TransAct Q3 Profit Up 72pct, Gaming Revenue Highest $9M
TransAct Technologies, Inc., a provider of slot machine printers, casino player management software and food safety management technology, reported third-quarter net income of $906,000, up 71.6% from a year earlier.
The company reported net sales of $17.2 million in Thursday’s release, a decrease of 3.7% year-over-year.
The company said it reported operating revenue of $1.2 million compared to $387,000 a year earlier, as it was able to reduce some costs and operating costs.
Revenue from the casino and gaming division was US$9 million in the three months to September 30, up 16.5% from a year ago.
Transact reported adjusted earnings before interest, taxation and depreciation expenses (EBITDA) for the third quarter of 2023 at $1.5 million, up 66.7% from a year earlier.
John Dillon, CEO of TransAct, was quoted as saying in a release that the company was happy with its “operational progress” for the quarter.
“This quarter also reflected the initial effects of our cost-cutting plan as we adjusted our business model and directed our efforts more efficiently,” said Dillon.
He added, “We firmly believe that we are successfully working with an optimized and sustainable growth model that we expect to continue to build in 2024
On Thursday, Transact said it expects total net revenue to range between $72.5 million and $73.5 million in 2023, with total adjusted EBITDA in the range of $9.5 million to $10 million.
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