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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TransAct Technologies Inc | NASDAQ:TACT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.18 | 5.14 | 7.30 | 5.25 | 5.21 | 5.21 | 9,194 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
06-1456680
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
One Hamden Center, 2319 Whitney Avenue, Suite 3B, Hamden, CT
|
|
06518
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
(203) 859-6800
|
(Registrant's Telephone Number, Including Area Code)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☒
|
Emerging growth company
☐
|
PART I - Financial Information:
|
Page
|
|
|
|
|
Item 1
|
Financial Statements (unaudited)
|
|
|
|
|
|
3
|
|
|
|
|
|
4
|
|
|
|
|
|
5
|
|
|
|
|
|
6
|
|
|
|
|
|
7
|
|
|
|
|
Item 2
|
10
|
|
|
|
|
Item 3
|
17
|
|
|
|
|
Item 4
|
17
|
|
|
|
|
PART II - Other Information:
|
|
|
|
|
|
Item 1
|
17
|
|
|
|
|
Item 1A
|
17
|
|
|
|
|
Item 2
|
17
|
|
|
|
|
Item 3
|
18
|
|
|
|
|
Item 4
|
18
|
|
|
|
|
Item 5
|
18
|
|
|
|
|
Item 6
|
18
|
|
|
|
|
19
|
Item 1. |
FINANCIAL STATEMENTS
|
|
March 31,
2017
|
December 31,
2016
|
||||||
Assets:
|
(In thousands, except share data)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,429
|
$
|
2,503
|
||||
Accounts receivable, net
|
9,304
|
10,585
|
||||||
Inventories, net
|
9,962
|
9,707
|
||||||
Other current assets
|
541
|
372
|
||||||
Total current assets
|
22,236
|
23,167
|
||||||
|
||||||||
Fixed assets, net of accumulated depreciation of $19,449 and $19,215, respectively
|
2,228
|
2,241
|
||||||
Goodwill
|
2,621
|
2,621
|
||||||
Deferred tax assets
|
3,410
|
3,432
|
||||||
Intangible assets, net of accumulated amortization of $3,203, and $3,122, respectively
|
464
|
545
|
||||||
Other assets
|
37
|
36
|
||||||
|
8,760
|
8,875
|
||||||
Total assets
|
$
|
30,996
|
$
|
32,042
|
||||
|
||||||||
Liabilities and Shareholders' Equity:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
3,556
|
$
|
4,894
|
||||
Accrued liabilities
|
1,676
|
2,394
|
||||||
Income taxes payable
|
529
|
19
|
||||||
Deferred revenue
|
233
|
117
|
||||||
Total current liabilities
|
5,994
|
7,424
|
||||||
|
||||||||
Deferred revenue, net of current portion
|
67
|
67
|
||||||
Deferred rent, net of current portion
|
179
|
178
|
||||||
Other liabilities
|
260
|
264
|
||||||
|
506
|
509
|
||||||
Total liabilities
|
6,500
|
7,933
|
||||||
|
||||||||
Shareholders' equity:
|
||||||||
Common stock, $0.01 par value, 20,000,000 shares authorized; 11,198,426 and 11,185,331 shares issued, respectively; 7,346,459
and 7,333,364 shares outstanding, respectively
|
112
|
112
|
||||||
Additional paid-in capital
|
29,761
|
29,701
|
||||||
Retained earnings
|
24,482
|
24,157
|
||||||
Accumulated other comprehensive loss, net of tax
|
(107
|
)
|
(109
|
)
|
||||
Treasury stock, at cost, 3,851,967 shares
|
(29,752
|
)
|
(29,752
|
)
|
||||
Total shareholders' equity
|
24,496
|
24,109
|
||||||
Total liabilities and shareholders' equity
|
$
|
30,996
|
$
|
32,042
|
|
Three Months Ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
(In thousands, except per share data)
|
||||||||
|
||||||||
Net sales
|
$
|
13,997
|
$
|
14,357
|
||||
Cost of sales
|
7,904
|
8,472
|
||||||
|
||||||||
Gross profit
|
6,093
|
5,885
|
||||||
|
||||||||
Operating expenses:
|
||||||||
Engineering, design and product development
|
993
|
1,236
|
||||||
Selling and marketing
|
1,672
|
1,793
|
||||||
General and administrative
|
2,012
|
1,917
|
||||||
|
4,677
|
4,946
|
||||||
|
||||||||
Operating income
|
1,416
|
939
|
||||||
Interest and other income (expense):
|
||||||||
Interest, net
|
(8
|
)
|
(4
|
)
|
||||
Other, net
|
(6
|
)
|
1
|
|||||
|
(14
|
)
|
(3
|
)
|
||||
|
||||||||
Income before income taxes
|
1,402
|
936
|
||||||
Income tax provision
|
459
|
311
|
||||||
Net income
|
$
|
943
|
$
|
625
|
||||
|
||||||||
Net income per common share:
|
||||||||
Basic
|
$
|
0.13
|
$
|
0.08
|
||||
Diluted
|
$
|
0.13
|
$
|
0.08
|
||||
|
||||||||
Shares used in per-share calculation:
|
||||||||
Basic
|
7,396
|
7,834
|
||||||
Diluted
|
7,445
|
7,883
|
||||||
|
||||||||
Dividends declared and paid per common share:
|
$
|
0.08
|
$
|
0.08
|
|
Three Months Ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
|
(In thousands)
|
|||||||
|
||||||||
Net income
|
$
|
943
|
$
|
625
|
||||
Foreign currency translation adjustment, net of tax
|
2
|
(4
|
)
|
|||||
Comprehensive income
|
$
|
945
|
$
|
621
|
|
Three Months Ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
|
(In thousands)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
943
|
$
|
625
|
||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Share-based compensation expense
|
146
|
145
|
||||||
Depreciation and amortization
|
313
|
324
|
||||||
Deferred income tax provision
|
21
|
115
|
||||||
Foreign currency transaction (gains) losses
|
8
|
(2
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
1,282
|
(2,179
|
)
|
|||||
Inventories
|
(254
|
)
|
1,375
|
|||||
Other current and long term assets
|
(169
|
)
|
(252
|
)
|
||||
Accounts payable
|
(1,324
|
)
|
1,305
|
|||||
Accrued liabilities and other liabilities
|
(195
|
)
|
(1,677
|
)
|
||||
Net cash provided by (used in) operating activities
|
771
|
(221
|
)
|
|||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(234
|
)
|
(221
|
)
|
||||
Net cash used in investing activities
|
(234
|
)
|
(221
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Payment of dividends on common stock
|
(587
|
)
|
(623
|
)
|
||||
Purchases of common stock for treasury
|
-
|
(510
|
)
|
|||||
Withholding taxes paid on stock issuances
|
(18
|
)
|
-
|
|||||
Net cash used in financing activities
|
(605
|
)
|
(1,133
|
)
|
||||
|
||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(6
|
)
|
(6
|
)
|
||||
|
||||||||
Decrease in cash and cash equivalents
|
(74
|
)
|
(1,581
|
)
|
||||
Cash and cash equivalents, beginning of period
|
2,503
|
4,473
|
||||||
Cash and cash equivalents, end of period
|
$
|
2,429
|
$
|
2,892
|
||||
|
||||||||
Supplemental schedule of non-cash investing activities:
|
||||||||
Capital expenditures funded by accounts payable
|
$
|
98
|
$
|
66
|
|
March 31,
2017
|
December 31,
2016
|
||||||
|
(In thousands)
|
|||||||
|
||||||||
Raw materials and purchased component parts
|
$
|
7,342
|
$
|
6,298
|
||||
Work-in-process
|
-
|
8
|
||||||
Finished goods
|
2,620
|
3,401
|
||||||
|
$
|
9,962
|
$
|
9,707
|
|
Three Months Ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
|
(In thousands)
|
|||||||
|
||||||||
Balance, beginning of period
|
$
|
267
|
$
|
277
|
||||
Warranties issued
|
55
|
80
|
||||||
Warranty settlements
|
(65
|
)
|
(74
|
)
|
||||
Balance, end of period
|
$
|
257
|
$
|
283
|
|
Three Months Ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
|
(In thousands, except per share data)
|
|||||||
|
||||||||
Net income
|
$
|
943
|
$
|
625
|
||||
|
||||||||
Shares:
|
||||||||
Basic: Weighted average common shares outstanding
|
7,396
|
7,834
|
||||||
Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method
|
49
|
49
|
||||||
Diluted: Weighted average common and common equivalent shares outstanding
|
7,445
|
7,883
|
||||||
|
||||||||
Net income per common share:
|
||||||||
Basic
|
$
|
0.13
|
$
|
0.08
|
||||
Diluted
|
$
|
0.13
|
$
|
0.08
|
Balance at December 31, 2016
|
$
|
24,109
|
||
Net income
|
943
|
|||
Share-based compensation expense
|
146
|
|||
Foreign currency translation adjustment
|
2
|
|||
Relinquishment of fully vested deferred stock units
|
(18
|
)
|
||
Reversal of deferred tax asset in connection with stock options forfeited
|
(99
|
)
|
||
Dividends declared and paid on common stock
|
(587
|
)
|
||
Balance at March 31, 2017
|
$
|
24,496
|
|
Three months ended
|
Three months ended
|
Change
|
|||||||||||||||||||||
|
March 31, 2017
|
March 31, 2016
|
$ |
|
%
|
|||||||||||||||||||
Restaurant Solutions
|
$
|
527
|
3.8
|
%
|
$
|
822
|
5.7
|
%
|
$
|
(295
|
)
|
(35.9
|
%)
|
|||||||||||
POS automation and banking
|
2,458
|
17.5
|
%
|
2,315
|
16.1
|
%
|
143
|
6.2
|
%
|
|||||||||||||||
Casino and gaming
|
5,117
|
36.6
|
%
|
5,438
|
37.9
|
%
|
(321
|
)
|
(5.9
|
%)
|
||||||||||||||
Lottery
|
2,981
|
21.3
|
%
|
2,935
|
20.4
|
%
|
46
|
1.6
|
%
|
|||||||||||||||
Printrex
|
178
|
1.3
|
%
|
155
|
1.1
|
%
|
23
|
14.8
|
%
|
|||||||||||||||
TSG
|
2,736
|
19.5
|
%
|
2,692
|
18.8
|
%
|
44
|
1.6
|
%
|
|||||||||||||||
|
$
|
13,997
|
100.0
|
%
|
$
|
14,357
|
100.0
|
%
|
$
|
(360
|
)
|
(2.5
|
%)
|
|||||||||||
|
||||||||||||||||||||||||
International *
|
$
|
3,486
|
24.9
|
%
|
$
|
2,531
|
17.6
|
%
|
$
|
955
|
37.7
|
%
|
* |
International sales do not include sales of printers and terminals made to domestic distributors or other domestic customers who may in turn ship those printers and terminals to international destinations.
|
|
Three months ended
|
Three months ended
|
Change
|
|||||||||||||||||||||
|
March 31, 2017
|
March 31, 2016
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
473
|
89.8
|
%
|
$
|
731
|
88.9
|
%
|
$
|
(258
|
)
|
(35.3
|
%)
|
|||||||||||
International
|
54
|
10.2
|
%
|
91
|
11.1
|
%
|
(37
|
)
|
(40.7
|
%)
|
||||||||||||||
|
$
|
527
|
100.0
|
%
|
$
|
822
|
100.0
|
%
|
$
|
(295
|
)
|
(35.9
|
%)
|
|
Three months ended
|
Three months ended
|
Change
|
|||||||||||||||||||||
|
March 31, 2017
|
March 31, 2016
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
2,416
|
98.3
|
%
|
$
|
2,187
|
94.5
|
%
|
$
|
229
|
10.5
|
%
|
||||||||||||
International
|
42
|
1.7
|
%
|
128
|
5.5
|
%
|
(86
|
)
|
(67.2
|
%)
|
||||||||||||||
|
$
|
2,458
|
100.0
|
%
|
$
|
2,315
|
100.0
|
%
|
$
|
143
|
6.2
|
%
|
|
Three months ended
|
Three months ended
|
Change
|
|||||||||||||||||||||
|
March 31, 2017
|
March 31, 2016
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
3,085
|
60.3
|
%
|
$
|
3,303
|
60.7
|
%
|
$
|
(218
|
)
|
(6.6
|
%)
|
|||||||||||
International
|
2,032
|
39.7
|
%
|
2,135
|
39.3
|
%
|
(103
|
)
|
(4.8
|
%)
|
||||||||||||||
|
$
|
5,117
|
100.0
|
%
|
$
|
5,438
|
100.0
|
%
|
$
|
(321
|
)
|
(5.9
|
%)
|
|
Three months ended
|
Three months ended
|
Change
|
|||||||||||||||||||||
|
March 31, 2017
|
March 31, 2016
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
1,814
|
60.9
|
%
|
$
|
2,935
|
100.0
|
%
|
$
|
(1,121
|
)
|
(38.2
|
%)
|
|||||||||||
International
|
1,167
|
39.1
|
%
|
-
|
0.0
|
%
|
1,167
|
100
|
%
|
|||||||||||||||
|
$
|
2,981
|
100.0
|
%
|
$
|
2,935
|
100.0
|
%
|
$
|
46
|
1.6
|
%
|
|
Three months ended
|
Three months ended
|
Change
|
|||||||||||||||||||||
|
March 31, 2017
|
March 31, 2016
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
134
|
75.3
|
%
|
$
|
136
|
87.7
|
%
|
$
|
(2
|
)
|
(1.5
|
%)
|
|||||||||||
International
|
44
|
24.7
|
%
|
19
|
12.3
|
%
|
25
|
131.6
|
%
|
|||||||||||||||
|
$
|
178
|
100.0
|
%
|
$
|
155
|
100.0
|
%
|
$
|
23
|
14.8
|
%
|
|
Three months ended
|
Three months ended
|
Change
|
|||||||||||||||||||||
|
March 31, 2017
|
March 31, 2016
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
2,589
|
94.6
|
%
|
$
|
2,534
|
94.1
|
%
|
$
|
55
|
2.2
|
%
|
||||||||||||
International
|
147
|
5.4
|
%
|
158
|
5.9
|
%
|
(11
|
)
|
(7.0
|
%)
|
||||||||||||||
|
$
|
2,736
|
100.0
|
%
|
$
|
2,692
|
100.0
|
%
|
$
|
44
|
1.6
|
%
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||||
2017
|
2016
|
Change
|
Total Sales – 2017
|
Total Sales - 2016
|
|||||||||||||||
$
|
6,093
|
$
|
5,885
|
3.5
|
%
|
43.5
|
%
|
41.0
|
%
|
Three months ended
March 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
2017
|
2016
|
Change
|
Total Sales – 2017
|
Total Sales - 2016
|
|||||||||||||||
$
|
993
|
$
|
1,236
|
(19.7
|
%)
|
7.1
|
%
|
8.6
|
%
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||||
2017
|
2016
|
Change
|
Total Sales – 2017
|
Total Sales - 2016
|
|||||||||||||||
$
|
1,672
|
$
|
1,793
|
(6.7
|
%)
|
11.9
|
%
|
12.5
|
%
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||||
2017
|
2016
|
Change
|
Total Sales - 2017
|
Total Sales - 2016
|
|||||||||||||||
$
|
2,012
|
$
|
1,917
|
5.0
|
%
|
14.4
|
%
|
13.4
|
%
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||||
2017
|
2016
|
Change
|
Total Sales - 2017
|
Total Sales – 2016
|
|||||||||||||||
$
|
1,416
|
$
|
939
|
50.8
|
%
|
10.1
|
%
|
6.5
|
%
|
● |
We reported net income of $943,000.
|
● |
We recorded depreciation, amortization, and share-based compensation expense of $459,000.
|
● |
Accounts receivable decreased $1,282,000, or 12%, due to the collection of receivables for sales made late in the fourth quarter of 2016.
|
● |
Inventories increased $254,000, or 3%, due largely to the purchase of AccuDate inventory to support expected restaurant solutions sales in 2017.
|
● |
Other current assets and long-term assets increased $169,000, or 45%, due largely to advance payments made in the first quarter of 2017 for annual ERP software maintenance expense.
|
● |
Accounts payable decreased $1,324,000, or 27%, due primarily to increased inventory purchases towards the end of the fourth quarter of 2016 and subsequently paid in the first quarter of 2017.
|
● |
Accrued liabilities and other liabilities decreased $195,000 due primarily to the payment of 2016 annual bonuses in March 2017. This decrease was partially offset by increased income taxes payable.
|
● |
We reported net income of $625,000.
|
● |
We recorded depreciation, amortization, and share-based compensation expense of $469,000.
|
● |
Accounts receivable increased $2,179,000, or 30%, due to the increase and timing of sales during the first quarter of 2016.
|
● |
Inventories decreased $1,375,000, or 12%, due to the sell through of inventory on hand during the first quarter of 2016.
|
● |
Other current and long-term assets increased, $252,000, or 54%, due largely to advance payments made in the first quarter 2016 for annual ERP software maintenance expenses.
|
● |
Accounts payable increased $1,305,000, or 49%, due to increased inventory purchases towards the end of the first quarter 2016.
|
● |
Accrued liabilities and other liabilities decreased $1,677,000 due primarily to the payment of 2015 annual bonuses in March 2016.
|
Financial Covenant
|
Requirement/Restriction
|
Calculation at March 31, 2017
|
Operating cash flow / Total debt service
|
Minimum of 1.25 times
|
88.3
|
Funded Debt / EBITDA
|
Maximum of 3.0 times
|
0 times
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Approximate Dollar Value of Shares that May Yet Be Purchased under the Stock Repurchase Program
|
||||||||||||
January 1, 2017 – January 31, 2017
|
-
|
$
|
-
|
-
|
$
|
1,429,000
|
||||||||||
February 1, 2017 – February 28, 2017
|
-
|
-
|
-
|
$
|
1,429,000
|
|||||||||||
March 1, 2017 – March 31, 2017
|
-
|
-
|
-
|
$
|
1,429,000
|
|||||||||||
Total
|
-
|
$
|
-
|
-
|
Item 5. |
OTHER INFORMATION
|
Exhibit 10.1
|
First Amendment to Lease by and between 2319 Hamden Center I, L.L.C. and TransAct dated January 3, 2017 (1)
|
|
Exhibit 31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Exhibit 31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Exhibit 32.1
|
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document.
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
TRANSACT TECHNOLOGIES INCORPORATED
|
|
(Registrant)
|
|
|
|
/s/ Steven A. DeMartino
|
May 10, 2017
|
Steven A. DeMartino
|
|
President, Chief Financial Officer, Treasurer and Secretary
|
|
(Principal Financial and Accounting Officer)
|
Exhibit
|
|
|
10.1
|
|
First Amendment to Lease by and between 2319 Hamden Center I, L.L.C. and TransAct dated January 3, 2017 (1)
|
|
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
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