TransAct says 3Q sales exceeded firm’s expectations

Oct 07, 2020 Newsdesk Industry Talk, Latest News  

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Casino technology and food safety equipment supplier TransAct Technologies Inc says the group’s net sales for third-quarter 2020 exceeded the firm’s expected range as provided on August 5.

Such third-quarter sales – according to preliminary data – are now expected to have been in the range of US$7.1 million to US$7.3 million, up from a prior expectation of between US$5.5 million to US$6.0 million, said the company in a Tuesday press release.

“Our updated net sales outlook includes approximately US$1.4 million to US$1.5 million of food service technology recurring revenue, which was previously expected to be approximately US$1.0 million,” said the firm.

The group’s core business has been casino player rewards and player tracking software; and ticket printers for electronic gaming machines. More recently it has been developing sales of its food inventory monitoring and food-safety tracking system known as Boha.

“These strong numbers in the face of unprecedented challenges are the result of the tireless dedication and execution of our employees as well as the fundamental strength of our Boha solution,” said Bart Shuldman, chairman and chief executive of TransAct, in commentary accompanying the release.

He added: “With an increasing number of our customers coming back online, we expect demand to continue to increase for both our food service technology products and our casino technology.”

TransAct is set to release its third-quarter 2020 results on November 5. The company said the preliminary net sale results for the three months to September 30 were based on preliminary estimates, and were subject to change.

In August, TransAct reported a net loss of just under US$1.9 million for the second quarter, on net sales that were down 53.4 percent year-on-year, to just below US$5.3 million.

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