0001017303 2011-06-30 0001017303 2010-12-31 0001017303 2011-04-01 2011-06-30 0001017303 2010-04-01 2010-06-30 0001017303 2011-01-01 2011-06-30 0001017303 2010-01-01 2010-06-30 0001017303 2009-12-31 0001017303 2010-06-30 0001017303 2011-07-29 iso4217:USD iso4217:USD xbrli:shares xbrli:shares 10948000 11285000 10414000 10864000 12704000 12795000 1705000 1705000 493000 403000 36264000 37052000 3604000 4071000 1469000 1469000 784000 789000 774000 240000 517000 475000 6631000 6569000 42895000 43621000 5184000 8342000 2466000 2865000 272000 320000 7922000 11527000 271000 295000 375000 393000 338000 272000 984000 960000 8906000 12487000 108000 106000 0.01 0.01 20000000 20000000 10770098 10612881 9425760 9426443 24296000 22875000 20204000 16937000 -61000 -69000 10558000 8715000 1344338 1186438 33989000 31134000 42895000 43621000 17519000 16443000 38213000 30651000 10856000 10288000 24618000 19307000 6663000 6155000 13595000 11344000 815000 799000 1584000 1544000 1653000 1618000 3172000 3201000 1801000 1940000 3657000 3819000 184000 184000 4453000 4357000 8597000 8564000 2210000 1798000 4998000 2780000 7000 6000 11000 8000 2000 2000 17000 8000 9000 8000 28000 16000 2219000 1806000 5026000 2796000 777000 661000 1759000 1022000 1442000 1145000 3267000 1774000 0.15 0.12 0.35 0.19 0.15 0.12 0.34 0.19 9388 9394 9417 9371 9667 9562 9676 9543 299000 300000 -326000 -14000 756000 791000 24000 -2000 -18000 -6000 464000 -2535000 117000 -5635000 270000 -102000 119000 -4000 4000 -3158000 2914000 44000 954000 1363000 -1066000 262000 550000 -569000 1000 10000 -830000 -540000 657000 206000 1843000 326000 14000 6000 -866000 220000 -4000 -5000 -337000 -1391000 10017000 8626000 TransAct Technologies Incorporated 10-Q --12-31 9446260 104500000 false 0001017303 Yes No Smaller Reporting Company No 2011 Q2 2011-06-30 <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1. Basis of presentation</font> </div><br/><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The accompanying unaudited condensed consolidated financial statements of TransAct Technologies Incorporated have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information.&#160;&#160;Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America to be included in full year financial statements.&#160;&#160;In the opinion of management, all adjustments considered necessary for a fair statement of the results for the periods presented have been included.&#160;&#160;The December 31, 2010 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.&#160;&#160;These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2010 included in our Annual Report on Form 10-K.</font> </div><br/><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The financial position and results of operations of our U.K. foreign subsidiary are measured using local currency as the functional currency.&#160;&#160;Assets and liabilities of such subsidiary have been translated at the end of period exchange rates, and related revenues and expenses have been translated at the weighted average exchange rates with the resulting translation gain or loss recorded in accumulated other comprehensive income in the condensed consolidated balance sheets.&#160;&#160;Transaction gains and losses are included in other income in the condensed consolidated statement of income.</font> </div><br/><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The results of operations for the three and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the full year.&#160;&#160;Certain prior period amounts in the Condensed Consolidated Financial Statements have been reclassified to conform with the current period presentation.</font> </div><br/> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2. Recently issued accounting pronouncements</font> </div><br/><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Multiple-Deliverable Revenue Arrangements:&#160;&#160;</font>In October 2009, the Financial Accounting Standards Board (&#8220;FASB&#8221;) established the accounting and reporting guidance for arrangements including multiple revenue-generating activities.&#160;&#160;This guidance provides amendments to the criteria for separating deliverables, measuring and allocating arrangement consideration to one or more units of accounting.&#160;&#160;The amendments also establish a selling price hierarchy for determining the selling price of a deliverable.&#160;&#160;Significantly enhanced disclosures are also required to provide information about a vendor&#8217;s multiple-deliverable revenue arrangements, including information about the nature and terms, significant deliverables, and its performance within arrangements.&#160;&#160;The amendments also require providing information about the significant judgments made and changes to those judgments and about how the application of the relative selling-price method affects the timing or amount of revenue recognition.&#160;&#160;The amendments are effective prospectively for revenue arrangements entered into or materially modified in the fiscal years beginning on or after June 15, 2010.&#160;&#160;We adopted this standard effective January 1, 2011 and it did not have an impact on our condensed consolidated financial statements.</font> </div><br/><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Business combinations:</font> In December 2010, the FASB issued amended guidance to clarify the acquisition date that should be used for reporting pro forma financial information for business combinations.&#160;&#160;If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date has been completed as of the beginning of the comparable prior annual reporting period.&#160;&#160;The amendments in this guidance are effective prospectively for business combinations for which the acquisition date is on or after January 1, 2011.&#160;&#160;Adoption of this amended guidance did not have an impact on our consolidated financial results.</font> </div><br/><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Goodwill impairment testing:</font> In December 2010, the FASB issued amendments to the guidance on goodwill impairment testing.&#160;&#160;The amendments modify Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts.&#160;&#160;For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists.&#160;&#160;In making that determination, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist.&#160;&#160;These amendments were effective for fiscal years and interim periods beginning January 1, 2011 and are not expected to have an impact on our financial position, results of operations or cash flows.</font> </div><br/><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Comprehensive income:</font> In June 2011, the FASB issued an amendment on the presentation of other comprehensive income. 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