May 8, 2020 Casino, Technology, Online

Sharp Q1 losses for TransAct

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Financial impacts of pandemic continue.

TransAct Technologies Inc. lost $992,000 during the first quarter of 2020. The previous year the company reported a $746,000 net income for the same period. The casino equipment and food technology supplier’s loss can be tied to its shares; currently, the net loss is $0.13 per share, whereas 2019 saw a net income of $0.10 per share.

TransAct chairman Bart Shuldman said, “Unfortunately, Covid-19 is still causing massive disruptions across the world with widespread closures, and we expect this to continue to negatively impact our casino and gaming business, as well as most restaurant and food service locations for the foreseeable future.”

Gross profit was $4.9 million, compared to the $6.1 of the previous year. EBITDA for Q1 was negative $1.2 million (adjusted EBITDA was $1 million), a downturn from the positive $1.1 million in 2019.

Casino equipment sales for this quarter were down 10.1% compared to the previous year, but the food technology sales were up by 11.3%.

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