Nasdaq-listed gaming industry supplier TransAct Technologies Inc says its board of directors has ceased, “effective immediately”, the quarterly cash dividend on the firm’s common stock.
In a Thursday press release, TransAct said such decision would make available “approximately US$2.7 million annually” to accelerate the company’s investments in sales and marketing, and the continued product development of its suite of Boha software applications and hardware.
The written announcement quoted Bart Shuldman, chairman and chief executive of TransAct, as saying: “We are really excited about the growing Boha opportunities and the dividend savings will allow us to invest in additional salespeople and marketing initiatives to accelerate revenue growth.”
TransAct is a United States-based supplier of software and printing systems for casinos and other consumer businesses. The company launched in May its Boha product. The food inventory monitoring and food safety tracking system has already been deployed in Macau, TransAct announced in July.
In Thursday’s release, Mr Shuldman said additionally that the company had decided to change the name of its “restaurant solutions” to “food safety technologies” and so “better reflect the larger opportunity for Boha”.
In November, TransAct said its aggregate net sales for the three months ended September 30 had declined 25.9 percent year-on-year, to US$11.7 million. Casino and gaming net sales for the period were just under US$5.1 million, down approximately 38.6 percent from a year earlier. The firm’s board declared at the time a quarterly cash dividend of US$0.09 per share.
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