Technology and printing solutions group TransAct Technologies has reported net sales of nearly $22.3 million, up 130 percent yearly in 1Q23.
For its Casino and Gaming segment, the group reported sales of $15.8 million, up 232 percent yearly.
According to the firm’s announcement on Tuesday, TransAct reported a gross profit of $12.3 million in 1Q23, resulting in a gross margin of 55 percent, compared to a gross profit of $2.6 million for the first quarter of 2022, which resulted in a 26.4 percent gross margin.
At the same time, the company reported a net profit of just above $3.1 million for 1Q23, an improvement on the $4.3 million loss a year earlier.
The firm’s adjusted EBITDA for the period stood at $4.5 million, compared to a loss of $5.1 million in 1Q22.
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.
This appointment comes after the departure of Bart Shuldman, who held the position of CEO and director since the company’s inception in 1996.
Dillon noted his satisfaction with the quarterly results, stating: “our first quarter results demonstrated the strength of TransAct’s market presence in casino and gaming, and some green shoots of momentum in our FST (Food Service Technology) business”.
For FY23, TransAct expects total net sales of between $71.5-73.5 million, with a total adjusted EBITDA of between $6.5-$7.5 million.