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TransAct Technologies Reports Strong Third Quarter 2003 Results

Tuesday 4 November 2003 05:57 CET | News

TransAct Technologies Incorporated has reported financial results for the third quarter ended September 30, 2003. Revenues for the third quarter ended September 30, 2003 increased 70% to $15.1 million, from $8.9 million in the same period a year ago.

Net income for the quarter was $1.1 million or $0.17 per diluted share, compared to a net loss of $709,000 or ($0.14) per share in the third quarter of 2002. Net loss for the third quarter 2002 included a pre-tax charge of $912,000 or $0.10 per share related to the Companys business consolidation and restructuring program. The Company provided third quarter 2003 guidance on July 28, 2003 for revenues of approximately $14.0 million with earnings per share of about $0.14. Revenues for the nine months ended September 30, 2003 increased 24% to $37.4 million, from $30.3 million in the same period a year ago. Net income for the first nine months of 2003 was $1.7 million, compared to a net loss of $549,000 in the comparable year ago period. Earnings per share for the first nine months of 2003 were $0.24 per diluted share, compared to a loss of ($0.15) per share a year ago. The comparable period in the prior year includes a pre-tax charge of $958,000 or ($0.11) per share related to the Companys business consolidation and restructuring program. The per share amounts in the third quarter and first nine of 2003 and 2002 are after giving effect to preferred stock dividends and accretion charges. TransActs Third Quarter 2003 Highlights: - Announced a major win for up to 13,000 BANKjet(R) 1500 printers from one of the United States top tier financial services companies for a full upgrade of their bank teller stations. - Announced a major win for up to 7,000 POSjet(R) 1000 two color inkjet printers from one of the worlds largest quick-serve and take-out restaurant chains for an upgrade of their point of sale system. - Announced a major win for up to 4,000 POSjet(R) 1000 two-color inkjet printers from one of the worlds largest casual dining and restaurant chains for a complete upgrade of their food and beverage service operations. - Announced a new $12.5 million credit facility from Banknorth N.A. providing a three-year, $11.5 million revolving credit line and a $1.0 million equipment loan facility which may be borrowed against over the next 12 months. - Announced the gaming industrys first jam-resistant printer bezel specifically for the Companys Ithaca Series 800 thermal gaming printers for coinless slot machines.


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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce