March 11, 2019

TransAct’s 4Q, ‘18 profits rise

PHOTO | Contributed
PHOTO | Contributed

Hamden's TransAct Technologies Inc. said its growth in the global casino market and a lower U.S. corporate tax rate helped the printer and software maker's fourth-quarter profits flip from red to black.

For the three months ended Dec. 31, TransAct, which sells numerous ticket printers to casinos, posted net income of $962,000, or 12 cents a diluted share, up from a loss of $412,000, or a loss of 6 cents a diluted share, in the year-ago period.

Despite recording a profit during the quarter, fourth-quarter net sales still fell about 11 percent from $13.2 million to $11.8 million. The company's higher fourth-quarter sales in 2017 were squandered in large part because of a $1.3 million income tax charge under the Tax Cuts and Jobs Act of 2017.

Fourth-quarter sales in 2018 were spurred by a 20 percent increase in casino and gaming sales, particularly in international markets.

For the year, TransAct's profits jumped about 69 percent to $5.4 million, or 70 cents a diluted share, up from $3.2 million, or 42 cents a diluted share, recorded in the year prior.

TransAct's full-year increase was spurred in part by its European direct sales team, which was a "key driver" of the 43 percent growth in casino and gaming sales, said CEO and Chairman Bart Shuldman.

The company is hoping to expand its restaurant solutions business in 2019 through its newly minted cloud-based platform, BOHA!, which produces nutrition and recipe labeling. Officials said the new apps and hardware solutions will help food-service companies better manage their operations.

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