TRANSACT REPORTS A LOSS FOR FISCAL 1992
TRANSACT REPORTS A LOSS FOR FISCAL 1992 DARIEN, Conn., July 23 /PRNewswire/ -- Transact International Inc.
(NASDAQ: TACT) today reported results for fiscal 1992. Sales for fiscal 1992 were $11,576,383 compared with sales of $14,680,981 for fiscal 1991. The company reported a loss of $2,082,202, equal to 34 cents per share, for the fiscal year ended April 30, 1992. This compares to a profit of $42,980 equal to 1 cent per share, reported for fiscal 1991.
"Fiscal 1992 was a difficult year for Transact," stated Frank B. Carder, president. "A slumping U.S. economy, coupled with cost overruns on several contract contributed to our losses." Results of operations for 1992 include a provision for future expenses of $650,000 for the costs related to the company's possible discontinuation of the Memphis manufacturing operations in fiscal 1993. "This is one of several alternatives being pursued to raise capital" said Carder. "In the event it becomes necessary to dispose of the Memphis facility the company has several alternatives available to produce the systems and equipment including a potential joint venture arrangement with a manufacturer." Transact International is a specialized design, engineering and manufacturing organization which produces air cargo handling systems and equipment of airlines, air express companies, airport authorities and the U.S. Air Force. The company's executive offices are in Darien, Conn., and its manufacturing facilities are in Memphis, Tenn. TRANSACT INTERNATIONAL INC. AND SUBSIDIARIES Consolidated Statements of Operations Year ended June 30 1992 1991 Net sales $11,576,383 $14,680,981 Costs and expenses: Cost of sales 10,548,220 12,587,410 Selling and administrative 2,201,821 2,027,081 Cost of facility disposition 650,000 -- Total 13,400,041 14,614,491 Income (loss) from operations (1,823,658) 66,490 Other income (expense): Interest expense (86,994) (56,960) Other (expense) income (171,550) 33,450 Total (258,544) (23,510) Net income (loss) (2,082,202) 42,980 Net income (loss) per share of common stock (.34) .01 Weighted average shares outstanding 6,093,235 6,093,235 -0- 7/23/92 /CONTACT: John P. Nicoletti, vice president-finance of Transact International, 203-656-0777/ (TACT) CO: Transact International, Inc. ST: Connecticut IN: AIR SU: ERN
PS-OS -- NY068 -- 2540 07/23/92 12:39 EDT
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|Date:||Jul 23, 1992|
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