TransAct Technologies Inc. of Hamden reported a decrease in net sales for the second quarter of 2019 compared to the same period a year ago.
TransAct’s net sales for 2Q 2019 were at $11.4 million, down from $14.8 million for 2Q 2018, according to a company press release.
As of June 30, TransAct reported having about $4.3 million of cash and cash equivalents and zero debt. The company indicated its net income for the second quarter of this year was $186,000, compared to $1.2 million for the same period in 2018.
The company develops software-driven technology and printing solutions for various markets, including restaurants, casino and gaming, lottery, mobile, and oil and gas.
In March, it introduced its BOHA! Back-of-House Automation Ecosystem, which includes hardware and software for food-service businesses such as restaurants and convenience stores. The system can be used for a variety of tasks, from managing inventory to creating and printing food-safety labels and calling up recipes.
Bart Shuldman, chairman and chief executive officer of TransAct, said the second quarter results “reflect the transitory nature of the business.”
The company is focused on what he described as a large growth opportunity in its restaurant solutions market, while maintaining its position in the casino and gaming market.
“We believe our revolutionary BOHA! suite of apps and hardware solutions designed to address restaurant and food service companies’ back-of-house operations has met with early success in the industry,” Shuldman said.
He indicated reception to BOHA! has been “highly encouraging.”
“As we enter the second half of 2019, we are becoming more confident each day that BOHA! will be TransAct’s largest-ever revenue generating opportunity,” Shuldman said.
Steve DeMartino, president and chief financial officer of TransAct, noted how the company has successfully launched a completely new product this year.
“We expect to continue to steadily move toward the inflection point where BOHA! revenue will begin to meaningfully benefit our financial results and drive the growth we expect,” DeMartino said.
The company’s stock (TACT on the Nasdaq exchange) was trading at $12 as of Friday morning. Over the trailing 52-week period, it has traded at a high of $15.95 and a low of $8.40.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
