Nasdaq-listed gaming industry supplier TransAct Technologies Inc reported a nearly 23.1 percent year-on-year decline in aggregate net sales in the three months ended June 30, to US$11.4 million.
Casino and gaming net sales in the second quarter of 2019 were US$5.6 million, down approximately 20.3 percent compared to nearly US$7.1 million in the prior-year period, the firm said in a press release on Wednesday.
“While comparability in casino and gaming results during the second quarter of 2019 reflects the impact of several large orders in the prior-year quarter, the casino and gaming marketplace remains stable, and we expect our business in this market to remain a key contributor to our success in the coming quarters,” said TransAct’s chairman and chief executive, Bart Shuldman, in a prepared statement.
He added: “The second quarter results reflect the transitory nature of the business as we focus on the large growth opportunity in our restaurant solutions market while maintaining our strong position in the casino and gaming market.”
TransAct launched in May its BOHA! suite of apps and hardware solutions. The food inventory monitoring and food safety tracking system has already been deployed in Macau, in one of the city’s casino resorts, TransAct announced last month.
Despite the investment in the restaurant segment, the company remained “highly focused” on maintaining its “market leadership in the casino and gaming printer industry,” said Mr Shuldman. He added: “Our Epic printers and Epicentral bonusing solution provide a great foundation for near- and long-term revenue and cash flow contributions.”
TransAct generated operating income of US$309,000 in the reporting period, down from US$1.6 million in the second quarter 2018.
The company’s net income also posted a sharp year-on-year decline, from US$1.2 million in the second quarter 2018 to about US$186,000 in the three months to June 30 this year. Adjusted earnings before interest, taxation, depreciation and amortisation for the second quarter declined to US$616,000 from US$2.0 million in the prior-year period.
Last week, TransAct announced that its board had declared a quarterly cash dividend of US$0.09 per share. The dividend will be payable on September 16, the firm said.
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