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TransAct Technologies Reports Fourth Quarter 2012 Results

HAMDEN, Conn., March 6, 2013 (GLOBE NEWSWIRE) -- TransAct Technologies Incorporated (Nasdaq:TACT), a global leader in market-specific solutions, including printers, terminals, software and other products for transaction-based and other industries, today announced financial results for the three months and full year ended December 31, 2012. Summary results for the periods are as follows:

     
  Three months ended December 31, Full year ended December 31,
           % 
(in $000s, except EPS) 2012 2011 Change 2012 2011 Change
Net Sales $19,616 $13,645 43.8% $68,386 $65,969 3.7%
             
As reported (GAAP):            
Operating income  2,870 866 231.4% 5,602 6,989 -19.8%
Net income  1,882 570 230.2% 3,621 4,676 -22.6%
Diluted earnings per share $0.21 $0.06 250.0% $0.40 $0.49 -18.4%
             
Adjusted (non-GAAP):            
Operating income  3,176 881 260.5% 7,553 7,332 3.0%
Net income  2,083 580 259.1% 4,885 4,905 -0.4%
Diluted earnings per share $0.23 $0.06 283.3% $0.54 $0.51 5.9%

"Overall, it was a successful year for TransAct," said Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies. "We finalized a major transition where we commenced manufacturing of higher value products for our new oil and gas exploration market, as well as the new Ithaca 9700 for food safety for restaurants and other food service venues around the world. These products, along with our EPICENTRAL® Print System, present a significant revenue opportunity for TransAct by combining software and hardware to provide benefits to our customers while enabling us to market higher margin technology. In addition, we returned almost $6.5 million to shareholders through repurchases of our shares and our new quarterly dividend program, highlighting our strong cash flow generation. We look forward to 2013 where we will continue to focus our efforts on our newly launched products, as well as our EPICENTRAL® Print System software." 

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