Board of Directors Approves Modification to Current Share Repurchase
Authorization to Include $4 Million 10b5-1 Stock Repurchase Plan
HAMDEN, Conn.--(BUSINESS WIRE)--
TransAct Technologies Incorporated (Nasdaq: TACT), a global leader in
market-specific solutions, including printers, terminals, software and
other products for transaction-based and other industries, announced
today that its Board of Directors declared a quarterly cash dividend of
$0.08 per share and also approved a modification to the current stock
repurchase return of capital program.
The $0.08 quarterly cash dividend declared by the Board will be payable
December 15, 2014, to shareholders of record at the close of business on
November 20, 2014. On an annualized basis, the quarterly dividend
represents a yield of 5.6% based on the $5.73 per share closing price of
the Company's stock on October 31, 2014.
The Board of Directors also modified TransAct's current share repurchase
authorization, announced in August for up to $7.5 million of the
Company's outstanding shares. The share repurchase authorization now
includes the repurchase of up to $4 million of the Company's outstanding
shares through April 30, 2015 pursuant to a new Rule 10b5-1 trading
plan. The Rule 10b5-1 plan allows the Company to adopt a written plan
for trading securities in a non-discretionary, pre-scheduled manner
including during normal quarterly blackout periods. TransAct expects to
enter into the new 10b5-1 trading plan in early November 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 initial $7.5 million repurchase plan authorized in
August, TransAct has repurchased approximately 109,000 shares of its
common stock for total consideration of approximately $0.8 million.
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.
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
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