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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 2.81% | 4.03 | 3.89 | 4.06 | 773 | 13:09:25 |
☒ |
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)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
Common stock, par value $0.01 per share
|
TACT
|
NASDAQ Global Market
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
PART I - Financial Information:
|
Page
|
|
Item 1
|
Financial Statements (unaudited)
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
Item 2
|
14
|
|
Item 3
|
28
|
|
Item 4
|
29
|
|
PART II - Other Information:
|
||
Item 1
|
30
|
|
Item 1A
|
30
|
|
Item 2
|
30
|
|
Item 3
|
30
|
|
Item 4
|
30
|
|
Item 5
|
30
|
|
Item 6
|
30
|
|
31
|
Item 1. |
FINANCIAL STATEMENTS
|
|
June 30, 2021
|
December 31, 2020
|
||||||
Assets:
|
(In thousands, except share data)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
7,960
|
$
|
10,359
|
||||
Accounts receivable, net
|
5,741
|
3,377
|
||||||
Note receivable
|
–
|
100
|
||||||
Inventories
|
8,734
|
11,286
|
||||||
Prepaid income taxes
|
2,499
|
2,409
|
||||||
Other current assets
|
864
|
644
|
||||||
Total current assets
|
25,798
|
28,175
|
||||||
Fixed assets, net of accumulated depreciation of $20,282 and $19,979, respectively
|
1,843
|
1,950
|
||||||
Note receivable, net of current portion
|
–
|
1,584
|
||||||
Right-of-use asset
|
2,952
|
3,618
|
||||||
Goodwill
|
2,621
|
2,621
|
||||||
Deferred tax assets
|
4,147
|
2,939
|
||||||
Intangible assets, net of accumulated amortization of $4,107 and $4,005, respectively
|
481
|
583
|
||||||
Other assets
|
573
|
777
|
||||||
12,617
|
14,072
|
|||||||
Total assets
|
$
|
38,415
|
$
|
42,247
|
||||
Liabilities and Shareholders’ Equity:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
2,780
|
$
|
1,691
|
||||
Accrued liabilities
|
2,466
|
3,665
|
||||||
Lease liability
|
809
|
837
|
||||||
Deferred revenue
|
742
|
504
|
||||||
Total current liabilities
|
6,797
|
6,697
|
||||||
Long-term debt
|
2,173
|
2,173
|
||||||
Deferred revenue, net of current portion
|
232
|
111
|
||||||
Lease liability, net of current portion
|
2,167
|
2,864
|
||||||
Other liabilities
|
173
|
166
|
||||||
4,745
|
5,314
|
|||||||
Total liabilities
|
11,542
|
12,011
|
||||||
Shareholders’ equity:
|
||||||||
Common stock, $0.01 par value, 20,000,000 shares authorized; 13,035,321 and 12,976,227 shares issued, respectively; 8,990,479 and 8,931,385 shares outstanding, respectively
|
130
|
130
|
||||||
Additional paid-in capital
|
43,408
|
42,536
|
||||||
Retained earnings
|
15,398
|
19,718
|
||||||
Accumulated other comprehensive income (loss), net of tax
|
47
|
(38
|
)
|
|||||
Treasury stock, at cost, 4,044,842 shares
|
(32,110
|
)
|
(32,110
|
)
|
||||
Total shareholders’ equity
|
26,873
|
30,236
|
||||||
Total liabilities and shareholders’ equity
|
$
|
38,415
|
$
|
42,247
|
||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Net sales
|
$
|
9,325
|
$
|
5,285
|
$
|
17,626
|
$
|
15,532
|
||||||||
Cost of sales
|
6,000
|
2,995
|
11,112
|
8,324
|
||||||||||||
Gross profit
|
3,325
|
2,290
|
6,514
|
7,208
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Engineering, design and product development
|
1,804
|
1,367
|
3,607
|
2,752
|
||||||||||||
Selling and marketing
|
1,767
|
1,419
|
3,210
|
3,627
|
||||||||||||
General and administrative
|
2,509
|
2,242
|
5,118
|
4,862
|
||||||||||||
6,080
|
5,028
|
11,935
|
11,241
|
|||||||||||||
Operating loss
|
(2,755
|
)
|
(2,738
|
)
|
(5,421
|
)
|
(4,033
|
)
|
||||||||
Interest and other expense:
|
||||||||||||||||
Interest, net
|
(29
|
)
|
(25
|
)
|
(42
|
)
|
(22
|
)
|
||||||||
Other, net
|
(17
|
)
|
(11
|
)
|
(100
|
)
|
(176
|
)
|
||||||||
(46
|
)
|
(36
|
)
|
(142
|
)
|
(198
|
)
|
|||||||||
Loss before income taxes
|
(2,801
|
)
|
(2,774
|
)
|
(5,563
|
)
|
(4,231
|
)
|
||||||||
Income tax benefit
|
687
|
921
|
1,243
|
1,386
|
||||||||||||
Net loss
|
$
|
(2,114
|
)
|
$
|
(1,853
|
)
|
$
|
(4,320
|
)
|
$
|
(2,845
|
)
|
||||
Net loss per common share:
|
||||||||||||||||
Basic
|
$
|
(0.24
|
)
|
$
|
(0.25
|
)
|
$
|
(0.48
|
)
|
$
|
(0.38
|
)
|
||||
Diluted
|
$
|
(0.24
|
)
|
$
|
(0.25
|
)
|
$
|
(0.48
|
)
|
$
|
(0.38
|
)
|
||||
Shares used in per-share calculation:
|
||||||||||||||||
Basic
|
8,976
|
7,543
|
8,962
|
7,525
|
||||||||||||
Diluted
|
8,976
|
7,543
|
8,962
|
7,525
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Net loss
|
$
|
(2,114
|
)
|
$
|
(1,853
|
)
|
$
|
(4,320
|
)
|
$
|
(2,845
|
)
|
||||
Foreign currency translation adjustment, net of tax
|
32
|
10
|
85
|
81
|
||||||||||||
Comprehensive loss
|
$
|
(2,082
|
)
|
$
|
(1,843
|
)
|
$
|
(4,235
|
)
|
$
|
(2,764
|
)
|
Six Months Ended
|
||||||||
|
June 30,
|
|||||||
2021
|
2020
|
|||||||
(In thousands)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(4,320
|
)
|
$
|
(2,845
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Share-based compensation expense
|
695
|
413
|
||||||
Depreciation and amortization
|
486
|
495
|
||||||
Deferred income taxes
|
(1,209
|
)
|
(1,485
|
)
|
||||
Gain on the sale of fixed assets
|
(8
|
)
|
–
|
|||||
Foreign currency transaction losses
|
107
|
215
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(2,350
|
)
|
3,060
|
|||||
Inventories
|
2,591
|
101
|
||||||
Prepaid income taxes
|
(90
|
)
|
49
|
|||||
Other current and long-term assets
|
29
|
73
|
||||||
Accounts payable
|
1,012
|
(1,660
|
)
|
|||||
Accrued liabilities and other liabilities
|
(862
|
)
|
(725
|
)
|
||||
Net cash used in operating activities
|
(3,919
|
)
|
(2,309
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(159
|
)
|
(489
|
)
|
||||
Proceeds from the sale of fixed assets
|
8
|
–
|
||||||
Collection (issuance) of note receivable
|
1,598
|
(600
|
)
|
|||||
Net cash provided by (used in) investing activities
|
1,447
|
(1,089
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Revolving credit line borrowings
|
–
|
2,756
|
||||||
Revolving credit line payments
|
–
|
(2,750
|
)
|
|||||
Long-term debt borrowings
|
–
|
2,173
|
||||||
Proceeds from stock option exercises
|
277
|
353
|
||||||
Withholding taxes paid on stock issuances
|
(100
|
)
|
(41
|
)
|
||||
Payment of bank financing costs
|
(31
|
)
|
(213
|
)
|
||||
Net cash provided by financing activities
|
146
|
2,278
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
(73
|
)
|
(1
|
)
|
||||
Decrease in cash and cash equivalents
|
(2,399
|
)
|
(1,121
|
)
|
||||
Cash and cash equivalents, beginning of period
|
10,359
|
4,203
|
||||||
Cash and cash equivalents, end of period
|
$
|
7,960
|
$
|
3,082
|
||||
Supplemental schedule of non-cash investing activities:
|
||||||||
Capital expenditures included in accounts payable
|
$
|
100
|
$
|
36
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Equity beginning balance
|
$
|
28,363
|
$
|
25,505
|
$
|
30,236
|
$
|
25,926
|
||||||||
Common stock
|
||||||||||||||||
Balance, beginning of period
|
130
|
116
|
130
|
115
|
||||||||||||
Issuance of shares from stock awards
|
–
|
–
|
–
|
1
|
||||||||||||
Balance, end of period
|
130
|
116
|
130
|
116
|
||||||||||||
Additional paid-in capital
|
||||||||||||||||
Balance, beginning of period
|
42,816
|
33,103
|
42,536
|
32,604
|
||||||||||||
Share-based compensation expense
|
431
|
226
|
695
|
413
|
||||||||||||
Issuance of shares from exercise of stock options
|
186
|
–
|
277
|
353
|
||||||||||||
Relinquishment of stock awards and restricted stock units to pay for withholding taxes
|
(25
|
)
|
–
|
(100
|
)
|
(41
|
)
|
|||||||||
Balance, end of period
|
43,408
|
33,329
|
43,408
|
33,329
|
||||||||||||
Retained earnings
|
||||||||||||||||
Balance, beginning of period
|
17,512
|
24,356
|
19,718
|
25,348
|
||||||||||||
Net loss
|
(2,114
|
)
|
(1,853
|
)
|
(4,320
|
)
|
(2,845
|
)
|
||||||||
Balance, end of period
|
15,398
|
22,503
|
15,398
|
22,503
|
||||||||||||
Treasury stock
|
||||||||||||||||
Balance, beginning and end of period
|
(32,110
|
)
|
(32,110
|
)
|
(32,110
|
)
|
(32,110
|
)
|
||||||||
Accumulated other comprehensive income (loss), net of tax
|
||||||||||||||||
Balance, beginning of period
|
15
|
40
|
(38
|
)
|
(31
|
)
|
||||||||||
Foreign currency translation adjustment, net of tax
|
32
|
10
|
85
|
81
|
||||||||||||
Balance, end of period
|
47
|
50
|
47
|
50
|
||||||||||||
Equity ending balance
|
26,873
|
23,888
|
26,873
|
23,888
|
||||||||||||
Supplemental share information
|
||||||||||||||||
Issuance of shares from stock awards
|
27
|
9
|
92
|
91
|
||||||||||||
Relinquishment of stock awards to pay withholding taxes
|
1
|
–
|
32
|
14
|
● |
Public Offering – On October 16, 2020, the Company raised net proceeds of $8.7 million, after deducting underwriting discounts, commissions and offering expenses, through an underwritten public offering (the “Offering”) and sold an aggregate of 1,380,000 shares of common stock.
|
● |
PPP Loan – On May 1, 2020, the Company was granted a $2.2 million loan (the “PPP Loan”) under the Paycheck Protection Program (the “PPP”) administered by the Small Business Administration (“SBA”) established under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act"), which enabled us to return employees we furloughed earlier in 2020 to full time employment and to restore employees to full pay following certain pay cuts. On July 8, 2021, we received notice that the PPP Loan had been forgiven as of July 1, 2021. See Note 6 for further details regarding the PPP Loan.
|
● |
New Credit Facility – On March 13, 2020, we entered into a new credit facility with Siena Lending Group LLC that provides a revolving credit line of up to $10.0 million, subject to a borrowing base. See Note 6 for further details regarding this facility.
|
● |
Reduced Capital Expenditures – We limited capital expenditures during 2020.
|
Three Months Ended
|
||||||||||||||||||||||||
|
June 30,
|
|||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
United States
|
International
|
Total
|
United States
|
International
|
Total
|
|||||||||||||||||||
Food service technology
|
$
|
2,987
|
$
|
87
|
$
|
3,074
|
$
|
1,056
|
$
|
148
|
$
|
1,204
|
||||||||||||
POS automation
|
1,252
|
4
|
1,256
|
481
|
-
|
481
|
||||||||||||||||||
Casino and gaming
|
2,438
|
1,029
|
3,467
|
970
|
390
|
1,360
|
||||||||||||||||||
Lottery
|
-
|
-
|
-
|
817
|
-
|
817
|
||||||||||||||||||
Printrex
|
25
|
87
|
112
|
6
|
2
|
8
|
||||||||||||||||||
TransAct Services Group
|
1,252
|
164
|
1,416
|
1,271
|
144
|
1,415
|
||||||||||||||||||
Total net sales
|
$
|
7,954
|
$
|
1,371
|
$
|
9,325
|
$
|
4,601
|
$
|
684
|
$
|
5,285
|
Six Months Ended
|
||||||||||||||||||||||||
|
June 30,
|
|||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
United States
|
International
|
Total
|
United States
|
International
|
Total
|
|||||||||||||||||||
Food service technology
|
$
|
5,551
|
$
|
270
|
$
|
5,821
|
$
|
2,295
|
$
|
280
|
$
|
2,575
|
||||||||||||
POS automation
|
2,412
|
8
|
2,420
|
2,035
|
4
|
2,039
|
||||||||||||||||||
Casino and gaming
|
4,402
|
1,930
|
6,332
|
3,528
|
2,763
|
6,291
|
||||||||||||||||||
Lottery
|
-
|
-
|
-
|
817
|
-
|
817
|
||||||||||||||||||
Printrex
|
52
|
219
|
271
|
67
|
58
|
125
|
||||||||||||||||||
TransAct Services Group
|
2,532
|
250
|
2,782
|
3,274
|
411
|
3,685
|
||||||||||||||||||
Total net sales
|
$
|
14,949
|
$
|
2,677
|
$
|
17,626
|
$
|
12,016
|
$
|
3,516
|
$
|
15,532
|
|
June 30, 2021
|
December 31, 2020
|
||||||
(In thousands)
|
||||||||
Unbilled receivables, current
|
$
|
296
|
$
|
290
|
||||
Unbilled receivables, non-current
|
441
|
591
|
||||||
Customer pre-payments
|
(87
|
)
|
(216
|
)
|
||||
Deferred revenue, current
|
(742
|
)
|
(504
|
)
|
||||
Deferred revenue, non-current
|
(232
|
)
|
(111
|
)
|
||||
Total net contract (liabilities) assets
|
$
|
(324
|
)
|
$
|
50
|
|
June 30, 2021
|
December 31, 2020
|
||||||
(In thousands)
|
||||||||
Raw materials and purchased component parts
|
$
|
5,373
|
$
|
5,467
|
||||
Finished goods
|
3,361
|
5,819
|
||||||
$
|
8,734
|
$
|
11,286
|
Six Months Ended
|
||||||||
|
June 30,
|
|||||||
2021
|
2020
|
|||||||
(In thousands)
|
||||||||
Balance, beginning of period
|
$
|
140
|
$
|
215
|
||||
Warranties issued
|
19
|
55
|
||||||
Warranty settlements
|
(45
|
)
|
(78
|
)
|
||||
Balance, end of period
|
$
|
114
|
$
|
192
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Net loss
|
$
|
(2,114
|
)
|
$
|
(1,853
|
)
|
$
|
(4,320
|
)
|
$
|
(2,845
|
)
|
||||
Shares:
|
||||||||||||||||
Basic: Weighted average common shares outstanding
|
8,976
|
7,543
|
8,962
|
7,525
|
||||||||||||
Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method
|
–
|
–
|
–
|
–
|
||||||||||||
Diluted: Weighted average common and common equivalent shares outstanding
|
8,976
|
7,543
|
8,962
|
7,525
|
||||||||||||
Net loss per common share:
|
||||||||||||||||
Basic
|
$
|
(0.24
|
)
|
$
|
(0.25
|
)
|
$
|
(0.48
|
)
|
$
|
(0.38
|
)
|
||||
Diluted
|
$
|
(0.24
|
)
|
$
|
(0.25
|
)
|
$
|
(0.48
|
)
|
$
|
(0.38
|
)
|
Six Months Ended
|
||||||||
|
June 30,
|
|||||||
2021
|
2020
|
|||||||
Operating cash outflows from leases
|
$
|
522
|
$
|
519
|
|
June 30, 2021
|
December 31, 2020
|
||||||
Weighted average remaining lease term (in years)
|
3.9
|
4.9
|
||||||
Weighted average discount rate
|
4.4
|
%
|
4.1
|
%
|
|
June 30, 2021
|
December 31, 2020
|
||||||
2021
|
$
|
463
|
$
|
971
|
||||
2022
|
887
|
879
|
||||||
2023
|
722
|
713
|
||||||
2024
|
722
|
718
|
||||||
2025
|
427
|
464
|
||||||
Thereafter
|
24
|
180
|
||||||
Total undiscounted lease payments
|
3,245
|
3,925
|
||||||
Less imputed interest
|
269
|
224
|
||||||
Total lease liabilities
|
$
|
2,976
|
$
|
3,701
|
•
|
Public Offering – On October 16, 2020, the Company raised net proceeds of $8.7 million, after deducting underwriting discounts, commissions and offering expenses, through an underwritten public offering (the “Offering”) and sold an aggregate of 1,380,000 shares of common stock.
|
•
|
PPP Loan - On May 1, 2020, the Company was granted a $2.2 million loan (the “PPP Loan”) under the Paycheck Protection Program (the “PPP”) administered by the Small Business Administration (“SBA”) established under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which enabled us to return employees we had furloughed earlier in 2020 to full time employment and to restore employees to full pay following certain pay cuts. On July 8, 2021, we received notice that the PPP Loan had been forgiven as of July 1, 2021.
|
•
|
New Credit Facility - On March 13, 2020, we also entered into a new credit facility with Siena Lending Group LLC (the “Siena Credit Facility”) that provides a revolving credit line of up to $10 million, subject to a borrowing base.
|
•
|
Reduced Capital Expenditures - We limited capital expenditures during 2020.
|
•
|
staggered shifts and a rotational or flexible work schedule to minimize the number of employees at any particular facility at a single time;
|
•
|
mandated use of protective equipment, such as masks and gloves, when in common areas, which is provided to employees;
|
•
|
spaced seating in workspaces such as manufacturing cells, lunch/break rooms, conference rooms and other common areas to comply with social distancing guidelines;
|
•
|
employees who (i) show symptoms of COVID-19 or (ii) have been exposed to someone who shows symptoms or has tested positive for COVID-19 are prohibited from reporting to work for 10 days;
|
•
|
visitors are prohibited from entering all facilities; and
|
•
|
cleaning and disinfecting protocols at all facilities.
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Food service technology (“FST”)
|
$
|
3,074
|
33.0
|
%
|
$
|
1,204
|
22.8
|
%
|
$
|
1,870
|
155.3
|
%
|
||||||||||||
POS automation
|
1,256
|
13.4
|
%
|
481
|
9.1
|
%
|
775
|
161.1
|
%
|
|||||||||||||||
Casino and gaming
|
3,467
|
37.2
|
%
|
1,360
|
25.7
|
%
|
2,107
|
154.9
|
%
|
|||||||||||||||
Lottery
|
–
|
0.0
|
%
|
817
|
15.5
|
%
|
(817
|
)
|
(100.0
|
%)
|
||||||||||||||
Printrex
|
112
|
1.2
|
%
|
8
|
0.1
|
%
|
104
|
1,300.0
|
%
|
|||||||||||||||
TSG
|
1,416
|
15.2
|
%
|
1,415
|
26.8
|
%
|
1
|
0.1
|
%
|
|||||||||||||||
$
|
9,325
|
100.0
|
%
|
$
|
5,285
|
100.0
|
%
|
$
|
4,040
|
76.4
|
%
|
|||||||||||||
International *
|
$
|
1,371
|
14.7
|
%
|
$
|
684
|
12.9
|
%
|
$
|
687
|
100.4
|
%
|
* |
International sales do not include sales of printers and terminals made to domestic distributors or other domestic customers that may, in turn, ship those printers and terminals to international destinations.
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
2,987
|
97.2
|
%
|
$
|
1,056
|
87.7
|
%
|
$
|
1,931
|
182.9
|
%
|
||||||||||||
International
|
87
|
2.8
|
%
|
148
|
12.3
|
%
|
(61
|
)
|
(41.2
|
%)
|
||||||||||||||
$
|
3,074
|
100.0
|
%
|
$
|
1,204
|
100.0
|
%
|
$
|
1,870
|
155.3
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Hardware
|
$
|
1,008
|
32.8
|
%
|
$
|
545
|
45.3
|
%
|
$
|
463
|
85.0
|
%
|
||||||||||||
Software, labels and other recurring revenue
|
2,066
|
67.2
|
%
|
659
|
54.7
|
%
|
1,407
|
213.5
|
%
|
|||||||||||||||
$
|
3,074
|
100.0
|
%
|
$
|
1,204
|
100.0
|
%
|
$
|
1,870
|
155.3
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
1,252
|
99.7
|
%
|
$
|
481
|
100.0
|
%
|
$
|
771
|
160.3
|
%
|
||||||||||||
International
|
4
|
0.3
|
%
|
–
|
0.0
|
%
|
4
|
100.0
|
%
|
|||||||||||||||
$
|
1,256
|
100.0
|
%
|
$
|
481
|
100.0
|
%
|
$
|
775
|
161.1
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
2,438
|
70.3
|
%
|
$
|
970
|
71.3
|
%
|
$
|
1,468
|
151.3
|
%
|
||||||||||||
International
|
1,029
|
29.7
|
%
|
390
|
28.7
|
%
|
639
|
163.8
|
%
|
|||||||||||||||
$
|
3,467
|
100.0
|
%
|
$
|
1,360
|
100.0
|
%
|
$
|
2,107
|
154.9
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
–
|
0.0
|
%
|
$
|
817
|
100.0
|
%
|
$
|
(817
|
)
|
(100.0
|
%)
|
|||||||||||
International
|
–
|
0.0
|
%
|
–
|
0.0
|
%
|
–
|
0.0
|
%
|
|||||||||||||||
$
|
–
|
0.0
|
%
|
$
|
817
|
100.0
|
%
|
$
|
(817
|
)
|
(100.0
|
%)
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
25
|
22.3
|
%
|
$
|
6
|
75.0
|
%
|
$
|
19
|
316.7
|
%
|
||||||||||||
International
|
87
|
77.7
|
%
|
2
|
25.0
|
%
|
85
|
4,250.0
|
%
|
|||||||||||||||
$
|
112
|
100.0
|
%
|
$
|
8
|
100.0
|
%
|
$
|
104
|
1,300.0
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
1,252
|
88.4
|
%
|
$
|
1,271
|
89.8
|
%
|
$
|
(19
|
)
|
(1.5
|
%)
|
|||||||||||
International
|
164
|
11.6
|
%
|
144
|
10.2
|
%
|
20
|
13.9
|
%
|
|||||||||||||||
$
|
1,416
|
100.0
|
%
|
$
|
1,415
|
100.0
|
%
|
$
|
1
|
0.1
|
%
|
Three Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
3,325
|
$
|
2,290
|
45.2
|
%
|
35.7
|
%
|
43.3
|
%
|
Three Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
1,804
|
$
|
1,367
|
32.0
|
%
|
19.3
|
%
|
25.9
|
%
|
Three Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
1,767
|
$
|
1,419
|
24.5
|
%
|
18.9
|
%
|
26.8
|
%
|
Three Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
2,509
|
$
|
2,242
|
11.9
|
%
|
26.9
|
%
|
42.4
|
%
|
Three Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
(2,755
|
)
|
$
|
(2,738
|
)
|
0.6
|
%
|
(29.5
|
%)
|
(51.8
|
%)
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
FST
|
$
|
5,821
|
33.0
|
%
|
$
|
2,575
|
16.6
|
%
|
$
|
3,246
|
126.1
|
%
|
||||||||||||
POS automation
|
2,420
|
13.7
|
%
|
2,039
|
13.1
|
%
|
381
|
18.7
|
%
|
|||||||||||||||
Casino and gaming
|
6,332
|
35.9
|
%
|
6,291
|
40.5
|
%
|
41
|
0.7
|
%
|
|||||||||||||||
Lottery
|
–
|
0.0
|
%
|
817
|
5.3
|
%
|
(817
|
)
|
(100.0
|
%)
|
||||||||||||||
Printrex
|
271
|
1.6
|
%
|
125
|
0.8
|
%
|
146
|
116.8
|
%
|
|||||||||||||||
TSG
|
2,782
|
15.8
|
%
|
3,685
|
23.7
|
%
|
(903
|
)
|
(24.5
|
%)
|
||||||||||||||
$
|
17,626
|
100.0
|
%
|
$
|
15,532
|
100.0
|
%
|
$
|
2,094
|
13.5
|
%
|
|||||||||||||
International *
|
$
|
2,677
|
15.2
|
%
|
$
|
3,516
|
22.6
|
%
|
$
|
(839
|
)
|
(23.9
|
%)
|
* |
International sales do not include sales of printers and terminals made to domestic distributors or other domestic customers that may, in turn, ship those printers and terminals to international destinations.
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
5,551
|
95.4
|
%
|
$
|
2,295
|
89.1
|
%
|
$
|
3,256
|
141.9
|
%
|
||||||||||||
International
|
270
|
4.6
|
%
|
280
|
10.9
|
%
|
(10
|
)
|
(3.6
|
%)
|
||||||||||||||
$
|
5,821
|
100.0
|
%
|
$
|
2,575
|
100.0
|
%
|
$
|
3,246
|
126.1
|
%
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Hardware
|
$
|
2,550
|
43.8
|
%
|
$
|
1,300
|
50.5
|
%
|
$
|
1,250
|
96.2
|
%
|
||||||||||||
Software, labels and other recurring revenue
|
3,271
|
56.2
|
%
|
1,275
|
49.5
|
%
|
1,996
|
156.5
|
%
|
|||||||||||||||
$
|
5,821
|
100.0
|
%
|
$
|
2,575
|
100.0
|
%
|
$
|
3,246
|
126.1
|
%
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
2,412
|
99.7
|
%
|
$
|
2,035
|
99.8
|
%
|
$
|
377
|
18.5
|
%
|
||||||||||||
International
|
8
|
0.3
|
%
|
4
|
0.2
|
%
|
4
|
100.0
|
%
|
|||||||||||||||
$
|
2,420
|
100.0
|
%
|
$
|
2,039
|
100.0
|
%
|
$
|
381
|
18.7
|
%
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
4,402
|
69.5
|
%
|
$
|
3,528
|
56.1
|
%
|
$
|
874
|
24.8
|
%
|
||||||||||||
International
|
1,930
|
30.5
|
%
|
2,763
|
43.9
|
%
|
(833
|
)
|
(30.1
|
%)
|
||||||||||||||
$
|
6,332
|
100.0
|
%
|
$
|
6,291
|
100.0
|
%
|
$
|
41
|
0.7
|
%
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
–
|
0.0
|
%
|
$
|
817
|
100.0
|
%
|
$
|
(817
|
)
|
(100.0
|
%)
|
|||||||||||
International
|
–
|
0.0
|
%
|
–
|
0.0
|
%
|
–
|
0.0
|
%
|
|||||||||||||||
$
|
–
|
0.0
|
%
|
$
|
817
|
100.0
|
%
|
$
|
(817
|
)
|
(100.0
|
%)
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
52
|
19.2
|
%
|
$
|
67
|
53.6
|
%
|
$
|
(15
|
)
|
(22.4
|
%)
|
|||||||||||
International
|
219
|
80.8
|
%
|
58
|
46.4
|
%
|
161
|
277.6
|
%
|
|||||||||||||||
$
|
271
|
100.0
|
%
|
$
|
125
|
100.0
|
%
|
$
|
146
|
116.8
|
%
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
(In thousands, except percentages)
|
June 30, 2021
|
June 30, 2020
|
$ Change
|
% Change
|
||||||||||||||||||||
Domestic
|
$
|
2,532
|
91.0
|
%
|
$
|
3,274
|
88.8
|
%
|
$
|
(742
|
)
|
(22.7
|
%)
|
|||||||||||
International
|
250
|
9.0
|
%
|
411
|
11.2
|
%
|
(161
|
)
|
(39.2
|
%)
|
||||||||||||||
$
|
2,782
|
100.0
|
%
|
$
|
3,685
|
100.0
|
%
|
$
|
(903
|
)
|
(24.5
|
%)
|
Six Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
6,514
|
$
|
7,208
|
(9.6
|
%)
|
37.0
|
%
|
46.4
|
%
|
Six Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
3,607
|
$
|
2,752
|
31.1
|
%
|
20.5
|
%
|
17.7
|
%
|
Six Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
3,210
|
$
|
3,627
|
(11.5
|
%)
|
18.2
|
%
|
23.4
|
%
|
Six Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
5,118
|
$
|
4,862
|
5.3
|
%
|
29.0
|
%
|
31.3
|
%
|
Six Months Ended June 30,
|
Percent
|
Percent of
|
Percent of
|
|||||||||||||||
2021
|
2020
|
Change
|
Total Sales - 2021
|
Total Sales - 2020
|
||||||||||||||
$
|
(5,421
|
)
|
$
|
(4,033
|
)
|
34.4
|
%
|
(30.8
|
%)
|
(26.0
|
%)
|
● |
We reported a net loss of $4.3 million.
|
● |
We recorded depreciation and amortization of $0.5 million and share-based compensation expense of $0.7 million.
|
● |
Accounts receivable increased $2.4 million, or 70%, primarily due to increased sales volume during the second quarter of 2021.
|
● |
Inventories decreased $2.6 million, or 23%, due to the utilization of inventory on hand to fulfill sales.
|
● |
Accounts payable increased $1.0 million, or 60%, due primarily to the timing of payments during the second quarter of 2021.
|
● |
Accrued liabilities and other liabilities decreased $0.9 million, or 11%, due primarily to the payment of 2020 annual bonuses in March 2021.
|
● |
We reported a net loss of $2.8 million.
|
● |
We recorded depreciation and amortization of $0.5 million, and share-based compensation expense of $0.4 million.
|
● |
Accounts receivable decreased $3.1 million, or 48%, due primarily to lower sales volume during the second quarter of 2020.
|
● |
Inventories decreased by less than 1% due primarily to the utilization of inventory on hand to fulfill sales and delaying inventory purchases to the second half of 2020.
|
● |
Accounts payable decreased $1.7 million, or 56%, due primarily to inventory purchases made towards the end of the fourth quarter of 2019 that were subsequently paid in the first quarter of 2020 and delaying inventory purchases to the second half of 2020 to improve our liquidity.
|
● |
Accrued liabilities and other liabilities decreased $0.7 million, or 10%, due primarily to the payment of 2019 annual bonuses in March 2020.
|
Item 4. |
CONTROLS AND PROCEDURES
|
Item 1. |
LEGAL PROCEEDINGS
|
Item 1A. |
RISK FACTORS
|
Item 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Item 3. |
DEFAULTS UPON SENIOR SECURITIES
|
Item 4. |
MINE SAFETY DISCLOSURES
|
Item 5. |
OTHER INFORMATION
|
Item 6. |
EXHIBITS
|
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
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
TRANSACT TECHNOLOGIES INCORPORATED
|
|
(Registrant)
|
|
By: /s/ Steven A. DeMartino
|
|
Dated: August 11, 2021
|
Steven A. DeMartino
|
President, Chief Financial Officer, Treasurer and Secretary
|
|
(Principal Financial Officer)
|
|
By: /s/ David B. Peters
|
|
Dated: August 11, 2021
|
David B. Peters
|
Vice President and Chief Accounting Officer
|
|
(Principal Accounting Officer)
|
1 Year TransAct Technologies Chart |
1 Month TransAct Technologies Chart |
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