TransAct Technologies Inc (TACT), a global leader in software-driven technology and printing solutions, recently filed an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The amendment was filed to include a statement reflecting the conclusion of the Company’s Chief Executive Officer and Chief Financial Officer that the Company’s disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2022. The statement was inadvertently omitted from the original Form 10-K due to a clerical error.
TransAct Technologies creates innovative and reliable products that help businesses streamline operations, save money, and reduce their environmental footprint. The company’s product portfolio includes software for gaming devices, medical record keeping systems, and label and receipt printers. TransAct serves customers in a wide range of industries, including gaming, lottery, food safety, banking, point-of-sale, and hospitality.
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Disclosure Controls Evaluation
TransAct’s management, with the participation of its CEO and CFO, evaluated the effectiveness of the company’s disclosure controls and procedures, as defined in Rule 13a-15 under the Securities Exchange Act, as of December 31, 2022. Based on their evaluation, they concluded that the company’s disclosure controls were effective. They also concluded that the company’s consolidated financial statements, included in the Form 10-K, fairly present the company’s financial condition, results of operations, and cash flows for the periods presented in accordance with generally accepted accounting principles (GAAP).
Fiscal Year 2022 Financial Performance
In fiscal year 2022, TransAct generated revenue of $45.7 million, an increase from the $32.7 million reported in fiscal year 2021. This growth in revenue was driven by increased sales in the gaming, lottery, food safety, banking, and point-of-sale industries. The company has been profitable, reporting net income of $1.4 million in 2022, compared to a net loss of $1.1 million in 2021.
TransAct has a strong balance sheet, with total assets of $54.4 million as of December 31, 2022, including $18.2 million in cash and cash equivalents. The company’s total liabilities stood at $15.9 million, while total equity reached $38.5 million. This strong financial position has allowed TransAct to invest in growth initiatives, product development and innovation, and expansion into new markets. The sound financial position also bodes well for the company’s ability to weather economic uncertainties and continue creating value for its shareholders.
Shareholder Value
The company has a history of returning value to shareholders through dividends and share buybacks. In June 2022, the company declared a quarterly cash dividend of $0.09 per share, demonstrating its commitment to returning capital to shareholders.
Conclusion
TransAct Technologies’ effective disclosure controls and procedures in fiscal year 2022, as noted in the amended Form 10-K, reflect the company’s dedication to maintaining transparency and delivering accurate, reliable information to its investors. As the company continues to grow and innovate within its various markets, investors can expect a strong commitment to good governance and accurate reporting.
In conclusion, TransAct Technologies Inc’s effective disclosure controls and procedures as of December 31, 2022, provides confidence for current and potential investors in the company’s commitment to transparency and accurate financial reporting. With a strong financial position, innovative and diverse product offerings, and a history of returning value to shareholders, TransAct Technologies is well-positioned for continued growth and success in the coming years.
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