☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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06-1456680
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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One Hamden Center, 2319 Whitney Avenue, Suite 3B, Hamden, CT
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06518
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(Address of principal executive offices)
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(Zip Code)
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Title of Each Class - Common Stock, par value $.01 per share
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Name of Exchange on which Registered - NASDAQ Global Market
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Large accelerated filer
☐
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Accelerated filer
☐
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Non-accelerated filer
☐
(Do not check if a smaller reporting company)
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Smaller reporting company
☒
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PART I.
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PART II.
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PART III.
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PART IV.
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SIGNATURES
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CONSOLIDATED FINANCIAL STATEMENTS
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EXHIBITS
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Year ended December 31,
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||||||
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2016
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2015
|
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2014
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||
IGT
|
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26%
|
|
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29%
|
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19%
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Suzo-Happ
|
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15%
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14%
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7%
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Eurocoin
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0%
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0%
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11%
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● |
delays between our expenditures to develop and market new or enhanced products and consumables and the generation of sales from those products;
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● |
the geographic distribution of our sales;
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● |
market acceptance of our products, both domestically and internationally;
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● |
development of new competitive products by others;
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● |
our responses to price competition;
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● |
our level of research and development activities;
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● |
changes in the amount that we spend to develop, acquire or license new products, consumables, technologies or businesses;
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● |
changes in the amount we spend to promote our products and services;
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● |
changes in the cost of satisfying our warranty obligations and servicing our installed base of products;
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● |
availability of third-party components at reasonable prices;
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● |
general economic and industry conditions, including changes in interest rates affecting returns on cash balances and investments, that affect customer demand;
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● |
fluctuations of world-wide oil and gas prices;
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● |
severe weather events (such as hurricanes) that can disrupt or interrupt the operation of our customers or suppliers facilities; and
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● |
changes in accounting rules.
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● |
loss of channel and the ability to bring new products to market;
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● |
concentration of credit risk, including disruption in distribution should the distributors and / or resellers' financial condition deteriorate;
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● |
reduced visibility to end user demand and pricing issues which makes forecasting more difficult;
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● |
distributors or resellers leveraging their buying power to change the terms of pricing, payment and product delivery schedules; and
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● |
direct competition should a distributor or reseller decide to manufacture printers internally or source printers from a competitor.
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● |
the imposition of additional trade law provisions or regulations;
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● |
reliance on a limited number of shipping and air carriers who may experience capacity issues that adversely affect our ability to ship inventory in a timely manner or for an acceptable cost;
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● |
the imposition of additional duties, tariffs and other charges on imports and exports;
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● |
economic uncertainties and adverse economic conditions (including inflation and recession);
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● |
fluctuations in the value of the U.S. Dollar against foreign currencies;
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● |
significant labor disputes, such as dock strikes;
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● |
significant delays in the delivery of cargo due to port security considerations;
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● |
financial or political instability in any of the countries in which our printers and terminals are manufactured.
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● |
fluctuating foreign currency rates could restrict sales, or increase costs of purchasing, in foreign countries;
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● |
foreign governments may impose burdensome tariffs, quotas, taxes, trade barriers or capital flow restrictions;
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● |
political and economic instability may reduce demand for our products or put our foreign assets at risk;
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● |
restrictions on the export or import of technology may reduce or eliminate the ability to sell in or purchase from certain markets; and
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● |
potentially limited intellectual property protection in certain countries, such as China, may limit recourse against infringing products or cause us to refrain from selling in certain geographic territories.
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● |
technologically advanced products that satisfy the user demands;
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● |
superior customer service;
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● |
high levels of quality and reliability; and
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● |
dependable and efficient distribution networks.
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● |
changes in our business, operations or prospects;
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● |
developments in our relationships with our customers;
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● |
announcements of new products or services by us or by our competitors;
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● |
announcement or completion of acquisitions by us or by our competitors;
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● |
changes in existing or adoption of additional government regulations;
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● |
unfavorable or reduced analyst coverage; and
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● |
prevailing domestic and international market and economic conditions.
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Location
|
Operations Conducted
|
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Size
(Approx. Sq.
Ft.)
|
|
Owned or
Leased
|
Lease Expiration
Date
|
|||
Hamden, Connecticut *
|
Executive offices and TSG sales office
|
|
|
11,100
|
|
Leased
|
April 23, 2017
|
||
Ithaca, New York
|
Hardware design and development, assembly and service facility
|
|
|
73,900
|
|
Leased
|
May 31, 2021
|
||
Las Vegas, Nevada
|
Software design and development, service center and casino and gaming sales office
|
|
|
19,600
|
|
Leased
|
October 31, 2022
|
||
Doncaster, United Kingdom
|
Sales office and service center
|
|
|
6,000
|
|
Leased
|
August 26, 2026
|
||
Houston, Texas
|
Sales office and service center
|
|
|
100
|
|
Leased
|
April 30, 2017
|
||
Macau, China
|
Sales office
|
|
|
180
|
|
Leased
|
June 30, 2017
|
||
|
|
|
|
110,880
|
|
|
|
|
Year Ended
|
Year Ended
|
||||||||||||||
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December 31, 2016
|
December 31, 2015
|
||||||||||||||
|
High
|
Low
|
High
|
Low
|
||||||||||||
First Quarter
|
$
|
9.44
|
$
|
6.55
|
$
|
6.85
|
$
|
5.46
|
||||||||
Second Quarter
|
8.98
|
6.43
|
7.50
|
5.02
|
||||||||||||
Third Quarter
|
8.24
|
7.19
|
9.20
|
6.40
|
||||||||||||
Fourth Quarter
|
7.50
|
5.90
|
10.46
|
7.95
|
|
12/31/11
|
12/31/12
|
12/31/13
|
12/31/14
|
12/31/15
|
12/31/16
|
||||||||||||||||||
TransAct Technologies Incorporated Common Stock
|
$
|
100.00
|
$
|
99.45
|
$
|
172.59
|
$
|
75.34
|
$
|
118.32
|
$
|
90.91
|
||||||||||||
CRSP Total Return Index for the Nasdaq Stock Market (U.S.)
|
$
|
100.00
|
$
|
116.43
|
$
|
155.41
|
$
|
174.78
|
$
|
175.62
|
$
|
198.47
|
||||||||||||
Nasdaq Computer Hardware Stocks Index
|
$
|
100.00
|
$
|
119.88
|
$
|
141.04
|
$
|
191.18
|
$
|
174.07
|
$
|
200.63
|
|
Year ended December 31,
|
|||||||||||||||||||
|
2016
|
2015
|
2014
|
2013
|
2012
|
|||||||||||||||
Consolidated Statement of Operations Data:
|
||||||||||||||||||||
Net sales
|
$
|
57,235
|
$
|
59,676
|
$
|
53,108
|
$
|
60,141
|
$
|
68,386
|
||||||||||
Gross profit
|
23,799
|
24,978
|
21,711
|
25,092
|
25,982
|
|||||||||||||||
Operating expenses
|
18,599
|
20,510
|
25,483
|
18,475
|
20,380
|
|||||||||||||||
Operating income (loss)
|
5,200
|
4,468
|
(3,772
|
)
|
6,617
|
5,602
|
||||||||||||||
Net income (loss)
|
3,617
|
3,092
|
(2,421
|
)
|
4,935
|
3,621
|
||||||||||||||
Net income (loss) per share:
|
||||||||||||||||||||
Basic
|
0.48
|
0.40
|
(0.29
|
)
|
0.57
|
0.40
|
||||||||||||||
Diluted
|
0.47
|
0.39
|
(0.29
|
)
|
0.57
|
0.40
|
||||||||||||||
Dividends declared and paid per share
|
0.32
|
0.32
|
0.31
|
0.27
|
0.06
|
|
December 31,
|
|||||||||||||||||||
|
2016
|
2015
|
2014
|
2013
|
2012
|
|||||||||||||||
Consolidated Balance Sheet Data:
|
||||||||||||||||||||
Total assets
|
$
|
32,042
|
$
|
32,569
|
$
|
35,491
|
$
|
40,408
|
$
|
45,228
|
||||||||||
Shareholders' equity
|
24,109
|
25,728
|
25,394
|
32,521
|
33,369
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Restaurant solutions
|
$
|
5,162
|
9.0
|
%
|
$
|
4,191
|
7.0
|
%
|
$
|
971
|
23.2
|
%
|
||||||||||||
POS automation and banking
|
10,518
|
18.4
|
%
|
8,838
|
14.8
|
%
|
1,680
|
19.0
|
%
|
|||||||||||||||
Casino and gaming
|
21,006
|
36.7
|
%
|
21,755
|
36.5
|
%
|
(749
|
)
|
(3.4
|
%)
|
||||||||||||||
Lottery
|
9,913
|
17.3
|
%
|
9,468
|
15.9
|
%
|
445
|
4.7
|
%
|
|||||||||||||||
Printrex
|
540
|
1.0
|
%
|
1,381
|
2.3
|
%
|
(841
|
)
|
(60.9
|
%)
|
||||||||||||||
TSG
|
10,096
|
17.6
|
%
|
14,043
|
23.5
|
%
|
(3,947
|
)
|
(28.1
|
%)
|
||||||||||||||
$
|
57,235
|
100.0
|
%
|
$
|
59,676
|
100.0
|
%
|
$
|
(2,441
|
)
|
(4.1
|
%)
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Restaurant solutions
|
$
|
5,162
|
9.0
|
%
|
$
|
4,191
|
7.0
|
%
|
$
|
971
|
23.2
|
%
|
||||||||||||
POS automation and banking
|
10,518
|
18.4
|
%
|
8,838
|
14.8
|
%
|
1,680
|
19.0
|
%
|
|||||||||||||||
Casino and gaming
|
21,006
|
36.7
|
%
|
21,755
|
36.5
|
%
|
(749
|
)
|
(3.4
|
%)
|
||||||||||||||
Lottery
|
9,913
|
17.3
|
%
|
9,468
|
15.9
|
%
|
445
|
4.7
|
%
|
|||||||||||||||
Printrex
|
540
|
1.0
|
%
|
1,381
|
2.3
|
%
|
(841
|
)
|
(60.9
|
%)
|
||||||||||||||
TSG
|
10,096
|
17.6
|
%
|
14,043
|
23.5
|
%
|
(3,947
|
)
|
(28.1
|
%)
|
||||||||||||||
|
$
|
57,235
|
100.0
|
%
|
$
|
59,676
|
100.0
|
%
|
$
|
(2,441
|
)
|
(4.1
|
%)
|
|||||||||||
|
||||||||||||||||||||||||
International*
|
$
|
11,693
|
20.4
|
%
|
$
|
13,946
|
23.4
|
%
|
$
|
(2,253
|
)
|
(16.2
|
%)
|
* |
International sales do not include sales of products made to domestic distributors or other customers who in turn ship those products to international destinations.
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
4,747
|
92.0
|
%
|
$
|
3,857
|
92.0
|
%
|
$
|
890
|
23.1
|
%
|
||||||||||||
International
|
415
|
8.0
|
%
|
334
|
8.0
|
%
|
81
|
24.3
|
%
|
|||||||||||||||
|
$
|
5,162
|
100.0
|
%
|
$
|
4,191
|
100.0
|
%
|
$
|
971
|
23.2
|
%
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
9,754
|
92.7
|
%
|
$
|
8,180
|
92.6
|
%
|
$
|
1,574
|
19.2
|
%
|
||||||||||||
International
|
764
|
7.3
|
%
|
658
|
7.4
|
%
|
106
|
16.1
|
%
|
|||||||||||||||
|
$
|
10,518
|
100.0
|
%
|
$
|
8,838
|
100.0
|
%
|
$
|
1,680
|
19.0
|
%
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
11,553
|
55.0
|
%
|
$
|
11,354
|
52.2
|
%
|
$
|
199
|
1.8
|
%
|
||||||||||||
International
|
9,453
|
45.0
|
%
|
10,401
|
47.8
|
%
|
(948
|
)
|
(9.1
|
%)
|
||||||||||||||
|
$
|
21,006
|
100.0
|
%
|
$
|
21,755
|
100.0
|
%
|
$
|
(749
|
)
|
(3.4
|
%)
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
9,710
|
98.0
|
%
|
$
|
8,064
|
85.2
|
%
|
$
|
1,646
|
20.4
|
%
|
||||||||||||
International
|
203
|
2.0
|
%
|
1,404
|
14.8
|
%
|
(1,201
|
)
|
(85.5
|
%)
|
||||||||||||||
|
$
|
9,913
|
100.0
|
%
|
$
|
9,468
|
100.0
|
%
|
$
|
445
|
4.7
|
%
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
463
|
85.7
|
%
|
$
|
1,088
|
78.8
|
%
|
$
|
(625
|
)
|
(57.4
|
%)
|
|||||||||||
International
|
77
|
14.3
|
%
|
293
|
21.2
|
%
|
(216
|
)
|
(73.7
|
%)
|
||||||||||||||
|
$
|
540
|
100.0
|
%
|
$
|
1,381
|
100.0
|
%
|
$
|
(841
|
)
|
(60.9
|
%)
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2016
|
December 31, 2015
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
9,315
|
92.3
|
%
|
$
|
13,187
|
93.9
|
%
|
$
|
(3,872
|
)
|
(29.4
|
%)
|
|||||||||||
International
|
781
|
7.7
|
%
|
856
|
6.1
|
%
|
(75
|
)
|
(8.8
|
%)
|
||||||||||||||
|
$
|
10,096
|
100.0
|
%
|
$
|
14,043
|
100.0
|
%
|
$
|
(3,947
|
)
|
(28.1
|
%)
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2016
|
2015
|
Change
|
Total Sales - 2016
|
Total Sales - 2015
|
|||||||||||||||
Year ended
|
$
|
23,799
|
$
|
24,978
|
(4.7
|
%)
|
41.6
|
%
|
41.9
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2016
|
2015
|
Change
|
Total Sales - 2016
|
Total Sales - 2015
|
|||||||||||||||
Year ended
|
$
|
4,425
|
$
|
3,599
|
23.0
|
%
|
7.7
|
%
|
6.0
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2016
|
2015
|
Change
|
Total Sales - 2016
|
Total Sales - 2015
|
|||||||||||||||
Year ended
|
$
|
6,907
|
$
|
7,806
|
(11.5
|
%)
|
12.1
|
%
|
13.1
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2016
|
2015
|
Change
|
Total Sales - 2016
|
Total Sales - 2015
|
|||||||||||||||
Year ended
|
$
|
7,267
|
$
|
7,367
|
(1.4
|
%)
|
12.7
|
%
|
12.3
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2016
|
2015
|
Change
|
Total Sales - 2016
|
Total Sales - 2015
|
|||||||||||||||
Year ended
|
$
|
-
|
$
|
1,738
|
(100.0
|
%)
|
0.0
|
%
|
2.9
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2016
|
2015
|
Change
|
Total Sales – 2016
|
Total Sales – 2015
|
|||||||||||||||
Year ended
|
$
|
5,200
|
$
|
4,468
|
16.4
|
%
|
9.1
|
%
|
7.5
|
%
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2015
|
December 31, 2014
|
$ |
|
%
|
|||||||||||||||||||
Restaurant solutions
|
$
|
4,191
|
7.0
|
%
|
$
|
2,183
|
4.1
|
%
|
$
|
2,008
|
92.0
|
%
|
||||||||||||
POS automation and banking
|
8,838
|
14.8
|
%
|
7,125
|
13.4
|
%
|
1,713
|
24.0
|
%
|
|||||||||||||||
Casino and gaming
|
21,755
|
36.5
|
%
|
22,731
|
42.8
|
%
|
(976
|
)
|
(4.3
|
%)
|
||||||||||||||
Lottery
|
9,468
|
15.9
|
%
|
4,761
|
9.0
|
%
|
4,707
|
98.9
|
%
|
|||||||||||||||
Printrex
|
1,381
|
2.3
|
%
|
3,910
|
7.4
|
%
|
(2,529
|
)
|
(64.7
|
%)
|
||||||||||||||
TSG
|
14,043
|
23.5
|
%
|
12,398
|
23.3
|
%
|
1,645
|
13.3
|
%
|
|||||||||||||||
|
$
|
59,676
|
100.0
|
%
|
$
|
53,108
|
100.0
|
%
|
$
|
6,568
|
12.4
|
%
|
||||||||||||
|
||||||||||||||||||||||||
International*
|
$
|
13,946
|
23.4
|
%
|
$
|
14,541
|
27.4
|
%
|
$
|
(595
|
)
|
(4.1
|
%)
|
* |
International sales do not include sales of products made to domestic distributors or other customers who in turn ship those products to international destinations.
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2015
|
December 31, 2014
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
3,857
|
92.0
|
%
|
$
|
1,980
|
90.7
|
%
|
$
|
1,877
|
94.8
|
%
|
||||||||||||
International
|
334
|
8.0
|
%
|
203
|
9.3
|
%
|
131
|
64.5
|
%
|
|||||||||||||||
|
$
|
4,191
|
100.0
|
%
|
$
|
2,183
|
100.0
|
%
|
$
|
2,008
|
92.0
|
%
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2015
|
December 31, 2014
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
8,180
|
92.6
|
%
|
$
|
7,004
|
98.3
|
%
|
$
|
1,176
|
16.8
|
%
|
||||||||||||
International
|
658
|
7.4
|
%
|
121
|
1.7
|
%
|
537
|
443.8
|
%
|
|||||||||||||||
|
$
|
8,838
|
100.0
|
%
|
$
|
7,125
|
100.0
|
%
|
$
|
1,713
|
24.0
|
%
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2015
|
December 31, 2014
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
11,354
|
52.2
|
%
|
$
|
10,437
|
45.9
|
%
|
$
|
917
|
8.8
|
%
|
||||||||||||
International
|
10,401
|
47.8
|
%
|
12,294
|
54.1
|
%
|
(1,893
|
)
|
(15.4
|
%)
|
||||||||||||||
|
$
|
21,755
|
100.0
|
%
|
$
|
22,731
|
100.0
|
%
|
$
|
(976
|
)
|
(4.3
|
%)
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2015
|
December 31, 2014
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
8,064
|
85.2
|
%
|
$
|
4,682
|
98.3
|
%
|
$
|
3,382
|
72.2
|
%
|
||||||||||||
International
|
1,404
|
14.8
|
%
|
79
|
1.7
|
%
|
1,325
|
1,677.2
|
%
|
|||||||||||||||
|
$
|
9,468
|
100.0
|
%
|
$
|
4,761
|
100.0
|
%
|
$
|
4,707
|
98.9
|
%
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2015
|
December 31, 2014
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
1,088
|
78.8
|
%
|
$
|
3,352
|
85.7
|
%
|
$
|
(2,264
|
)
|
(67.5
|
%)
|
|||||||||||
International
|
293
|
21.2
|
%
|
558
|
14.3
|
%
|
(265
|
)
|
(47.5
|
%)
|
||||||||||||||
|
$
|
1,381
|
100.0
|
%
|
$
|
3,910
|
100.0
|
%
|
$
|
(2,529
|
)
|
(64.7
|
%)
|
|
Year ended
|
Year ended
|
Change
|
|||||||||||||||||||||
(In thousands)
|
December 31, 2015
|
December 31, 2014
|
$ |
|
%
|
|||||||||||||||||||
Domestic
|
$
|
13,187
|
93.9
|
%
|
$
|
11,112
|
89.6
|
%
|
$
|
2,075
|
18.7
|
%
|
||||||||||||
International
|
856
|
6.1
|
%
|
1,286
|
10.4
|
%
|
(430
|
)
|
(33.4
|
%)
|
||||||||||||||
|
$
|
14,043
|
100.0
|
%
|
$
|
12,398
|
100.0
|
%
|
$
|
1,645
|
13.3
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2015
|
2014
|
Change
|
Total Sales - 2015
|
Total Sales - 2014
|
|||||||||||||||
Year ended
|
$
|
24,978
|
$
|
21,711
|
15.0
|
%
|
41.9
|
%
|
40.9
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2015
|
2014
|
Change
|
Total Sales - 2015
|
Total Sales - 2014
|
|||||||||||||||
Year ended
|
$
|
3,599
|
$
|
4,302
|
(16.3
|
%)
|
6.0
|
%
|
8.1
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2015
|
2014
|
Change
|
Total Sales - 2015
|
Total Sales - 2014
|
|||||||||||||||
Year ended
|
$
|
7,806
|
$
|
7,920
|
(1.4
|
%)
|
13.1
|
%
|
14.9
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2015
|
2014
|
Change
|
Total Sales - 2015
|
Total Sales - 2014
|
|||||||||||||||
Year ended
|
$
|
7,367
|
$
|
7,756
|
(5.0
|
%)
|
12.3
|
%
|
14.6
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2015
|
2014
|
Change
|
Total Sales - 2015
|
Total Sales - 2014
|
|||||||||||||||
Year ended
|
$
|
1,738
|
$
|
5,505
|
(68.4
|
%)
|
2.9
|
%
|
10.4
|
%
|
|
December 31,
|
Percent
|
Percent of
|
Percent of
|
||||||||||||||||
|
2015
|
2014
|
Change
|
Total Sales – 2015
|
Total Sales – 2014
|
|||||||||||||||
Year ended
|
$
|
4,468
|
$
|
(3,772
|
)
|
(218.5
|
%)
|
7.5
|
%
|
(7.1
|
%)
|
● |
We reported a net income of $3,617,000.
|
● |
We recorded depreciation, amortization and share-based compensation expense of $1,942,000.
|
● |
Accounts receivable increased $3,434,000 due primarily to the large amount of sales occurring late in the fourth quarter of 2016 compared to the fourth quarter of 2015.
|
● |
Inventories decreased $1,580,000 due to the sell through of inventory on hand during 2016.
|
● |
Accounts payable increased $2,255,000 due primarily to the purchase of inventory late in the fourth quarter to support the increased fourth quarter sales in 2016.
|
● |
Accrued liabilities and other liabilities decreased $1,088,000 due primarily to lower accrued bonus compensation cost and deferred revenue in 2016 compared to 2015.
|
● |
We reported a net income of $3,092,000.
|
● |
We recorded depreciation, amortization and share-based compensation expense of $1,914,000.
|
● |
Accounts receivable decreased $1,916,000 due primarily to improved collections during the fourth quarter of 2015 compared to the fourth quarter of 2014.
|
● |
Inventories decreased $509,000 due to the sell through of inventory on hand during 2015.
|
● |
Accounts payable increased $277,000 due primarily to the timing of payments.
|
● |
Accrued liabilities and other liabilities decreased $3,487,000 due primarily to the payment of the AD lawsuit settlement in April 2015. See Note 10 – Commitments and Contingencies in the Notes to the Consolidated Financial Statements for further information on the lawsuit.
|
Financial Covenant
|
Requirement/Restriction
|
Calculation at December 31, 2016
|
|||
Operating cash flow / Total debt service
|
Minimum of 1.25 times
|
60.47
|
|||
Funded debt / EBITDA
|
Maximum of 3.0 times
|
0 times
|
|
Payments due by period
|
|||||||||||||||||||
(In thousands)
|
Total
|
< 1 year
|
1-3 years
|
3-5 years
|
> 5 years
|
|||||||||||||||
Operating lease obligations
|
$
|
4,033
|
$
|
825
|
$
|
1,565
|
$
|
1,276
|
$
|
367
|
||||||||||
Purchase obligations
|
8,411
|
$
|
8,389
|
$
|
22
|
–
|
–
|
|||||||||||||
Total
|
$
|
12,444
|
$
|
9,214
|
$
|
1,587
|
$
|
1,276
|
$
|
367
|
Name
|
|
Age
|
|
Position
|
|
Bart C. Shuldman
|
|
|
59
|
|
Chairman of the Board and Chief Executive Officer
|
Steven A. DeMartino
|
|
|
47
|
|
President, Chief Financial Officer, Treasurer and Secretary
|
Andrew J. Newmark
|
|
|
58
|
|
Executive Vice President, Sales and Marketing
|
Donald E. Brooks
|
|
|
64
|
|
Senior Vice President-Engineering
|
Tracey S. Chernay
|
|
|
57
|
|
Senior Vice President, Casino, Gaming and Lottery Sales
|
Andrew J. Hoffman
|
|
|
59
|
|
Senior Vice President, Operations
|
Plan category
|
(a)
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights
|
(b)
Weighted-average exercise
price of outstanding
options, warrants and
rights
|
(c)
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a)
|
|||||||||
Equity compensation plans approved by security holders:
|
||||||||||||
2005 Equity Incentive Plan
|
642,538
|
$
|
8.35
|
–
|
||||||||
2014 Equity Incentive Plan
|
549,234
|
7.21
|
25,816
|
|||||||||
Total
|
1,191,772
|
$
|
7.83
|
25,816
|
|
TRANSACT TECHNOLOGIES INCORPORATED
|
|
|
|
|
|
By:
|
/s/ Bart C. Shuldman
|
|
Name:
|
Bart C. Shuldman
|
|
Title:
|
Chairman of the Board and Chief Executive Officer
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
/s/ Bart C. Shuldman
|
|
Chairman of the Board
|
|
March 16, 2017
|
|
Bart C. Shuldman
|
|
and Chief Executive Officer,
|
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
/s/ Steven A. DeMartino
|
|
President, Chief Financial Officer,
|
|
March 16, 2017
|
|
Steven A. DeMartino
|
|
Treasurer and Secretary
|
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
|
|
/s/ John M. Dillon
|
|
Director
|
|
March 16, 2017
|
|
John M. Dillon
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Thomas R. Schwarz
|
|
Director
|
|
March 16, 2017
|
|
Thomas R. Schwarz
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Graham Y. Tanaka
|
|
Director
|
|
March 16, 2017
|
|
Graham Y. Tanaka
|
|
|
|
|
Financial Statements
|
|
|
December 31,
2016
|
December 31,
2015
|
||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,503
|
$
|
4,473
|
||||
Accounts receivable, net
|
10,585
|
7,174
|
||||||
Inventories
|
9,707
|
11,296
|
||||||
Other current assets
|
372
|
437
|
||||||
Total current assets
|
23,167
|
23,380
|
||||||
|
||||||||
Fixed asset, net
|
2,241
|
2,507
|
||||||
Goodwill
|
2,621
|
2,621
|
||||||
Deferred tax asset
|
3,432
|
3,145
|
||||||
Intangible assets, net of accumulated amortization of $3,122 and $2,779, respectively
|
545
|
888
|
||||||
Other assets
|
36
|
28
|
||||||
8,875
|
9,189
|
|||||||
Total assets
|
32,042
|
32,569
|
||||||
|
||||||||
Liabilities and Shareholders' Equity:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
4,894
|
$
|
2,642
|
||||
Accrued liabilities
|
2,394
|
2,838
|
||||||
Income taxes payable
|
19
|
245
|
||||||
Deferred revenue
|
117
|
604
|
||||||
Total current liabilities
|
7,424
|
6,329
|
||||||
|
||||||||
Deferred revenue, net of current portion
|
67
|
77
|
||||||
Deferred rent, net of current portion
|
178
|
189
|
||||||
Other liabilities
|
264
|
246
|
||||||
|
509
|
512
|
||||||
Total liabilities
|
7,933
|
6,841
|
||||||
Commitments and contingencies (Note 10)
|
||||||||
Shareholders' equity:
|
||||||||
Preferred stock, $0.01 value, 4,800,000 authorized, none issued and outstanding
|
-
|
-
|
||||||
Preferred stock, Series A, $0.01 par value, 200,000 authorized, none issued and outstanding
|
-
|
-
|
||||||
Common stock, $0.01 par value, 20,000,000 authorized at December 31, 2016 and 2015; 11,185,331 and 11,170,881 shares issued; 7,333,364 and 7,782,292 shares outstanding, at December 31, 2016 and 2015, respectively
|
112
|
112
|
||||||
Additional paid-in capital
|
29,701
|
28,921
|
||||||
Retained earnings
|
24,157
|
22,956
|
||||||
Accumulated other comprehensive loss, net of tax
|
(109
|
)
|
(80
|
)
|
||||
Treasury stock, 3,851,967 and 3,388,589 shares, at cost
|
(29,752
|
)
|
(26,181
|
)
|
||||
Total shareholders' equity
|
24,109
|
25,728
|
||||||
Total liabilities and shareholders' equity
|
$
|
32,042
|
$
|
32,569
|
|
Year Ended December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
|
||||||||||||
Net sales
|
$
|
57,235
|
$
|
59,676
|
$
|
53,108
|
||||||
Cost of sales
|
33,436
|
34,698
|
31,397
|
|||||||||
|
||||||||||||
Gross profit
|
23,799
|
24,978
|
21,711
|
|||||||||
|
||||||||||||
Operating expenses:
|
||||||||||||
Engineering, design and product development
|
4,425
|
3,599
|
4,302
|
|||||||||
Selling and marketing
|
6,907
|
7,806
|
7,920
|
|||||||||
General and administrative
|
7,267
|
7,367
|
7,756
|
|||||||||
Legal fees and settlement expenses associated with lawsuit (Note 10)
|
-
|
1,738
|
5,505
|
|||||||||
|
18,599
|
20,510
|
25,483
|
|||||||||
|
||||||||||||
Operating income (loss)
|
5,200
|
4,468
|
(3,772
|
)
|
||||||||
Interest and other income (expense):
|
||||||||||||
Interest expense
|
(33
|
)
|
(37
|
)
|
(61
|
)
|
||||||
Interest income
|
7
|
9
|
12
|
|||||||||
Other, net
|
(4
|
)
|
2
|
(33
|
)
|
|||||||
|
(30
|
)
|
(26
|
)
|
(82
|
)
|
||||||
|
||||||||||||
Income (loss) before income taxes
|
5,170
|
4,442
|
(3,854
|
)
|
||||||||
Income tax provision (benefit)
|
1,553
|
1,350
|
(1,433
|
)
|
||||||||
Net income (loss)
|
$
|
3,617
|
$
|
3,092
|
$
|
(2,421
|
)
|
|||||
|
||||||||||||
Net income (loss) per common share:
|
||||||||||||
Basic
|
$
|
0.48
|
$
|
0.40
|
$
|
(0.29
|
)
|
|||||
Diluted
|
$
|
0.47
|
$
|
0.39
|
$
|
(0.29
|
)
|
|||||
|
||||||||||||
Shares used in per-share calculation:
|
||||||||||||
Basic
|
7,610
|
7,818
|
8,307
|
|||||||||
Diluted
|
7,655
|
7,854
|
8,307
|
|||||||||
|
||||||||||||
Dividends declared and paid per common share:
|
$
|
0.32
|
$
|
0.32
|
$
|
0.31
|
|
Year Ended December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
|
||||||||||||
Net income (loss)
|
$
|
3,617
|
$
|
3,092
|
$
|
(2,421
|
)
|
|||||
Foreign currency translation adjustment, net of tax
|
(29
|
)
|
(8
|
)
|
(9
|
)
|
||||||
|
||||||||||||
Comprehensive income (loss)
|
$
|
3,588
|
$
|
3,084
|
$
|
(2,430
|
)
|
|
Common Stock
Shares Amount
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
Equity
|
||||||||||||||||||||||
Balance, December 31, 2013
|
8,319,316
|
$
|
111
|
$
|
27,674
|
$
|
27,326
|
$
|
(22,527
|
)
|
$
|
(63
|
)
|
$
|
32,521
|
|||||||||||||
Issuance of shares from exercise of stock options
|
6,000
|
-
|
13
|
-
|
-
|
-
|
13
|
|||||||||||||||||||||
Issuance of deferred stock units
|
-
|
-
|
100
|
-
|
-
|
-
|
100
|
|||||||||||||||||||||
Issuance of common stock on deferred stock units, net of relinquishments
|
9,939
|
-
|
(44
|
)
|
-
|
-
|
-
|
(44
|
)
|
|||||||||||||||||||
Tax benefit related to employee stock sales
|
-
|
-
|
7
|
-
|
-
|
-
|
7
|
|||||||||||||||||||||
Purchase of treasury stock
|
(434,998
|
)
|
-
|
-
|
-
|
(2,634
|
)
|
-
|
(2,634
|
)
|
||||||||||||||||||
Dividends declared and paid on common stock
|
-
|
-
|
-
|
(2,556
|
)
|
-
|
-
|
(2,556
|
)
|
|||||||||||||||||||
Share-based compensation expense
|
-
|
-
|
506
|
-
|
-
|
-
|
506
|
|||||||||||||||||||||
Reversal of deferred tax asset in connection with stock options forfeited
|
-
|
-
|
(89
|
)
|
-
|
-
|
-
|
(89
|
)
|
|||||||||||||||||||
Foreign currency translation adjustment, net of tax
|
-
|
-
|
-
|
-
|
-
|
(9
|
)
|
(9
|
)
|
|||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(2,421
|
)
|
-
|
-
|
(2,421
|
)
|
|||||||||||||||||||
Balance, December 31, 2014
|
7,900,257
|
$
|
111
|
$
|
28,167
|
$
|
22,349
|
$
|
(25,161
|
)
|
$
|
(72
|
)
|
$
|
25,394
|
|||||||||||||
Issuance of shares from exercise of stock options
|
34,600
|
1
|
262
|
-
|
-
|
-
|
263
|
|||||||||||||||||||||
Issuance of deferred stock units
|
-
|
-
|
160
|
-
|
-
|
-
|
160
|
|||||||||||||||||||||
Issuance of common stock on deferred stock units, net of relinquishments
|
13,988
|
-
|
(39
|
)
|
-
|
-
|
-
|
(39
|
)
|
|||||||||||||||||||
Tax shortfall related to employee stock sales
|
-
|
-
|
(48
|
)
|
-
|
-
|
-
|
(48
|
)
|
|||||||||||||||||||
Purchase of treasury stock
|
(166,553
|
)
|
-
|
-
|
-
|
(1,020
|
)
|
-
|
(1,020
|
)
|
||||||||||||||||||
Dividends declared and paid on common stock
|
-
|
-
|
-
|
(2,485
|
)
|
-
|
-
|
(2,485
|
)
|
|||||||||||||||||||
Share-based compensation expense
|
-
|
-
|
488
|
-
|
-
|
-
|
488
|
|||||||||||||||||||||
Reversal of deferred tax asset in connection with stock options forfeited
|
-
|
-
|
(69
|
)
|
-
|
-
|
-
|
(69
|
)
|
|||||||||||||||||||
Foreign currency translation adjustment, net of tax
|
-
|
-
|
-
|
-
|
-
|
(8
|
)
|
(8
|
)
|
|||||||||||||||||||
Net income
|
-
|
-
|
-
|
3,092
|
-
|
-
|
3,092
|
|||||||||||||||||||||
Balance, December 31, 2015
|
7,782,292
|
$
|
112
|
$
|
28,921
|
$
|
22,956
|
$
|
(26,181
|
)
|
$
|
(80
|
)
|
$
|
25,728
|
|||||||||||||
Issuance of shares from exercise of stock options
|
3,750
|
-
|
23
|
-
|
-
|
-
|
23
|
|||||||||||||||||||||
Issuance of deferred stock units
|
-
|
-
|
202
|
-
|
-
|
-
|
202
|
|||||||||||||||||||||
Issuance of common stock on deferred stock units, net of relinquishments
|
10,700
|
-
|
(51
|
)
|
-
|
-
|
-
|
(51
|
)
|
|||||||||||||||||||
Tax benefit related to employee stock sales
|
-
|
-
|
1
|
-
|
-
|
-
|
1
|
|||||||||||||||||||||
Purchase of treasury stock
|
(463,378
|
)
|
-
|
-
|
-
|
(3,571
|
)
|
-
|
(3,571
|
)
|
||||||||||||||||||
Dividends declared and paid on common stock
|
-
|
-
|
-
|
(2,416
|
)
|
-
|
-
|
(2,416
|
)
|
|||||||||||||||||||
Share-based compensation expense
|
-
|
-
|
611
|
-
|
-
|
-
|
611
|
|||||||||||||||||||||
Reversal of deferred tax asset in connection with stock options forfeited
|
-
|
-
|
(6
|
)
|
-
|
-
|
-
|
(6
|
)
|
|||||||||||||||||||
Foreign currency translation adjustment, net of tax
|
-
|
-
|
-
|
-
|
-
|
(29
|
)
|
(29
|
)
|
|||||||||||||||||||
Net income
|
-
|
-
|
-
|
3,617
|
-
|
-
|
3,617
|
|||||||||||||||||||||
Balance, December 31, 2016
|
7,333,364
|
$
|
112
|
$
|
29,701
|
$
|
24,157
|
$
|
(29,752
|
)
|
$
|
(109
|
)
|
$
|
24,109
|
|
Year Ended December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
Cash flows from operating activities:
|
||||||||||||
Net income (loss)
|
$
|
3,617
|
$
|
3,092
|
$
|
(2,421
|
)
|
|||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||||||
Share-based compensation expense
|
611
|
488
|
506
|
|||||||||
Incremental tax benefits from stock options exercised
|
(1
|
)
|
(4
|
)
|
(7
|
)
|
||||||
Depreciation and amortization
|
1,331
|
1,426
|
1,445
|
|||||||||
Deferred income tax (benefit) provision
|
(295
|
)
|
878
|
(1,558
|
)
|
|||||||
(Gain) loss on sale of fixed assets
|
(5
|
)
|
(4
|
)
|
28
|
|||||||
Foreign currency transaction losses (gains)
|
4
|
(1
|
)
|
7
|
||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable
|
(3,434
|
)
|
1,916
|
4,139
|
||||||||
Inventories
|
1,580
|
509
|
1,703
|
|||||||||
Prepaid income taxes
|
(5
|
)
|
407
|
(98
|
)
|
|||||||
Other current and long term assets
|
53
|
50
|
46
|
|||||||||
Accounts payable
|
2,255
|
277
|
(2,384
|
)
|
||||||||
Accrued lawsuit settlement expenses
|
-
|
(3,625
|
)
|
3,625
|
||||||||
Accrued liabilities and other liabilities
|
(1,088
|
)
|
138
|
1,022
|
||||||||
Net cash provided by operating activities
|
4,623
|
5,547
|
6,053
|
|||||||||
|
||||||||||||
Cash flows from investing activities:
|
||||||||||||
Capital expenditures
|
(608
|
)
|
(959
|
)
|
(660
|
)
|
||||||
Proceeds from sale of fixed assets
|
8
|
4
|
-
|
|||||||||
Net cash used in investing activities
|
(600
|
)
|
(955
|
)
|
(660
|
)
|
||||||
|
||||||||||||
Cash flows from financing activities:
|
||||||||||||
Revolving credit line borrowings
|
-
|
2,500
|
-
|
|||||||||
Revolving credit line payments
|
-
|
(2,500
|
)
|
-
|
||||||||
Proceeds from stock option exercises
|
23
|
263
|
13
|
|||||||||
Purchases of common stock for treasury
|
(3,571
|
)
|
(1,020
|
)
|
(2,634
|
)
|
||||||
Payment of dividends on common stock
|
(2,416
|
)
|
(2,485
|
)
|
(2,556
|
)
|
||||||
Incremental tax benefits from stock options exercised
|
1
|
4
|
7
|
|||||||||
Payment of deferred financing costs
|
-
|
-
|
(8
|
)
|
||||||||
Net cash used in financing activities
|
(5,963
|
)
|
(3,238
|
)
|
(5,178
|
)
|
||||||
|
||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(30
|
)
|
(12
|
)
|
(20
|
)
|
||||||
|
||||||||||||
(Decrease) increase in cash and cash equivalents
|
(1,970
|
)
|
1,342
|
195
|
||||||||
Cash and cash equivalents, beginning of period
|
4,473
|
3,131
|
2,936
|
|||||||||
Cash and cash equivalents, end of period
|
$
|
2,503
|
$
|
4,473
|
$
|
3,131
|
||||||
|
||||||||||||
Supplemental cash flow information:
|
||||||||||||
Interest paid
|
$
|
31
|
$
|
34
|
$
|
49
|
||||||
Income taxes paid
|
2,065
|
130
|
173
|
|||||||||
Non-cash capital expenditure items
|
113
|
84
|
-
|
|
Year ended December 31,
|
|||||||||||
(In thousands)
|
2016
|
2015
|
2014
|
|||||||||
Balance, beginning of period
|
$
|
50
|
$
|
100
|
$
|
63
|
||||||
Additions charged to costs and expenses
|
-
|
7
|
37
|
|||||||||
Write-offs
|
-
|
(57
|
)
|
-
|
||||||||
Balance, end of period
|
$
|
50
|
$
|
50
|
$
|
100
|
|
December 31,
|
|||||||
|
2016
|
2015
|
||||||
IGT
|
34
|
%
|
17
|
%
|
||||
Suzo-Happ
|
18
|
%
|
10
|
%
|
||||
CMC Daymark
|
8
|
%
|
13
|
%
|
||||
Panasonic
|
3
|
%
|
11
|
%
|
|
Year ended December 31,
|
|||||||||||
|
2016
|
|
2015 |
2014
|
||||||||
IGT
|
26
|
%
|
29
|
%
|
19
|
%
|
||||||
Suzo-Happ
|
15
|
%
|
14
|
%
|
7
|
%
|
||||||
Eurocoin
|
-
|
%
|
-
|
%
|
11
|
%
|
|
Year ended December 31,
|
|||||||||||
(In thousands)
|
2016
|
2015
|
2014
|
|||||||||
Balance, beginning of period
|
$
|
277
|
$
|
287
|
$
|
366
|
||||||
Warranties issued
|
254
|
267
|
183
|
|||||||||
Warranty settlements
|
(264
|
)
|
(277
|
)
|
(262
|
)
|
||||||
Balance, end of period
|
$
|
267
|
$
|
277
|
$
|
287
|
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Raw materials and purchased component parts
|
6,298
|
$
|
6,627
|
|||||
Work-in-process
|
8
|
1
|
||||||
Finished goods
|
3,401
|
4,668
|
||||||
|
$
|
9,707
|
$
|
11,296
|
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Tooling, machinery and equipment
|
$
|
11,035
|
$
|
10,836
|
||||
Furniture and office equipment
|
1,630
|
1,578
|
||||||
Computer software and equipment
|
6,260
|
6,037
|
||||||
Leasehold improvements
|
2,361
|
2,318
|
||||||
|
21,286
|
20,769
|
||||||
Less: Accumulated depreciation and amortization
|
(19,215
|
)
|
(18,336
|
)
|
||||
|
2,071
|
2,433
|
||||||
Construction in-process
|
170
|
74
|
||||||
|
$
|
2,241
|
$
|
2,507
|
|
December 31,
|
|||||||||||||||
|
2016
|
2015
|
||||||||||||||
(In thousands)
|
Gross Amount
|
Accumulated Amortization
|
Gross Amount
|
Accumulated Amortization
|
||||||||||||
Purchased technology
|
$
|
1,604
|
$
|
(1,433
|
)
|
$
|
1,604
|
$
|
(1,357
|
)
|
||||||
Customer relationships
|
1,300
|
(1,163
|
)
|
1,300
|
(946
|
)
|
||||||||||
Trademark
|
480
|
(257
|
)
|
480
|
(210
|
)
|
||||||||||
Covenant not to compete
|
146
|
(146
|
)
|
146
|
(146
|
)
|
||||||||||
Patents
|
57
|
(43
|
)
|
57
|
(40
|
)
|
||||||||||
Other
|
80
|
(80
|
)
|
80
|
(80
|
)
|
||||||||||
Total
|
$
|
3,667
|
$
|
(3,122
|
)
|
$
|
3,667
|
$
|
(2,779
|
)
|
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Salaries and compensation related
|
$
|
1,722
|
$
|
2,209
|
||||
Warranty
|
169
|
164
|
||||||
Professional and consulting
|
153
|
159
|
||||||
Other
|
350
|
306
|
||||||
|
$
|
2,394
|
$
|
2,838
|
Year ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Expected option term (in years)
|
6.9
|
6.8
|
6.6
|
|||||||||
Expected volatility
|
38.8
|
%
|
50.4
|
%
|
53.8
|
%
|
||||||
Risk-free interest rate
|
1.2
|
%
|
1.6
|
%
|
1.6
|
%
|
||||||
Dividend yield
|
4.5
|
%
|
4.7
|
%
|
2.6
|
%
|
|
Year Ended December 31,
|
|||||||||||
(In thousands)
|
2016
|
2015
|
2014
|
|||||||||
Current:
|
||||||||||||
Federal
|
$
|
1,776
|
$
|
450
|
$
|
176
|
||||||
State
|
70
|
22
|
15
|
|||||||||
Foreign
|
2
|
-
|
12
|
|||||||||
|
1,848
|
472
|
203
|
|||||||||
Deferred:
|
||||||||||||
Federal
|
(257
|
)
|
843
|
(1,653
|
)
|
|||||||
State
|
(38
|
)
|
35
|
17
|
||||||||
Foreign
|
-
|
-
|
-
|
|||||||||
|
(295
|
)
|
878
|
(1,636
|
)
|
|||||||
Income tax provision (benefit)
|
$
|
1,553
|
$
|
1,350
|
$
|
(1,433
|
)
|
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Deferred tax assets:
|
||||||||
Foreign net operating losses
|
$
|
423
|
$
|
340
|
||||
Depreciation
|
88
|
-
|
||||||
Inventory reserves
|
1,264
|
1,312
|
||||||
Deferred revenue
|
31
|
25
|
||||||
Warranty reserve
|
93
|
95
|
||||||
Stock compensation expense
|
1,273
|
1,105
|
||||||
Other accrued compensation
|
387
|
475
|
||||||
Foreign tax and other credits
|
-
|
23
|
||||||
Other liabilities and reserves
|
329
|
191
|
||||||
Gross deferred tax assets
|
3,888
|
3,566
|
||||||
Valuation allowance
|
(423
|
)
|
(340
|
)
|
||||
Net deferred tax assets
|
3,465
|
3,226
|
||||||
|
||||||||
Deferred tax liabilities:
|
||||||||
Depreciation
|
-
|
45
|
||||||
Other
|
33
|
36
|
||||||
Net deferred tax liabilities
|
33
|
81
|
||||||
Total net deferred tax assets
|
3,432
|
3,145
|
|
Year ended December 31,
|
|||||||||||
(In thousands)
|
2016
|
2015
|
2014
|
|||||||||
Balance, beginning of period
|
$
|
340
|
$
|
282
|
$
|
242
|
||||||
Additions charged to income tax provision
|
83
|
58
|
40
|
|||||||||
Balance, end of period
|
$
|
423
|
$
|
340
|
$
|
282
|
|
Year Ended December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
|
||||||||||||
Federal statutory tax rate
|
34.0
|
%
|
34.0
|
%
|
34.0
|
%
|
||||||
Valuation allowance and tax accruals
|
1.6
|
1.3
|
(1.1
|
)
|
||||||||
State income taxes, net of federal income taxes
|
0.4
|
0.8
|
(0.5
|
)
|
||||||||
Uncertain tax positions
|
(0.1
|
)
|
(0.3
|
)
|
(1.0
|
)
|
||||||
Miscellaneous permanent items
|
(1.2
|
)
|
(0.7
|
)
|
(0.3
|
)
|
||||||
R&D credit
|
(4.6
|
)
|
(4.9
|
)
|
6.0
|
|||||||
Other
|
(0.1
|
)
|
0.2
|
0.1
|
||||||||
Effective tax rate
|
30.0
|
%
|
30.4
|
%
|
37.2
|
%
|
(In thousands)
|
2016
|
2015
|
||||||
Unrecognized tax benefits as of January 1
|
$
|
114
|
$
|
124
|
||||
Tax positions taken during the current period
|
27
|
25
|
||||||
Lapse of statute of limitations
|
(30
|
)
|
(35
|
)
|
||||
Unrecognized tax benefits as of December 31
|
$
|
111
|
$
|
114
|
|
Year Ended December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
Net income (loss)
|
$
|
3,617
|
$
|
3,092
|
$
|
(2,421
|
)
|
|||||
|
||||||||||||
Shares:
|
||||||||||||
Basic: Weighted average common shares outstanding
|
7,610
|
7,818
|
8,307
|
|||||||||
Add: Dilutive effect of outstanding options as determined by the treasury stock method
|
45
|
36
|
-
|
|||||||||
Diluted: Weighted average common and common equivalent shares outstanding
|
7,655
|
7,854
|
8,307
|
|||||||||
|
||||||||||||
Net income (loss) per common share:
|
||||||||||||
Basic
|
$
|
0.48
|
$
|
0.40
|
$
|
(0.29
|
)
|
|||||
Diluted
|
0.47
|
0.39
|
(0.29
|
)
|
|
Year Ended December 31,
|
|||||||||||
(In thousands)
|
2016
|
2015
|
2014
|
|||||||||
Net sales:
|
||||||||||||
United States
|
$
|
45,542
|
$
|
45,730
|
$
|
38,567
|
||||||
International
|
11,693
|
13,946
|
14,541
|
|||||||||
Total
|
$
|
57,235
|
$
|
59,676
|
$
|
53,108
|
||||||
|
||||||||||||
Fixed assets, net:
|
||||||||||||
United States
|
$
|
1,581
|
$
|
1,769
|
$
|
1,490
|
||||||
International
|
660
|
738
|
948
|
|||||||||
Total
|
$
|
2,241
|
$
|
2,507
|
$
|
2,438
|
|
Quarter Ended
|
|||||||||||||||
(In thousands, except per share amounts)
|
March 31
|
June 30
|
September 30
|
December 31
|
||||||||||||
2016:
|
||||||||||||||||
Net sales
|
$
|
14,357
|
$
|
14,801
|
$
|
14,474
|
$
|
13,603
|
||||||||
Gross profit
|
5,885
|
5,983
|
5,915
|
6,016
|
||||||||||||
Net income
|
625
|
753
|
883
|
1,356
|
||||||||||||
Net income per common share:
|
||||||||||||||||
Basic
|
0.08
|
0.10
|
0.12
|
0.18
|
||||||||||||
Diluted
|
0.08
|
0.10
|
0.12
|
0.18
|
2015:
|
||||||||||||||||
Net sales
|
$
|
16,164
|
$
|
17,224
|
$
|
14,172
|
$
|
12,116
|
||||||||
Gross profit
|
6,492
|
7,161
|
6,291
|
5,034
|
||||||||||||
Net income
|
144
|
1,388
|
1,028
|
532
|
||||||||||||
Net income per common share:
|
||||||||||||||||
Basic
|
0.02
|
0.18
|
0.13
|
0.07
|
||||||||||||
Diluted
|
0.02
|
0.18
|
0.13
|
0.07
|
3.1(a)
|
Certificate of Incorporation of TransAct Technologies Incorporated ("TransAct" or the "Company"), filed with the Secretary of State of Delaware on June 17, 1996.
|
(2)
|
3.1(b)
|
Certificate of Amendment of Certificate of Incorporation of the Company, filed with the Secretary of State of Delaware on June 4, 1997.
|
(4)
|
3.1(c)
|
Certificate of Designation, Series A Preferred Stock, filed with the Secretary of State of Delaware on December 2, 1997.
|
(5)
|
3.1(d)
|
Certificate of Designation, Series B Preferred Stock, filed with the Secretary of State of Delaware on April 6, 2000.
|
(7)
|
3.2
|
Amended and Restated By-laws of the Company.
|
(6)
|
4.1
|
Specimen Common Stock Certificate.
|
(2)
|
10.1(x)
|
2005 Equity Incentive Plan
|
(10)
|
10.2(x)
|
2014 Equity Incentive Plan
|
(3)
|
10.3(x)
|
2014 Equity Incentive Plan Time-based Restricted Unit Agreement
|
(22)
|
10.4(x)
|
2014 Equity Incentive Plan Performance-based Restricted Stock Unit Agreement
|
(23)
|
10.5(x)
|
Employment Agreement, dated July 31, 1996, by and between TransAct and Bart C. Shuldman.
|
(2)
|
10.6(x)
|
Severance Agreement by and between TransAct and Steven A. DeMartino, dated June 1, 2004.
|
(9)
|
10.7(x)
|
Severance Agreement by and between TransAct and Tracey S. Chernay, dated July 29, 2005.
|
(13)
|
10.8(x)
|
Amendment to Employment Agreement, effective January 1, 2008, by and between TransAct and Bart C. Shuldman.
|
(14)
|
10.9(x)
|
Amendment to Severance Agreement by and between TransAct and Steven A. DeMartino, effective January 1, 2008.
|
(14)
|
10.10(x)
|
Amendment to Severance Agreement by and between TransAct and Tracey S. Chernay, effective January 1, 2008.
|
(14)
|
10.11
|
Lease Agreement by and between Bomax Properties and Ithaca, dated as of March 23, 1992.
|
(2)
|
10.12
|
Second Amendment to Lease Agreement by and between Bomax Properties and Ithaca, dated December 2, 1996.
|
(4)
|
10.13
|
Agreement regarding the Continuation and Renewal of Lease by and between Bomax Properties, LLC and TransAct, dated July 18, 2001.
|
(8)
|
10.14
|
Amendment No. 1 to Lease Agreement between Bomax Properties, LLC and TransAct.
|
(17)
|
10.15
|
Amendment No. 2 to Lease Agreement between Bomax Properties, LLC and TransAct, dated January 14, 2016.
|
(21)
|
10.16
|
Lease Agreement by and between Las Vegas Airport Properties LLC and TransAct dated December 2, 2004.
|
(9)
|
10.17
|
First Amendment to Lease Agreement by and between Las Vegas Airport Properties LLC and TransAct dated August 31, 2009
|
(15)
|
10.18
|
Second Amendment to Lease Agreement by and between The Realty Associates Fund IX LP and TransAct dated June 30, 2015.
|
(20)
|
10.19
|
Lease Agreement by and between 2319 Hamden Center I, L.L.C. and TransAct dated November 27, 2006.
|
(11)
|
10.20
|
First Amendment to Lease by and between 2319 Hamden Center I, L.L.C. and TransAct dated January 3, 2017
|
(1)
|
10.21
|
OEM Purchase Agreement by and between IGT (f/k/a GTECH Corporation) and TransAct, dated May 29, 2015. (Pursuant to Rule 24-b-2 under the Exchange Act, the Company has requested confidential treatment of portions of this exhibit deleted from the filed copy)
|
(20)
|
10.22
|
Amended and Restated Revolving Credit and Security Agreement between TransAct and TD Banknorth, N.A. dated November 28, 2006
|
(11)
|
10.23
|
First Amendment to Amended and Restated Revolving Credit and Security Agreement between TransAct and TD Banknorth, N.A. effective September 30, 2007.
|
(12)
|
10.24
|
Second Amendment to Amended and Restated Revolving Credit and Security Agreement between TransAct and TD Bank, N.A. effective November 22, 2011.
|
(16)
|
10.25
|
Third Amendment to Amended and Restated Revolving Credit and Security Agreement effective September 7, 2012
|
(18)
|
10.26
|
Fourth Amendment to Amended and Restated Revolving Credit and Security Agreement effective November 26, 2014
|
(19)
|
23.1
|
Consent of PricewaterhouseCoopers LLP.
|
(1)
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
(1)
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
(1)
|
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(1)
|
101.INS
|
XBRL Instance Document.
|
(1)
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
(1)
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
(1)
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
(1)
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
(1)
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
(1)
|
(1) |
These exhibits are filed herewith.
|
(2) |
These exhibits, which were previously filed with the Company's Registration Statement on Form S-1 (No. 333-06895), are incorporated by reference.
|
(3) |
This exhibit, which was previously filed with the Company's Current Report on Form 8-K filed May 15, 2014 is incorporated by reference.
|
(4) |
These exhibits, which were previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1997, are incorporated by reference (No. 000-21121).
|
(5) |
This exhibit, which was previously filed with the Company's Current Report on Form 8-K filed February 18, 1999, is incorporated by reference (No. 000-21121).
|
(6) |
This exhibit, which was previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1998, is incorporated by reference (No. 000-21121).
|
(7) |
These exhibits, which were previously filed with the Company's Quarterly Report on Form 10-Q for the period ended March 25, 2000, are incorporated by reference (No. 000-21121).
|
(8) |
This exhibit, which was previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2001, is incorporated by reference (No. 000-21121).
|
(9) |
These exhibits, which were previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2004, are incorporated by reference (No. 000-21121).
|
(10) |
This exhibit, which was previously filed with the Company's Current Report on Form 8-K filed June 1, 2005, is incorporated by reference.
|
(11) |
These exhibits, which were previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2006, are incorporated by reference (No. 000-21121).
|
(12) |
This exhibit, which was previously filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2007, is incorporated by reference (No. 000-21121).
|
(13) |
This exhibit, which was previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2007, is incorporated by reference (No. 000-21121).
|
(14) |
This exhibit, which was previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2008, is incorporated by reference (No. 000-21121).
|
(15) |
This exhibit, which was previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2009, is incorporated by reference (No. 000-21121).
|
(16) |
This exhibit, which was previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2011, is incorporated by reference (No. 000-21121).
|
(17) |
This exhibit, which was previously filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2012, is incorporated by reference (No. 000-21121).
|
(18) |
This exhibit, which was previously filed with the Company's Current Report on Form 8-K filed September 11, 2012, is incorporated by reference (No. 000-21121).
|
(19) |
This exhibit, which was previously filed with the Company's Current Report on Form 8-K filed December 1, 2014, is incorporated by reference.
|
(20) |
This exhibit, which was previously filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2015, is incorporated by reference
|
(21) |
This exhibit, which was previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated by reference.
|
(22) |
This exhibit, which was previously filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2016, is incorporated by reference.
|
(23) |
This exhibit, which was previously filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2016, is incorporated by reference.
|
(x) |
Management contract or compensatory plan or arrangement.
|
Exhibit
|
|
10.20
|
First Amendment to Lease by and between 2319 Hamden Center I, L.L.C. and TransAct dated January 2, 2017
|
23.1
|
Consent of PricewaterhouseCoopers LLP.
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
Period
|
Base Rent Per SF
|
Monthly Base Rent
|
Annual Base Rent
|
|||||||||
5/1/2017 – 4/30/2018
|
$
|
18.00
|
$
|
16,612.50
|
$
|
199,350.00
|
||||||
5/1/2018 – 4/30/2019
|
$
|
18.36
|
$
|
16,944.75
|
$
|
203,337.00
|
||||||
5/1/2019 – 4/30/2020
|
$
|
18.73
|
$
|
17,283.65
|
$
|
207,403.74
|
||||||
5/1/2020 – 4/30/2021
|
$
|
19.10
|
$
|
17,629.32
|
$
|
211,551.81
|
||||||
5/1/2021 – 4/30/2022
|
$
|
19.48
|
$
|
17,981.90
|
$
|
215,782.85
|
||||||
5/1/2022 – 4/30/2023
|
$
|
19.87
|
$
|
18,338.36
|
$
|
220,060.25
|
||||||
5/1/2023 – 4/30/2024
|
$
|
20.27
|
$
|
18,707.52
|
$
|
224,490.25
|
||||||
5/1/2024 – 4/30/2025
|
$
|
20.68
|
$
|
19,085.92
|
$
|
229,031.00
|
||||||
5/1/2025 – 4/30/2026
|
$
|
21.10
|
$
|
19,473.55
|
$
|
233,682.50
|
||||||
5/1/2026 – 4/30/2027
|
$
|
21.53
|
$
|
19,870.40
|
$
|
238,444.75
|
|
|
/s/ PricewaterhouseCoopers LLP
|
|
Hartford, Connecticut
March 16, 2017
|
|
1. |
I have reviewed this annual report on Form 10-K of TransAct Technologies Incorporated;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this periodic report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
|
/s/ Bart C. Shuldman
|
|
Bart C. Shuldman
|
|
Chairman and Chief Executive Officer
|
|
1. |
I have reviewed this annual report on Form 10-K of TransAct Technologies Incorporated;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this periodic report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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/s/ Steven A. DeMartino
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Steven A. DeMartino
President, Chief Financial Officer, Treasurer and Secretary
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(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Bart C. Shuldman
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Bart C. Shuldman
Chairman and Chief Executive Officer
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/s/ Steven A. DeMartino
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Steven A. DeMartino
President, Chief Financial Officer, Treasurer and Secretary
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