TransAct Technologies Inc, which specializes in slot machine printers, reported a 97% drop in third-quarter 2014 net income to $50,000 from $1.5 million a year earlier. The figures come from a challenging year-over-year comparison following the installation of software for Epic Central Player Rewards products in the U.S. in 2013.
Quarterly earnings came in at $0.01 per diluted share, compared to $0.17 per diluted share in the same period last year.
The Nasdaq-listed company’s net profit fell 20% to $13.4 million in the three months to Sept. 30, from $16.8 million in the third quarter of 2013.
Casino and gaming revenue for the third quarter of 2014 was $5.1 million, down 32% year-over-year from $7.5 million a year earlier.
This reflects lower casino printer sales to original equipment makers and lower domestic EpicCentral sales, the company said. The same period last year included one more domestic installation compared to no domestic installation in the third quarter of 2014.
Overseas casino and gaming sales increased by US$500,000 year-over-year, reflecting higher printer sales, partially offset by lower overseas Epic Central sales.
TransAct also supplies products to the food safety, banking, POS, lodging, oil and gas, healthcare, and mobile industries.
Bart Schuldman, chairman and chief executive of TransAct, said in a statement alongside the filing: “As expected, our third-quarter results reflect the lower overall contribution of casino and gaming operations due to ongoing challenges in the gaming industry.” 안전한 파워볼사이트
He added, “Despite the current casino and gaming industry environment, TransAct maintains a global market share in printer sales. Importantly, we continue to invest and fund high-growth opportunities while taking direct action to reduce costs in line with our current outlook for the domestic casino market through our annual cost-cutting initiative of approximately US$1 million.”
On Monday, TransAct said in a filing that the board declared a quarterly cash dividend of $0.08 per share. The board also approved amendments to its current share repurchase program.
The quarterly cash dividend will be paid on December 15 to shareholders recorded on November 20.