U.S.-based Transact Technologies Inc announced on Monday a stock repurchase programme “effective immediately”.
The company’s board authorised a buy-back scheme “of up to US$7.5 million of outstanding shares of common stock from time to time on the open market, depending on market conditions, share price and other factors”.
“The share repurchase authorisation expires on July 31, 2015,” the company said.
The Nasdaq-listed supplier of printers and printing software to the gaming and lotteries industries last week reported a net income of US$0.2 million for the second quarter of 2014, significantly down from US$1.2 million a year earlier.
A “difficult and challenging casino market” contributed to a decline in its second quarter sales and profits, the company said in a statement on August 6.
Transact’s stock began trading with a price of US$8.20 on August 7 and ended the day at US$7.14, down by 20.31 percent. The shares were down by 20.75 percent for the week. On Monday, the stock was trading at US$7.52.
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Non-executive chairman of Donaco International