Delaware
|
0-21121
|
06-1456680
|
(State or other jurisdiction of incorporation)
|
(Commission file number)
|
(I.R.S. employer identification no.)
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One Hamden Center
|
|
2319 Whitney Ave, Suite 3B, Hamden, CT
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06518
|
(Address of principal executive offices)
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(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
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Common stock, par value $.01 per share
|
TACT
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NASDAQ Global Market
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Exhibit
|
Description
|
|
Press Release dated August 5, 2020 of TransAct Technologies Incorporated
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TRANSACT TECHNOLOGIES INCORPORATED
|
||||
By:
|
|
/s/ David B. Peters
|
||
|
David B. Peters
|
|||
|
Vice President & Chief Accounting Officer
|
•
|
Net Sales: Net Sales for the second quarter of 2020 were $5.3 million, down 53% compared to $11.4 million for
the second quarter of 2019.
|
•
|
Gross Profit: Gross profit for the second quarter of 2020 was $2.3 million, resulting in gross margin of
43.3%, compared to gross profit of $5.7 million in the second quarter of 2019, which resulted in a 50.3% gross margin.
|
•
|
Operating income (loss): Operating loss for the second quarter of 2020 was $2.7 million, compared to
operating income of $0.3 million in the second quarter of 2019.
|
•
|
Net income (loss): Net loss for the second quarter of 2020 was $1.9 million, or $0.25 net loss per share,
based on 7.5 million diluted weighted average common shares outstanding. Net income for the comparable 2019 period was $0.2 million, or $0.02 net income per share, based on 7.6 million diluted weighted average common shares outstanding.
|
•
|
EBITDA: EBITDA was negative $2.5 million for the second quarter of 2020, compared to positive EBITDA of $0.4
million in the second quarter of 2019.
|
•
|
Adjusted EBITDA: Adjusted EBITDA was negative $2.3 million for the second quarter of 2020, compared to
positive adjusted EBITDA of $0.6 million in the second quarter of 2019.
|
Bart Shuldman
Chairman and Chief Executive Officer
TransAct Technologies Incorporated
702-388-8180 |
Michael Bowen
ICR, Inc.
Michael.Bowen@icrinc.com
203-682-8299
|
Marc P. Griffin
ICR, Inc.
Marc.Griffin@icrinc.com
646-277-1290
|
TRANSACT TECHNOLOGIES INCORPORATED
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(Preliminary and Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(In thousands, except per share amounts)
|
June 30,
|
June 30,
|
||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net sales
|
$
|
5,285
|
$
|
11,350
|
$
|
15,532
|
$
|
22,900
|
||||||||
Cost of sales
|
2,995
|
5,646
|
8,324
|
11,110
|
||||||||||||
Gross profit
|
2,290
|
5,704
|
7,208
|
11,790
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Engineering, design and product development
|
1,367
|
1,115
|
2,752
|
2,280
|
||||||||||||
Selling and marketing
|
1,419
|
2,089
|
3,627
|
3,943
|
||||||||||||
General and administrative
|
2,242
|
2,191
|
4,862
|
4,481
|
||||||||||||
5,028
|
5,395
|
11,241
|
10,704
|
|||||||||||||
Operating (loss) income
|
(2,738
|
)
|
309
|
(4,033
|
)
|
1,086
|
||||||||||
Interest and other expense:
|
||||||||||||||||
Interest, net
|
(25
|
)
|
(7
|
)
|
(22
|
)
|
(13
|
)
|
||||||||
Other, net
|
(11
|
)
|
(142
|
)
|
(176
|
)
|
(52
|
)
|
||||||||
(36
|
)
|
(149
|
)
|
(198
|
)
|
(65
|
)
|
|||||||||
(Loss) Income before income taxes
|
(2,774
|
)
|
160
|
(4,231
|
)
|
1,021
|
||||||||||
Income tax (benefit) provision
|
(921
|
)
|
(26
|
)
|
(1,386
|
)
|
89
|
|||||||||
Net (loss) income
|
$
|
(1,853
|
)
|
$
|
186
|
$
|
(2,845
|
)
|
$
|
932
|
||||||
Net income (loss) per common share:
|
||||||||||||||||
Basic
|
$
|
(0.25
|
)
|
$
|
0.02
|
$
|
(0.38
|
)
|
$
|
0.12
|
||||||
Diluted
|
$
|
(0.25
|
)
|
$
|
0.02
|
$
|
(0.38
|
)
|
$
|
0.12
|
||||||
Shares used in per share calculation:
|
||||||||||||||||
Basic
|
7,543
|
7,462
|
7,525
|
7,461
|
||||||||||||
Diluted
|
7,543
|
7,597
|
7,525
|
7,607
|
||||||||||||
SUPPLEMENTAL INFORMATION – SALES BY MARKET:
(Preliminary and Unaudited)
|
||||||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||
(In thousands)
|
June 30,
|
June 30,
|
||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Food service technology
|
$
|
1,204
|
$
|
1,123
|
$
|
2,575
|
$
|
2,336
|
||||||||
POS automation and banking
|
481
|
1,644
|
2,039
|
2,921
|
||||||||||||
Casino and gaming
|
1,360
|
5,631
|
6,291
|
11,114
|
||||||||||||
Lottery
|
817
|
134
|
817
|
831
|
||||||||||||
Printrex
|
8
|
285
|
125
|
627
|
||||||||||||
TransAct Services Group
|
1,415
|
2,533
|
3,685
|
5,071
|
||||||||||||
Total net sales
|
$
|
5,285
|
$
|
11,350
|
$
|
15,532
|
$
|
22,900
|
TRANSACT TECHNOLOGIES INCORPORATED
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(Preliminary and Unaudited)
|
||||||||
June 30,
|
December 31,
|
|||||||
(In thousands)
|
2020
|
2019
|
||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
3,082
|
$
|
4,203
|
||||
Accounts receivable, net
|
3,290
|
6,418
|
||||||
Note receivable
|
100
|
1,017
|
||||||
Inventories, net
|
11,905
|
12,099
|
||||||
Prepaids and other current assets
|
1,096
|
1,178
|
||||||
Total current assets
|
19,473
|
24,915
|
||||||
Fixed assets, net
|
2,396
|
2,244
|
||||||
Note receivable, net of current portion
|
1,547
|
-
|
||||||
Right-of-use asset
|
3,970
|
2,855
|
||||||
Goodwill
|
2,621
|
2,621
|
||||||
Deferred tax assets
|
4,057
|
2,565
|
||||||
Intangible assets, net
|
692
|
817
|
||||||
Other assets
|
218
|
44
|
||||||
15,501
|
11,146
|
|||||||
Total assets
|
$
|
34,974
|
$
|
36,061
|
||||
Liabilities and Shareholders’ Equity:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,316
|
$
|
2,960
|
||||
Accrued liabilities
|
2,638
|
3,041
|
||||||
Revolving bank loan payable
|
6
|
-
|
||||||
Lease liability
|
878
|
945
|
||||||
Deferred revenue
|
519
|
700
|
||||||
Total current liabilities
|
5,357
|
7,646
|
||||||
Long term debt
|
2,173
|
-
|
||||||
Deferred revenue, net of current portion
|
145
|
219
|
||||||
Lease liability, net of current portion
|
3,241
|
2,104
|
||||||
Other liabilities
|
170
|
166
|
||||||
5,729
|
2,489
|
|||||||
Total liabilities
|
11,086
|
10,135
|
||||||
Shareholders’ equity:
|
||||||||
Common stock
|
116
|
115
|
||||||
Additional paid-in capital
|
33,329
|
32,604
|
||||||
Retained earnings
|
22,503
|
25,348
|
||||||
Accumulated other comprehensive income (loss), net of tax
|
50
|
(31
|
)
|
|||||
Treasury stock, at cost
|
(32,110
|
)
|
(32,110
|
)
|
||||
Total shareholders’ equity
|
23,888
|
25,926
|
||||||
Total liabilities and shareholders’ equity
|
$
|
34,974
|
$
|
36,061
|
||||
TRANSACT TECHNOLOGIES INCORPORATED
|
RECONCILIATION OF NET (LOSS) INCOME TO EBITDA AND ADJUSTED EBITDA
NON-GAAP FINANCIAL MEASURES
|
(Preliminary and Unaudited)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(In thousands)
|
June 30,
|
June 30,
|
||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net (loss) income
|
$
|
(1,853
|
)
|
$
|
186
|
$
|
(2,845
|
)
|
$
|
932
|
||||||
Interest expense, net
|
25
|
7
|
22
|
13
|
||||||||||||
Income tax provision (benefit)
|
(921
|
)
|
(26
|
)
|
(1,386
|
)
|
89
|
|||||||||
Depreciation and amortization
|
257
|
236
|
495
|
488
|
||||||||||||
EBITDA
|
(2,492
|
)
|
403
|
(3,714
|
)
|
1,522
|
||||||||||
Share-based compensation expense
|
226
|
213
|
413
|
386
|
||||||||||||
Adjusted EBITDA
|
$
|
(2,266
|
)
|
$
|
616
|
$
|
(3,301
|
)
|
$
|
1,908
|
||||||