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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 8, 2024
TransAct Technologies Incorporated
(Exact name of registrant as specified in its
charter)
| 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) |
(Zip Code) |
Registrant's telephone number, including area
code: (203) 859-6800
(Former Name or Former Address, if Changed Since
Last Report): Not applicable
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common stock, par value $.01 per share |
TACT |
NASDAQ Global Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth
Company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
The following information is being furnished pursuant
to Item 2.02 “Results of Operations and Financial Condition” of Form 8-K. Such information, including the Exhibit
attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly
set forth by specific reference in such filing.
On August 8, 2024, TransAct Technologies Incorporated
issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of the press release is
furnished as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
TRANSACT TECHNOLOGIES INCORPORATED |
| |
|
|
|
| |
By: |
/s/ William J. DeFrances |
|
| |
|
William J. DeFrances |
|
| |
|
Vice President & Chief Accounting Officer |
|
Date: August 8, 2024
Exhibit 99.1
TransAct Technologies
Reports Preliminary Second Quarter 2024 Financial Results
Sold Approximately 1,500 Terminals in the Quarter,
Up 64% Sequentially
Recurring FST Revenue Increased 15% Sequentially
Added Thirteen New FST Customers in the Quarter
Hamden, CT – August 8, 2024 – TransAct Technologies
Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”), a global leader in software-driven technology and printing
solutions for high-growth markets, today reported preliminary results for the second quarter ended June 30, 2024.
“We are pleased with our results for the
quarter, highlighted by 1,476 new terminals sold in the quarter, sequential FST recurring revenue growth, and thirteen new logos added
to our BOHA! platform in the quarter,” said John Dillon, Chief Executive Officer of TransAct. “Our continued focus on cost
control is also yielding results, with our latest measures expected to save approximately $2 million on an annualized basis, which we
anticipate seeing the full effect of beginning in the third quarter 2024. Our initiatives aimed at streamlining the organization and increasing
our sales efficiency are producing positive changes at TransAct and we are continuing to work diligently towards our goals.”
Second Quarter 2024 Financial Highlights
| • | Net Sales: Net sales for the second quarter
of 2024 were $11.6 million, up 9% sequentially, but down 42% compared to $19.9 million for the second quarter of 2023, largely as a result
of the expected market dynamics and normalizing demand for our Casino and Gaming printers. |
| • | FST Recurring Revenue: FST recurring revenue
for the second quarter of 2024 was $2.8 million, which was up 15% sequentially, and up 12% compared to $2.5 million for the second quarter
of 2023. |
| • | Gross Profit: Gross profit for the second
quarter of 2024 was $6.1 million, resulting in gross margin of 52.7%, compared to gross profit of $10.9 million for the second quarter
of 2023, which delivered a 54.5% gross margin. |
| • | Operating (loss) income: Operating loss
for the second quarter of 2024 was $(438) thousand, compared to an operating loss of $(1.3) million for the first quarter of 2024 and
operating income of $1.2 million for the second quarter of 2023. |
| • | Net (loss) income: Net loss for the second
quarter of 2024 was $(319) thousand, or $(0.03) per diluted share, based on 10.0 million weighted average common shares outstanding. Net
loss for the first quarter of 2024 was $(1.0) million, or $(0.10) per diluted share, and net income for the second quarter of 2023 was
$765 thousand, or $0.08 per diluted share, based on 10.0 million weighted average common shares outstanding. |
| • | Adjusted net (loss) income: Adjusted net
loss for the second quarter of 2024 was $(319) thousand, or $(0.03) per diluted share. Adjusted net income for the comparable 2023 period
was $2.2 million, or $0.22 per diluted share. |
| • | EBITDA: EBITDA was negative $190 thousand
for the second quarter of 2024, compared to negative $966 thousand for the first quarter of 2024 and $1.6 million for the second quarter
of 2023. |
| • | Adjusted EBITDA: Adjusted EBITDA was $89
thousand for the second quarter of 2024, compared to negative $701 thousand in the first quarter of 2024, and $3.2 million for the second
quarter of 2023. |
Updated 2024 Financial Outlook
| • | Total Net Sales: The Company currently
expects full year 2024 total net sales of between $45 million and $50 million. |
| • | Total Adjusted EBITDA: The Company expects
full year 2024 total adjusted EBITDA to be between negative $1 million and negative $2 million, up from the previously anticipated range
of negative $2.5 million to negative $3.5 million. |
Our outlook for non-GAAP adjusted EBITDA is presented
only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of this forward-looking non-GAAP
financial measure to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties
relating to the occurrence or amount of these adjustments that may arise in the future. If one or more of the currently unavailable items
is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.
Strategic Business Review
The Company continues to actively assess strategic
alternatives with the assistance of Roth Capital Partners, LLC, the Company’s advisor, while continuing to pursue its business growth
and development initiatives on a parallel track. The Company has engaged with a number of outside parties since the previous update in
June and is in various stages of discussion with such outside parties. The Company is committed to pursuing an optimal outcome for all
its stakeholders and maximizing shareholder value.
2024 Second Quarter Conference Call and Webcast
TransAct is hosting a conference call and webcast
today, August 8, 2024, beginning at 4:30 p.m. ET to discuss the Company’s preliminary second quarter 2024 results and
other matters. Both the call and the webcast are open to the general public. The conference call number is 877-704-4453 and the conference
ID number is 13747979. Please call ten minutes prior to the presentation to ensure that you are connected.
Interested parties may also access the
conference call live on the Internet at www.transact-tech.com (select “Company” followed by “Investor
Relations,” then select “News & Events” followed by “Events & Presentations”). Approximately
two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.
Non-GAAP Financial Measures
TransAct is providing certain non-GAAP financial
measures because the Company believes that these measures are helpful to investors and others in assessing the ongoing nature of what
the Company’s management views as TransAct’s core operations. EBITDA and adjusted EBITDA provide the Company with an understanding
of one aspect of earnings before the impact of investing and financing charges and income taxes. The Company believes that these non-GAAP
financial measures provide relevant and useful information to an investor evaluating the Company’s operating performance because
these measures are: (i) widely used by investors to measure a company’s operating performance without regard to items that do not
reflect the Company’s ongoing operations and are excluded from the calculation of such measures; (ii) used as financial measurements
by lenders and other parties to evaluate creditworthiness; and (iii) used by the Company’s management for various purposes including
strategic planning and forecasting and assessing financial performance. Adjusted net (loss) income and adjusted net (loss) income per
diluted share provide the Company with an understanding of the results of the primary operations of the business by excluding the effects
of special items (for example, the $1.5 million severance charge related to the resignation of the Company’s former CEO in the second
quarter of 2023) that do not reflect the ordinary earnings of the Company’s operations. The Company uses these measures to evaluate
period-over-period operating performance because the Company believes this provides a more comparable measure of the Company’s continuing
business, as these measures adjust for the special items that are not reflective of the normal results of the business. The presentation
of this non-GAAP information is not considered superior to or a substitute for, and should be read in conjunction with, the financial
information prepared in accordance with GAAP.
EBITDA is defined as net (loss) income before
net interest income (expense), income taxes, depreciation, and amortization. A reconciliation of EBITDA to net (loss) income, the most
comparable GAAP financial measure, can be found attached to this release.
Adjusted EBITDA is defined as net (loss) income
before net interest income (expense), income taxes, depreciation and amortization and is adjusted for (1) share-based compensation, (2)
the $1.5 million severance charge related to the resignation of the Company’s former CEO in the second quarter of 2023 and (3) any
other items, when they occur, that we believe do not reflect the ordinary earnings of the Company’s ongoing business. The Company
adjusts EBITDA for share-based compensation because the Company considers share-based compensation to be a non-cash expense similar to
depreciation and amortization. A reconciliation of adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure, can
be found attached to this release.
Adjusted net (loss) income is defined as net (loss)
income adjusted for the $1.5 million severance charge related to the resignation of the Company’s former CEO in the second quarter
of 2023. A reconciliation of adjusted net (loss) income to net (loss) income, the most comparable GAAP financial measure, can be found
attached to this release.
Adjusted net (loss) income per diluted share is
defined as adjusted net (loss) income divided by diluted shares outstanding. A reconciliation of adjusted net (loss) income per diluted
share to net (loss) income per diluted share, the most comparable GAAP financial measure, can be found attached to this release.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global
leader in developing and selling software-driven technology and printing solutions for high-growth markets including food service, casino
and gaming, and POS automation. The Company’s solutions are designed from the ground up based on customer requirements and are sold
under the BOHA!™, AccuDate™, EPICENTRAL®, Epic and Ithaca® brands. TransAct has sold over 3.9 million printers, terminals
and other hardware devices around the world and is committed to providing world-class service, spare parts, and accessories to support
its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies
and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden,
CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.
©2024 TRANSACT Technologies Incorporated.
All rights reserved. TransAct®, BOHA!™, AccuDate™, Epic Edge®, EPICENTRAL® and Ithaca® are trademarks of TransAct
Technologies Incorporated.
Cautionary Statement Regarding Preliminary
Financial Information
The Company has prepared the preliminary financial
information set forth below on a materially consistent basis with its historical financial information and in good faith based upon its
internal reporting as of and for the three and six months ended June 30, 2024. This financial information is preliminary and is thus inherently
uncertain and subject to change as the Company finalizes its financial results and related review for the three and six months ended June
30, 2024. During the course of the preparation of the Company’s condensed consolidated financial statements and related notes as
of and for the three and six months ended June 30, 2024, the Company may identify items that could cause its final reported results to
be materially different from the preliminary financial information set forth above. As a result, there can be no assurance that the Company’s
final results for this period will not differ from the preliminary financial information.
This preliminary financial information should
not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, this preliminary financial
information is not necessarily indicative of the results to be achieved for any future period.
Forward-Looking Statements
Certain statements included in this press release
may be forward-looking statements within the meaning of the U.S. federal securities laws, including the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements
represent current views about possible future events and are often identified by the use of forward-looking terminology, such as ”may”",
”will”, ”could”, ”expect”, ”intend”, ”estimate”, “anticipate”,
”believe”, ”project”, ”plan”, ”predict”, ”design” or ”continue”,
or the negative thereof, or other similar words. Forward-looking statements are subject to certain risks, uncertainties and assumptions.
In the event that one or more of such risks or uncertainties materialize, or one or more underlying assumptions prove incorrect, actual
results may differ materially from those expressed or implied by the forward-looking statements. Important factors and uncertainties that
could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not
limited to, the following: the adverse effects of current economic conditions on our business, operations, financial condition, results
of operations and capital resources; difficulties or delays in manufacturing or delivery of inventory or other supply chain disruptions;
inflationary pressures; the Russia/Ukraine and Middle East conflicts; inadequate manufacturing capacity or a shortfall or excess of inventory
as a result of difficulty in predicting manufacturing requirements due to volatile economic conditions; price increases or decreased availability
of third party component parts or raw materials at reasonable prices; our ability to successfully develop new products that garner customer
acceptance and generate sales, both domestically and internationally, in the face of substantial competition; our reliance on an unrelated
third party to develop, maintain and host certain web-based food service application software and develop and maintain selected components
of our downloadable software applications pursuant to a non-exclusive license agreement, and the risk that interruptions in our relationship
with that third party could materially impair our ability to provide services to our food service technology customers on a timely basis
or at all and could require substantial expenditures to find or develop alternative software products; our ability to successfully grow
our business in the food service technology market; risks associated with the pursuit of strategic initiatives and business growth; our
dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our dependence on significant suppliers;
our ability to recruit and retain quality employees; our dependence on third parties for sales outside the United States; marketplace
acceptance of new products; risks associated with foreign operations; price wars, supply chain disruptions or other significant pricing
pressures affecting the Company’s products in the United States or abroad; increased product costs or reduced customer demand for
our products due to changes in U.S. policy that may result in trade wars or tariffs; political and policy uncertainties with the approach
of the U.S. presidential election; our ability to protect intellectual property; exchange rate fluctuations; the availability of needed
financing on acceptable terms or at all; volatility of, and decreases in, trading prices of our common stock; and other risk factors identified
and discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with the
Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements, which speak only as
of the date of this release. We undertake no obligation to publicly or otherwise revise any forward-looking statements, whether as a result
of new information, future events or other factors, except where we are expressly required to do so by applicable law.
# # #
Investor Contact:
Ryan Gardella
ICR, Inc.
Ryan.Gardella@icrinc.com
- Financial tables follow-
| TRANSACT TECHNOLOGIES INCORPORATED |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Preliminary and Unaudited) |
| | |
Three months ended | | |
Six months ended | |
| | |
June 30, | | |
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
(In thousands, except per share data) | |
| | |
| | |
| | |
| | |
| |
| Net sales | |
$ | 11,599 | | |
$ | 19,906 | | |
$ | 22,286 | | |
$ | 42,176 | |
| Cost of sales | |
| 5,489 | | |
| 9,048 | | |
| 10,552 | | |
| 19,063 | |
| Gross profit | |
| 6,110 | | |
| 10,858 | | |
| 11,734 | | |
| 23,113 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Engineering, design and product development | |
| 1,799 | | |
| 2,505 | | |
| 3,765 | | |
| 4,774 | |
| Selling and marketing | |
| 2,197 | | |
| 2,684 | | |
| 4,280 | | |
| 5,441 | |
| General and administrative | |
| 2,552 | | |
| 4,445 | | |
| 5,428 | | |
| 7,861 | |
| | |
| 6,548 | | |
| 9,634 | | |
| 13,473 | | |
| 18,076 | |
| Operating (loss) income | |
| (438 | ) | |
| 1,224 | | |
| (1,739 | ) | |
| 5,037 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest and other income (expense): | |
| | | |
| | | |
| | | |
| | |
| Interest, net | |
| 26 | | |
| (68 | ) | |
| 74 | | |
| (134 | ) |
| Other, net | |
| 7 | | |
| - | | |
| (53 | ) | |
| 21 | |
| | |
| 33 | | |
| (68 | ) | |
| 21 | | |
| (113 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| (Loss) income before income taxes | |
| (405 | ) | |
| 1,156 | | |
| (1,718 | ) | |
| 4,924 | |
| Income tax benefit (expense) | |
| 86 | | |
| (391 | ) | |
| 363 | | |
| (1,020 | ) |
| Net (loss) income | |
$ | (319 | ) | |
$ | 765 | | |
$ | (1,355 | ) | |
$ | 3,904 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net (loss) income per common share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | (0.03 | ) | |
$ | 0.08 | | |
$ | (0.14 | ) | |
$ | 0.39 | |
| Diluted | |
$ | (0.03 | ) | |
$ | 0.08 | | |
$ | (0.14 | ) | |
$ | 0.39 | |
| | |
| | | |
| | | |
| | | |
| | |
| Shares used in per share calculation: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 9,997 | | |
| 9,956 | | |
| 9,985 | | |
| 9,943 | |
| Diluted | |
| 9,997 | | |
| 10,017 | | |
| 9,985 | | |
| 10,016 | |
|
SUPPLEMENTAL INFORMATION
– SALES BY MARKET:
(Preliminary and Unaudited) |
| | |
Three months ended | | |
Six months ended | |
| | |
June 30, | | |
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
(In thousands) | |
| | |
| | |
| | |
| | |
| |
| Food service technology | |
$ | 4,178 | | |
$ | 3,895 | | |
$ | 7,478 | | |
$ | 7,353 | |
| POS automation | |
| 1,151 | | |
| 1,904 | | |
| 1,802 | | |
| 3,701 | |
| Casino and gaming | |
| 5,359 | | |
| 12,172 | | |
| 11,055 | | |
| 27,983 | |
| TransAct Services Group | |
| 911 | | |
| 1,935 | | |
| 1,951 | | |
| 3,139 | |
| Total net sales | |
$ | 11,599 | | |
$ | 19,906 | | |
$ | 22,286 | | |
$ | 42,176 | |
| TRANSACT
TECHNOLOGIES INCORPORATED |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Preliminary and Unaudited) |
| | |
June 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
(In thousands) | |
| Assets: | |
| | |
| |
| Current assets: | |
| | |
| |
| Cash and cash equivalents | |
$ | 11,134 | | |
$ | 12,321 | |
| Accounts receivable, net | |
| 6,738 | | |
| 9,824 | |
| Inventories | |
| 17,636 | | |
| 17,759 | |
| Prepaid income taxes | |
| 711 | | |
| 322 | |
| Other current assets | |
| 800 | | |
| 773 | |
| Total current assets | |
| 37,019 | | |
| 40,999 | |
| | |
| | | |
| | |
| Fixed assets, net | |
| 2,132 | | |
| 2,421 | |
| Right-of-use assets | |
| 1,605 | | |
| 1,602 | |
| Goodwill | |
| 2,621 | | |
| 2,621 | |
| Deferred tax assets | |
| 6,875 | | |
| 6,304 | |
| Intangible assets, net | |
| 13 | | |
| 88 | |
| Other assets | |
| 99 | | |
| 163 | |
| | |
| 13,345 | | |
| 13,199 | |
| Total assets | |
$ | 50,364 | | |
$ | 54,198 | |
| | |
| | | |
| | |
| Liabilities and Shareholders’ Equity: | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Revolving loan payable | |
$ | 2,250 | | |
$ | 2,250 | |
| Accounts payable | |
| 3,043 | | |
| 4,431 | |
| Accrued liabilities | |
| 3,651 | | |
| 4,947 | |
| Lease liabilities | |
| 942 | | |
| 929 | |
| Deferred revenue | |
| 836 | | |
| 1,079 | |
| Total current liabilities | |
| 10,722 | | |
| 13,636 | |
| | |
| | | |
| | |
| Deferred revenue, net of current portion | |
| 198 | | |
| 209 | |
| Lease liabilities, net of current portion | |
| 701 | | |
| 720 | |
| Other liabilities | |
| 215 | | |
| 219 | |
| | |
| 1,114 | | |
| 1,148 | |
| Total liabilities | |
| 11,836 | | |
| 14,784 | |
| | |
| | | |
| | |
| Shareholders’ equity: | |
| | | |
| | |
| Common stock | |
| 140 | | |
| 140 | |
| Additional paid-in capital | |
| 57,528 | | |
| 57,055 | |
| Retained earnings | |
| 13,023 | | |
| 14,378 | |
| Accumulated other comprehensive loss, net of tax | |
| (53 | ) | |
| (49 | ) |
| Treasury stock, at cost | |
| (32,110 | ) | |
| (32,110 | ) |
| Total shareholders’ equity | |
| 38,528 | | |
| 39,414 | |
| Total liabilities and shareholders’ equity | |
$ | 50,364 | | |
$ | 54,198 | |
| TRANSACT TECHNOLOGIES INCORPORATED |
|
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES
TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES |
| (Preliminary and Unaudited, thousands of dollars, except percentages and per share data) |
| | |
Three months ended
June 30, 2024 | |
| | |
Reported | | |
Adjustments(1) | | |
Adjusted
Non-GAAP | |
| Operating expenses | |
$ | 6,548 | | |
$ | - | | |
$ | 6,548 | |
| % of net sales | |
| 56.5 | % | |
| | | |
| 56.5 | % |
| | |
| | | |
| | | |
| | |
| Operating loss | |
| (438 | ) | |
| - | | |
| (438 | ) |
| % of net sales | |
| (3.8 | )% | |
| | | |
| (3.8 | )% |
| | |
| | | |
| | | |
| | |
| Interest and other income | |
| 33 | | |
| - | | |
| 33 | |
| Loss before income taxes | |
| (405 | ) | |
| - | | |
| (405 | ) |
| Income tax benefit | |
| 86 | | |
| - | | |
| 86 | |
| Net loss | |
| (319 | ) | |
| - | | |
| (319 | ) |
| Net loss per common share: | |
| | | |
| | | |
| | |
| Basic | |
$ | (0.03 | ) | |
$ | - | | |
$ | (0.03 | ) |
| Diluted | |
$ | (0.03 | ) | |
$ | - | | |
$ | (0.03 | ) |
| | |
Three months ended
June 30, 2023 | |
| | |
Reported | | |
Adjustments(2) | | |
Adjusted
Non-GAAP | |
| Operating expenses | |
$ | 9,634 | | |
$ | (1,461 | ) | |
$ | 8,173 | |
| % of net sales | |
| 48.4 | % | |
| | | |
| 41.1 | % |
| | |
| | | |
| | | |
| | |
| Operating income | |
| 1,224 | | |
| 1,461 | | |
| 2,685 | |
| % of net sales | |
| 6.1 | % | |
| | | |
| 13.5 | % |
| | |
| | | |
| | | |
| | |
| Interest and other expense | |
| (68 | ) | |
| - | | |
| (68 | ) |
| Income before income taxes | |
| 1,156 | | |
| 1,461 | | |
| 2,617 | |
| Income tax (expense) | |
| (391 | ) | |
| (70 | ) | |
| (461 | ) |
| Net income | |
| 765 | | |
| 1,391 | | |
| 2,156 | |
| Net income per common share: | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.08 | | |
$ | 0.14 | | |
$ | 0.22 | |
| Diluted | |
$ | 0.08 | | |
$ | 0.14 | | |
$ | 0.22 | |
| (2) | Adjustment includes a severance charge of $1,461 incurred in April 2023 related to the resignation of
the Company’s former CEO. |
| TRANSACT
TECHNOLOGIES INCORPORATED |
|
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES
TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES |
| (Preliminary and Unaudited, thousands of dollars, except percentages and per share data) |
| | |
Six months ended
June 30, 2024 | |
| | |
Reported | | |
Adjustments(3) | | |
Adjusted
Non-GAAP | |
| Operating expenses | |
$ | 13,473 | | |
$ | - | | |
$ | 13,473 | |
| % of net sales | |
| 60.5 | % | |
| | | |
| 60.5 | % |
| | |
| | | |
| | | |
| | |
| Operating loss | |
| (1,739 | ) | |
| - | | |
| (1,739 | ) |
| % of net sales | |
| (7.8 | )% | |
| | | |
| (7.8 | )% |
| | |
| | | |
| | | |
| | |
| Interest and other income | |
| 21 | | |
| - | | |
| 21 | |
| Loss before income taxes | |
| (1,718 | ) | |
| - | | |
| (1,718 | ) |
| Income tax benefit | |
| 363 | | |
| - | | |
| 363 | |
| Net loss | |
| (1,355 | ) | |
| - | | |
| (1,355 | ) |
| Net loss per common share: | |
| | | |
| | | |
| | |
| Basic | |
$ | (0.14 | ) | |
$ | - | | |
$ | (0.14 | ) |
| Diluted | |
$ | (0.14 | ) | |
$ | - | | |
$ | (0.14 | ) |
| | |
Six months ended
June 30, 2023 | |
| | |
Reported | | |
Adjustments(4) | | |
Adjusted
Non-GAAP | |
| Operating expenses | |
$ | 18,076 | | |
$ | (1,461 | ) | |
$ | 16,615 | |
| % of net sales | |
| 42.9 | % | |
| | | |
| 39.4 | % |
| | |
| | | |
| | | |
| | |
| Operating income | |
| 5,037 | | |
| 1,461 | | |
| 6,498 | |
| % of net sales | |
| 11.9 | % | |
| | | |
| 15.4 | % |
| | |
| | | |
| | | |
| | |
| Interest and other expense | |
| (113 | ) | |
| - | | |
| (113 | ) |
| Income before income taxes | |
| 4,924 | | |
| 1,461 | | |
| 6,385 | |
| Income tax (expense) | |
| (1,020 | ) | |
| (70 | ) | |
| (1,090 | ) |
| Net income | |
| 3,904 | | |
| 1,391 | | |
| 5,295 | |
| Net income per common share: | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.39 | | |
$ | 0.14 | | |
$ | 0.53 | |
| Diluted | |
$ | 0.39 | | |
$ | 0.14 | | |
$ | 0.53 | |
| (4) | Adjustment includes a severance charge of $1,461 incurred in April 2023 related to the resignation of
the Company’s former CEO. |
| 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 | |
| | |
June 30, | | |
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
(In thousands) | |
| | |
| | |
| | |
| | |
| |
| Net (loss) income | |
$ | (319 | ) | |
$ | 765 | | |
$ | (1,355 | ) | |
$ | 3,904 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest (income) expense, net | |
| (26 | ) | |
| 68 | | |
| (74 | ) | |
| 134 | |
| Income tax (benefit) expense | |
| (86 | ) | |
| 391 | | |
| (363 | ) | |
| 1,020 | |
| Depreciation and amortization | |
| 241 | | |
| 370 | | |
| 636 | | |
| 722 | |
| | |
| | | |
| | | |
| | | |
| | |
| EBITDA | |
| (190 | ) | |
| 1,594 | | |
| (1,156 | ) | |
| 5,780 | |
| | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expense | |
| 279 | | |
| 120 | | |
| 544 | | |
| 398 | |
| Severance charge related to resignation of the Company’s’ former CEO | |
| - | | |
| 1,461 | | |
| - | | |
| 1,461 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
$ | 89 | | |
$ | 3,175 | | |
$ | (612 | ) | |
$ | 7,639 | |
v3.24.2.u1
Cover
|
Aug. 08, 2024 |
| Cover [Abstract] |
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8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Aug. 08, 2024
|
| Entity File Number |
0-21121
|
| Entity Registrant Name |
TransAct Technologies Incorporated
|
| Entity Central Index Key |
0001017303
|
| Entity Tax Identification Number |
06-1456680
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
One Hamden Center
|
| Entity Address, Address Line Two |
2319 Whitney Ave
|
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Suite 3B
|
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Hamden
|
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CT
|
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06518
|
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(203)
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859-6800
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false
|
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false
|
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false
|
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false
|
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Common stock, par value $.01 per share
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TACT
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NASDAQ
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TransAct Technologies (NASDAQ:TACT)
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From Sep 2024 to Oct 2024
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From Oct 2023 to Oct 2024
