TransAct Technologies Reschedules Second Quarter 2022 Financial Results and Conference Call
HAMDEN, Conn.--(BUSINESS WIRE)--Aug. 9, 2022-- TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”), a global leader in software-driven technology and printing solutions for high-growth markets, today announced that it will reschedule the release of its second quarter 2022 financial results and conference call previously scheduled for Wednesday, August 10, 2022. The Company believes the new date for the release of the second quarter financial results and subsequent investor call will be no later than Monday, August 22nd.
“We are pushing out the second quarter 2022 earnings release 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 for TransAct’s business as we move toward a business model with a greater focus on software sales,” said Bart C. Shuldman, CEO of TransAct. “One change made when we adopted the new ERP system was in the accounting method that measures the value of inventory. As we closed the 2022 second quarter, we experienced unforeseen delays as we moved from standard- to average-cost accounting for inventory valuation. U.S. GAAP requires that we retroactively apply the accounting change for all periods for which financial information is presented in our Form 10-Q to properly report this accounting change. We are working as quickly and diligently as possible to get this completed.”