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TransAct Technologies Inc. (TACT) filed Quarterly Report for the period ended 2011-11-14.
Transact Technologies Inc. has a market cap of $62.53 million; its shares were traded at around $6.62 with a P/E ratio of 12.04 and P/S ratio of 0.99.
This is the annual revenues and earnings per share of TACT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TACT.
Highlight of Business Operations:
Net sales for the third quarter of 2011 decreased $2,258,000, or 14%, from the same period last year due primarily to lower printer sales into our banking and point-of-sale (a decrease of $2,228,000, or 44%) and lottery markets (a decrease of $767,000, or 33%) as well as lower sales from our TSG (a decrease of $540,000, or 14%). These decreases were partially offset by an $813,000, or 16%, increase in printer sales from our casino and gaming market and $464,000 of sales of Printrex printers resulting from the acquisition of Printrex, Inc. on August 19, 2011. Overall, international sales decreased $419,000, or 11%, largely due to lower international shipments of our casino and gaming and lottery printers as well as lower international sales in TSG. During the third quarter of 2011, our printer sales volume decreased 21% to 40,000 units compared to the third quarter of 2010. This decrease in unit volume resulted primarily from a 45% and 29% decline in unit volume from our banking and point-of-sale market and lottery market, respectively, from the prior year s third quarter, somewhat offset by a 13% increase in unit volume from our casino and gaming market. The average selling price of our printers increased 9% in the third quarter of 2011 compared to the third quarter of 2010, due to (1) sales of Printrex printers which have significantly higher average selling prices than all our other printers and (2) increased sales of casino and gaming printers which have higher average selling prices than our other printers (excluding Printrex).International casino and gaming printer sales decreased $290,000, or 9%, to $2,872,000 in the third quarter of 2011. This decrease was due primarily to a 14% decline in thermal casino printer sales resulting largely from a 32% decrease in sales to customers in Australia and Asia. In addition, sales of our off-premise thermal gaming printers declined 1% in the third quarter of 2011 compared to the third quarter of 2010, as a 36% decline in sales in Australia and Asia due to a large OEM customer that did not order any printers in the third quarter 2011 was almost entirely offset by a sales increase of 33% to our European distributor.
Domestic revenue from TSG decreased $457,000, or 13%, largely due to a decrease of 23% in sales of consumable products due to lower sales of inkjet cartridges to existing customers. In addition, service revenue declined 51% from the third quarter of 2010 due to a price reduction on a large service contract and testing services revenue declined 100% as a project in the third quarter of 2010 did not recur in 2011. Revenue from testing services is project oriented, and as a result, we cannot predict the level of future sales. These decreases were somewhat offset by a 63% increase in sales of replacement parts due to the timing of orders from a large customer in the third quarter of 2011 compared to the third quarter of 2010. Printrex contributed approximately $52,000 to TSG revenue for the third quarter of 2011.
Net sales for the first nine months of 2011 increased $5,304,000, or 11%, from the same period last year due primarily to higher printer sales into our lottery (an increase of $7,642,000, or 119%) and casino and gaming (an increase of $454,000, or 3%) markets and $464,000 of sales of Printrex printers resulting from the acquisition of Printrex, Inc. on August 19, 2011, partially offset by a $3,257,000, or 29%, decrease from our banking and point-of-sale market. Overall, international sales decreased $474,000, or 4%. During the first nine months of 2011, our printer sales volume increased 18% to 168,000 units compared to the first nine months of 2010. This increase in unit volume was driven primarily by the lottery market where our unit volume increased 132% as compared to the first nine months of 2010, somewhat offset by a 30% decline in unit volume from the banking and POS market. The average selling price of our printers decreased 2% in the first nine months of 2011 compared to the first nine months of 2010 as we sold significantly more lottery printers, which have lower average selling prices than our other printers.
International casino and gaming printer sales decreased $656,000, or 6%, to $11,017,000 in the first nine months of 2011. This decrease was due primarily to a 16% decline in thermal casino printer sales resulting largely from a 28% decrease in our thermal casino printer sales to our OEM and distributor customers in Canada and Europe. This decline was primarily due to sales of VLT gaming machines into Italy during 2010 as the Italian government approved the installation of approximately 50,000 VLT games. Since the Italian government significantly slowed the pace of installations in 2011, our resulting printer sales were significantly lower in the first nine months of 2011 as compared to the first nine months of 2010, and we expect such sales for the remainder of 2011 to continue to be lower than the comparable 2010 period. Sales of our off-premise thermal gaming printers increased 24% in the first nine months of 2011 compared to the same period of 2010 due largely to a 49% increase in sales to a distributor and new OEM customer in Australia and Asia as well as an 8% increase in sales to our European distributor.
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