Delaware
|
0-21121
|
06-1456680
|
(State or other jurisdiction of incorporation)
|
(Commission file number)
|
(I.R.S. employer identification no.)
|
One Hamden Center
|
|
2319 Whitney Ave, Suite 3B, Hamden, CT
|
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
|
NASDAQ Global Market
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Exhibit
|
Description
|
|
99.1
|
Press Release dated May 6, 2021 of TransAct Technologies Incorporated
|
TRANSACT TECHNOLOGIES INCORPORATED
|
||||
By:
|
|
/s/ David B. Peters
|
||
|
David B. Peters
|
|||
|
Vice President & Chief Accounting Officer
|
•
|
Net Sales: Net sales for the first quarter of 2021 were $8.3 million, down 19% compared to $10.2 million for the first
quarter of 2020.
|
•
|
FST Recurring Revenue: FST recurring revenue for the first quarter of 2021 was $1.2 million, up 96% compared to $0.6 million
for the first quarter of 2020.
|
•
|
Gross Profit: Gross profit for the first quarter of 2021 was $3.2 million, resulting in gross margin of 38.4%, compared to
gross profit of $4.9 million for the first quarter of 2020, which resulted in a 48.0% gross margin.
|
•
|
Operating loss: Operating loss for the first quarter of 2021 was $(2.7) million, compared to operating loss of $(1.3)
million for the first quarter of 2020.
|
•
|
Net loss: Net loss for the first quarter of 2021 was $(2.2) million, or $(0.25) net loss per share, based on 8.9 million
weighted average common shares outstanding. Net loss for the comparable 2020 period was $(1.0) million, or $(0.13) net loss per share, based on 7.5 million weighted average common shares outstanding.
|
•
|
EBITDA: EBITDA loss was $(2.5) million for the first quarter of 2021, compared to an EBITDA loss of $(1.2) million for the
first quarter of 2020.
|
•
|
Adjusted EBITDA (loss): Adjusted EBITDA loss was $(2.2) million for the first quarter of 2021, compared to adjusted EBITDA
loss of $(1.0) million for the first quarter of 2020.
|
•
|
Paid Terminals: Paid terminals in the market were 7,009 at March 31, 2021, compared to 3,130 at March 31, 2020, an increase of 124%.
|
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
March 31, |
||||||||
2021
|
2020
|
|||||||
(In thousands, except per share data)
|
||||||||
Net sales
|
$
|
8,301
|
$
|
10,247
|
||||
Cost of sales
|
5,112
|
5,329
|
||||||
Gross profit
|
3,189
|
4,918
|
||||||
Operating expenses:
|
||||||||
Engineering, design and product development
|
1,803
|
1,385
|
||||||
Selling and marketing
|
1,443
|
2,208
|
||||||
General and administrative
|
2,609
|
2,620
|
||||||
5,855
|
6,213
|
|||||||
Operating loss
|
(2,666
|
)
|
(1,295
|
)
|
||||
Interest and other income (expense):
|
||||||||
Interest, net
|
(13
|
)
|
3
|
|||||
Other, net
|
(83
|
)
|
(165
|
)
|
||||
(96
|
)
|
(162
|
)
|
|||||
Loss before income taxes
|
(2,762
|
)
|
(1,457
|
)
|
||||
Income tax benefit
|
(556
|
)
|
(465
|
)
|
||||
Net loss
|
$
|
(2,206
|
)
|
$
|
(992
|
)
|
||
Net loss per common share:
|
||||||||
Basic
|
$
|
(0.25
|
)
|
$
|
(0.13
|
)
|
||
Diluted
|
$
|
(0.25
|
)
|
$
|
(0.13
|
)
|
||
Shares used in per share calculation:
|
||||||||
Basic
|
8,948
|
7,507
|
||||||
Diluted
|
8,948
|
7,507
|
SUPPLEMENTAL INFORMATION – SALES BY MARKET:
(Preliminary and Unaudited)
|
||||||||
Three months ended
March 31, |
||||||||
2021
|
2020
|
|||||||
(In thousands)
|
||||||||
Food service technology
|
$
|
2,747
|
$
|
1,371
|
||||
POS automation
|
1,164
|
1,558
|
||||||
Casino and gaming
|
2,865
|
4,931
|
||||||
Printrex
|
159
|
117
|
||||||
TransAct services group
|
1,366
|
2,270
|
||||||
Total net sales
|
$
|
8,301
|
$
|
10,247
|
TRANSACT TECHNOLOGIES INCORPORATED
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(Preliminary and Unaudited)
|
||||||||
March 31,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
(in thousands)
|
||||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
8,728
|
$
|
10,359
|
||||
Accounts receivable, net
|
4,712
|
3,377
|
||||||
Note receivable
|
-
|
100
|
||||||
Inventories
|
10,000
|
11,286
|
||||||
Prepaid income taxes
|
2,411
|
2,409
|
||||||
Other current assets
|
911
|
644
|
||||||
Total current assets
|
26,762
|
28,175
|
||||||
Fixed assets, net
|
1,852
|
1,950
|
||||||
Note receivable, net of current portion
|
-
|
1,584
|
||||||
Right-of-use asset
|
3,429
|
3,618
|
||||||
Goodwill
|
2,621
|
2,621
|
||||||
Deferred tax assets
|
3,489
|
2,939
|
||||||
Intangible assets, net
|
532
|
583
|
||||||
Other assets
|
678
|
777
|
||||||
12,601
|
14,072
|
|||||||
Total assets
|
$
|
39,363
|
$
|
42,247
|
||||
Liabilities and Shareholders’ Equity:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,919
|
$
|
1,691
|
||||
Accrued liabilities
|
2,498
|
3,665
|
||||||
Lease liability
|
813
|
837
|
||||||
Deferred revenue
|
569
|
504
|
||||||
Total current liabilities
|
5,799
|
6,697
|
||||||
Long-term debt
|
2,173
|
2,173
|
||||||
Deferred revenue, net of current portion
|
202
|
111
|
||||||
Lease liability, net of current portion
|
2,666
|
2,864
|
||||||
Other liabilities
|
160
|
166
|
||||||
5,201
|
5,314
|
|||||||
Total liabilities
|
11,000
|
12,011
|
||||||
Shareholders’ equity:
|
||||||||
Common stock
|
130
|
130
|
||||||
Additional paid-in capital
|
42,816
|
42,536
|
||||||
Retained earnings
|
17,512
|
19,718
|
||||||
Accumulated other comprehensive income (loss), net of tax
|
15
|
(38
|
)
|
|||||
Treasury stock, at cost
|
(32,110
|
)
|
(32,110
|
)
|
||||
Total shareholders’ equity
|
28,363
|
30,236
|
||||||
Total liabilities and shareholders’ equity
|
$
|
39,363
|
$
|
42,247
|
||||
TRANSACT TECHNOLOGIES INCORPORATED
|
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA
NON-GAAP FINANCIAL MEASURES
|
(Preliminary and Unaudited)
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
(in thousands)
|
||||||||
2021
|
2020
|
|||||||
Net loss
|
$
|
(2,206
|
)
|
$
|
(992
|
)
|
||
Interest expense (income), net
|
13
|
(3
|
)
|
|||||
Income tax benefit
|
(556
|
)
|
(465
|
)
|
||||
Depreciation and amortization
|
240
|
238
|
||||||
EBITDA
|
(2,509
|
)
|
(1,222
|
)
|
||||
Share-based compensation expense
|
264
|
187
|
||||||
Adjusted EBITDA
|
$
|
(2,245
|
)
|
$
|
(1,035
|
)
|