TransAct Technologies Reports 2017 Second Quarter Results

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 operating results for the second quarter ended June 30, 2017, as summarized below:
 

Summary of 2017 Q2 Results

(In millions, except per share and percentage data)
 
 

Three Months Ended June 30,
2017   2016
Net sales $ 13.6 $ 14.8
Gross profit $ 6.4 $ 6.0
Gross margin 47.3 % 40.4 %
Operating income $ 1.3 $ 1.1
Net income $ 0.9 $ 0.8
Net income per diluted share $ 0.12 $ 0.10
 

Non-GAAP (1) :
EBITDA $ 1.6 $ 1.4
Adjusted EBITDA $ 1.7 $ 1.6
 
(1)   A reconciliation of each non-GAAP financial measure to the most comparable Generally Accepted Accounting Principles ("GAAP") financial measure can be found included with this release. See "Non-GAAP Financial Measures" below for a discussion of these metrics.
 

Bart Shuldman, Chairman and Chief Executive Officer of TransAct, commented, "Our increased emphasis on sales of purpose-built technology-enabled solutions led to a solid 2017 second quarter with gross margin expanding 690 basis points year over year to 47.3%, leading to a 15% increase in net income, a 20% rise in diluted EPS and an 11% EBITDA increase, despite a year-over-year decline in revenue. In addition to the solid financial results, we also made significant progress in the second quarter in further positioning our restaurant solutions business for near- and long-term success, including a near-doubling in sales of our AccuDate terminals over the first quarter of 2017.

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