Aug 06, 2020 Newsdesk Latest News, Top of the deck, World
Casino technology and food safety equipment supplier TransAct Technologies Inc announced on Wednesday a net loss of just under US$1.9 million for the second quarter, compared to net income of US$186,000 in the prior-year quarter.
TransAct’s second-quarter performance was “relatively solid given the challenges presented by the Covid-19 pandemic,” said Bart Shuldman, chairman and chief executive of the group, in commentary accompanying the second-quarter numbers.
Quarterly net sales were down 53.4 percent year-on-year, to just below US$5.3 million, from nearly US$11.4 million in the year-ago period.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the three months to June 30 this year were negative by almost US$2.5 million, versus positive EBITDA of US$403,000 in the prior-year reporting period.
Second-quarter sales in the casino and gaming segment fell 75.8 percent, to just below US$1.4 million, from just over US$5.6 million a year earlier.
Sales in the food service technology segment, which the firm has been looking to expand, saw a 7.2 percent year-on-year increase for the quarter, to slightly over US$1.2 million, from about US$1.1 million in the same quarter of 2019.
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.
Mr Shuldman said in commentary on the latest results, that recurring revenue from food service technology – including software, labels and service sales – “increased over 100 percent” from the second quarter last year. He added that recurring revenue from Boha might exceed US$1 million in the third quarter.
The executive said that a new Boha product called “Boha Employee Wellness” offered – via a mobile application – a “safe and secure” way for businesses to screen the health of their staff .
“Although the near-term business environment is uncertain, we continue to be excited by the momentum of our Boha solution and the long-term opportunities it provides us,” Mr Shuldman was quoted as saying.
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