Transact Technologies reported a year-on-year decline in lottery, casino & gaming sales during the year ended December 31, 2019.
According to a filing from the company, Transact’s casino and gaming sales fell 19 percent to US$32.5 million. Lottery fell 58.3 percent to $1.3 million in the year.
Net sales for the year were $45.7 million, down 16 percent. The company also reported a fall in its net income, down from $5.4 million in 2018 to $0.5 million in 2019.
The company provides software and printing solutions for markets including food service, casino and gaming, POS automation, and oil and gas.
While he did not discuss the company’s gaming market-related results, Transact CEO Bart Shuldman said he was pleased with the company’s transition to the Food Service Technology market, which is being served by its BOHA! ecosystem of recurring software and service subscriptions.
“Looking ahead to 2020, our focus will be on investing to leverage our position in this emerging market to grow our business and create significant long-term value for our shareholders.”