\nTransAct Technologies Incorporated (Nasdaq: TACT) (\u201cTransAct\u201d or the \u201cCompany\u201d), a global leader in software-driven technology and printing solutions for high-growth markets, today reported preliminary results for the first quarter ended March 31, 2023. The Company also announced that John M. Dillon, who was appointed as Chief Executive Officer on April 4, 2023, will continue in the role indefinitely and is no longer serving in an interim capacity.<\/p>\n
\n\u201cWe 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. Our first quarter results demonstrated the strength of TransAct\u2019s market presence in casino and gaming, and some green shoots of momentum in our FST business,\u201d said John Dillon, Chief Executive Officer of TransAct. \u201cI 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.\u201d<\/p>\n
First Quarter 2023 Financial Highlights<\/b><\/p>\n 2023 Financial Outlook<\/b><\/p>\n \nOur outlook for non-GAAP adjusted EBITDA is presented only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. If one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.<\/p>\n 2023 First Quarter Conference Call and Webcast<\/b><\/p>\n \nTransAct is hosting a conference call and webcast today, May 9, 2023, beginning at 4:30 p.m. ET to discuss the Company\u2019s preliminary first quarter 2023 results and other matters. Both the call and the webcast are open to the general public. The conference call number is 877-704-4453 and the conference ID number is 13737812 (domestic or international). Please call ten minutes prior to the presentation to ensure that you are connected.<\/p>\n \nInterested parties may also access the conference call live on the Internet at www.transact-tech.com<\/a> (select \u201cInvestor Relations\u201d followed by \u201cEvents & Presentations\u201d). Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.<\/p>\n Change in Accounting Principle<\/b><\/p>\n \nEffective April 1, 2022, TransAct changed its method of inventory valuation from standard costing which approximates first-in first-out \u201cFIFO\u201d to the average costing methodology. The Company believes this method is preferable because it reflects a better measurement estimate of inventory cost as the Company does not perform intensive manufacturing of its finished products which are therefore better measured under average cost. Comparative financial statements of prior periods have been adjusted to apply the new method retrospectively and are labeled \u201cAs Adjusted\u201d in the Condensed Consolidated Statements of Operations attached to this release.<\/p>\n Non-GAAP Financial Measures<\/b><\/p>\n \nTransAct is providing certain non-GAAP financial measures because the Company believes that these measures are helpful to investors and others in assessing the ongoing nature of what the Company\u2019s management views as TransAct\u2019s core operations. EBITDA and adjusted EBITDA provide the Company with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. The Company believes that these non-GAAP financial measures provide relevant and useful information to an investor evaluating the Company\u2019s operating performance because these measures are: (i) widely used by investors to measure a company\u2019s operating performance without regard to items that do not reflect the Company\u2019s ongoing operations and are excluded from the calculation of such measure; (ii) used as financial measurements by lenders and other parties to evaluate creditworthiness; and (iii) used by the Company\u2019s management for various purposes including strategic planning and forecasting and assessing financial performance. The presentation of this non-GAAP information is not considered superior to or a substitute for, and should be read in conjunction with, the financial information prepared in accordance with GAAP.<\/p>\n \nEBITDA is defined as net income (loss) before net interest expense, income taxes, depreciation, and amortization. A reconciliation of EBITDA to net income (loss), the most comparable GAAP financial measure, can be found attached to this release.<\/p>\n \nAdjusted EBITDA is defined as net income (loss) before net interest expense, income taxes, depreciation and amortization and is adjusted for share-based compensation. The Company adjusts EBITDA for share-based compensation because the Company considers share-based compensation to be a non-cash expense similar to depreciation and amortization. A reconciliation of adjusted EBITDA to net income (loss), the most comparable GAAP financial measure, can be found attached to this release.<\/p>\n About TransAct Technologies Incorporated<\/b><\/p>\n \nTransAct Technologies Incorporated is a global leader in developing and selling software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, and POS automation. The Company\u2019s solutions are designed from the ground up based on customer requirements and are sold under the BOHA!\u2122, AccuDate\u2122, EPICENTRAL\u00ae, Epic\u00ae and Ithaca\u00ae brands. TransAct has sold over 3.7 million printers, terminals and other hardware devices around the world and is committed to providing world-class service, spare parts, and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http:\/\/www.transactsupplies.com<\/a> and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http:\/\/www.transact-tech.com<\/a> or call (203) 859-6800.<\/p>\n \nTransAct\u00ae, BOHA!\u2122, AccuDate\u2122, Epic, EPICENTRAL\u2122 and Ithaca\u00ae are trademarks of TransAct Technologies Incorporated. \u00a92023 TRANSACT Technologies Incorporated. All rights reserved.<\/p>\n Cautionary Statement Regarding Preliminary Financial Information<\/b><\/p>\n \nThe Company has prepared the preliminary financial information set forth below on a materially consistent basis with its historical financial information and in good faith based upon its internal reporting as of and for the three months ended March 31, 2023. This financial information is preliminary and is thus inherently uncertain and subject to change as the Company finalizes its financial results and related review for the three months ended March 31, 2023. During the course of the preparation of the Company\u2019s consolidated financial statements and related notes as of and for the three months ended March 31, 2023, the Company may identify items that could cause its final reported results to be materially different from the preliminary financial information set forth above. As a result, there can be no assurance that the Company\u2019s final results for this period will not differ from the preliminary financial information.<\/p>\n \nThis preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, this preliminary financial information is not necessarily indicative of the results to be achieved for any future period.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nCertain statements included in this press release may be forward-looking statements. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent current views about possible future events and are often identified by the use of forward-looking terminology, such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “project\u201d, “plan\u201d, “design” or “continue”, or the negative thereof, or other similar words. Forward-looking statements are subject to certain risks, uncertainties and assumptions. In the event that one or more of such risks or uncertainties materialize, or one or more underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. Important factors and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: the adverse effects of current economic conditions, whether due to the COVID-19 pandemic or otherwise, on our business, operations, financial condition, results of operations and capital resources, difficulties or delays in manufacturing or delivery of inventory or other supply chain disruptions, inflation and the Russia\/Ukraine conflict, an inability of our customers to make payments on time or at all, diversion of management attention, a possible future reduction in the value of goodwill or other intangible assets, inadequate manufacturing capacity or a shortfall or excess of inventory as a result of difficulty in predicting manufacturing requirements due to volatile economic conditions, price increases or decreased availability of component parts or raw materials, exchange rate fluctuations, volatility of and decreases in trading prices of our common stock and the availability of needed financing on acceptable terms or at all; our ability to successfully develop new products that garner customer acceptance and generate sales, both domestically and internationally, in the face of substantial competition; our reliance on an unrelated third party to develop, maintain and host certain web-based food service application software and develop and maintain selected components of our downloadable software applications pursuant to a non-exclusive license agreement, and the risk that interruptions in our relationship with that third party could materially impair our ability to provide services to our food service technology customers on a timely basis or at all and could require substantial expenditures to find or develop alternative software products; our ability to successfully transition our business into the food service technology market; risks associated with potential future acquisitions; general economic conditions; our dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our dependence on significant suppliers; our ability to recruit and retain quality employees as the Company grows; our dependence on third parties for sales outside the United States; our dependence on technology licenses from third parties; marketplace acceptance of new products; risks associated with foreign operations; the availability of third-party components at reasonable prices; price wars, supply chain disruptions or other significant pricing pressures affecting the Company\u2019s products in the United States or abroad; increased product costs or reduced customer demand for our products due to changes in U.S. policy that may result in trade wars or tariffs; our ability to protect intellectual property; and other risk factors detailed in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2022, and other reports filed with the Securities and Exchange Commission. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. We caution readers not to place undue reliance on forward-looking statements, which speak only as of the date of this release. We undertake no obligation to publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by applicable law.<\/p>\n \n– Financial tables follow \u2013<\/p>\n TRANSACT TECHNOLOGIES INCORPORATED<\/b><\/p>\n<\/td>\n<\/tr>\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n (Preliminary and Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nThree months ended \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022 \n\u00a0<\/p>\n<\/td>\n (In thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet sales<\/p>\n<\/td>\n $22,270<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$9,702<\/p>\n<\/td>\n<\/tr>\n \nCost of sales<\/p>\n<\/td>\n 10,015<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,136<\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n 12,255<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,566<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEngineering, design and product development<\/p>\n<\/td>\n 2,269<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,283<\/p>\n<\/td>\n<\/tr>\n \nSelling and marketing<\/p>\n<\/td>\n 2,757<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,683<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n 3,416<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,204<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 8,442<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,170<\/p>\n<\/td>\n<\/tr>\n \nOperating income (loss)<\/p>\n<\/td>\n 3,813<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,604)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest and other income (expense):<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest, net<\/p>\n<\/td>\n (66)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(64)<\/p>\n<\/td>\n<\/tr>\n \nOther, net<\/p>\n<\/td>\n 21<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(35)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (45)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(99)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome (loss) before income taxes<\/p>\n<\/td>\n 3,768<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,703)<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense (benefit)<\/p>\n<\/td>\n 629<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,355)<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)<\/p>\n<\/td>\n $3,139<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$(4,348)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) per common share:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic<\/p>\n<\/td>\n $0.32<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$(0.44)<\/p>\n<\/td>\n<\/tr>\n \nDiluted<\/p>\n<\/td>\n $0.31<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$(0.44)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShares used in per share calculation:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic<\/p>\n<\/td>\n 9,930<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,886<\/p>\n<\/td>\n<\/tr>\n \nDiluted<\/p>\n<\/td>\n 10,043<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,886<\/p>\n<\/td>\n<\/tr>\n<\/table>\n SUPPLEMENTAL INFORMATION \u2013 SALES BY MARKET:<\/b><\/p>\n (Preliminary and Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nThree months ended \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFood service technology<\/p>\n<\/td>\n $3,458<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2,130<\/p>\n<\/td>\n<\/tr>\n \nPOS automation<\/p>\n<\/td>\n 1,797<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,300<\/p>\n<\/td>\n<\/tr>\n \nCasino and gaming<\/p>\n<\/td>\n 15,811<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,762<\/p>\n<\/td>\n<\/tr>\n \nTransAct Services Group<\/p>\n<\/td>\n 1,204<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,510<\/p>\n<\/td>\n<\/tr>\n \nTotal net sales<\/p>\n<\/td>\n $22,270<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$9,702<\/p>\n<\/td>\n<\/tr>\n<\/table>\n TRANSACT TECHNOLOGIES INCORPORATED<\/b><\/p>\n<\/td>\n<\/tr>\n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n (Preliminary and Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n December 31<\/b>,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Assets:<\/b><\/p>\n<\/td>\n (In thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n \nCurrent assets:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n $6,644<\/b><\/p>\n<\/td>\n \n$7,946<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable, net<\/p>\n<\/td>\n 17,022<\/b><\/p>\n<\/td>\n \n13,927<\/p>\n<\/td>\n<\/tr>\n \nEmployee retention credit receivable<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n1,500<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n 12,296<\/b><\/p>\n<\/td>\n \n12,028<\/p>\n<\/td>\n<\/tr>\n \nOther current assets<\/p>\n<\/td>\n 1,004<\/b><\/p>\n<\/td>\n \n724<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets<\/p>\n<\/td>\n 36,966<\/b><\/p>\n<\/td>\n \n36,125<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFixed assets, net<\/p>\n<\/td>\n 2,882<\/b><\/p>\n<\/td>\n \n2,781<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use asset<\/p>\n<\/td>\n 2,274<\/b><\/p>\n<\/td>\n \n2,488<\/p>\n<\/td>\n<\/tr>\n \nGoodwill<\/p>\n<\/td>\n 2,621<\/b><\/p>\n<\/td>\n \n2,621<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax assets<\/p>\n<\/td>\n 6,828<\/b><\/p>\n<\/td>\n \n7,327<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net<\/p>\n<\/td>\n 204<\/b><\/p>\n<\/td>\n \n242<\/p>\n<\/td>\n<\/tr>\n \nOther assets<\/p>\n<\/td>\n 225<\/b><\/p>\n<\/td>\n \n248<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 15,034<\/b><\/p>\n<\/td>\n \n15,707<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n $52,000<\/b><\/p>\n<\/td>\n \n$51,832<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Liabilities and Shareholders\u2019 Equity:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent portion of revolving loan payable<\/p>\n<\/td>\n $2,250<\/b><\/p>\n<\/td>\n \n$2,250<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n $4,574<\/b><\/p>\n<\/td>\n \n7,395<\/p>\n<\/td>\n<\/tr>\n \nAccrued liabilities<\/p>\n<\/td>\n 4,061<\/b><\/p>\n<\/td>\n \n4,077<\/p>\n<\/td>\n<\/tr>\n \nLease liability<\/p>\n<\/td>\n 891<\/b><\/p>\n<\/td>\n \n875<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue<\/p>\n<\/td>\n 1,205<\/b><\/p>\n<\/td>\n \n1,329<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities<\/p>\n<\/td>\n 12,981<\/b><\/p>\n<\/td>\n \n15,926<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue, net of current portion<\/p>\n<\/td>\n 148<\/b><\/p>\n<\/td>\n \n143<\/p>\n<\/td>\n<\/tr>\n \nLease liability, net of current portion<\/p>\n<\/td>\n 1,449<\/b><\/p>\n<\/td>\n \n1,683<\/p>\n<\/td>\n<\/tr>\n \nOther liabilities<\/p>\n<\/td>\n 226<\/b><\/p>\n<\/td>\n \n218<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 1,823<\/b><\/p>\n<\/td>\n \n2,044<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities<\/p>\n<\/td>\n 14,804<\/b><\/p>\n<\/td>\n \n17,970<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShareholders\u2019 equity:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon stock<\/p>\n<\/td>\n 140<\/b><\/p>\n<\/td>\n \n139<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital<\/p>\n<\/td>\n 56,474<\/b><\/p>\n<\/td>\n \n56,282<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n 12,769<\/b><\/p>\n<\/td>\n \n9,630<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive loss, net of tax<\/p>\n<\/td>\n (77)<\/b><\/p>\n<\/td>\n \n(79)<\/p>\n<\/td>\n<\/tr>\n \nTreasury stock, at cost<\/p>\n<\/td>\n (32,110)<\/b><\/p>\n<\/td>\n \n(32,110)<\/p>\n<\/td>\n<\/tr>\n \nTotal shareholders\u2019 equity<\/p>\n<\/td>\n 37,196<\/b><\/p>\n<\/td>\n \n33,862<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and shareholders\u2019 equity<\/p>\n<\/td>\n $52,000<\/b><\/p>\n<\/td>\n \n$51,832<\/p>\n<\/td>\n<\/tr>\n<\/table>\n TRANSACT TECHNOLOGIES INCORPORATED \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nMarch 31,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n2022 \n\u00a0<\/p>\n<\/td>\n (In thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)<\/p>\n<\/td>\n $3,139<\/b><\/p>\n<\/td>\n \n$(4,348)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net<\/p>\n<\/td>\n 66<\/b><\/p>\n<\/td>\n \n64<\/p>\n<\/td>\n<\/tr>\n \nIncome tax provision (benefit)<\/p>\n<\/td>\n 629<\/b><\/p>\n<\/td>\n \n(1,355)<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n 352<\/b><\/p>\n<\/td>\n \n228<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEBITDA<\/p>\n<\/td>\n 4,186<\/b><\/p>\n<\/td>\n \n(5,411)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation expense<\/p>\n<\/td>\n 278<\/b><\/p>\n<\/td>\n \n296<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA<\/p>\n<\/td>\n $4,464<\/b><\/p>\n<\/td>\n \n$(5,115)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230509006111\/en\/<\/a><\/span><\/p>\n\n
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March 31,<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n
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As Adjusted<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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March 31,<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/b>RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
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<\/b>AND ADJUSTED EBITDA
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<\/b>NON-GAAP FINANCIAL MEASURES
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<\/b>(Preliminary and Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n
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As Adjusted<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n