Transact Technologies (TACT) Tops Q2 EPS by 9c, Revenues Beat

August 5, 2020 5:31 PM EDT

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Transact Technologies (NASDAQ: TACT) reported Q2 EPS of ($0.25), $0.09 better than the analyst estimate of ($0.34). Revenue for the quarter came in at $5.3 million versus the consensus estimate of $5.08 million.

“TransAct’s second quarter performance was relatively solid given the challenges presented by the COVID-19 pandemic. Notwithstanding these challenges and during the heart of the pandemic in Q2 2020, our Food Service Technology (“FST”) recurring revenue, which includes software, labels and service sales, increased over 100% from Q2 2019. Additionally, we continue to invest in our technology to enhance our position in the FST market. Our most recent addition to the BOHA! solution suite is BOHA! Employee Wellness. BOHA! Employee Wellness offers a safe and secure digital process with its mobile app to conduct wellness screenings that will either greenlight employees that can work or identify employees that must go home to recover,” said Bart C. Shuldman, Chairman and CEO of TransAct. “Although the near-term business environment is uncertain, we continue to be excited by the momentum of our BOHA! solution and the long-term opportunities it provides us. Our BOHA! solution continues to resonate with customers and orders for Q3 are projected to grow from the Q2 trough. Most exciting is our projection that BOHA! recurring revenue may exceed $1 million in the third quarter, which would be a first for TransAct. As the headwinds from COVID continue to abate our solutions will be ready to drive measurable improvement across restaurant and foodservice operators’ bottom line.”

For earnings history and earnings-related data on Transact Technologies (TACT) click here.

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