TransAct Technologies Inc, which provides software-driven technology and printing solutions the casino and gaming industry among others, reported net income of US$765,000 in the three months to 30 June 2023, reversing a US$2.4 million loss in 2Q22 but down on the US$3.1 million profit recorded in the March 2023 quarter.
Adjusted EBITDA of US$3.2 million also reversed a US$2.5 million EBITDA loss a year earlier but was slightly down on the US$4.5 million reported in Q1.
According to information released overnight, TransAct achieved net sales of US$19.9 million in 2Q23, up 58% year-on-year, including an 87% increase in Casino and Gaming sales to US$12.2 million.
Those results compare with Q1 sales of US$22.3 million of which US$15.8 million was in the Casino and Gaming segment.
“We are pleased with our results this quarter, and after a little over a month as Chief Executive Officer of TransAct, I believe there is strong potential for the entire company,” said recently appointed CEO, John Dillon.
“Our first quarter results demonstrated the strength of TransAct’s market presence in casino and gaming, and some green shoots of momentum in our FST (Food Service Technology) business.
“I am equally impressed by the caliber of professionals here at TransAct who I am working with and getting to know better every day, many of whom have been contributing to the success of TransAct for years now. I am looking forward to all we can achieve together and firmly believe that we can set the company up for consistent, long-term sustainable growth.”
TransAct said its updated outlook for FY23 includes net sales of between US$71.5 million and US$73.5 million with Adjusted EBITDA of US$8.0 million to US$8.5 million.