TransAct Technologies Inc, a supplier of slot machine printers, casino-player management software and food-safety management technology, reported a third-quarter net profit of US$906,000, up 71.6 percent from a year earlier.
The result was on net sales that fell 3.7 percent year-on-year, to US$17.2 million, the firm said in a Thursday announcement.
The company reported operating income of US$1.2 million, versus US$387,000 in the prior-year period, as it was able to shave some costs and operating expenses, it said.
Sales in the casino and gaming segment stood at US$9.0 million in the three months to September 30, up 16.5 percent from a year ago.
TransAct reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$1.5 million for the third quarter of 2023, a 66.7-percent increase from the prior-year period.
John Dillon, TransAct’s chief executive, was quoted in the announcement as saying that the company was pleased with the “operational progress” in the quarter.
“The quarter also reflected the initial effects of our cost cutting initiatives as we adjust our business model and direct our efforts more efficiently,” stated Mr Dillon.
He added: “I strongly believe that we are moving the business successfully towards an optimised and sustainable growth model which I expect we will continue to build upon during 2024.”
On Thursday, TransAct said it expected to record in 2023 aggregate net sales of between US$72.5 million and US$73.5 million, with total adjusted EBITDA in the range of US$9.5 million to US$10.0 million.
