2022-08-09 | NDAQ:TACT | Press release
TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “&CloseCurlyDoubleQuote Company;), a global leader in software technologies and printing solutions for high-growth markets, today announced that it will reschedule the release of its second quarter 2022 financial results report and conference call previously scheduled for Wednesday, August 10, 2022. The Company estimates that the new second quarter financial results release date and subsequent conference call with investors will be no later than Monday, August 22 august.n/a.
“We are pushing back the release of second quarter 2022 results due to a delay caused by a change in accounting principle in conjunction with the April 1, 2022 implementation of our new ERP system. The new ERP system is critical to TransAct’s business as we move toward a business model that is more focused on software sales,” said Bart C. Shuldman, CEO of TransAct. “One of the changes made when adopting the new ERP system was in the method of accounting that measures the value of inventory. As we closed out the second quarter of 2022, we experienced unforeseen delays as we transitioned from standard cost accounting to average cost accounting for inventory valuation. US GAAP requires us to retroactively apply the accounting change for all periods for which financial information is presented in our Form 10-Q in order to properly report this accounting change. We are working as quickly and diligently as possible to get this completed.”
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in the development and sale of software technologies and printing solutions for high-growth markets including restaurants, casinos and gaming, and point-of-sale automation. The company’s solutions are designed from the ground up based on customer needs and are sold under the BOHA!™, AccuDate™, EPICENTRAL®, Epic and Ithaca® brands. TransAct has sold over 3.6 million printers, terminals and other hardware peripherals worldwide and is committed to providing world-class service, parts and accessories to support its installed product base. . Through the TransAct Services Group, the Company also offers its customers a full line of supplies and consumable items online at http://www.transactsupplies.com and through its direct sales team . TransAct is headquartered in Hamden, Connecticut. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.
TransAct®, BOHA!™, AccuDate™, Epic, EPICENTRAL® and Ithaca® are registered trademarks of TransAct Technologies Incorporated. ©2022 TRANSACT Technologies Incorporated. All rights reserved.
Certain statements in this press release include forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may”, “should”, “expect”, “intend”, “estimate”, “anticipate”. , “believes”, “project”, “plan”, “design” or “continue”, or the negative thereof, or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, the adverse effects of the COVID-19 pandemic on our business, operations, financial condition, results of operations and resources. capital, including difficulties or delays in the manufacture or delivery of inventory or other supply chain disruptions, closures and/or operational restrictions imposed on our customers, an inability of our customers to perform payments on time or not at all, diversion of management’s attention, necessary changes to our business practices and operations, cost reduction measures we have taken and may continue to take, a possible future reduction the value of goodwill or other intangible assets, insufficient manufacturing capacity, or a shortage or excess of inventory due to difficulty in anticipate manufacturing needs due to volatile economic conditions, price increases or reduced availability of components or raw materials, currency exchange rate fluctuations, volatility and decline in the price of our common stock and the availability of the necessary financing on acceptable terms or not at all; our ability to successfully develop new products that generate customer acceptance and sales, both domestically and internationally, in the face of significant competition; our reliance on an unrelated third party to develop, maintain and host certain web-based food service application software and to develop and maintain selected components of our downloadable software applications pursuant to a non-exclusive license agreement, and the risk that disruptions in our relationship with such third party could materially impair our ability to provide services to our foodservice technology customers on a timely basis or at all and may require substantial expenditures to source or develop software products alternatives; our ability to successfully transition our business into the foodservice technology market; risks associated with potential future acquisitions; general economic conditions; our dependence on subcontractors for the assembly of a large part of our products in Asia; our dependence on major suppliers; our ability to recruit and retain quality employees as the business grows; our reliance on third parties for sales outside of the United States; our dependence on third-party technology licenses; market acceptance of new products; risks associated with foreign operations; the availability of third-party components at reasonable prices; price wars or other significant pricing pressures affecting the Company’s products in the United States or abroad; increased product costs or reduced customer demand for our products due to changes in US policy that may result in trade wars or tariffs; our ability to protect intellectual property; the effect of the United Kingdom’s withdrawal from the European Union; and other risk factors detailed in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and other reports filed with the Securities and Exchange Commission. Actual results may differ materially from those discussed or implied in the forward-looking statements. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update them to reflect new, changing or unanticipated events or circumstances, except as required by applicable law.