Delaware
|
0-21121
|
06-1456680
|
(State or other jurisdiction of incorporation)
|
(Commission file number)
|
(I.R.S. employer identification no.)
|
One Hamden Center
|
|
2319 Whitney Ave, Suite 3B, Hamden, CT
|
06518
|
(Address of principal executive offices)
|
(Zip Code)
|
Exhibit
|
Description
|
|
99.1
|
Press Release dated May 9, 2013 of TransAct Technologies Incorporated
|
TRANSACT TECHNOLOGIES INCORPORATED
|
||||
By:
|
/s/ Steven A. DeMartino
|
|||
Steven A. DeMartino
|
||||
President, Chief Financial Officer, Treasurer and Secretary
|
Three months ended March 31,
|
|||||||||
(in $000s, except EPS)
|
2013
|
2012
|
% change
|
||||||
Net Sales
|
$
|
15,057
|
$
|
17,559
|
(14.2%)
|
||||
As reported (GAAP): | |||||||||
Gross profit | 6,433 | 6,778 | (5.1%) | ||||||
Gross margin | 42.7% | 38.6% | 410bpts | ||||||
Operating income
|
1,402
|
1,910
|
(26.6%)
|
||||||
Net income
|
1,160
|
1,208
|
(4.0%) | ||||||
Diluted earnings per share
|
$
|
0.13
|
$
|
0.13
|
- % |
Adjusted (non-GAAP): | |||||||||
Gross profit | 6,433 | 6,778 | (5.1%) | ||||||
Operating income
|
1,601
|
1,964
|
(18.5%)
|
||||||
Net income
|
1,290 |
1,243
|
3.8% | ||||||
Diluted earnings per share
|
$
|
0.15
|
$
|
0.13
|
15.4% |
TRANSACT TECHNOLOGIES INCORPORATED
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||
(Unaudited)
|
||||||
(In thousands, except per share amounts)
|
Three months ended
March 31,
|
|||||
2013
|
2012
|
|||||
Net sales
|
$ | 15,057 | $ | 17,559 | ||
Cost of sales
|
8,624 | 10,781 | ||||
Gross profit
|
6,433 | 6,778 | ||||
Operating expenses:
|
||||||
Engineering, design and product development
|
1,012 | 1,213 | ||||
Selling and marketing
|
1,786 | 1,601 | ||||
General and administrative
|
2,034 | 2,000 | ||||
Legal fees associated with lawsuit
|
199 | - | ||||
Business consolidation and restructuring
|
- | 54 | ||||
5,031 | 4,868 | |||||
Operating income
|
1,402 | 1,910 | ||||
Interest and other income (expense):
|
||||||
Interest, net
|
(1) | 2 | ||||
Other, net
|
37 | (24) | ||||
36 | (22) | |||||
Income before income taxes
|
1,438 | 1,888 | ||||
Income tax provision
|
278 | 680 | ||||
Net income
|
$ | 1,160 | $ | 1,208 | ||
Net income per common share:
|
||||||
Basic
|
$ | 0.13 | $ | 0.13 | ||
Diluted
|
$ | 0.13 | $ | 0.13 | ||
Shares used in per share calculation:
|
||||||
Basic
|
8,717 | 9,427 | ||||
Diluted
|
8,809 | 9,532 |
SUPPLEMENTAL INFORMATION – SALES BY MARKET:
|
|||||||
Three months ended
March 31,
|
|||||||
2013
|
2012
|
||||||
Food safety, banking and point of sale
|
$ | 1,984 | $ | 2,336 | |||
Casino and gaming
|
6,740 | 9,411 | |||||
Lottery
|
1,365 | 1,030 | |||||
Printrex
|
1,325 | 1,239 | |||||
TransAct services group
|
3,643 | 3,543 | |||||
Total net sales
|
$ | 15,057 | $ | 17,559 |
TRANSACT TECHNOLOGIES INCORPORATED
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||
(Unaudited)
|
||||||
March 31,
|
December 31,
|
|||||
(In thousands)
|
2013
|
2012
|
||||
Assets:
|
||||||
Current assets:
|
||||||
Cash and cash equivalents
|
$ | 8,449 | $ | 7,537 | ||
Accounts receivable, net
|
10,784 | 15,927 | ||||
Inventories
|
11,220 | 10,321 | ||||
Deferred tax assets
|
1,443 | 1,443 | ||||
Other current assets
|
771 | 471 | ||||
Total current assets
|
32,667 | 35,699 | ||||
Fixed assets, net
|
3,205 | 3,302 | ||||
Goodwill
|
2,621 | 2,621 | ||||
Deferred tax assets
|
1,187 | 1,172 | ||||
Intangible assets, net
|
2,242 | 2,328 | ||||
Other assets
|
94 | 106 | ||||
9,349 | 9,529 | |||||
Total assets
|
$ | 42,016 | $ | 45,228 | ||
Liabilities and Shareholders’ Equity:
|
||||||
Current liabilities:
|
||||||
Accounts payable
|
$ | 4,023 | $ | 6,422 | ||
Accrued liabilities
|
1,955 | 2,927 | ||||
Income taxes payable
|
315 | 629 | ||||
Accrued contingent consideration
|
136 | 136 | ||||
Deferred revenue
|
315 | 93 | ||||
Total current liabilities
|
6,744 | 10,207 | ||||
Deferred revenue, net of current portion
|
160 | 168 | ||||
Deferred rent, net of current portion
|
294 | 308 | ||||
Accrued acquisition consideration, net of current portion
|
824 | 824 | ||||
Other liabilities
|
376 | 352 | ||||
1,654 | 1,652 | |||||
Total liabilities
|
8,398 | 11,859 | ||||
Shareholders’ equity:
|
||||||
Common stock
|
109 | 109 | ||||
Additional paid-in capital
|
26,268 | 25,940 | ||||
Retained earnings
|
25,349 | 24,708 | ||||
Accumulated other comprehensive loss, net of tax
|
(83) | (55) | ||||
Treasury stock, at cost
|
(18,025) | (17,333) | ||||
Total shareholders’ equity
|
33,618 | 33,369 | ||||
Total liabilities and shareholders’ equity
|
$ | 42,016 | $ | 45,228 | ||
TRANSACT TECHNOLOGIES INCORPORATED
|
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
|
(Unaudited, thousands of dollars, except percentages and per share amounts)
|
Three months ended
March 31, 2013
|
|||||||||
Reported
|
Adjustments(1)
|
Adjusted
Non-GAAP
|
|||||||
Operating expenses
|
$ | 5,031 | $ | (199) | $ | 4,832 | |||
% of net sales
|
33.4% | 32.1% | |||||||
Operating income
|
1,402 | 199 | 1,601 | ||||||
% of net sales
|
9.3% | 10.6% | |||||||
Income before income taxes
|
1,438 | 199 | 1,637 | ||||||
Income tax provision
|
278 | 69 | 347 | ||||||
Net income
|
1,160 | 130 | 1,290 | ||||||
Diluted net income per share
|
$ | 0.13 | $ | 0.02 | $ | 0.15 |
(1)
|
Adjustment includes $199 of legal and other expenses related to the lawsuit with Avery Dennison Corporation, tax effected using an effective tax rate of 34.6%.
|
Three months ended
March 31, 2012
|
|||||||||
Reported
|
Adjustments (2)
|
Adjusted
Non-GAAP
|
|||||||
Operating expenses
|
$ | 4,868 | $ | (54) | $ | 4,814 | |||
% of net sales
|
27.7% | 27.4% | |||||||
Operating income
|
1,910 | 54 | 1,964 | ||||||
% of net sales
|
10.9% | 11.2% | |||||||
Income before income taxes
|
1,888 | 54 | 1,942 | ||||||
Income tax provision
|
680 | 19 | 699 | ||||||
Net income
|
1,208 | 35 | 1,243 | ||||||
Diluted net income per share
|
$ | 0.13 | $ | 0.00 | $ | 0.13 |
(2)
|
Adjustment includes a restructuring charge of $54 for employee termination benefits and moving expenses associated with the closing of the Printrex manufacturing facility in San Jose, CA during 2012 tax effected using an effective tax rate of 36.0%.
|
BW>KG2=WS+]I\E"L3$H%?`G_``3&M?VC)/@?KT?@Z;X& M_;H_%.K_`/"0?VW_`&E_:_\`:'VV7S/M?E@C=MV[1_ .*SOC5\"/'_P`# M/V$/VEK[7=>\$WMEXM\4:?JFL:7X+DG>UT6U:2R75%^?YT:2!6=QC^(GO0!] M30?\%9?@W=:@(X]4U^/0Y+C[''XH_L&]3P])+NV_+>[/*V;N!)G9[U/_`,$I M?&6H>//V/+/4M2U*\U:YE\4>(HX[BXN//>2*/6KU8UW'^%455'8!1BO5(8_` M\O[.`P=`_P"%>'0_^F?]G_V?Y/\`>^YL\K\,5\\?\$&O[#_X=K^%?^$8S_PC M?]N>(O[+_P"O?^VKWR__`!S;B@#[&K,\3];?_@?_`++6G69XGZV__`__`&6K MI_&B9[&AI\8CT^'O^[2GT45,MV..R"BBBD,****`"BBB@`HHHH`****`"DV# MTHHH`Y/X2_`KPY\#-)UBS\,V)TVVUO4[K6;Q!*T@DN[AMTLG/J:\B^(/_!,+ MX6_$'QMJWB&*+Q3X8N/$5QY^KP>'M>N=,M=7D/WFGAB8*S'N1@GO110!ZAX3 M_9L\#^#/@N/AUIGA;1;;P2EN]DVC?9P]K+%(3O5E;.[<2Q);)).3S7D/AG_@ MDM\'_#^LV3BR\3:GHNDR)<:?X?U3Q#=WNB6;JVZ,K:2.4PA^Z#D#L***`/;( M?@IH%G\6CX[CLA'XB&EKHOVE9&_X]!-YOE[>GW^?_K<4WQ5\#?#GCWXC^%?% M^H6)FU_P2;C^R+D2LGV7[1$$E^4<-E>.:**`)/AY\&O#_P`++_Q)=:!9&QG\ M6:K)K&J.)"3<7;JL9D_[YC7CIQTZTFC_``5\/^'/BQKWCBULO*\0Z_96UAJ% MR)&/VB&W:1HEV]!@R-T]?I110!X]X\_X)8_"?QEXPU?68(?%/A:3Q%<^?K%G MXG:!9Z9X(NM-ETY], MLP88S!(NUQ\O.Y@QR <_"W_@F=\+_ASXYTWQ&8O%/BC4M#`ET?\` MX277KG5H=(8KM#P1RL0CA?E# +;'1/A M1\+-!^"_PV^'NO6/B;7[>.*/^T=?NX&62T@7REV+`)=KL68M\N%'4DHH`_5G M_A2WA\_&<>/!9'_A*4TK^Q1>>:W_`!Z>;YOE[?N_ZSGI7EWQ;_X)Q_#3XU_$ M*]\6/#XC\,>(=1"1ZE>>&M;N-(?554`J+CR6`EP#C+#/O110!NZ)^PA\*="^ M`MW\,H_!^F3>#M2D:2]L[C=,][,S;FFEE8[WEW<^83NR!S7,?"G_`()K?"[X M6>/M)\46\/BG6[WP^/.T6/7?$%WJ<&C%E9=]O'*Y"/M9ANY('0T44`?0?E\; M.U<3X:_9W\+>%=8\<7VFZ:+:Z^(-Q]IUU_-;_3)?(6WW?[/[I0/EQ110!J?" MOX7Z'\$_ASI'A3P[9?8=`\/6D5G86_F,_E1+PJ\^E97@W]G/PAX$\`Z]X4L- M%M)-!\27E[>:A97(\Z"YENV:2? E>C_M#_L>>`OVH](TRW\5:.3= M:+I&IZ?<26.HZ2W0F">(AX\KP0#@C@\444`9W[/?["GP^_9L\2WOB32+35 MM6\3WUO]GN-=US4IM3U.2)3GREFE8E$W<[$P">3S7=>#/@SH'P\\=>*->TJR M^S:OXUN8+G5YQ(Q^U20P+$C8Z+\B@<444`?+_P"T3^SYX3_:4_X*?:5X8\6Z M1;ZOI,?PNN)FCD)1X9%U2$QRQ2+\Z2HW(=2"*]3^!_\`P3M^&_P/^(,?BRT@ M\0>(_$NG1O;V.H>)-9GU:?38F&&6W:4GRLC@E0"1P3110!TG[17[&?@/]JQ= M.D\5:9-_:6A2/)I>L6%S)8ZIIKMPWE3Q$.JGN,X/<53_`&>?V'/`7[-GB*]U M[0[/4M3\4ZE&MO>:_KFHS:GJEQ$IP(_/E)8)GG8N!GGK110!VG@GX->'/AIX MJ\4:YHUBUMJ7C6\2_P!6DWG_`$F:.!8E;_9_=HHX]*\V^.?_``3S^'7QR^(T MWBZ[B\1^&_%EU;I;W>J^&M;N-)N;Z)/N1RM$PWJ.V1D=C110!M_L_?L4?#C] MES7=2U3P5X?ATG4-5LTM+VY,LDTUZD;O(K2N[%GD+2MEB &5[J!]T[WTDO^LDG=R6E=_XF (SX>CN?M4?AB37[M]!B??OXLM_E[0W(7[O^S7M?P2^ M#7AKX!>`8/#?A/3DTW0TN+J\BMQR(Y9YGN)?P,DKG';..F***`.QK.\4=8?^ ..!?\`LM%%73^-$SV/_]D_ ` end