August 4, 2017

TransAct Tech posts 15% profit rise

Hamden-based software technology firm TransAct Technologies said its profits rose 15 percent in the second quarter, mostly due to growth in the restaurant technology market.

In the quarter ended June 30, TransAct posted net income of $867,000, or 12 cents a diluted share compared with $753,000, or 10 cents a diluted share in the year ago period.

Total sales dropped to $13.6 million in the second quarter from $14.8 million in the year ago period.

CEO Bart Shuldman said growth was partly a result of increased interest from clients in the restaurant technology market, specifically with respect to its "AccuDate XL" technology which helps improve back-of-the-house operations.

"During the second quarter, the increased interest in the AccuDate XL was reflected in the nearly 94 percent quarterly sequential growth in restaurant solutions net sales [and] our first AccuDate label and service contract sale through TransAct Services Group," Shuldman said in a statement.

Casino and gaming printer sales also performed well as the domestic gaming environment improved, he said.

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