Printer and transaction-based solutions developer and manufacturer TransAct Technologies Incorporated has released its second-quarter financial results showing that its gross profit rose by in excess of 6.6% year-on-year to reach $6.4 million despite an over 8% decline in net sales to $13.59 million.
The Connecticut firm produces a plethora of ticket-in/ticket-out printers for use in slot, pachinko, lottery and fixed-odds betting terminals and revealed that its net sales into the casino and gaming markets during the three-month period fell by 22.7% year-on-year to $3.98 million.
However, its second-quarter net sales into the global lottery vertical increased by 29.6% year-on-year to $2.78 million while revenues from the oil and gas industries amounted to $282,000, which represented a swell of over 60%.
“Our casino and gaming printers continue to gain share in the improving domestic gaming environment while the outlook for new Epicentral sales over the balance of 2017 is positive,” read a statement from Bart Shuldman, Chairman and Chief Executive Officer for Hamden-based TransAct Technologies Incorporated. “Our lottery market, in particular our sales of spare parts, is benefiting from the ongoing and industry-driven shift towards longer and/or extended contracts, which is keeping our global installed base of lottery printers in the field longer. This is expected to continue to create a recurring revenue market for TransAct Technologies Incorporated as the more than 500,000 printers we have sold into the lottery market will need to be maintained.”
Epicentral is a software solution that operates alongside the American firm’s ticket printers to allow casino operators to create promotional coupons and marketing messages aimed at players. Interest in this innovation helped TransAct Technologies Incorporated to record a 15.1% bump year-on-year in net second-quarter income to $867,000 although its total assets since the start of the year have dropped by almost 2.4% to $31.47 million.
“TransAct Technologies Incorporated remains well positioned to grow our business over the second half of 2017,” read the statement from Shuldman. “The entire TransAct Technologies Incorporated team is focused on building shareholder value and we look forward to delivering on this promise as the year progresses.”