
resellers, selected distributors, and direct to end-users. TransAct has
over 2.5 million printers and terminals installed around the world.
TransAct is also committed to providing world-class printer service,
spare parts, accessories and printing supplies to its growing worldwide
installed base of printers. Through its TransAct Services Group,
TransAct provides a complete range of supplies and consumable items used
in the printing and scanning activities of customers in the hospitality,
banking, retail, gaming, government and oil and gas exploration markets.
Through its webstore, http://www.transactsupplies.com,
and a direct selling team, TransAct addresses the on-line demand for
these products. 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 are 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; 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, Europe, 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 new line of food safety and oil and gas products will
drive increased adoption by customers; the outcome of the lawsuit
between TransAct and Avery Dennison Corporation; 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 date of this release
and the Company assumes no duty to update them to reflect new, changing
or unanticipated events or circumstances.
Investor:
TransAct Technologies Incorporated
Steve
DeMartino, 203-859-6810
President and Chief Financial Officer
or
JCIR
Richard
Land, Joseph Jaffoni, Jim Leahy
212-835-8500
tact@jcir.com
Source: TransAct Technologies Incorporated
News Provided by Acquire Media
