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TheStreet Open House

TransAct Technologies Reports Second Quarter 2010 Results

HAMDEN, Conn., Aug. 4, 2010 (GLOBE NEWSWIRE) -- TransAct Technologies Incorporated (Nasdaq:TACT), a global leader in market-specific printers for transaction-based industries, today announced financial results for the three and six months ended June 30, 2010. Summary results for the periods are as follows:

  Three months ended June 30, Six months ended June 30,
(in $000s, except EPS) 2010 2009 % change 2010 2009  % change
Net Sales $16,443 $14,236 15.5% $30,651 $26,438 15.9%
             
Operating income 1,798 1,042 72.6% 2,780 1,221 127.7%
Net income 1,145 649 76.4% 1,774 770 130.4%
Diluted earnings per share $0.12 $0.07 71.4% $0.19 $0.08 137.5%

"I am very pleased with our second quarter 2010 performance as we continue to rebound strongly from a difficult 2009," said Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies. "TransAct experienced considerable year-over-year growth in the casino market for the second quarter, reflecting our focus on the international casino market, and an impressive feat given the state of the domestic casino market. Even with the domestic market struggling, we posted our second consecutive quarter of year-over-year growth in our domestic casino sales, which we believe led to a considerable gain in domestic market share in the second quarter. On top of double-digit growth on the top line, our transition to manufacturing in China contributed substantially to a 330 basis point gross margin increase from the prior-year quarter. Looking forward, with our continued focus on the growing international casino market and anticipated strong sales in our point-of-sale ("POS") market due in part to McDonald's POS system upgrade, we expect to have a strong second half of the year." 

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