The United States based dealer of printing and software systems, TransAct Technologies Inc, has recorded a significant increase in its annual net profit. Popular for its supply to casinos and many other consumer businesses, the company announced that its net profit increased to about $5.4 million USD in 2018 from the $3.2 million USD profit in the previous year, making a 69% increase on a year on year basis.
The company made the announcement of its fourth quarter and full year results while filing at Nasdaq yesterday, 6th of March. It also mentioned that its annual net sales has reduced by 3.1% bringing the sales in figure to $54.59 million USD in 2018 from a higher figure of $56.31 million USD in 2017.
During the 4th quarter of 2018, the company attained a net profit of $962,000 USD after making a net loss to the tune of about $412,000 USD in the same quarter the previous year. The net sales of 4th quarter reduced to about $11.76 million USD from over $13.19 million USD in the same period the previous year.
In the release, the Chief Executive and Chairman of TransAct, Bart Shuldman, stated that during the fourth quarter of the year 2018, the gaming sales of global casino increased to about 21% over the previous year as the company expanded its share in the global casino scene. He went further to reveal that the fourth quarter sales in business segment increased to about $5.32 million USD from about $4.4 million USD the year before. The gaming and casino sales outside of the U.S during the fourth quarter were reported to have grown by about 223%.
TransAct mentioned that its gaming and casino business’ annual sales value grew to a little above $26.59 million USD in the year 2018, which was a significant increase from the $18.62 million USD the previous year. Bart Shuldman also provided the detailed activities of the company in the food and beverage business it has ventured into while providing the report. According to him, there was huge sales opportunity in this industry and while the company is pumping resources to develop the Boha food and beverage solution suite, it is also leveraging its powerful position in the global gaming and casino industry to further drive growth of sales all through the year.
Suffice to mention that the company’s focus on hospitality might be as a result of the high demands that have been placed on the company’s board by activist investor, Grand Slam Asset Management LLC. It is important to state that Grand Slam controls about 7% of the total equity shares of the company, which makes it the largest single shareholder in TransAct Technologies.