TransAct Technologies Inc, a supplier of slot machine printers, casino-player management software and food-safety management technology, reported net sales of nearly US$22.3 million in the first quarter of 2023, up 129.5 percent year-on-year.
Casino and gaming sales for the period stood at US$15.8 million, an increase of 232.0 percent in year-on-year terms, said the firm in a Tuesday written announcement.
The company reported a net profit of just above US$3.1 million for the three months to March 31, an improvement on the US$4.3-million loss a year earlier.
TransAct reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$4.5 million for the first three months of 2023. That compared with a negative figure of US$5.1 million in the prior-year period.
On Tuesday, TransAct also announced that John Dillon, who was appointed on April 4 as the company’s chief executive, “will continue in the role indefinitely and is no longer serving in an interim capacity.”
Mr Dillon’s appointment followed the departure of Bart Shuldman, who had served as TransAct’s CEO and as a director since the company’s formation in June 1996.
Mr Dillon was cited as saying in the earnings filing that the firm’s first quarter results “demonstrated the strength of TransAct’s market presence in casino and gaming, and some green shoots of momentum in our food service technology business”.
TransAct said it expected to record in 2023 aggregate revenue of between US$71.5 million and US$73.5 million, with total adjusted EBITDA in the range of US$6.5 million to US$7.5 million.
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