TransAct Technologies Inc, a supplier of slot machine printers, casino-player management software and food-safety management technology, reported fourth-quarter net sales of just under US$13.3 million, down 26.1 percent from the prior-year period.
Sales in the casino and gaming segment stood at nearly US$4.2 million in the three months to December 31, a decrease of 61.9 percent from a year ago, the firm said in a Tuesday announcement. The company did not mention in the filing a reason for the decline in sales in the gaming segment.
Quarterly sales in the group’s food service technology rose 54.4 percent year-on-year, to just above US$4.7 million.
In the announcement, TransAct said it had “engaged a strategic advisor to assist in determining the best long-term strategy for its business”. It did not provide more details in the filing.
TransAct reported a fourth-quarter net loss of US$62,000, compared with net income of US$260,000 in the final quarter of 2022.
The company reported an operating loss of about US$522,000 in the October to December period, versus operating income of US$494,000 in the prior-year period.
TransAct reported adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of US$587,000 for the fourth quarter of 2023, a 54.1-percent decline from the prior-year period.
John Dillon, TransAct’s chief executive, was quoted in the announcement as saying that 2023 “was a year of change” for the company.
“I believe that the organisation has emerged from this transition stronger, more efficient, and operationally more effective,” he stated.
Mr Dillon added: “On the food service technology side, we believe that we now have the right team in the right places selling to enterprise-level organisations with our new BOHA! Terminal 2, which has seen a solid reception from customers and prospects so far.”
For full-year 2023, TransAct reported net income of US$4.7 million, compared with a US$5.9-million loss in 2022. The company posted adjusted EBITDA of nearly US$10.0 million last year, compared with a negative figure of US$5.2 million in 2022.
Group-wide sales rose 24.9 percent year-on-year in 2023, to US$72.6 million. Sales in the casino and gaming segment stood at US$41.2 million last year, up 37.2 percent from 2022.
In Tuesday’s filing, TransAct said it expected to record in 2024 total net sales of between US$53 million to US$58 million, with total adjusted EBITDA “to be approximately breakeven”.
