Please do not leave this page until complete. This can take a few moments.
Hamden’s TransAct Technologies Inc. said its growth in the global casino market and a lower U.S. corporate tax rate helped the printer and software maker’s fourth-quarter profits flip from red to black.
For the three months ended Dec. 31, TransAct, which sells numerous ticket printers to casinos, posted net income of $962,000, or 12 cents a diluted share, up from a loss of $412,000, or a loss of 6 cents a diluted share, in the year-ago period.
Despite recording a profit during the quarter, fourth-quarter net sales still fell about 11 percent from $13.2 million to $11.8 million. The company’s higher fourth-quarter sales in 2017 were squandered in large part because of a $1.3 million income tax charge under the Tax Cuts and Jobs Act of 2017.
Fourth-quarter sales in 2018 were spurred by a 20 percent increase in casino and gaming sales, particularly in international markets.
For the year, TransAct’s profits jumped about 69 percent to $5.4 million, or 70 cents a diluted share, up from $3.2 million, or 42 cents a diluted share, recorded in the year prior.
TransAct’s full-year increase was spurred in part by its European direct sales team, which was a “key driver” of the 43 percent growth in casino and gaming sales, said CEO and Chairman Bart Shuldman.
The company is hoping to expand its restaurant solutions business in 2019 through its newly minted cloud-based platform, BOHA!, which produces nutrition and recipe labeling. Officials said the new apps and hardware solutions will help food-service companies better manage their operations.
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments