TransAct Technologies Reports Second Quarter 2012 Results

HAMDEN, Conn., Aug. 8, 2012 (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 and six months ended June 30, 2012. Summary results for the period are as follows:
  Three months ended June 30, Six months ended June 30,
  (in $000s, except EPS)   2012   2011 % Change   2012   2011 % Change
Net Sales $15,853 $17,519 -9.5% $33,412 $38,213  -12.6%
As reported (GAAP):            
Operating income  779 2,210 -64.8% 2,689 4,998 -46.2%
Net income  508 1,442 -64.8% 1,716 3,267  -47.5%
Diluted earnings per share $0.06 $0.15 -60.0% $0.18 $0.34    -47.1%
Adjusted (non-GAAP) (1)            
Operating income  1,250 2,210 -43.4% 3,160 4,998 -36.8%
Net income  810 1,442 -43.8% 2,018 3,267  -38.2%
Diluted earnings per share $0.09 $0.15 -40.0% $0.22 $0.34  -35.3%
(1) Adjusted non-GAAP measures exclude $471,000 of legal fees related to the lawsuit with Avery Dennison Corporation (the "AVY Legal Fees") in the three and six months ended June 30, 2012. 

"We are pleased with our second quarter 2012 results as our worldwide casino and gaming sales were up 20% from the prior-year quarter even with a continually struggling global economy," said Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies. "In addition, Printrex has been a significant contributor to both our sales and gross margin and we have been extremely pleased with the results so far from the Printrex line of products. For the second half of the year, we remain encouraged and expect significantly stronger results led by orders from our lottery customer, as well as initial contributions from our recently launched POS and Printrex products." 

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