%PDF-1.3 %ÒåÑò 90 0 obj <> endobj 1 0 obj <> endobj 91 0 obj << /ProcSet [/PDF /Text ] /Font << /F0 3 0 R /F5 4 0 R /F4 5 0 R /F6 6 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 92 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 303.75 756 3 -11.65 re W n BT 0 0 0 rg /F0 10 Tf 0 Tc 1 0 0 1 303.75 746.6 Tm ( ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.35 744.35 386.25 -20.25 re W n BT 0 0 0 rg /F5 18 Tf -0.1863 Tc 1 0 0 1 114.35 727.85 Tm (SECURITIES AND EXCHANGE COMMISSION ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 243.35 724.1 126.75 -14.8 re W n BT 0 0 0 rg /F4 13 Tf -0.154 Tc 1 0 0 1 243.35 712.3 Tm (Washington, DC. 20549 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 256.1 709.3 102.75 -20.25 re W n BT 0 0 0 rg /F5 18 Tf 0.0012 Tc 1 0 0 1 256.1 692.8 Tm (FORM 10-K ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 282.35 677.4 48 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2255 Tc 1 0 0 1 282.35 668 Tm (\(Mark One\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 172.85 654.1 267 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3697 Tc 1 0 0 1 172.85 644.7 Tm (\(X\) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 211.5 642.45 189.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5616 Tc 1 0 0 1 211.5 633.05 Tm (THE SECURITIES EXCHANGE ACT OF 1934 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 218.25 619.15 176.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1523 Tc 1 0 0 1 218.25 609.75 Tm (For the fiscal year ended December 31, 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 301.1 595.85 10.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2767 Tc 1 0 0 1 301.1 586.45 Tm (or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 155.6 572.55 301.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3644 Tc 1 0 0 1 155.6 563.15 Tm (\( \) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 \(d\) OF THE ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 221.6 560.9 169.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5266 Tc 1 0 0 1 221.6 551.5 Tm (SECURITIES EXCHANGE ACT OF 1934 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 239.25 537.6 134.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0809 Tc 1 0 0 1 239.25 528.2 Tm (For the transition period from to . ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 236.6 514.3 139.5 -11.65 re W n BT 0 0 0 rg /F6 10 Tf -0.0139 Tc 1 0 0 1 236.6 504.9 Tm (Commission file number: 0-21121 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 106.85 491 401.25 -20.25 re W n BT 0 0 0 rg /F5 18 Tf -0.2011 Tc 1 0 0 1 106.85 474.5 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 204 459.1 204.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0884 Tc 1 0 0 1 204 449.7 Tm (\(Exact name of registrant as specified in its charter\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 62.6 423.8 384 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0117 Tc 1 0 0 1 62.6 414.8 Tm (DELAWARE 06-1456680 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 62.6 411.8 456 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0099 Tc 1 0 0 1 62.6 402.8 Tm (\(State or other jurisdiction \(I.R.S. Employer Identification ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 62.6 399.8 30 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.15 Tc 1 0 0 1 62.6 390.8 Tm (No.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 62.6 387.8 204 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0221 Tc 1 0 0 1 62.6 378.8 Tm (of incorporation or organization\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 62.6 363.8 372 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0121 Tc 1 0 0 1 62.6 354.8 Tm (7 LASER LANE, WALLINGFORD, CT 06492 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 62.6 351.8 390 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0115 Tc 1 0 0 1 62.6 342.8 Tm (\(Address of principal executive offices\) \(Zip Code\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 62.6 327.8 186 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0242 Tc 1 0 0 1 62.6 318.8 Tm (Registrant's telephone number, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 62.6 315.8 396 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0114 Tc 1 0 0 1 62.6 306.8 Tm (including area code 203-269-1198 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 62.6 291.8 204 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0221 Tc 1 0 0 1 62.6 282.8 Tm (Securities registered pursuant to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 62.6 279.8 162 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0278 Tc 1 0 0 1 62.6 270.8 Tm (Section 12 \(b\) of the Act: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 292.5 232.5 27.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6042 Tc 1 0 0 1 292.5 223.1 Tm (NONE ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 185.25 209.2 242.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.1254 Tc 1 0 0 1 185.25 199.8 Tm (Securities registered pursuant to Section 12 \(g\) of the Act: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 223.85 185.9 165 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.4147 Tc 1 0 0 1 223.85 176.5 Tm (COMMON STOCK, $0.01 PAR VALUE ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 276.75 174.25 59.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1219 Tc 1 0 0 1 276.75 164.85 Tm (\(Title of class\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 150.95 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0832 Tc 1 0 0 1 36 141.55 Tm (Indicate by check mark whether the registrant \(1\) has filed all reports required to be filed by Section 13 or 15 \(d\) of the Securities ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 139.3 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0389 Tc 1 0 0 1 36 129.9 Tm (Exchange Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 127.65 332.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0381 Tc 1 0 0 1 36 118.25 Tm (and \(2\) has been subject to such filing requirements for the past 90 days. Yes X No ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 104.35 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0726 Tc 1 0 0 1 36 94.95 Tm (Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 92.7 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0443 Tc 1 0 0 1 36 83.3 Tm (contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 81.05 243.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1559 Tc 1 0 0 1 36 71.65 Tm (this Form 10-K or any other amendment to this Form 10-K. [ ] ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 57.75 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0244 Tc 1 0 0 1 36 48.35 Tm (As of MARCH 19, 1999 the aggregate market value of the registrant's issued and outstanding voting stock held by non-affiliates of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 2 0 obj <> endobj 93 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 94 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 108 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.208 Tc 1 0 0 1 36 746.6 Tm (registrant was $15,400,000. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 423 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1075 Tc 1 0 0 1 36 723.3 Tm (As of MARCH 19, 1998 the registrant had outstanding 5,558,700 shares of common stock, $0.01 par value. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 201.35 709.4 210 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6467 Tc 1 0 0 1 201.35 700 Tm (DOCUMENTS INCORPORATED BY REFERENCE ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 370.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0891 Tc 1 0 0 1 36 676.7 Tm (Proxy Statement for the Annual Meeting of Shareholders to be held on May 6, 1999 - Part III. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 9 0 obj <> endobj 95 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 96 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 289.85 756 33 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5158 Tc 1 0 0 1 289.85 746.6 Tm (PART I ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 45.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.8375 Tc 1 0 0 1 36 723.3 Tm (GENERAL ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0368 Tc 1 0 0 1 36 700 Tm (TransAct Technologies Incorporated \("TransAct" or the "Company"\) designs, develops, manufactures and markets transaction-based ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0568 Tc 1 0 0 1 36 688.35 Tm (printers and related products under the ITHACA\(R\) and MAGNETEC\(R\) brand names. The Company's printers are used to provide ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0198 Tc 1 0 0 1 36 676.7 Tm (transaction records such as receipts, tickets, coupons, register journals and other documents. The Company focuses on four vertical ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1046 Tc 1 0 0 1 36 665.05 Tm (markets: point-of-sale \("POS"\) \(from which the Company derived approximately 53% of its net sales in the year ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1105 Tc 1 0 0 1 36 653.4 Tm (1998\); gaming and lottery \(approximately 39% of net sales\); kiosk \(approximately 3% of net sales\); and financial services \(approximately ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0263 Tc 1 0 0 1 36 641.75 Tm (5% of net sales\). The Company sells its products directly to end users, original equipment manufacturers \("OEMs"\), value added ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0529 Tc 1 0 0 1 36 630.1 Tm (resellers \("VARs"\) and selected distributors, primarily in the United States, Canada, Europe and Latin America. TransAct has two ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0657 Tc 1 0 0 1 36 618.45 Tm (operating facilities located in Wallingford, Connecticut and Ithaca, New York, and six sales offices, five located in the United States ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 129.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0688 Tc 1 0 0 1 36 606.8 Tm (and one in the United Kingdom. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 84.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.4594 Tc 1 0 0 1 36 583.5 Tm (ITEM 1. BUSINESS. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 211.5 569.6 189.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4912 Tc 1 0 0 1 211.5 560.2 Tm (\(A\) GENERAL DEVELOPMENT OF BUSINESS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0681 Tc 1 0 0 1 36 536.9 Tm (In November 1995, the Board of Directors of Tridex Corporation \("Tridex"\) approved a plan to combine the business operations of two ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0084 Tc 1 0 0 1 36 525.25 Tm (of its wholly-owned subsidiaries, Magnetec Corporation \("Magnetec"\) and Ithaca Peripherals Incorporated \("Ithaca"\), under unified ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 501 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0893 Tc 1 0 0 1 36 513.6 Tm (management. TransAct was incorporated in Delaware on June 17, 1996 as a wholly-owned subsidiary of Tridex. Following the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0471 Tc 1 0 0 1 36 501.95 Tm (incorporation, Tridex, TransAct, Magnetec and Ithaca entered into a Plan of Reorganization, pursuant to which: \(i\) Ithaca merged into ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0354 Tc 1 0 0 1 36 490.3 Tm (Magnetec; \(ii\) TransAct transferred to Tridex certain assets of Magnetec used in manufacturing a printer ribbon product line; \(iii\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 480.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0371 Tc 1 0 0 1 36 478.65 Tm (TransAct issued 5,400,000 shares of its common stock to Tridex in exchange for all the outstanding shares of Magnetec; ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1081 Tc 1 0 0 1 36 467 Tm (\(iv\) TransAct sold in an initial public offering 1,322,500 shares or approximately 19.7% of its common stock; \(v\) TransAct repaid ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0923 Tc 1 0 0 1 36 455.35 Tm ($8,500,000 of intercompany indebtedness to Tridex; \(vi\) Tridex applied to the Internal Revenue Service \(the "IRS"\) for a ruling that the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0429 Tc 1 0 0 1 36 443.7 Tm (distribution of the 5,400,000 shares of TransAct owned by Tridex to Tridex stockholders \(the "Distribution"\) would constitute a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0905 Tc 1 0 0 1 36 432.05 Tm (tax-free reorganization for federal income tax purposes; and \(vii\) Tridex agreed to effect the Distribution promptly after receipt of a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 308.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.045 Tc 1 0 0 1 36 420.4 Tm (favorable ruling from the IRS and the satisfaction of certain other conditions. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 406.5 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1168 Tc 1 0 0 1 36 397.1 Tm (On August 22, 1996, the Company sold 1,150,000 shares of its common stock at a price of $8.50 per share in an initial public offering ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 487.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1011 Tc 1 0 0 1 36 385.45 Tm (\(the "Offering"\). On September 18, 1996, the Company sold an additional 172,500 shares upon exercise of the underwriters' ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 500.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0744 Tc 1 0 0 1 36 373.8 Tm (over-allotment option. Net proceeds from the Offering \(including the exercise of the underwriters' over-allotment option\) were ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 356.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1928 Tc 1 0 0 1 36 362.15 Tm (approximately $9 million after payment of approximately $2.3 million of Offering expenses. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 348.25 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1398 Tc 1 0 0 1 36 338.85 Tm (On February 12, 1997, Tridex received a favorable ruling from the IRS confirming the tax-free nature of the Distribution. On March 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 336.6 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0914 Tc 1 0 0 1 36 327.2 Tm (1997 Tridex distributed its 5,400,000 shares, or 80.3%, of TransAct's common stock, pro rata to persons who were Tridex stockholders ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 324.95 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0709 Tc 1 0 0 1 36 315.55 Tm (of record on March 14, 1997, on the basis of approximately one share of TransAct for each share of Tridex. Upon completion of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 313.3 308.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0412 Tc 1 0 0 1 36 303.9 Tm (Distribution, Tridex no longer owned any shares of TransAct common stock. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 290 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 280.6 Tm (2 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 10 0 obj <> endobj 97 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 98 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 271.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3794 Tc 1 0 0 1 36 746.6 Tm (\(B\) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0375 Tc 1 0 0 1 36 723.3 Tm (TransAct has assessed its operating and reportable segments and determined that it operates in one reportable segment, the design, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 412.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0204 Tc 1 0 0 1 36 711.65 Tm (development, manufacture and marketing of transaction-based printers and printer peripheral products. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 192.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4305 Tc 1 0 0 1 36 688.35 Tm (\(C\) NARRATIVE DESCRIPTION OF BUSINESS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 674.45 179.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4439 Tc 1 0 0 1 36 665.05 Tm (\(i\) PRINCIPAL PRODUCTS AND SERVICES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 520.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0313 Tc 1 0 0 1 36 641.75 Tm (TransAct designs, develops, manufactures and markets a broad array of transaction-based printers utilizing dot matrix and thermal ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0653 Tc 1 0 0 1 36 630.1 Tm (printing technology for applications requiring up to 60 character columns in each of its four vertical markets: POS, gaming and lottery, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0701 Tc 1 0 0 1 36 618.45 Tm (kiosk and financial services. The Company also sells an 80 column laser printer for kiosk applications. The Company's printers are ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0296 Tc 1 0 0 1 36 606.8 Tm (configurable, which offer customers the ability to choose from a variety of features and functions. Options typically include paper ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 484.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0013 Tc 1 0 0 1 36 595.15 Tm (cutting devices, paper handling capacities and number of print stations. In addition to its configurable printers, TransAct ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0289 Tc 1 0 0 1 36 583.5 Tm (manufactures custom printers for certain OEM customers. In collaboration with these customers, the Company provides engineering ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 335.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0419 Tc 1 0 0 1 36 571.85 Tm (and manufacturing expertise for the design and development of specialized printers. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0098 Tc 1 0 0 1 36 548.55 Tm (The Company also manufactures and sells document transport mechanisms which deliver the finished printed output to the consumer ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0132 Tc 1 0 0 1 36 536.9 Tm (in unattended applications, such as ATMs and kiosks. The Company also offers printer ribbons, paper and replacement parts for all of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 52.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0434 Tc 1 0 0 1 36 525.25 Tm (its products. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 511.35 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0197 Tc 1 0 0 1 36 501.95 Tm (The Company provides customers with telephone sales and technical support, a personal account representative for orders, shipping ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.011 Tc 1 0 0 1 36 490.3 Tm (and general information and expedited shipping for orders of its customizable and custom products. Technical and sales support ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 505.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0384 Tc 1 0 0 1 36 478.65 Tm (personnel receive training in all of the Company's products and services manufactured at their facility. The Company's printers ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0493 Tc 1 0 0 1 36 467 Tm (generally carry a one- or two-year limited warranty; extended warranties are available for purchase on selected printers to supplement ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 87 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1031 Tc 1 0 0 1 36 455.35 Tm (the original warranty. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 276.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4006 Tc 1 0 0 1 36 432.05 Tm (\(ii\) STATUS OF PRODUCT REQUIRING MATERIAL INVESTMENT ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 418.15 26.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1517 Tc 1 0 0 1 36 408.75 Tm (None. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 246.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3613 Tc 1 0 0 1 36 385.45 Tm (\(iii\) SOURCES AND AVAILABILITY OF RAW MATERIALS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 371.55 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0847 Tc 1 0 0 1 36 362.15 Tm (The principal materials used in manufacturing are copper wire, magnetic metals, injection molded plastic parts, formed metal parts and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.9 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0087 Tc 1 0 0 1 36 350.5 Tm (electronic components. Although the Company could experience temporary disruption if certain suppliers ceased doing business with ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 348.25 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0579 Tc 1 0 0 1 36 338.85 Tm (the Company, the Company's requirements generally are available from a number of sources. However, the Company is dependent ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 336.6 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0681 Tc 1 0 0 1 36 327.2 Tm (upon Okidata, Division of Oki America, Inc. \("Okidata"\) for a printer component kit consisting of a printhead, control board and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 324.95 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0779 Tc 1 0 0 1 36 315.55 Tm (carriage \(the "Oki Kit"\), which is used in all of the Company's ITHACA brand impact printers. The loss of the supply of Oki Kits would ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 313.3 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0672 Tc 1 0 0 1 36 303.9 Tm (have a material adverse effect on the Company. TransAct has a supply agreement with Okidata to provide Oki Kits until February 2000. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 301.65 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.053 Tc 1 0 0 1 36 292.25 Tm (Pricing for the Oki Kits is fixed through August 1999. TransAct believes its relations with Okidata are good and has received no ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 290 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0115 Tc 1 0 0 1 36 280.6 Tm (indication that the supply agreement will not be renewed beyond the expiration of the current contract. TransAct cannot be certain, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.35 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0399 Tc 1 0 0 1 36 268.95 Tm (however, that the supply agreement will be renewed, or if renewed, that the terms will be as favorable as those under the current ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 266.7 37.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0211 Tc 1 0 0 1 36 257.3 Tm (contract. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 243.4 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 234 Tm (3 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 11 0 obj <> endobj 99 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 100 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 217.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3371 Tc 1 0 0 1 36 746.6 Tm (\(iv\) PATENTS AND PROPRIETARY INFORMATION ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0197 Tc 1 0 0 1 36 723.3 Tm (The Company owns several patents, one of which it considers material. That patent covers an automated paper cut-off device, which is ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0168 Tc 1 0 0 1 36 711.65 Tm (a feature offered on certain of the Company's POS printers. The Company regards certain manufacturing processes and designs to be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0246 Tc 1 0 0 1 36 700 Tm (proprietary and attempts to protect them through employee and third-party nondisclosure agreements and similar means. It may be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0048 Tc 1 0 0 1 36 688.35 Tm (possible for unauthorized third parties to copy certain portions of the Company's products or to reverse engineer or otherwise obtain ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0381 Tc 1 0 0 1 36 676.7 Tm (and use, to the Company's detriment, information that the Company regards as proprietary. Moreover, the laws of some foreign ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0112 Tc 1 0 0 1 36 665.05 Tm (countries do not afford the same protection to the Company's proprietary rights as do United States laws. There can be no assurance ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 494.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0108 Tc 1 0 0 1 36 653.4 Tm (that legal protections relied upon by the Company to protect its proprietary position will be adequate or that the Company's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0067 Tc 1 0 0 1 36 641.75 Tm (competitors will not independently develop technologies that are substantially equivalent or superior to the Company's technologies. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 357.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3522 Tc 1 0 0 1 36 618.45 Tm (\(v\), \(vi\) SEASONALITY AND PRACTICES RELATING TO WORKING CAPITAL ITEMS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 490.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.036 Tc 1 0 0 1 36 595.15 Tm (Retailers typically reduce purchases of new POS equipment in the fourth quarter, due to the increased volume of consumer ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0263 Tc 1 0 0 1 36 583.5 Tm (transactions in that period, and the Company's sales of printers in the POS market historically have increased in the third quarter and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0168 Tc 1 0 0 1 36 571.85 Tm (decreased in the fourth quarter. However, the Company has not experienced material seasonality in its total net sales, due to offsetting ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 90.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0701 Tc 1 0 0 1 36 560.2 Tm (sales in other markets. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 119.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3879 Tc 1 0 0 1 36 536.9 Tm (\(vii\) CERTAIN CUSTOMERS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0854 Tc 1 0 0 1 36 513.6 Tm (The Company has an OEM purchase agreement with GTECH Corporation \("GTECH"\) to provide on-line lottery printers and spare ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0652 Tc 1 0 0 1 36 501.95 Tm (parts, at prices to be negotiated, through October 2001. The Company also sells printers to GTECH for use in in-lane lottery terminals. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1477 Tc 1 0 0 1 36 490.3 Tm (Sales to GTECH accounted for approximately 31.8%, 29.1% and 16.0% of net sales for the years ended December 31, 1998, 1997 and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 75.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1536 Tc 1 0 0 1 36 478.65 Tm (1996, respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.75 66.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4721 Tc 1 0 0 1 36 455.35 Tm (\(viii\) BACKLOG ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.186 Tc 1 0 0 1 36 432.05 Tm (The Company's backlog of firm orders was approximately $16,100,000 as of March 19, 1999 and $26,700,000 as of March 13, 1998. Based ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 514.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1015 Tc 1 0 0 1 36 420.4 Tm (on customers' current delivery requirements, TransAct expects to fill approximately $6,300,000 of its backlog during 1999, and the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 92.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2131 Tc 1 0 0 1 36 408.75 Tm (remainder during 2000. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 356.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4019 Tc 1 0 0 1 36 385.45 Tm (\(ix\) MATERIAL PORTION OF BUSINESS SUBJECT TO RENEGOTIATION OF PROFITS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 371.55 26.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1517 Tc 1 0 0 1 36 362.15 Tm (None. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 348.25 78 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4332 Tc 1 0 0 1 36 338.85 Tm (\(x\) COMPETITION ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 324.95 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0452 Tc 1 0 0 1 36 315.55 Tm (The market for transaction-based printers is extremely competitive, and the Company expects such competition to intensify in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 313.3 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0654 Tc 1 0 0 1 36 303.9 Tm (future. The Company competes with a number of companies, many of which have greater financial, technical and marketing resources ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 301.65 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0111 Tc 1 0 0 1 36 292.25 Tm (than the Company. TransAct believes its ability to compete successfully depends on a number of factors both within and outside its ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 290 498.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0387 Tc 1 0 0 1 36 280.6 Tm (control, including durability, reliability, quality, design capability, product customization, price, customer support, success in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.35 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0112 Tc 1 0 0 1 36 268.95 Tm (developing new products, manufacturing expertise and capacity, supply of component parts and materials, strategic relationships with ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 266.7 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0239 Tc 1 0 0 1 36 257.3 Tm (suppliers, the timing of new product introductions by the Company and its competitors, general market and economic conditions and, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 255.05 186.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0506 Tc 1 0 0 1 36 245.65 Tm (in some cases, the uniqueness of its products. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 231.75 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0643 Tc 1 0 0 1 36 222.35 Tm (Three of the Company's competitors, Epson America, Inc., Axiohm Transaction Solutions and Star Micronics America, Inc. together ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 220.1 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0888 Tc 1 0 0 1 36 210.7 Tm (control approximately 70% of the United States market for POS printers, a market in which the Company's strategy calls for increased ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 208.45 508.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1225 Tc 1 0 0 1 36 199.05 Tm (market share. Another principal competitor in the POS market is Citizen -- CBM America Corporation. Certain competitors of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 196.8 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0314 Tc 1 0 0 1 36 187.4 Tm (Company have lower costs, attributable to higher volume production and off-shore manufacturing locations, and offer lower prices ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 185.15 146.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1489 Tc 1 0 0 1 36 175.75 Tm (than the Company from time to time. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 161.85 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 152.45 Tm (4 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 12 0 obj <> endobj 101 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 102 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0469 Tc 1 0 0 1 36 746.6 Tm (In the gaming and lottery, financial services and kiosk markets, no single supplier holds a dominant position. Certain of the Company's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0185 Tc 1 0 0 1 36 734.95 Tm (products sold for gaming and lottery, kiosk and financial service applications compete based upon the Company's ability to provide ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 322.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0081 Tc 1 0 0 1 36 723.3 Tm (highly specialized products, custom engineering and ongoing technical support. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0038 Tc 1 0 0 1 36 700 Tm (The Company's strategy for competing in its markets is to continue to develop new products and product line extensions, to increase ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0097 Tc 1 0 0 1 36 688.35 Tm (its geographic market penetration, and to take advantage of strategic relationships. Although the Company has historically maintained ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0242 Tc 1 0 0 1 36 676.7 Tm (or increased sales with this strategy and believes that its products, operations and relationships provide a competitive foundation, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 337.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0119 Tc 1 0 0 1 36 665.05 Tm (there can be no assurance that the Company will compete successfully in the future. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 210.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4745 Tc 1 0 0 1 36 641.75 Tm (\(xi\) RESEARCH AND DEVELOPMENT ACTIVITIES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1727 Tc 1 0 0 1 36 618.45 Tm (The Company spent approximately $3,642,000 in the year ended December 31, 1998, $2,773,000 in the year ended December 31, 1997 and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0818 Tc 1 0 0 1 36 606.8 Tm ($2,467,000 in the year ended December 31, 1996 on engineering, design and product development efforts in connection with specialized ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 347.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0112 Tc 1 0 0 1 36 595.15 Tm (engineering and design to introduce new products and to customize existing products. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 86.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.544 Tc 1 0 0 1 36 571.85 Tm (\(xii\) ENVIRONMENT ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0329 Tc 1 0 0 1 36 548.55 Tm (The Company is not aware of any material noncompliance with federal, state and local provisions which have been enacted or adopted ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 468 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0319 Tc 1 0 0 1 36 536.9 Tm (regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 74.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5966 Tc 1 0 0 1 36 513.6 Tm (\(xiii\) EMPLOYEES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.093 Tc 1 0 0 1 36 490.3 Tm (As of March 19, 1999, TransAct Technologies and its subsidiaries employed 224 persons, of which 212 were full-time and 12 were ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0285 Tc 1 0 0 1 36 478.65 Tm (temporary employees. None of the Company's employees is unionized and the Company considers its relationships with its employees ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 48 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0232 Tc 1 0 0 1 36 467 Tm (to be good. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 453.1 371.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3518 Tc 1 0 0 1 36 443.7 Tm (\(D\) FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS AND ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 72.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.4692 Tc 1 0 0 1 36 432.05 Tm (EXPORT SALES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 418.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0757 Tc 1 0 0 1 36 408.75 Tm (The Company has foreign operations primarily from Ithaca Peripherals Ltd., a wholly-owned subsidiary located in the United Kingdom, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1699 Tc 1 0 0 1 36 397.1 Tm (which had sales to its customers of $4,990,000, $4,204,000 and $397,000 in 1998, 1997 and 1996, respectively. The Company had export ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1901 Tc 1 0 0 1 36 385.45 Tm (sales to its customers from its domestic operations of approximately $3,396,000, $5,618,000 and $1,622,000 in 1998, 1997 and 1996, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 53.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0408 Tc 1 0 0 1 36 373.8 Tm (respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 359.9 320.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4654 Tc 1 0 0 1 36 350.5 Tm (\(E\) EXECUTIVE OFFICERS OF THE REGISTRANT AS OF DECEMBER 31, 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 71.7 324.6 288 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0156 Tc 1 0 0 1 71.7 315.6 Tm ( Name Age Position ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 312.6 288 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0156 Tc 1 0 0 1 71.7 303.6 Tm ( ---- --- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 300.6 294 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0153 Tc 1 0 0 1 71.7 291.6 Tm (Thomas R. Schwarz 62 Chairman of the Board ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 288.6 450 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.01 Tc 1 0 0 1 71.7 279.6 Tm (Bart C. Shuldman 41 President, Chief Executive Officer and Director ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 276.6 414 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0109 Tc 1 0 0 1 71.7 267.6 Tm (Richard L. Cote 57 Executive Vice President, Chief Financial ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 264.6 54 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0833 Tc 1 0 0 1 71.7 255.6 Tm (Officer, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 252.6 360 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0125 Tc 1 0 0 1 71.7 243.6 Tm ( Treasurer,Secretary and Director ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 240.6 360 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0125 Tc 1 0 0 1 71.7 231.6 Tm (David A. Ritchie 39 Executive Vice President - Sales ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 228.6 402 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0112 Tc 1 0 0 1 71.7 219.6 Tm (Lucy H. Staley 48 Senior Vice President - General Manager ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 216.6 294 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0153 Tc 1 0 0 1 71.7 207.6 Tm ( \(Ithaca, NY facility\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 204.6 402 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0112 Tc 1 0 0 1 71.7 195.6 Tm (John Cygielnik 54 Senior Vice President - General Manager ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 192.6 324 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0139 Tc 1 0 0 1 71.7 183.6 Tm ( \(Wallingford, CT facility\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 180.6 378 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0119 Tc 1 0 0 1 71.7 171.6 Tm (Michael S. Kumpf 49 Senior Vice President - Engineering ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 71.7 168.6 288 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0156 Tc 1 0 0 1 71.7 159.6 Tm (Steven A. DeMartino 29 Corporate Controller ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 109.65 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 100.25 Tm (5 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 13 0 obj <> endobj 103 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 104 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1307 Tc 1 0 0 1 36 746.6 Tm (THOMAS R. SCHWARZ, Chairman of the Board, has been a Director of the Company since its formation in June 1996. Mr. Schwarz ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1744 Tc 1 0 0 1 36 734.95 Tm (was Chairman and Chief Executive Officer of Grossman's Inc., a retailer of building materials, from 1990 until his retirement in 1994. Mr. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1243 Tc 1 0 0 1 36 723.3 Tm (Schwarz is a Director of Tridex, Foilmark, Inc., Tanaka Growth Fund, Lebhar-Friedman Publishing Company and A&W Restaurants. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1357 Tc 1 0 0 1 36 700 Tm (BART C. SHULDMAN has been Chief Executive Officer, President and a Director of the Company since its formation in June 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0769 Tc 1 0 0 1 36 688.35 Tm (Previously, Mr. Shuldman was Vice President of Sales and Marketing of Magnetec from April 1993 to August 1993, and served as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 465.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0389 Tc 1 0 0 1 36 676.7 Tm (President of Magnetec and later the combined operations of Magnetec and Ithaca from August 1993 until June 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 662.8 520.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.15 Tc 1 0 0 1 36 653.4 Tm (RICHARD L. COTE has been Executive Vice President, Chief Financial Officer, Treasurer, Secretary and a Director of the Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1267 Tc 1 0 0 1 36 641.75 Tm (since its formation in June 1996. Prior thereto, he served as Senior Vice President and Chief Financial Officer of Tridex from September ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 336 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1821 Tc 1 0 0 1 36 630.1 Tm (1993 to June 1996 and as Vice President of Tridex from June 1993 to September 1993. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 616.2 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1267 Tc 1 0 0 1 36 606.8 Tm (DAVID A. RITCHIE, was appointed Executive Vice President of Sales of the Company in July 1997, and served as Vice President of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.094 Tc 1 0 0 1 36 595.15 Tm (Sales at TransAct's Ithaca division from March 1996 to July 1997. Mr. Ritchie joined Ithaca in April 1995 as Southeast National Sales ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.045 Tc 1 0 0 1 36 583.5 Tm (Manger. Prior to joining TransAct's Ithaca division, Mr. Ritchie held several sales management positions including Regional Sales ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.093 Tc 1 0 0 1 36 571.85 Tm (Manager at Medintell Systems Corporation form March 1994 to April 1995 and Manager of Distribution Channels at AT&T from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 125.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1688 Tc 1 0 0 1 36 560.2 Tm (January 1992 to February 1994. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1594 Tc 1 0 0 1 36 536.9 Tm (LUCY H. STALEY, Senior Vice President-General Manager \(Ithaca, NY facility\) since June 1996, served as a Vice President of Ithaca ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 104.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2727 Tc 1 0 0 1 36 525.25 Tm (from 1984 until June 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 511.35 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1672 Tc 1 0 0 1 36 501.95 Tm (JOHN CYGIELNIK, Senior Vice President-General Manager \(Wallingford, CT facility\) since June 1996, joined Magnetec as Controller in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 341.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1245 Tc 1 0 0 1 36 490.3 Tm (1992, and served as Vice President of Finance of Magnetec from 1993 until June 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 476.4 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1458 Tc 1 0 0 1 36 467 Tm (MICHAEL S. KUMPF, Senior Vice President-Engineering since June 1996, served as Vice President of Engineering of Ithaca from 1991 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 63.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2013 Tc 1 0 0 1 36 455.35 Tm (until June 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1024 Tc 1 0 0 1 36 432.05 Tm (STEVEN A. DEMARTINO, joined TransAct as Corporate Controller in August 1996 and was appointed an officer of the Company in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1006 Tc 1 0 0 1 36 420.4 Tm (January 1998. Prior to joining TransAct, Mr. DeMartino was a self-employed financial consultant from May 1996 to August 1996. Prior ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1001 Tc 1 0 0 1 36 408.75 Tm (thereto, Mr. DeMartino, served as Controller of NER/Copart, Inc. from September 1994 to May 1996, and senior accountant with Price ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 220.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1358 Tc 1 0 0 1 36 397.1 Tm (Waterhouse LLP from August 1991 to September 1994. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 383.2 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 373.8 Tm (6 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 14 0 obj <> endobj 105 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 106 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 97.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5535 Tc 1 0 0 1 36 746.6 Tm (ITEM 2. PROPERTIES. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 336.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0224 Tc 1 0 0 1 36 723.3 Tm (The Company's operations are currently conducted at the facilities described below: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 688.75 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 682 Tm ( Size Owned or Lease Expiration ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 679.75 420 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4527 Tc 1 0 0 1 36 673 Tm (Location Operations Conducted \(Approx. Sq. Ft.\) Leased Date ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 670.75 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 664 Tm (--------------------------------------------------------------------------------------------------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 661.75 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 655 Tm (Wallingford, Connecticut Manufacturing facility and 49,000 Leased March 31, 2008 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 652.75 228.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4549 Tc 1 0 0 1 36 646 Tm ( executive offices ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 634.75 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 628 Tm (Ithaca, New York Manufacturing facility 59,000 Leased June 30, 2007 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 616.75 423.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4527 Tc 1 0 0 1 36 610 Tm (Georgia \(2\), New Jersey, New Six \(6\) regional sales 1,600 Leased Various ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 607.75 191.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4559 Tc 1 0 0 1 36 601 Tm ( York, Texas and the United offices ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 598.75 37.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.48 Tc 1 0 0 1 36 592 Tm ( Kingdom ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 545.8 514.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0283 Tc 1 0 0 1 36 536.4 Tm (The Company believes that its facilities generally are in good condition, adequately maintained and suitable for their present and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.15 117.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0016 Tc 1 0 0 1 36 524.75 Tm (currently contemplated uses. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 510.85 138.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6211 Tc 1 0 0 1 36 501.45 Tm (ITEM 3. LEGAL PROCEEDINGS. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 487.55 26.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1517 Tc 1 0 0 1 36 478.15 Tm (None. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.25 323.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5249 Tc 1 0 0 1 36 454.85 Tm (ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 440.95 452.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0082 Tc 1 0 0 1 36 431.55 Tm (No matters were submitted to a vote of security holders during the last quarter of the year covered by this report. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 288.35 417.65 36 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5626 Tc 1 0 0 1 288.35 408.25 Tm (PART II ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.35 444 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5996 Tc 1 0 0 1 36 384.95 Tm (ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 371.05 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0687 Tc 1 0 0 1 36 361.65 Tm (The Company's common stock is traded on the Nasdaq National Market under the symbol TACT. As of March 19, 1999, there were ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.4 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0466 Tc 1 0 0 1 36 350 Tm (1,133 holders of record of the common stock. The high and low sales prices of the common stock reported during each quarter of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 347.75 230.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1572 Tc 1 0 0 1 36 338.35 Tm (years ended December 31, 1998 and 1997 were as follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 312.8 483 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.437 Tc 1 0 0 1 36 304.55 Tm ( Year Ended Year Ended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 302.3 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 294.05 Tm ( --------------------------- ---------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 291.8 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 283.55 Tm ( December 31, 1998 December 31, 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 281.3 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 273.05 Tm ( --------------------------- ---------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 270.8 514.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4378 Tc 1 0 0 1 36 262.55 Tm ( High Low High Low ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 260.3 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 252.05 Tm ( ------- ------ ------- ------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 249.8 509.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4376 Tc 1 0 0 1 36 241.55 Tm (First Quarter 12-1/4 8-1/2 15-1/2 10 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 239.3 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 231.05 Tm (Second Quarter 10-5/8 7-3/4 14 10-3/4 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 228.8 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 220.55 Tm (Third Quarter 8-7/8 4-1/2 20 13-1/2 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 218.3 509.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4376 Tc 1 0 0 1 36 210.05 Tm (Fourth Quarter 7-1/2 1-3/4 20-1/4 10 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 162.35 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0000 Tc 1 0 0 1 36 152.95 Tm (No dividends on the common stock have been declared and the Company does not anticipate declaring dividends in the foreseeable ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 150.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0555 Tc 1 0 0 1 36 141.3 Tm (future. The Company's credit agreement with Fleet National Bank restricts the payment of cash dividends for the term of the agreement. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 127.4 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 118 Tm (7 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 15 0 obj <> endobj 107 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 108 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 388.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5566 Tc 1 0 0 1 36 746.6 Tm (ITEM 6. SELECTED FINANCIAL DATA \(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 714.3 Tm ( Year Ended Nine Months Ended Year Ended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 712.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 705.3 Tm ( ------------------------------------------- -------------------------- ---------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 703.05 461.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 696.3 Tm ( December 31, December 31, December 31, December 31, December 31, April 1, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 694.05 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 687.3 Tm ( 1998 1997 1996 1995 1994 1995 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 685.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 678.3 Tm ( ----------- ----------- ------------ ----------- ----------- ---------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 676.05 408.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4528 Tc 1 0 0 1 36 669.3 Tm ( \(Unaudited\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 667.05 97.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4615 Tc 1 0 0 1 36 660.3 Tm (Statement of Income Data: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 658.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 651.3 Tm ( Net sales $52,239 $58,400 $42,134 $25,497 $25,426 $33,362 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 649.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 642.3 Tm ( Gross profit 13,826 18,173 13,933 7,968 8,391 11,013 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 640.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 633.3 Tm ( Operating income 2,148 7,831 5,233 1,579 3,030 3,705 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 631.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 624.3 Tm ( Net income 1,206 4,893 3,340 916 1,883 2,304 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 622.05 101.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4611 Tc 1 0 0 1 36 615.3 Tm ( Earnings per share \(pro ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 613.05 101.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4611 Tc 1 0 0 1 36 606.3 Tm ( forma prior to 1997\): ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 597.3 Tm ( Basic 0.20 0.72 0.57 0.17 0.35 0.43 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 595.05 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 588.3 Tm ( Diluted 0.20 0.71 0.57 0.17 0.35 0.43 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 530.45 461.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 523.7 Tm ( December 31, December 31, December 31, December 31, December 31, April 1, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 521.45 457.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 514.7 Tm ( 1998 1997 1996 1995 1994 1995 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 512.45 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 505.7 Tm ( ----------- ----------- ------------ ----------- ----------- ---------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 503.45 408.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4528 Tc 1 0 0 1 36 496.7 Tm ( \(Unaudited\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 494.45 75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.465 Tc 1 0 0 1 36 487.7 Tm (Balance Sheet Data: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 485.45 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 478.7 Tm ( Total assets $23,788 $24,699 $20,784 $15,969 $14,392 $15,358 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.45 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 469.7 Tm ( Long term debt 5,075 - - - - - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 467.45 465 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4524 Tc 1 0 0 1 36 460.7 Tm ( Shareholders' equity 12,177 17,903 14,407 11,645 10,591 11,280 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 414.5 537 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5071 Tc 1 0 0 1 36 405.1 Tm (ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 391.2 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0888 Tc 1 0 0 1 36 381.8 Tm (Because the Company was wholly-owned by Tridex until August 22, 1996, the Selected Financial Data which appear in Item 6 and the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 379.55 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0579 Tc 1 0 0 1 36 370.15 Tm (Consolidated Financial Statements which appear in Item 8 of this report with respect to periods prior to the year ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 367.9 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0322 Tc 1 0 0 1 36 358.5 Tm (1997 may not necessarily reflect the results of operations or financial position of the Company or what the results of operations would ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 356.25 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0293 Tc 1 0 0 1 36 346.85 Tm (have been if the Company had been a stand alone entity during the periods presented. This discussion should be read in conjunction ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 344.6 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0202 Tc 1 0 0 1 36 335.2 Tm (with those Consolidated Financial Statements and notes thereto. See Note 1 of Notes to Consolidated Financial Statements \(Basis of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 332.95 57.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0347 Tc 1 0 0 1 36 323.55 Tm (Presentation\). ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 309.65 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0131 Tc 1 0 0 1 36 300.25 Tm (Certain statements included in this report, including without limitation statements in this Management's Discussion and Analysis of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 298 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0455 Tc 1 0 0 1 36 288.6 Tm (Financial Condition and Results of Operations, which are not historical facts are "forward-looking statements" within the meaning of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 286.35 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1033 Tc 1 0 0 1 36 276.95 Tm (Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 274.7 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0304 Tc 1 0 0 1 36 265.3 Tm (forward-looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 263.05 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0177 Tc 1 0 0 1 36 253.65 Tm (both domestically and internationally, in the face of substantial competition from competitors that have broader lines of products and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 251.4 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0265 Tc 1 0 0 1 36 242 Tm (greater financial resources; successful product development; dependence on significant customers; dependence on third parties for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 239.75 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0619 Tc 1 0 0 1 36 230.35 Tm (sales in Europe and Latin America; economic conditions in the United States, Europe and Latin America; marketplace acceptance of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 228.1 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0133 Tc 1 0 0 1 36 218.7 Tm (new products; risks associated with foreign operations; availability of third-party components at reasonable prices; and the absence of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 216.45 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0126 Tc 1 0 0 1 36 207.05 Tm (price wars or other significant pricing pressures affecting the Company's products in the United States or abroad. Actual results may ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 204.8 348.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0839 Tc 1 0 0 1 36 195.4 Tm (differ materially from those discussed in, or implied by, the forward-looking statements. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 181.5 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 172.1 Tm (8 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 16 0 obj <> endobj 109 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 110 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 155.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5013 Tc 1 0 0 1 36 746.6 Tm (IMPACT OF THE YEAR 2000 ISSUE. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0614 Tc 1 0 0 1 36 723.3 Tm (General. The Year 2000 Issue is the result of computer programs being written using two digits rather than four to define the applicable ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0288 Tc 1 0 0 1 36 711.65 Tm (year. Any of the Company's computer programs that have date-sensitive software may recognize a date using "00" as the year 1900 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0375 Tc 1 0 0 1 36 700 Tm (rather than the year 2000. This could result in a system failure or miscalculations causing disruptions of operations, including, among ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 483 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0131 Tc 1 0 0 1 36 688.35 Tm (other things, a temporary inability to process transactions, send invoices, or engage in similar normal business activities. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 674.45 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0241 Tc 1 0 0 1 36 665.05 Tm (Program. The Company has begun a program to resolve its Year 2000 issue. This program consists of four phases; assessment, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0308 Tc 1 0 0 1 36 653.4 Tm (remediation, testing and contingency planning. The Company completed the assessment phase in December 1998 and is currently in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0348 Tc 1 0 0 1 36 641.75 Tm (the remediation and testing phases. During the assessment phase, the Company assessed its products, key financial and operating ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0596 Tc 1 0 0 1 36 630.1 Tm (systems and other systems for Year 2000 compliance. The assessment included identifying all critical information management systems ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0505 Tc 1 0 0 1 36 618.45 Tm (and other critical systems on which the Company relies, testing Year 2000 compliance of such systems, and recommending steps for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0167 Tc 1 0 0 1 36 606.8 Tm (replacing/making corrective fixes to noncompliant systems. Additionally, as part of the assessment phase, the Company obtained ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0468 Tc 1 0 0 1 36 595.15 Tm (compliance verification from third party vendors supplying critical parts or services to the Company in order to determine their plans to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 144 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0795 Tc 1 0 0 1 36 583.5 Tm (address their own Year 2000 issues. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 569.6 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.013 Tc 1 0 0 1 36 560.2 Tm (Upon completion of the detailed assessment, the Company concluded that substantially all its critical financial operating systems and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 520.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0696 Tc 1 0 0 1 36 548.55 Tm (other systems are Year 2000 compliant. However, certain software and hardware components were identified as noncompliant. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0136 Tc 1 0 0 1 36 536.9 Tm (Company has established a plan to replace this software and hardware by March 1999. Also, the Company believes that its products ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 407.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0448 Tc 1 0 0 1 36 525.25 Tm (will be unaffected by the Year 2000 Issue, as none of its products contain embedded date information. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 511.35 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0056 Tc 1 0 0 1 36 501.95 Tm (The testing phase of the program has been ongoing, and will continue to be conducted as noncompliant software and hardware are ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 455.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0867 Tc 1 0 0 1 36 490.3 Tm (replaced. The Company estimates that the testing phase is approximately 90% completed as of December 31, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 476.4 506.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0133 Tc 1 0 0 1 36 467 Tm (The Company has begun to develop a contingency plan to address third party factors which are out of its control, and expects ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 150 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1009 Tc 1 0 0 1 36 455.35 Tm (completion of this plan by June 1999. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0618 Tc 1 0 0 1 36 432.05 Tm (Costs. The Company plans completion of all phases, including contingency planning, of the Year 2000 program by June 1999. All costs ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0507 Tc 1 0 0 1 36 420.4 Tm (associated with the Company's Year 2000 program are being expensed as incurred. The Company's total cost associated with the Year ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0039 Tc 1 0 0 1 36 408.75 Tm (2000 program has not been, and based on results of its detailed assessment, is not expected to be, material to the Company's business, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0961 Tc 1 0 0 1 36 397.1 Tm (financial position, results of operations or cash flows. The estimated total cost of the Year 2000 Program is approximately $50,000, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0285 Tc 1 0 0 1 36 385.45 Tm (which primarily includes the cost of replacing/upgrading noncompliant software identified during the assessment phase with compliant ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 303 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0944 Tc 1 0 0 1 36 373.8 Tm (software. Costs incurred through December 31, 1998 have been de minimus. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 359.9 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0539 Tc 1 0 0 1 36 350.5 Tm (Risks. The Company presently believes that with modifications to existing software and conversions to new software, the Year 2000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 348.25 417 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0972 Tc 1 0 0 1 36 338.85 Tm (Issue can be mitigated. However, the Company may not timely identify and remediate all significant Year ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 324.95 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 315.55 Tm (9 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 17 0 obj <> endobj 111 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 112 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0743 Tc 1 0 0 1 36 746.6 Tm (2000 problems and remedial efforts may involve significant time and expense. If such modifications and conversions are not made, or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0657 Tc 1 0 0 1 36 734.95 Tm (are not completed timely, the Year 2000 Issue could have a material impact on the results of operations, financial position or cash flows ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 68.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1057 Tc 1 0 0 1 36 723.3 Tm (of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0275 Tc 1 0 0 1 36 700 Tm (The Company is currently identifying and analyzing the most reasonably likely worst case scenarios for third party relationships ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0428 Tc 1 0 0 1 36 688.35 Tm (affected by the Year 2000 Issue. These scenarios could include the inability of certain suppliers to supply critical parts on a timely ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0206 Tc 1 0 0 1 36 676.7 Tm (basis or the inability of customers to place orders. Either of these scenarios, which is outside of the Company's control, could result in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0336 Tc 1 0 0 1 36 665.05 Tm (a delay or an inability to ship product in the year 2000, depending on the nature and severity of the problems. Furthermore, there can ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0597 Tc 1 0 0 1 36 653.4 Tm (be no assurance that any Year 2000 compliance problems of the Company or its customers or suppliers will not have a material adverse ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 334.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.024 Tc 1 0 0 1 36 641.75 Tm (effect on the results of operations, financial position or cash flows of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0049 Tc 1 0 0 1 36 618.45 Tm (The estimates and conclusions herein contain forward-looking statements and are based on management's best estimates of future ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0374 Tc 1 0 0 1 36 606.8 Tm (events. Risks to completing the remaining portions of the program include the availability of outside resources, the Company's ability ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0471 Tc 1 0 0 1 36 595.15 Tm (to discover and correct potential Year 2000 problems which could have an impact on the Company's operations and the ability of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 290.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0716 Tc 1 0 0 1 36 583.5 Tm (suppliers or customers to bring their systems into Year 2000 compliance. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 569.6 132.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3835 Tc 1 0 0 1 36 560.2 Tm (\(A\) RESULTS OF OPERATIONS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 371.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.489 Tc 1 0 0 1 36 536.9 Tm (\(i\) YEAR ENDED DECEMBER 31, 1998 COMPARED TO YEAR ENDED DECEMBER 31, 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1189 Tc 1 0 0 1 36 513.6 Tm (NET SALES. Net sales into each of the Company's four vertical markets for the years ended December 31, 1998 and 1997 were as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 33.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2258 Tc 1 0 0 1 36 501.95 Tm (follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 47.4 476.05 468 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0096 Tc 1 0 0 1 47.4 467.05 Tm ( Year ended Year ended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 464.05 486 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0093 Tc 1 0 0 1 47.4 455.05 Tm (\(In thousands\) December 31, 1998 December 31, 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 452.05 360 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0125 Tc 1 0 0 1 47.4 443.05 Tm ( ------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 440.05 156 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0288 Tc 1 0 0 1 47.4 431.05 Tm (------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 47.4 416.05 510 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0088 Tc 1 0 0 1 47.4 407.05 Tm (Point of sale $27,778 53.2 % $23,342 40.0 % ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 404.05 492 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0091 Tc 1 0 0 1 47.4 395.05 Tm (Gaming and lottery 20,113 38.5 23,584 40.4 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 392.05 492 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0091 Tc 1 0 0 1 47.4 383.05 Tm (Kiosk 1,629 3.1 6,349 10.8 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 380.05 492 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0091 Tc 1 0 0 1 47.4 371.05 Tm (Financial services 2,719 5.2 5,125 8.8 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 368.05 498 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.009 Tc 1 0 0 1 47.4 359.05 Tm ( ------------- -------- -- ----------- ---------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 356.05 18 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.25 Tc 1 0 0 1 47.4 347.05 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 344.05 510 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0088 Tc 1 0 0 1 47.4 335.05 Tm ( $52,239 100.0 % $58,400 100.0 % ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 332.05 498 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.009 Tc 1 0 0 1 47.4 323.05 Tm ( ============= ======== == =========== ========== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 320.05 18 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.25 Tc 1 0 0 1 47.4 311.05 Tm (== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 261.1 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1878 Tc 1 0 0 1 36 251.7 Tm (Net sales for the year ended December 31, 1998 decreased $6,161,000, or 11%, to $52,239,000 from $58,400,000 in 1997 due to decreased ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 249.45 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0318 Tc 1 0 0 1 36 240.05 Tm (shipments into the gaming and lottery, kiosk and financial services markets, partially offset by an increase in shipments into the point ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 237.8 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0352 Tc 1 0 0 1 36 228.4 Tm (of sale \("POS"\) market. In addition, for the reasons discussed below, the Company expects that net sales will decrease for the year ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 226.15 294 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1512 Tc 1 0 0 1 36 216.75 Tm (ended December 31, 1999 compared to the year ended December 31, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 202.85 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1057 Tc 1 0 0 1 36 193.45 Tm (Point of sale: Sales of the Company's POS printers increased approximately $4,436,000, or 19%, due largely to increased international ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 191.2 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0956 Tc 1 0 0 1 36 181.8 Tm (printer shipments \(an increase of approximately $2,515,000\), including increased printer shipments into Europe and Latin America, and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 179.55 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0682 Tc 1 0 0 1 36 170.15 Tm (more shipments of printers for use in the British Post Office project. Shipments of printers to the British Post Office project were ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 167.9 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1762 Tc 1 0 0 1 36 158.5 Tm (approximately $4,600,000 in 1998 compared to approximately $3,600,000 in 1997. The Company does not anticipate making any further ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 156.25 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.055 Tc 1 0 0 1 36 146.85 Tm (printer shipments related to this project until 2000. In addition to increased international printer shipments, domestic POS printer ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 144.6 186.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1597 Tc 1 0 0 1 36 135.2 Tm (shipments increased approximately $1,921,000. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 121.3 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 111.9 Tm (10 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 18 0 obj <> endobj 113 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 114 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1384 Tc 1 0 0 1 36 746.6 Tm (Gaming and lottery: Sales of the Company's gaming and lottery printers decreased approximately $3,471,000, or 15%, from 1997. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1045 Tc 1 0 0 1 36 734.95 Tm (overall decrease primarily reflects a decrease of approximately $3,000,000 in shipments of printers for use in video lottery terminals ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0944 Tc 1 0 0 1 36 723.3 Tm (\("VLT"\), due largely to the uncertainty and litigation in South Carolina's video poker industry for most of 1998. However, VLT printer ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0435 Tc 1 0 0 1 36 711.65 Tm (shipments resumed during the fourth quarter of 1998. In addition to a decrease in printer shipments for use in VLTs, shipments of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.068 Tc 1 0 0 1 36 700 Tm (Company's on-line lottery printers and related spare parts declined $1,200,000 due to lower shipments to one customer in 1998 than in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1223 Tc 1 0 0 1 36 688.35 Tm (1997. Shipments of on-line lottery printers and spares to this customer were approximately $15,800,000, or 30% of net sales in 1998, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1048 Tc 1 0 0 1 36 676.7 Tm (compared to approximately $17,000,000, or 29% of net sales, in the prior year. The Company does not anticipate making any further ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0334 Tc 1 0 0 1 36 665.05 Tm (on-line lottery printer shipments, other than spares, to this customer until 2000. The decrease in sales of printers for on-line lottery ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1103 Tc 1 0 0 1 36 653.4 Tm (terminals in 1998 was largely offset by an increase of approximately $800,000 of printer shipments to the same customer for new in-lane ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 501 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.062 Tc 1 0 0 1 36 641.75 Tm (lottery terminals. The Company expects to continue making shipments of in-lane lottery printers to this customer during 1999. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1808 Tc 1 0 0 1 36 618.45 Tm (Kiosk: Kiosk printer sales decreased $4,720,000, or 74%, to $1,629,000 from $6,349,000 in 1997, which included shipments totaling ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0963 Tc 1 0 0 1 36 606.8 Tm (approximately $3,600,000 of the Company's thermal kiosk printers for use in a Canadian government application. Additional shipments ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0824 Tc 1 0 0 1 36 595.15 Tm (of these thermal kiosk printers are expected to occur during 1999. The remaining decrease primarily reflects shipments of other kiosk ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 257.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0691 Tc 1 0 0 1 36 583.5 Tm (printers to various customers in 1997 that did not repeat in 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 569.6 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1047 Tc 1 0 0 1 36 560.2 Tm (Financial services: Sales of the Company's printers into the financial services market decreased $2,406,000, or 47%, primarily due to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0174 Tc 1 0 0 1 36 548.55 Tm (decreased shipments to one customer of printers used in automated teller machines. The Company expects slightly higher sales of its ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 212.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1341 Tc 1 0 0 1 36 536.9 Tm (financial services printers for 1999 compared to 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2441 Tc 1 0 0 1 36 513.6 Tm (GROSS PROFIT. Gross profit decreased $4,347,000, or 24%, to $13,826,000 from $18,173,000 in 1997 due primarily to lower sales volume ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0475 Tc 1 0 0 1 36 501.95 Tm (and, to a lessor extent, non-recurring product discontinuance charges of $290,000 recorded during 1998. The gross margin declined to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0501 Tc 1 0 0 1 36 490.3 Tm (26.5% from 31.1% largely due to lower sales volume, non-recurring product discontinuance charges, and an unfavorable change in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0652 Tc 1 0 0 1 36 478.65 Tm (sales mix, as certain customers at volume discount prices represented a larger proportion of sales in 1998 compared to 1997. Due to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0983 Tc 1 0 0 1 36 467 Tm (lower expected sales volume in 1999 compared to 1998, the Company expects its gross margin in 1999 to be slightly lower than that of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 22.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5001 Tc 1 0 0 1 36 455.35 Tm (1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2019 Tc 1 0 0 1 36 432.05 Tm (ENGINEERING AND PRODUCT DEVELOPMENT. Engineering, design and product development costs increased $869,000, or 31%, to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1363 Tc 1 0 0 1 36 420.4 Tm ($3,642,000 from $2,773,000 in 1997, and increased as a percentage of net sales to 7.0% from 4.7%. This increase reflects the Company's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0314 Tc 1 0 0 1 36 408.75 Tm (continued focus on new product development and design expense, primarily for products in the POS and gaming and lottery markets, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 273 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0231 Tc 1 0 0 1 36 397.1 Tm (including increased expenses related to additional engineering staff. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 383.2 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.263 Tc 1 0 0 1 36 373.8 Tm (SELLING AND MARKETING. Selling and marketing expenses increased $252,000, or 8%, to $3,280,000 from $3,028,000 in 1997, and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0152 Tc 1 0 0 1 36 362.15 Tm (increased as a percentage of net sales to 6.3% from 5.2%. Such expenses increased due to additional sales staff, increased sales ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.9 484.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0652 Tc 1 0 0 1 36 350.5 Tm (commissions and additional marketing staff related to the establishment of a corporate marketing department during 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 336.6 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2104 Tc 1 0 0 1 36 327.2 Tm (GENERAL AND ADMINISTRATIVE. General and administrative expenses decreased slightly by $85,000 to $4,456,000 in 1998 from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 324.95 385.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0899 Tc 1 0 0 1 36 315.55 Tm ($4,541,000 in 1997. General and administrative expenses increased as a percentage of net sales to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 313.3 286.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.181 Tc 1 0 0 1 36 303.9 Tm (8.5% from 7.8%, due to lower volume of sales in 1998 compared to 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 290 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 280.6 Tm (11 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 19 0 obj <> endobj 115 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 116 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.173 Tc 1 0 0 1 36 746.6 Tm (PROVISION FOR RESTRUCTURING. During the year ended December 31, 1998, the Company recorded a provision for restructuring of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 488.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0553 Tc 1 0 0 1 36 734.95 Tm ($300,000 to cover severance costs related to the downsizing and reorganization of the Company's manufacturing facility in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 105.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0755 Tc 1 0 0 1 36 723.3 Tm (Wallingford, Connecticut. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2486 Tc 1 0 0 1 36 700 Tm (OPERATING INCOME. Operating income decreased $5,683,000, or 73%, to $2,148,000 from $7,831,000 in 1997. Operating income as a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0617 Tc 1 0 0 1 36 688.35 Tm (percentage of net sales declined to 4.1% from 13.4%, due to \(1\) lower gross margin on lower sales volume and an unfavorable change ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0591 Tc 1 0 0 1 36 676.7 Tm (in sales mix, \(2\) increased engineering, design and product development expense, \(3\) increased selling and marketing expense and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 477 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1018 Tc 1 0 0 1 36 665.05 Tm (\(4\) non-recurring charges of $590,000, consisting of $300,000 for restructuring and $290,000 for product discontinuance. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1636 Tc 1 0 0 1 36 641.75 Tm (INTEREST. During 1998, the Company incurred net interest expense of $353,000 compared to net interest income of $16,000 in 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0523 Tc 1 0 0 1 36 630.1 Tm (The increase in interest expense is due to increased borrowings on the Company's line of credit during 1998 primarily to fund stock ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 403.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0482 Tc 1 0 0 1 36 618.45 Tm (repurchases and also for working capital requirements. See "Liquidity and Capital Resources" below. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.142 Tc 1 0 0 1 36 595.15 Tm (INCOME TAXES. The provision for income taxes for the year ended December 31, 1998 reflects an effective tax rate of 34.0% compared ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0913 Tc 1 0 0 1 36 583.5 Tm (to 37.5% in the prior year. The decline in the Company's effective tax rate is largely due to tax benefits derived from certain tax credits ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 133.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.009 Tc 1 0 0 1 36 571.85 Tm (and its foreign sales corporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1588 Tc 1 0 0 1 36 548.55 Tm (NET INCOME. Net income for the year ended December 31, 1998 was $1,206,000, or $0.20 per share \(basic and diluted\), as compared to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 283.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1817 Tc 1 0 0 1 36 536.9 Tm ($4,893,000, or $0.72 per share basic and $0.71 per share diluted, in 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 373.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4895 Tc 1 0 0 1 36 513.6 Tm (\(ii\) YEAR ENDED DECEMBER 31, 1997 COMPARED TO YEAR ENDED DECEMBER 31, 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1189 Tc 1 0 0 1 36 490.3 Tm (NET SALES. Net sales into each of the Company's four vertical markets for the years ended December 31, 1997 and 1996 were as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 33.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2258 Tc 1 0 0 1 36 478.65 Tm (follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 47.4 452.75 468 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0096 Tc 1 0 0 1 47.4 443.75 Tm ( Year ended Year ended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 440.75 486 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0093 Tc 1 0 0 1 47.4 431.75 Tm (\(In thousands\) December 31, 1997 December 31, 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 428.75 360 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0125 Tc 1 0 0 1 47.4 419.75 Tm ( ------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 416.75 156 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0288 Tc 1 0 0 1 47.4 407.75 Tm (------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 47.4 392.75 510 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0088 Tc 1 0 0 1 47.4 383.75 Tm (Point of sale $23,342 40.0 % $21,414 50.8 % ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 380.75 492 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0091 Tc 1 0 0 1 47.4 371.75 Tm (Gaming and lottery 23,584 40.4 12,217 29.0 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 368.75 492 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0091 Tc 1 0 0 1 47.4 359.75 Tm (Kiosk 6,349 10.8 3,379 8.0 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 356.75 492 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0091 Tc 1 0 0 1 47.4 347.75 Tm (Financial services 5,125 8.8 5,124 12.2 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 344.75 498 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.009 Tc 1 0 0 1 47.4 335.75 Tm ( ------------- -------- -- ----------- ---------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 332.75 18 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.25 Tc 1 0 0 1 47.4 323.75 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 320.75 510 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0088 Tc 1 0 0 1 47.4 311.75 Tm ( $58,400 100.0 % $42,134 100.0 % ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 308.75 498 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.009 Tc 1 0 0 1 47.4 299.75 Tm ( ============= ======== == =========== ========== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 47.4 296.75 18 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.25 Tc 1 0 0 1 47.4 287.75 Tm (== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 237.8 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2025 Tc 1 0 0 1 36 228.4 Tm (Net sales for the year ended December 31, 1997 increased $16,266,000, or 39%, to $58,400,000 from $42,134,000 in 1996, substantially ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 226.15 501 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0301 Tc 1 0 0 1 36 216.75 Tm (due to increased shipments into the gaming and lottery market. Shipments of the Company's on-line lottery printers increased ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 214.5 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2586 Tc 1 0 0 1 36 205.1 Tm (approximately $10,200,000, to approximately $17,000,000, or 29% of net sales, in 1997, from approximately $6,800,000, or 16%, in 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 202.85 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1012 Tc 1 0 0 1 36 193.45 Tm (Additionally, shipments of the Company's gaming printers for use in video lottery terminals increased approximately $1,800,000 from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 191.2 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0983 Tc 1 0 0 1 36 181.8 Tm (1996. Sales into the kiosk market increased by approximately $2,970,000, or 88%, substantially due to increased shipments of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 179.55 206.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.086 Tc 1 0 0 1 36 170.15 Tm (Company's thermal kiosk printers. Shipments of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 156.25 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 146.85 Tm (12 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 20 0 obj <> endobj 117 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 118 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.079 Tc 1 0 0 1 36 746.6 Tm (Company's financial services printers during 1997 were essentially unchanged from 1996. Sales of the Company's POS printers during ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1372 Tc 1 0 0 1 36 734.95 Tm (1997 increased approximately $1,928,000, or 9%, from 1996 due largely to an increase in printer shipments into the international POS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1157 Tc 1 0 0 1 36 723.3 Tm (market, largely offset by a decline in domestic POS printer shipments. The Company's international sales during 1997 were $9,822,000, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 318 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1164 Tc 1 0 0 1 36 711.65 Tm (or 17% of net sales, compared to $2,019,000, or 5% of net sales in the prior year. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2422 Tc 1 0 0 1 36 688.35 Tm (GROSS PROFIT. Gross profit increased $4,240,000, or 30%, to $18,173,000 from $13,933,000 in 1996 due primarily to the higher volume of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0944 Tc 1 0 0 1 36 676.7 Tm (sales. The gross margin declined to 31.1% from 33.1%, due primarily to a larger proportion of printer sales at lower average selling ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0637 Tc 1 0 0 1 36 665.05 Tm (prices resulting from volume discount pricing, particularly in the gaming and lottery market. Operating income as a percentage of net ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 266.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.124 Tc 1 0 0 1 36 653.4 Tm (sales increased in 1997 from 1996 \(see "Operating Income" below\). ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2019 Tc 1 0 0 1 36 630.1 Tm (ENGINEERING AND PRODUCT DEVELOPMENT. Engineering, design and product development costs increased $306,000, or 12%, to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1458 Tc 1 0 0 1 36 618.45 Tm ($2,773,000 from $2,467,000 for 1996, but decreased as a percentage of net sales to 4.7% from 5.9%. This increase was due primarily to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0002 Tc 1 0 0 1 36 606.8 Tm (increased product development and design costs, primarily for new products and enhancements to existing products in the POS and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 58.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1888 Tc 1 0 0 1 36 595.15 Tm (kiosk markets. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2762 Tc 1 0 0 1 36 571.85 Tm (SELLING AND MARKETING. Selling and marketing expenses increased $442,000, or 17%, to $3,028,000 from $2,586,000 in 1996, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.063 Tc 1 0 0 1 36 560.2 Tm (primarily due to increases in the level of sales staff and increased commissions resulting from a higher volume of sales principally in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0792 Tc 1 0 0 1 36 548.55 Tm (the kiosk and POS markets. Selling expenses decreased as a percentage of net sales to 5.2% from 6.1% due primarily to management's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 222.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.023 Tc 1 0 0 1 36 536.9 Tm (ability to control these expenses while increasing sales. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2118 Tc 1 0 0 1 36 513.6 Tm (GENERAL AND ADMINISTRATIVE. General and administrative expenses increased $894,000, or 25%, over 1996, primarily reflecting ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0312 Tc 1 0 0 1 36 501.95 Tm (an increase of general and administrative expenses incurred by the Company as a stand alone, public company. In 1996, such expenses ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0595 Tc 1 0 0 1 36 490.3 Tm (were allocated from Tridex, its former parent. Additionally, the increase reflects increased incentive compensation and, to a lesser ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0117 Tc 1 0 0 1 36 478.65 Tm (extent, additional administrative staff expenses to support higher business volumes. General and administrative expenses decreased as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.062 Tc 1 0 0 1 36 467 Tm (a percentage of net sales to 7.8% from 8.7% due primarily to management's ability to control these expenses while increasing sales. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 453.1 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2656 Tc 1 0 0 1 36 443.7 Tm (OPERATING INCOME. Operating income increased $2,598,000, or 50%, to $7,831,000 from $5,233,000 in 1996. Operating income ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.075 Tc 1 0 0 1 36 432.05 Tm (improved as a percentage of net sales, increasing to 13.4% from 12.4%, due primarily to the Company's ability to control operating ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 130.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0413 Tc 1 0 0 1 36 420.4 Tm (expenses while increasing sales. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 406.5 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1608 Tc 1 0 0 1 36 397.1 Tm (OTHER INCOME. Other income \(expense\) for the year ended December 31, 1996 included a gain of $285,000 from the sale of securities ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 270.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0665 Tc 1 0 0 1 36 385.45 Tm (acquired in the sale of the Company's solenoid product line in 1994. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 371.55 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1435 Tc 1 0 0 1 36 362.15 Tm (INCOME TAXES. The provision for income taxes for the year ended December 31, 1997 reflects an effective tax rate of 37.5%. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.9 499.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1041 Tc 1 0 0 1 36 350.5 Tm (effective rate in 1996 was 39.6%. The decline in the Company's effective tax rate is largely due to tax benefits derived from the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 348.25 268.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0318 Tc 1 0 0 1 36 338.85 Tm (establishment of a foreign sales corporation and certain tax credits. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 324.95 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 315.55 Tm (13 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 21 0 obj <> endobj 119 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 120 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 277.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2638 Tc 1 0 0 1 36 746.6 Tm (NET INCOME. Net income for 1997 was $4,893,000, or $0.72 per share ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 441 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1495 Tc 1 0 0 1 36 734.95 Tm (\(basic\) and $0.71 per share \(diluted\). Net income for 1996 was $3,340,000, or $0.57 per share \(basic and diluted\). ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 183.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4261 Tc 1 0 0 1 36 711.65 Tm (\(B\) LIQUIDITY AND CAPITAL RESOURCES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1861 Tc 1 0 0 1 36 688.35 Tm (The Company generated cash flow from operations of $4,047,000, $3,835,000 and $1,972,000 in 1998, 1997 and 1996, respectively. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.202 Tc 1 0 0 1 36 676.7 Tm (Company's working capital declined to $10,107,000 at December 31, 1998 from $11,438,000 at December 31, 1997. The current ratio also ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1559 Tc 1 0 0 1 36 665.05 Tm (declined to 2.69 to 1 at December 31, 1998 from 2.87 to 1 at December 31, 1997. The decrease in the Company's working capital and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 378.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0715 Tc 1 0 0 1 36 653.4 Tm (current ratio at December 31, 1998 was the result of short-term financing for stock repurchases. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0702 Tc 1 0 0 1 36 630.1 Tm (During November 1997, the Board of Directors approved the repurchase of up to 500,000 shares of the Company's common stock at a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0407 Tc 1 0 0 1 36 618.45 Tm (price of no more than $12 per share. During May, August and October 1998, the Board approved the repurchase of an additional ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 514.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.145 Tc 1 0 0 1 36 606.8 Tm (500,000, 250,000 and 250,000 shares, respectively, bringing the total authorized to 1.5 million shares. As of December 31, 1997, the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1159 Tc 1 0 0 1 36 595.15 Tm (Company had acquired 200,000 shares of its common stock for $2,251,000. During 1998, the Company repurchased an additional ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 507 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1272 Tc 1 0 0 1 36 583.5 Tm (1,003,000 shares of its common stock for $7,170,000. Since the Company began the stock repurchase program in December 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1337 Tc 1 0 0 1 36 571.85 Tm (through December 31, 1998, it has repurchased 1,203,000 shares for $9,421,000 \(an average cost of $7.83 per share\). See Note 18 of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0355 Tc 1 0 0 1 36 560.2 Tm (Notes to Consolidated Financial Statements concerning repurchases since December 31, 1998. Further repurchases of the Company's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 381 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0491 Tc 1 0 0 1 36 548.55 Tm (common stock will depend upon future cash flow of the Company and stock market conditions. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 534.65 506.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0802 Tc 1 0 0 1 36 525.25 Tm (On August 29, 1996, the Company entered into an agreement with Fleet National Bank \("Fleet"\) to provide the Company with a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.094 Tc 1 0 0 1 36 513.6 Tm ($5,000,000 revolving credit facility \(the "Credit Facility"\). The Credit Facility bore interest on outstanding borrowings at Fleet's prime ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0884 Tc 1 0 0 1 36 501.95 Tm (rate and bore a commitment fee of 0.25% on any unused portion of the Credit Facility. The Credit Facility also permitted the Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 282.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0556 Tc 1 0 0 1 36 490.3 Tm (to designate a LIBOR rate on outstanding borrowings with a margin of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0368 Tc 1 0 0 1 36 478.65 Tm (1.5 percentage points over the market rate. The Credit Facility was secured by a lien on substantially all of the assets of the Company, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 503.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0248 Tc 1 0 0 1 36 467 Tm (imposed certain financial covenants and restricted the payment of cash dividends. The Company had $300,000 of outstanding ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 234 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1426 Tc 1 0 0 1 36 455.35 Tm (borrowings under the Credit Facility at December 31, 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1735 Tc 1 0 0 1 36 432.05 Tm (On January 29, 1998, the Company replaced its existing $5,000,000 Credit Facility with a new $15,000,000 revolving credit facility \(the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1386 Tc 1 0 0 1 36 420.4 Tm ("New Credit Facility"\). The New Credit Facility, also with Fleet, provides the Company with a $5,000,000 revolving working capital ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 497.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0522 Tc 1 0 0 1 36 408.75 Tm (facility, and a $10,000,000 revolving credit facility that may be used for activities such as acquisitions and repurchases of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0889 Tc 1 0 0 1 36 397.1 Tm (Company's common stock. Borrowings under the $10,000,000 revolving credit facility may, at the Company's election, be converted to a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1156 Tc 1 0 0 1 36 385.45 Tm (four-year term loan commencing on June 30, 1999, the expiration date of the New Credit Facility. Any term loan borrowings mature on ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 505.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0896 Tc 1 0 0 1 36 373.8 Tm (June 30, 2003. Borrowings under the New Credit Facility bear interest on outstanding borrowings at Fleet's prime rate \(7.75% at ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 240 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1943 Tc 1 0 0 1 36 362.15 Tm (December 31, 1998\) and bear a commitment fee ranging from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.9 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0857 Tc 1 0 0 1 36 350.5 Tm (0.25% to 0.50% on any unused portion of the New Credit Facility. The New Credit Facility also permits the Company to designate a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 348.25 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0728 Tc 1 0 0 1 36 338.85 Tm (LIBOR rate on outstanding borrowings with a margin ranging from 1.25 to 1.75 percentage points over the market rate, depending on ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 336.6 320.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0883 Tc 1 0 0 1 36 327.2 Tm (the Company meeting certain ratios. The New Credit Facility is secured by a lien ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 313.3 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 303.9 Tm (14 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 22 0 obj <> endobj 121 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 122 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0144 Tc 1 0 0 1 36 746.6 Tm (on substantially all of the assets of the Company, imposes certain financial covenants and restricts the payment of cash dividends and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 83.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0609 Tc 1 0 0 1 36 734.95 Tm (the creation of liens. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1757 Tc 1 0 0 1 36 711.65 Tm (During 1998, the Company borrowed $13,400,000 under the New Credit Facility, with $5,800,000 outstanding at December 31, 1998. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0471 Tc 1 0 0 1 36 700 Tm (Company intends to convert the outstanding borrowings to a four-year term loan at the expiration of the New Credit Facility. In ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1158 Tc 1 0 0 1 36 688.35 Tm (accordance with that intent, $5,075,000 \($5,800,000, less the current maturity of $725,000\) has been classified as long-term debt at ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.113 Tc 1 0 0 1 36 676.7 Tm (December 31, 1998. Although the current credit facility expires on June 30, 1999, the Company expects to obtain a replacement facility ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 501 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0356 Tc 1 0 0 1 36 665.05 Tm (to provide working capital beyond such expiration date. The Company is currently discussing with Fleet alternative financing ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 242.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0907 Tc 1 0 0 1 36 653.4 Tm (arrangements, including a long-term revolving credit facility. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2102 Tc 1 0 0 1 36 630.1 Tm (The Company's capital expenditures were approximately $2,232,000, $2,266,000 and $1,836,000 in 1998, 1997 and 1996, respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 498.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.051 Tc 1 0 0 1 36 618.45 Tm (These expenditures primarily included new product tooling, computer equipment, and factory machinery and equipment. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 479.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1326 Tc 1 0 0 1 36 606.8 Tm (Company's capital expenditures for 1999 are expected to be approximately $3,500,000, a majority for new product tooling. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 503.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0173 Tc 1 0 0 1 36 583.5 Tm (The Company believes that cash flows generated from operations and borrowings available under its current and future credit ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0468 Tc 1 0 0 1 36 571.85 Tm (facilities, as necessary, will provide sufficient resources to meet the Company's working capital needs, finance its capital expenditures ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 382.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0795 Tc 1 0 0 1 36 560.2 Tm (and common stock repurchases, and meet its liquidity requirements through December 31, 1999. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 120 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3213 Tc 1 0 0 1 36 536.9 Tm (\(C\) IMPACT OF INFLATION ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0229 Tc 1 0 0 1 36 513.6 Tm (TransAct believes that its business has not been affected to a significant degree by inflationary trends because of the low rate of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 147 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0109 Tc 1 0 0 1 36 501.95 Tm (inflation during the past three years. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 373.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.581 Tc 1 0 0 1 36 478.65 Tm (ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.75 62.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1157 Tc 1 0 0 1 36 455.35 Tm (Not applicable. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 441.45 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 432.05 Tm (15 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 23 0 obj <> endobj 123 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 124 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 735.35 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 728.6 Tm (ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Page ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 726.35 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 719.6 Tm ( Number ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 717.35 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 710.6 Tm ( ------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 708.35 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 701.6 Tm ( Report of Independent Accountants 17 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 690.35 311.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4536 Tc 1 0 0 1 36 683.6 Tm ( TransAct Technologies Incorporated consolidated financial statements: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 672.35 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 665.6 Tm ( Consolidated balance sheets as of December 31, 1998 and December 31, 1997. 18 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 654.35 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 647.6 Tm ( Consolidated statements of income for the years ended December 31, 1998, 1997 and 1996. 19 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 636.35 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 629.6 Tm ( Consolidated statements of cash flows for the years ended December 31, 1998, 1997 and 1996. 20 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 618.35 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 611.6 Tm ( Consolidated statement of changes in shareholders' equity for the period from December 31, 21 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 609.35 187.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.456 Tc 1 0 0 1 36 602.6 Tm ( 1995 through December 31, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 591.35 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 584.6 Tm ( Notes to consolidated financial statements. 22 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 538.4 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 529 Tm (16 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 24 0 obj <> endobj 125 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F10 26 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 126 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 208.1 756 196.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5753 Tc 1 0 0 1 208.1 746.6 Tm (REPORT OF INDEPENDENT ACCOUNTANTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 218.25 732.7 176.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0398 Tc 1 0 0 1 218.25 723.3 Tm (To the Board of Directors and Shareholders ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 162 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0259 Tc 1 0 0 1 36 711.65 Tm (of TransAct Technologies Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0137 Tc 1 0 0 1 36 688.35 Tm (In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, of cash flows and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0176 Tc 1 0 0 1 36 676.7 Tm (of changes in shareholders' equity present fairly, in all material respects, the financial position of TransAct Technologies Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.058 Tc 1 0 0 1 36 665.05 Tm (and its subsidiaries, as described in Note 1, at December 31, 1998 and 1997, and the results of their operations and their cash flows for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 520.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0568 Tc 1 0 0 1 36 653.4 Tm (each of the three years in the period ended December 31, 1998, in conformity with generally accepted accounting principles. These ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.023 Tc 1 0 0 1 36 641.75 Tm (financial statements are the responsibility of the Company's management; our responsibility is to express an opinion on these financial ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 504 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0405 Tc 1 0 0 1 36 630.1 Tm (statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0036 Tc 1 0 0 1 36 618.45 Tm (standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0196 Tc 1 0 0 1 36 606.8 Tm (free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0076 Tc 1 0 0 1 36 595.15 Tm (financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0016 Tc 1 0 0 1 36 583.5 Tm (overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 214.7 544.85 162 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0278 Tc 1 0 0 1 214.7 535.1 Tm (/s/ PricewaterhouseCoopers ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 214.7 532.1 24 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.1875 Tc 1 0 0 1 214.7 522.35 Tm (LLP ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 214.7 519.35 132 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0341 Tc 1 0 0 1 214.7 509.6 Tm (Hartford, Connecticut ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 214.7 506.6 102 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0441 Tc 1 0 0 1 214.7 496.85 Tm (February 8, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 434.15 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 424.75 Tm (17 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 25 0 obj <> endobj 127 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 128 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 225.35 732.7 162 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5328 Tc 1 0 0 1 225.35 723.3 Tm (CONSOLIDATED BALANCE SHEETS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 275.6 721.05 61.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0672 Tc 1 0 0 1 275.6 711.65 Tm (\(In thousands\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 677.5 Tm ( December 31, December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 675.25 467.25 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1567 Tc 1 0 0 1 36 666.25 Tm ( 1998 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 664 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 655 Tm ( ------------ ------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 652.75 42 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.225 Tc 1 0 0 1 36 643.75 Tm (ASSETS: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 641.5 84 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1875 Tc 1 0 0 1 36 632.5 Tm (Current assets: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 630.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 621.25 Tm ( Cash and cash equivalents $ 546 $ 391 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 619 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 610 Tm ( Receivables, net \(Note 4\) 5,153 7,235 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 607.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 598.75 Tm ( Inventories \(Note 5\) 8,744 8,570 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 596.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 587.5 Tm ( Other current assets 1,651 1,365 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 585.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 576.25 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 574 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 565 Tm ( Total current assets 16,094 17,561 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 562.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 553.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 540.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 531.25 Tm (Plant and equipment, net \(Note 6\) 5,664 4,989 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 529 309.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1602 Tc 1 0 0 1 36 520 Tm (Excess of cost over fair value of net assets acquired, net ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 517.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 508.75 Tm ( \(Note 2\) 1,900 2,073 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 506.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 497.5 Tm (Other assets 130 76 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 495.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 486.25 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 484 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 475 Tm ( 7,694 7,138 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 472.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 463.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 461.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 452.5 Tm ( $ 23,788 $ 24,699 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 450.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 441.25 Tm ( ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 439 199.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1658 Tc 1 0 0 1 36 430 Tm (LIABILITIES AND SHAREHOLDERS' EQUITY: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 427.75 110.25 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1786 Tc 1 0 0 1 36 418.75 Tm (Current liabilities: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 416.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 407.5 Tm ( Bank loans payable \(Note 9\) $ 725 $ 300 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 405.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 396.25 Tm ( Accounts payable 2,188 3,043 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 385 Tm ( Accrued liabilities \(Note 7\) 3,074 2,780 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 382.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 373.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 362.5 Tm ( Total current liabilities 5,987 6,123 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 360.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 351.25 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 337.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 328.75 Tm (Long term debt \(Note 9\) 5,075 -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 326.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 317.5 Tm (Other liabilities 549 673 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 315.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 306.25 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 304 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 295 Tm ( 5,624 673 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 292.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 283.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 270.25 210 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.165 Tc 1 0 0 1 36 261.25 Tm (Commitments and contingencies \(Note 10\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 247.75 210 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.165 Tc 1 0 0 1 36 238.75 Tm (Shareholders' equity \(Notes 11 and 12\): ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 236.5 236.25 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1633 Tc 1 0 0 1 36 227.5 Tm ( Common stock, $0.01 par value; 20,000,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 225.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 216.25 Tm ( authorized; 5,629,500 and 6,810,300 issued 56 68 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 214 273 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1615 Tc 1 0 0 1 36 205 Tm ( Preferred stock, 5,000,000 authorized, no issued ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 202.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 193.75 Tm ( and outstanding -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 191.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 182.5 Tm ( Additional paid-in capital 5,763 14,975 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 180.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 171.25 Tm ( Retained earnings 7,268 6,062 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 169 483 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1565 Tc 1 0 0 1 36 160 Tm ( Unamortized restricted stock compensation \(903\) \(942\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 157.75 483 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1565 Tc 1 0 0 1 36 148.75 Tm ( Accumulated other comprehensive income \(7\) \(9\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 146.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 137.5 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 135.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 126.25 Tm ( 12,177 20,154 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 124 483 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1565 Tc 1 0 0 1 36 115 Tm ( Less: Treasury stock, at cost, 200,000 shares \(Note 15\) -- \(2,251\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 112.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 103.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 101.5 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 92.5 Tm ( Total shareholders' equity 12,177 17,903 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 90.25 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 81.25 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 79 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 70 Tm ( $ 23,788 $ 24,699 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 67.75 477.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1566 Tc 1 0 0 1 36 58.75 Tm ( ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 27 0 obj <> endobj 129 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 130 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 250.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0096 Tc 1 0 0 1 36 711.65 Tm (See accompanying notes to consolidated financial statements. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 697.75 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 688.35 Tm (18 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 28 0 obj <> endobj 131 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 132 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 208.1 732.7 196.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5758 Tc 1 0 0 1 208.1 723.3 Tm (CONSOLIDATED STATEMENTS OF INCOME ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 231.35 721.05 150 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0099 Tc 1 0 0 1 231.35 711.65 Tm (\(In thousands, except per share data\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.5 441 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1571 Tc 1 0 0 1 36 677.5 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 675.25 483 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1565 Tc 1 0 0 1 36 666.25 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 664 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 655 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 652.75 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 643.75 Tm (Net sales $52,239 $58,400 $42,134 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 641.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 632.5 Tm (Cost of sales 38,413 40,227 28,201 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 630.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 621.25 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 607.75 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 598.75 Tm (Gross profit 13,826 18,173 13,933 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 596.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 587.5 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 574 105 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.18 Tc 1 0 0 1 36 565 Tm (Operating expenses: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 562.75 183.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1671 Tc 1 0 0 1 36 553.75 Tm ( Engineering, design and product ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 551.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 542.5 Tm ( development costs 3,642 2,773 2,467 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 540.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 531.25 Tm ( Selling and marketing expenses 3,280 3,028 2,586 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 529 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 520 Tm ( General and administrative expenses 4,456 4,541 3,647 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 517.75 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 508.75 Tm ( Provision for restructuring \(Note 15\) 300 -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 506.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 497.5 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 495.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 486.25 Tm ( 11,678 10,342 8,700 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 484 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 475 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 461.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 452.5 Tm (Operating income 2,148 7,831 5,233 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 450.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 441.25 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 439 126 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.175 Tc 1 0 0 1 36 430 Tm (Other income \(expense\): ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 427.75 498.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1563 Tc 1 0 0 1 36 418.75 Tm ( Interest, net \(353\) 16 \(17\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 416.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 407.5 Tm ( Other, net 32 \(19\) 312 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 405.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 396.25 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 385 Tm ( \(321\) \(3\) 295 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 382.75 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 373.75 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 360.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 351.25 Tm (Income before income taxes 1,827 7,828 5,528 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 349 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 340 Tm (Income tax provision \(Note 13\) 621 2,935 2,188 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 337.75 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 328.75 Tm ( -------- -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 315.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 306.25 Tm (Net income $1,206 $4,893 $3,340 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 304 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 295 Tm ( ======== ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 281.5 225.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.164 Tc 1 0 0 1 36 272.5 Tm (Net income per share \(pro forma for 1996\): ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 270.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 261.25 Tm ( Basic $0.20 $0.72 $0.57 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 259 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 250 Tm ( ======== ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 247.75 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 238.75 Tm ( Diluted 0.20 0.71 0.57 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 236.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 227.5 Tm ( ======== ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 214 162.75 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1694 Tc 1 0 0 1 36 205 Tm (Weighted average common shares ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 202.75 194.25 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1662 Tc 1 0 0 1 36 193.75 Tm ( outstanding \(pro forma for 1996\): ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 191.5 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 182.5 Tm ( Basic 6,163 6,767 5,864 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 180.25 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 171.25 Tm ( ======== ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 169 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 160 Tm ( Diluted 6,170 6,932 5,884 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 157.75 493.5 -11.25 re W n BT 0 0 0 rg /F8 9 Tf -0.1564 Tc 1 0 0 1 36 148.75 Tm ( ======== ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 100.3 250.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0096 Tc 1 0 0 1 36 90.9 Tm (See accompanying notes to consolidated financial statements. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 77 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 67.6 Tm (19 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 29 0 obj <> endobj 133 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 134 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 230.25 756 152.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.2434 Tc 1 0 0 1 230.25 746.6 Tm (TransAct Technologies Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 195.35 732.7 222 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.4805 Tc 1 0 0 1 195.35 723.3 Tm (CONSOLIDATED STATEMENTS OF CASH FLOWS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 275.6 721.05 61.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0672 Tc 1 0 0 1 275.6 711.65 Tm (\(In thousands\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 687.25 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 679 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 676.75 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 668.5 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 666.25 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 658 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 655.75 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 647.5 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 645.25 199.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4184 Tc 1 0 0 1 36 637 Tm (Cash flows from operating activities: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 634.75 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 626.5 Tm ( Net income $1,206 $4,893 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 624.25 36.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.2786 Tc 1 0 0 1 36 616 Tm ($3,340 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 613.75 241.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4239 Tc 1 0 0 1 36 605.5 Tm ( Adjustments to reconcile net income to net ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 603.25 220.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4214 Tc 1 0 0 1 36 595 Tm ( cash provided by operating activities: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.75 509.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4376 Tc 1 0 0 1 36 584.5 Tm ( Depreciation and amortization 2,030 1,591 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 582.25 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 574 Tm (1,135 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 571.75 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 563.5 Tm ( Deferred income taxes \(415\) \(51\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 561.25 26.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.21 Tc 1 0 0 1 36 553 Tm (\(82\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 550.75 514.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4378 Tc 1 0 0 1 36 542.5 Tm ( Gain on sale of securities available for sale -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 540.25 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 532 Tm (\(285\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 529.75 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 521.5 Tm ( Loss on disposal of equipment 8 8 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 519.25 10.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 36 511 Tm (6 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 508.75 273 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4269 Tc 1 0 0 1 36 500.5 Tm ( Changes in operating assets and liabilities: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 498.25 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 490 Tm ( Receivables 2,082 \(1,790\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 487.75 42 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3 Tc 1 0 0 1 36 479.5 Tm (\(2,199\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 477.25 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 469 Tm ( Inventories \(174\) \(1,200\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 466.75 42 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3 Tc 1 0 0 1 36 458.5 Tm (\(1,017\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 456.25 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 448 Tm ( Other current assets 173 \(623\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 445.75 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 437.5 Tm (30 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 435.25 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 427 Tm ( Other assets \(134\) \(50\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 424.75 26.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.21 Tc 1 0 0 1 36 416.5 Tm (\(27\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 414.25 514.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4378 Tc 1 0 0 1 36 406 Tm ( Accounts payable \(855\) 580 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 403.75 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 395.5 Tm (\(248\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 393.25 509.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4376 Tc 1 0 0 1 36 385 Tm ( Accrued liabilities and other liabilities 126 477 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 382.75 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 374.5 Tm (1,319 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 372.25 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 364 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 361.75 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 353.5 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 351.25 509.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4376 Tc 1 0 0 1 36 343 Tm ( Net cash provided by operating activities 4,047 3,835 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 340.75 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 332.5 Tm (1,972 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 330.25 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 322 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 319.75 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 311.5 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 298.75 199.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4184 Tc 1 0 0 1 36 290.5 Tm (Cash flows from investing activities: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 288.25 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 280 Tm ( Purchases of plant and equipment \(2,232\) \(2,266\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 277.75 42 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3 Tc 1 0 0 1 36 269.5 Tm (\(1,836\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 267.25 241.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4239 Tc 1 0 0 1 36 259 Tm ( Proceeds from sale of securities available ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 256.75 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 248.5 Tm ( for sale -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 246.25 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 238 Tm (508 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 235.75 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 227.5 Tm ( Proceeds from sale of equipment 3 3 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 225.25 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 217 Tm (13 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 214.75 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 206.5 Tm ( Other -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 204.25 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 196 Tm (\(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 193.75 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 185.5 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 183.25 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 175 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 172.75 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 164.5 Tm ( Net cash used in investing activities \(2,229\) \(2,263\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 162.25 42 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3 Tc 1 0 0 1 36 154 Tm (\(1,320\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 151.75 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 143.5 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 141.25 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 133 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 120.25 199.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4184 Tc 1 0 0 1 36 112 Tm (Cash flows from financing activities: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 109.75 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 101.5 Tm ( Bank line of credit borrowings 13,400 1,500 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 99.25 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 91 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 88.75 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 80.5 Tm ( Bank line of credit repayments \(7,900\) \(1,200\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 78.25 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 70 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 67.75 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 59.5 Tm ( Purchases of treasury stock \(7,170\) \(2,251\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 57.25 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 49 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 46.75 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 38.5 Tm ( Proceeds from option exercises 2 76 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 30 0 obj <> endobj 135 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 136 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 747.75 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 745.5 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 737.25 Tm ( Tax benefit related to employee stock sales 3 647 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 735 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 726.75 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 724.5 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 716.25 Tm ( Payment of intercompany debt -- \(1,000\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 714 42 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3 Tc 1 0 0 1 36 705.75 Tm (\(7,500\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 703.5 509.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4376 Tc 1 0 0 1 36 695.25 Tm ( Net proceeds from issuance of stock -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 693 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 684.75 Tm (8,991 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 682.5 236.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4233 Tc 1 0 0 1 36 674.25 Tm ( Net transactions with Tridex prior to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 672 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 663.75 Tm ( initial public offering -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 661.5 42 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3 Tc 1 0 0 1 36 653.25 Tm (\(1,087\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 642.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 640.5 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 632.25 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 630 252 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.425 Tc 1 0 0 1 36 621.75 Tm ( Net cash provided by \(used in\) financing ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 619.5 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 611.25 Tm ( activities \(1,665\) \(2,228\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 609 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 600.75 Tm (404 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 598.5 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 590.25 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 588 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 579.75 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 567 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 558.75 Tm (Effect of exchange rate changes on cash 2 6 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 556.5 26.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.21 Tc 1 0 0 1 36 548.25 Tm (\(15\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 537.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 535.5 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 527.25 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 514.5 509.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4376 Tc 1 0 0 1 36 506.25 Tm (Increase \(decrease\) in cash and cash equivalents 155 \(650\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 504 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 495.75 Tm (1,041 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 483 525 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.438 Tc 1 0 0 1 36 474.75 Tm (Cash and cash equivalents at beginning of period 391 1,041 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 472.5 15.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.05 Tc 1 0 0 1 36 464.25 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 462 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 453.75 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 451.5 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 443.25 Tm (-------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441 504 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4375 Tc 1 0 0 1 36 432.75 Tm (Cash and cash equivalents at end of period $546 $391 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 430.5 36.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.2786 Tc 1 0 0 1 36 422.25 Tm ($1,041 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 420 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 411.75 Tm ( ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 409.5 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 401.25 Tm (======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 388.5 189 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4167 Tc 1 0 0 1 36 380.25 Tm (Supplemental cash flow information: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 378 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 369.75 Tm ( Interest paid $351 $52 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 367.5 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 359.25 Tm ($28 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 357 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 348.75 Tm ( Income taxes paid 561 2,775 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 346.5 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 338.25 Tm (592 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 290.55 250.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0096 Tc 1 0 0 1 36 281.15 Tm (See accompanying notes to consolidated financial statements. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 267.25 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 257.85 Tm (20 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 31 0 obj <> endobj 137 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 138 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 230.25 756 152.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.2434 Tc 1 0 0 1 230.25 746.6 Tm (TransAct Technologies Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 178.1 732.7 256.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5952 Tc 1 0 0 1 178.1 723.3 Tm (STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 238.85 721.05 135 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.019 Tc 1 0 0 1 238.85 711.65 Tm (\(In thousands, except share data\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 691.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 687.25 Tm ( Unamortized Accumulated Tridex ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 685.75 498.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1432 Tc 1 0 0 1 36 681.25 Tm ( Additional Restricted Other Investment ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 679.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 675.25 Tm ( Common Stock Paid-in Retained Stock Comprehensive Treasury in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 673.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 669.25 Tm ( Shares Amount Capital Earnings Compensation Income Stock Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 667.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 663.25 Tm ( ------ ------ ------- -------- ------------ ------ ----- ------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 661.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 657.25 Tm (Balance, December 31, 1995 -- $ -- $ -- $ -- $ -- $ -- $ -- $ 11,645 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 655.75 123.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1227 Tc 1 0 0 1 36 651.25 Tm ( Net transactions with Tridex: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 649.75 112.5 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.12 Tc 1 0 0 1 36 645.25 Tm ( Allocation of general and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 643.75 108.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.119 Tc 1 0 0 1 36 639.25 Tm ( administrative expenses ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 637.75 495 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1432 Tc 1 0 0 1 36 633.25 Tm ( from Tridex -- -- -- -- -- -- -- \(869\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 631.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 627.25 Tm ( Sales to affiliates -- -- -- -- -- -- -- 1,998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 625.75 495 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1432 Tc 1 0 0 1 36 621.25 Tm ( Net transfers to Tridex -- -- -- -- -- -- -- \(2,216\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 619.75 108.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.119 Tc 1 0 0 1 36 615.25 Tm ( Reclassification of note ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 613.75 495 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1432 Tc 1 0 0 1 36 609.25 Tm ( payable to Tridex -- -- -- -- -- -- -- \(8,500\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 607.75 123.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1227 Tc 1 0 0 1 36 603.25 Tm ( Issuance of shares to Tridex ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 601.75 93.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.114 Tc 1 0 0 1 36 597.25 Tm ( in exchange for all ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 595.75 101.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1167 Tc 1 0 0 1 36 591.25 Tm ( outstanding shares of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 589.75 495 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1432 Tc 1 0 0 1 36 585.25 Tm ( Magnetec 5,400,000 54 4,207 -- -- -- -- \(4,229\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 583.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 579.25 Tm ( Issuance of Offering shares 1,322,500 13 8,978 -- -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 577.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 573.25 Tm ( Purchase of warrants -- -- 1 -- -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 571.75 93.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.114 Tc 1 0 0 1 36 567.25 Tm ( Comprehensive income: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 565.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 561.25 Tm ( Net income prior to Offering -- -- -- -- -- -- -- 2,171 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 559.75 108.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.119 Tc 1 0 0 1 36 555.25 Tm ( Net income subsequent to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 553.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 549.25 Tm ( Offering -- -- -- 1,169 -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 547.75 123.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1227 Tc 1 0 0 1 36 543.25 Tm ( Foreign currency translation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 541.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 537.25 Tm ( adjustment -- -- -- -- -- \(15\) -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 535.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 531.25 Tm ( ---------- ------- -------- -------- -------- ------ ------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 529.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 525.25 Tm (Balance, December 31, 1996 6,722,500 67 13,186 1,169 -- \(15\) -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 519.25 Tm ( Issuance of restricted stock 78,800 1 1,066 -- \(1,066\) -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 517.75 101.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1167 Tc 1 0 0 1 36 513.25 Tm ( Issuance of shares from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 507.25 Tm ( exercise of stock options 9,000 -- 76 -- -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 505.75 112.5 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.12 Tc 1 0 0 1 36 501.25 Tm ( Amortization of restricted ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 495.25 Tm ( stock compensation -- -- -- -- 124 -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 493.75 97.5 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1154 Tc 1 0 0 1 36 489.25 Tm ( Tax benefit related to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 487.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 483.25 Tm ( employee stock sales -- -- 647 -- -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 481.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 477.25 Tm ( Purchase of treasury shares \(200,000\) -- -- -- -- -- \(2,251\) -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 475.75 93.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.114 Tc 1 0 0 1 36 471.25 Tm ( Comprehensive income: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 469.75 78.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1071 Tc 1 0 0 1 36 465.25 Tm ( Foreign currency ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 463.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 459.25 Tm ( translation adjustments -- -- -- -- -- 6 -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 457.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 453.25 Tm ( Net income -- -- -- 4,893 -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 451.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 447.25 Tm ( ---------- ------- -------- -------- -------- ------ ------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 445.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 441.25 Tm (Balance, December 31, 1997 6,610,300 68 14,975 6,062 \(942\) \(9\) \(2,251\) -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 433.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 429.25 Tm ( Issuance of restricted stock 25,000 -- 228 -- \(228\) -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 427.75 112.5 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.12 Tc 1 0 0 1 36 423.25 Tm ( Cancellation of restricted ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 421.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 417.25 Tm ( stock \(3,000\) -- \(36\) -- 36 -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 415.75 101.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1167 Tc 1 0 0 1 36 411.25 Tm ( Issuance of shares from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 409.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 405.25 Tm ( exercise of stock options 200 -- 2 -- -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 403.75 112.5 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.12 Tc 1 0 0 1 36 399.25 Tm ( Amortization of restricted ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 397.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 393.25 Tm ( stock compensation -- -- -- -- 231 -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 391.75 97.5 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1154 Tc 1 0 0 1 36 387.25 Tm ( Tax benefit related to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 385.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 381.25 Tm ( employee stock sales -- -- 3 -- -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 379.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 375.25 Tm ( Purchase of treasury shares \(1,003,000\) -- -- -- -- -- \(7,170\) -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 373.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 369.25 Tm ( Retirement of treasury shares -- \(12\) \(9,409\) -- -- -- 9,421 -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 367.75 93.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.114 Tc 1 0 0 1 36 363.25 Tm ( Comprehensive income: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 361.75 78.75 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1071 Tc 1 0 0 1 36 357.25 Tm ( Foreign currency ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 355.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 351.25 Tm ( translation adjustment -- -- -- -- -- 2 -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 349.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 345.25 Tm ( Net income -- -- -- 1,206 -- -- -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 343.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 339.25 Tm ( ---------- ------- -------- -------- -------- ------ ------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 337.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 333.25 Tm (Balance, December 31, 1998 5,629,500 $ 56 $ 5,763 $ 7,268 $ \(903\) $ \(7\) $ -- $ -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 331.75 491.25 -6 re W n BT 0 0 0 rg /F8 6 Tf 0.1431 Tc 1 0 0 1 36 327.25 Tm ( ========== ======= ======== ======== ======== ====== ======= ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 284.8 250.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0096 Tc 1 0 0 1 36 275.4 Tm (See accompanying notes to consolidated financial statements. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 261.5 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 252.1 Tm (21 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 32 0 obj <> endobj 139 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 140 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 124.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3624 Tc 1 0 0 1 36 700 Tm (1. BASIS OF PRESENTATION ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 500.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0172 Tc 1 0 0 1 36 676.7 Tm (TransAct Technologies Incorporated \("TransAct" or the "Company"\) was incorporated on June 17, 1996, as a wholly-owned ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.069 Tc 1 0 0 1 36 665.05 Tm (subsidiary of Tridex Corporation \("Tridex"\). Following the incorporation, TransAct and two of Tridex's wholly-owned subsidiaries, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0173 Tc 1 0 0 1 36 653.4 Tm (Magnetec Corporation \("Magnetec"\) and Ithaca Peripherals Incorporated \("Ithaca"\), entered into a Plan of Reorganization \(the "Plan ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0342 Tc 1 0 0 1 36 641.75 Tm (of Reorganization"\), pursuant to which: \(i\) Ithaca merged into Magnetec; \(ii\) TransAct transferred to Tridex certain assets of Magnetec ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 208.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0373 Tc 1 0 0 1 36 630.1 Tm (used in manufacturing a printer ribbon product line; ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0623 Tc 1 0 0 1 36 618.45 Tm (\(iii\) TransAct issued 5,400,000 shares of its common stock to Tridex in exchange for all the outstanding shares of Magnetec; \(iv\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1007 Tc 1 0 0 1 36 606.8 Tm (TransAct sold in an initial public offering \(the "Offering"\) 1,322,500 shares or approximately 19.7% of its common stock; \(v\) TransAct ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.103 Tc 1 0 0 1 36 595.15 Tm (repaid $8,500,000 of intercompany indebtedness to Tridex; \(vi\) Tridex applied to the Internal Revenue Service \(the "IRS"\) for a ruling ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0335 Tc 1 0 0 1 36 583.5 Tm (that the distribution of the 5,400,000 shares of TransAct owned by Tridex to Tridex stockholders \(the "Distribution"\) would constitute ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0906 Tc 1 0 0 1 36 571.85 Tm (a tax-free reorganization for federal income tax purposes; and \(vii\) Tridex agreed to effect the Distribution promptly after receipt of a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 308.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.045 Tc 1 0 0 1 36 560.2 Tm (favorable ruling from the IRS and the satisfaction of certain other conditions. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1398 Tc 1 0 0 1 36 536.9 Tm (On February 12, 1997, Tridex received a favorable ruling from the IRS confirming the tax-free nature of the Distribution. On March 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0906 Tc 1 0 0 1 36 525.25 Tm (1997 Tridex distributed its 5,400,000 shares, or 80.3% of TransAct's common stock, pro rata to persons who were Tridex stockholders of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.07 Tc 1 0 0 1 36 513.6 Tm (record on March 14, 1997, on the basis of approximately one share of TransAct for each share of Tridex. Upon completion of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 300.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0294 Tc 1 0 0 1 36 501.95 Tm (Distribution, Tridex no longer owned any shares of TransAct capital stock. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0615 Tc 1 0 0 1 36 478.65 Tm (The financial statements of the Company have been prepared principally on the basis of items \(i\) and \(ii\) of the Plan of Reorganization ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 477.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0365 Tc 1 0 0 1 36 467 Tm (outlined above and include the financial position and consolidated \(combined prior to the implementation of the Plan of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.016 Tc 1 0 0 1 36 455.35 Tm (Reorganization\) results of operations and cash flows of the business described. The term consolidated as used herein refers to both ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0263 Tc 1 0 0 1 36 443.7 Tm (the consolidated and combined financial statements. The Company carries its assets and liabilities at historical cost. The financial ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0061 Tc 1 0 0 1 36 432.05 Tm (results in these financial statements are not necessarily indicative of results that would have occurred if the Company had been a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 372.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0186 Tc 1 0 0 1 36 420.4 Tm (separate stand alone entity during the periods presented or of future results of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 406.5 381 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0211 Tc 1 0 0 1 36 397.1 Tm (Certain prior year amounts have been reclassified to conform to the current year's presentation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 383.2 310.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4 Tc 1 0 0 1 36 373.8 Tm (2. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 359.9 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0974 Tc 1 0 0 1 36 350.5 Tm (BUSINESS AND PRODUCTS: TransAct, through its two operations, one in Wallingford, CT and the other in Ithaca, NY, operates in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 348.25 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0355 Tc 1 0 0 1 36 338.85 Tm (one industry segment, transaction-based printers and printer peripheral products. TransAct designs, develops, manufactures and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 336.6 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0352 Tc 1 0 0 1 36 327.2 Tm (markets transaction-based printers and related products under the ITHACA and MAGNETEC brand names. The Company's printers ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 324.95 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0247 Tc 1 0 0 1 36 315.55 Tm (are used to provide transaction records such as receipts, tickets, coupons, register journals and other documents. The Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 313.3 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.084 Tc 1 0 0 1 36 303.9 Tm (focuses on four vertical markets: point-of-sale \("POS"\) \(from which the Company derived approximately 53% of net sales for the year ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 301.65 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1159 Tc 1 0 0 1 36 292.25 Tm (ended December 31, 1998\); gaming and lottery \(approximately 39% of net sales\); kiosk \(approximately 3% of net sales\); and financial ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 290 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0402 Tc 1 0 0 1 36 280.6 Tm (services \(approximately 5% of net sales\). The Company sells its products directly to end users, original equipment manufacturers ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.35 493.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0656 Tc 1 0 0 1 36 268.95 Tm (\("OEM"\), value-added resellers and selected distributors, primarily in the United States, Canada, Europe and Latin America. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 255.05 520.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0313 Tc 1 0 0 1 36 245.65 Tm (TransAct designs, develops, manufactures and markets a broad array of transaction-based printers utilizing dot matrix and thermal ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 243.4 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0508 Tc 1 0 0 1 36 234 Tm (printing technology for applications requiring up to 60 character columns in each of its four vertical markets. The Company also sells ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 231.75 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0576 Tc 1 0 0 1 36 222.35 Tm (an 80 column laser printer for kiosk applications. The Company's printers are configurable, which offer customers the ability to choose ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 220.1 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0199 Tc 1 0 0 1 36 210.7 Tm (from a variety of features and functions. Options typically include paper cutting devices, paper handling capacities and number of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 208.45 497.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0209 Tc 1 0 0 1 36 199.05 Tm (print stations. In addition to its configurable printers, TransAct manufactures custom printers for certain OEM customers. In ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 196.8 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0166 Tc 1 0 0 1 36 187.4 Tm (collaboration with these customers, the Company provides engineering and manufacturing expertise for the design and development ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 185.15 91.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0925 Tc 1 0 0 1 36 175.75 Tm (of specialized printers. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 161.85 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0979 Tc 1 0 0 1 36 152.45 Tm (PRINCIPLES OF CONSOLIDATION: The accompanying consolidated financial statements include the accounts of the Company and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 150.2 411.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0511 Tc 1 0 0 1 36 140.8 Tm (its wholly-owned subsidiaries, after elimination of all material intercompany accounts and transactions. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 126.9 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 117.5 Tm (22 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 33 0 obj <> endobj 141 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 142 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 372.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4061 Tc 1 0 0 1 36 700 Tm (2. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \(CONTINUED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1148 Tc 1 0 0 1 36 676.7 Tm (CASH AND CASH EQUIVALENTS: The Company considers all highly liquid investments with a maturity date of three months or less ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 173.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0445 Tc 1 0 0 1 36 665.05 Tm (at date of purchase to be cash equivalents. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0792 Tc 1 0 0 1 36 641.75 Tm (USE OF ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles requires ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.004 Tc 1 0 0 1 36 630.1 Tm (management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0157 Tc 1 0 0 1 36 618.45 Tm (assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 223.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0435 Tc 1 0 0 1 36 606.8 Tm (period. Actual results could differ from those estimates. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1 Tc 1 0 0 1 36 583.5 Tm (FOREIGN CURRENCY: The financial position and results of operations of the Company's foreign subsidiaries are measured using local ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0126 Tc 1 0 0 1 36 571.85 Tm (currency as the functional currency. Assets and liabilities of such subsidiaries have been translated at end of period exchange rates, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.016 Tc 1 0 0 1 36 560.2 Tm (and related revenues and expenses have been translated at weighted average exchange rates. The aggregate effect of translation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 489.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0325 Tc 1 0 0 1 36 548.55 Tm (adjustments so calculated for periods prior to the Offering, which would be ordinarily included as a separate component of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 377.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.032 Tc 1 0 0 1 36 536.9 Tm (shareholders' equity, is de minimis. Transaction gains and losses are included in other income. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0726 Tc 1 0 0 1 36 513.6 Tm (INVENTORIES: Inventories are stated at the lower of cost \(principally standard cost which approximates actual cost on a first-in, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 102 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0947 Tc 1 0 0 1 36 501.95 Tm (first-out basis\) or market. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1275 Tc 1 0 0 1 36 478.65 Tm (PLANT AND EQUIPMENT AND DEPRECIATION: Plant and equipment and leasehold improvements are stated at cost. Depreciation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0693 Tc 1 0 0 1 36 467 Tm (is provided for primarily by the straight-line method over the estimated useful lives. The estimated useful life of machinery, furniture ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0473 Tc 1 0 0 1 36 455.35 Tm (and equipment is three to ten years. Leasehold improvements are amortized over the shorter of the term of the lease or the useful life of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 496.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1863 Tc 1 0 0 1 36 443.7 Tm (the asset. Depreciation amounted to $1,546,000, $1,227,000 and $905,000 in the year ended December 31, 1998, 1997 and 1996, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 53.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0408 Tc 1 0 0 1 36 432.05 Tm (respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 418.15 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2097 Tc 1 0 0 1 36 408.75 Tm (EXCESS OF COST OVER FAIR VALUE OF NET ASSETS ACQUIRED: The excess of cost over fair value of net assets acquired ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0945 Tc 1 0 0 1 36 397.1 Tm (\(goodwill\) resulted from the acquisition of Ithaca in 1991. The original amount applicable to this acquisition totaled $3,536,000 and is ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1327 Tc 1 0 0 1 36 385.45 Tm (being amortized on the straight-line method over 20 years. Accumulated amortization of goodwill was $1,636,000 and $1,463,000 at ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 492 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0772 Tc 1 0 0 1 36 373.8 Tm (December 31, 1998 and 1997, respectively. The Company periodically reviews goodwill to assess recoverability based upon ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0446 Tc 1 0 0 1 36 362.15 Tm (expectations of non-discounted cash flows from operations for Ithaca. The Company believes that no impairment of goodwill exists at ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.9 78 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3206 Tc 1 0 0 1 36 350.5 Tm (December 31, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 336.6 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1353 Tc 1 0 0 1 36 327.2 Tm (REVENUE RECOGNITION: Sales are recognized when the product is shipped. Revenue from extended warranty and maintenance ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 324.95 491.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0202 Tc 1 0 0 1 36 315.55 Tm (agreements is recognized over the term of such agreements as services are performed. Sales to one customer accounted for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 313.3 450 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1488 Tc 1 0 0 1 36 303.9 Tm (approximately 32%, 29% and 16% of net sales for the year ended December 31, 1998, 1997 and 1996, respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 290 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0472 Tc 1 0 0 1 36 280.6 Tm (INCOME TAXES: Through the date of the Distribution, the Company was included in the consolidated federal and certain state ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.35 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.062 Tc 1 0 0 1 36 268.95 Tm (income tax returns of Tridex. The income tax amounts reflected in the accompanying financial statements are accounted for under the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 266.7 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0308 Tc 1 0 0 1 36 257.3 Tm (liability method in accordance with FAS 109 "Accounting for Income Taxes," and for the periods presented through the date of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 255.05 503.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0345 Tc 1 0 0 1 36 245.65 Tm (Distribution are an allocation of Tridex's consolidated balances, and are computed as if a separate return had been filed for the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 243.4 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0065 Tc 1 0 0 1 36 234 Tm (Company, using those elements of income and expense as reported in the consolidated statements of income. Subsequent to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 231.75 414.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0982 Tc 1 0 0 1 36 222.35 Tm (Distribution, the Company files federal and state income tax returns separately from Tridex. See Note 13. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 208.45 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1506 Tc 1 0 0 1 36 199.05 Tm (EARNINGS PER SHARE: TransAct adopted FAS 128 "Earnings per Share," effective December 15, 1997, which requires the dual ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 196.8 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0326 Tc 1 0 0 1 36 187.4 Tm (presentation of basic and diluted earnings per share for complex capital structures. In accordance with FAS 128, earnings per share ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 185.15 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0156 Tc 1 0 0 1 36 175.75 Tm (presented in the accompanying financial statements for periods prior to adoption have been restated. For the year ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 173.5 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0084 Tc 1 0 0 1 36 164.1 Tm (1996, pro forma basic and diluted earnings per share are based on the weighted average number of shares outstanding during the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 161.85 419.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0111 Tc 1 0 0 1 36 152.45 Tm (period, as if all shares issued to Tridex prior to the Offering had been outstanding throughout the period. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 138.55 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 129.15 Tm (23 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 34 0 obj <> endobj 143 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 144 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 372.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4061 Tc 1 0 0 1 36 700 Tm (2. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \(CONTINUED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1228 Tc 1 0 0 1 36 676.7 Tm (STOCK-BASED COMPENSATION: The Company has elected to follow Accounting Principles Board Opinion No. 25, "Accounting for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0228 Tc 1 0 0 1 36 665.05 Tm (Stock Issued to Employees" \("APB 25"\), and related interpretations in accounting for its stock options. Under APB 25, because the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 507 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0225 Tc 1 0 0 1 36 653.4 Tm (exercise price of employee stock options equals the market price of the underlying stock on the date of grant, no compensation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0024 Tc 1 0 0 1 36 641.75 Tm (expense is recorded. The Company has adopted the disclosure-only provisions of Statement of Financial Accounting Standards No. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 308.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0905 Tc 1 0 0 1 36 630.1 Tm (123, "Accounting for Stock-Based Compensation" \("FAS 123"\). See Note 11. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 616.2 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1186 Tc 1 0 0 1 36 606.8 Tm (SEGMENT REPORTING: FASB Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of an Enterprise ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0356 Tc 1 0 0 1 36 595.15 Tm (and Related Information" \("FAS 131"\) requires that a public business enterprise report financial and descriptive information about its ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0425 Tc 1 0 0 1 36 583.5 Tm (reportable operating segments. Generally, financial information is required to be reported on the basis that it is used internally for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0207 Tc 1 0 0 1 36 571.85 Tm (evaluating segment performance and allocating resources. The Company has assessed its operating and reportable segments and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 306 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0507 Tc 1 0 0 1 36 560.2 Tm (determined that it operates in one reportable segment as defined in FAS 131. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 161.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.373 Tc 1 0 0 1 36 536.9 Tm (3. RELATED PARTY TRANSACTIONS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 498.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0776 Tc 1 0 0 1 36 513.6 Tm (Prior to the Offering, Tridex provided certain general and administrative services to the Company, including tax, treasury, risk ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0516 Tc 1 0 0 1 36 501.95 Tm (management and insurance, legal, marketing, accounting, auditing, human resources and executive management. For periods prior to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0048 Tc 1 0 0 1 36 490.3 Tm (the Offering, these expenses were allocated to the Company based upon actual usage for those expenses directly attributable to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0119 Tc 1 0 0 1 36 478.65 Tm (Company, and otherwise allocated based upon other methods which management believes to be reasonable. The allocation amounted ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0612 Tc 1 0 0 1 36 467 Tm (to $869,000 for the year ended December 31, 1996. These costs may have been different had the Company operated as a separate ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 195 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0413 Tc 1 0 0 1 36 455.35 Tm (stand-alone entity during the periods presented. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.112 Tc 1 0 0 1 36 432.05 Tm (On July 31, 1996, the Company entered into a Corporate Services Agreement with Tridex. Under the terms of this agreement, Tridex ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0354 Tc 1 0 0 1 36 420.4 Tm (agreed to provide the Company with certain services, including employee benefit administration, human resource and related services, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0555 Tc 1 0 0 1 36 408.75 Tm (administrative services, risk management, regulatory compliance, preparation of tax returns and certain financial and other services. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0802 Tc 1 0 0 1 36 397.1 Tm (Such services were provided and reimbursed at actual cost, which amounted to approximately $96,000 and $91,000 for the year ended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0838 Tc 1 0 0 1 36 385.45 Tm (December 31, 1997 and 1996, respectively. Certain services ceased to be provided after March 31, 1997. Also, pursuant to the terms of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0733 Tc 1 0 0 1 36 373.8 Tm (the agreement, Tridex agreed to pay 15% of the direct employment costs of the Company's chief financial officer through March 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1507 Tc 1 0 0 1 36 362.15 Tm (1997, which amounted to approximately $7,000 and $8,000 for the year ended December 31, 1997 and 1996, respectively. The Corporate ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.9 204 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1713 Tc 1 0 0 1 36 350.5 Tm (Services Agreement expired on December 31, 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 336.6 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1026 Tc 1 0 0 1 36 327.2 Tm (On July 31, 1996, the Company entered into a Tax Sharing Agreement with Tridex. The agreement provides for the treatment of certain ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 324.95 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0531 Tc 1 0 0 1 36 315.55 Tm (tax attributes of the Company including the method of allocating tax obligations, treatment of tax carryforwards and the computation of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 313.3 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0488 Tc 1 0 0 1 36 303.9 Tm (income tax provisions for the Company between the date of the Offering and the Distribution. In addition, tax benefits related to certain ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 301.65 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0913 Tc 1 0 0 1 36 292.25 Tm (tax carryforwards arising prior to the Distribution will be paid to Tridex as the carryforwards are utilized. For the year ended December ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 290 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1861 Tc 1 0 0 1 36 280.6 Tm (31, 1997 and December 31, 1996, the Company paid, net of refunds from Tridex, approximately $410,000 and $527,000, respectively, to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.35 136.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0516 Tc 1 0 0 1 36 268.95 Tm (Tridex pursuant to the agreement. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 255.05 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0539 Tc 1 0 0 1 36 245.65 Tm (The Company and Tridex also entered into an Asset Transfer Agreement dated July 31, 1996, under which the Company agreed to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 243.4 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0324 Tc 1 0 0 1 36 234 Tm (transfer to Tridex certain assets used in the manufacturing process of the printer ribbon product line. Additionally, on September 28, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 231.75 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0555 Tc 1 0 0 1 36 222.35 Tm (1996, the Company and Tridex entered into a Manufacturing Support Services Agreement. Under this agreement, the Company agrees ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 220.1 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0402 Tc 1 0 0 1 36 210.7 Tm (to provide Tridex with space within its Wallingford, CT manufacturing facility and certain support services for the ribbon business ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 208.45 503.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1117 Tc 1 0 0 1 36 199.05 Tm (through September 28, 1998. This agreement was amended on June 1, 1998 to extend the term of the agreement to June 1, 2000. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 196.8 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0297 Tc 1 0 0 1 36 187.4 Tm (Pursuant to this agreement, Tridex agrees to pay the Company a monthly fee calculated to compensate the Company for the direct and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 185.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0283 Tc 1 0 0 1 36 175.75 Tm (indirect costs incurred by the Company to provide the space and render such services. These fees amounted to approximately $254,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 173.5 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1523 Tc 1 0 0 1 36 164.1 Tm (and $67,000 during 1997 and 1996, respectively. The Company also purchased approximately $4,000 and $5,000 of ribbons from Tridex ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 161.85 100.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0329 Tc 1 0 0 1 36 152.45 Tm (during the same periods. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 138.55 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 129.15 Tm (24 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 35 0 obj <> endobj 145 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 146 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 223.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.391 Tc 1 0 0 1 36 700 Tm (3. RELATED PARTY TRANSACTIONS \(CONTINUED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0492 Tc 1 0 0 1 36 676.7 Tm (The Company sells certain POS printers to a wholly-owned subsidiary of Tridex. Revenues from the sale of such printers amounted to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 246.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2312 Tc 1 0 0 1 36 665.05 Tm ($2,675,000 and $3,178,000 during 1997 and 1996 , respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 221.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0741 Tc 1 0 0 1 36 641.75 Tm (Subsequent to 1997, Tridex is no longer a related party. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 72 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5853 Tc 1 0 0 1 36 618.45 Tm (4. RECEIVABLES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0289 Tc 1 0 0 1 36 595.15 Tm (Receivables are net of the allowance for doubtful accounts. The reconciliation of the allowance for doubtful accounts is as follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 41.3 569.25 498 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.009 Tc 1 0 0 1 41.3 560.25 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 557.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 548.25 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 545.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 536.25 Tm ( ----- ----- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 533.25 90 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.05 Tc 1 0 0 1 41.3 524.25 Tm (\(In thousands\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 41.3 509.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 500.25 Tm ( Balance at beginning of period $ 102 $ 106 $ 40 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 497.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 488.25 Tm ( Provision for doubtful accounts 41 18 66 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 485.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 476.25 Tm ( Accounts written off, net of recoveries \(4\) \(22\) -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 473.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 464.25 Tm ( ----- ----- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 461.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 452.25 Tm ( Balance at end of period $ 139 $ 102 $106 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 41.3 449.25 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 41.3 440.25 Tm ( ===== ===== ==== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 390.3 71.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5234 Tc 1 0 0 1 36 380.9 Tm (5. INVENTORIES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 367 144 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0184 Tc 1 0 0 1 36 357.6 Tm (The components of inventories are: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 120.4 331.7 348 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0129 Tc 1 0 0 1 120.4 322.7 Tm ( December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 319.7 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 120.4 310.7 Tm (\(In thousands\) 1998 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 307.7 330 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0136 Tc 1 0 0 1 120.4 298.7 Tm ( ------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 295.7 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 120.4 286.7 Tm (------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 283.7 330 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0136 Tc 1 0 0 1 120.4 274.7 Tm (Raw materials and component parts $7,754 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 271.7 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 120.4 262.7 Tm ($7,482 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 259.7 348 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0129 Tc 1 0 0 1 120.4 250.7 Tm (Work-in-process 495 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 247.7 24 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1875 Tc 1 0 0 1 120.4 238.7 Tm (588 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 235.7 348 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0129 Tc 1 0 0 1 120.4 226.7 Tm (Finished goods 495 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 223.7 24 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1875 Tc 1 0 0 1 120.4 214.7 Tm (500 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 211.7 330 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0136 Tc 1 0 0 1 120.4 202.7 Tm ( ------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 199.7 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 120.4 190.7 Tm (------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 187.7 330 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0136 Tc 1 0 0 1 120.4 178.7 Tm ( $8,744 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 175.7 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 120.4 166.7 Tm ($8,570 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 163.7 330 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0136 Tc 1 0 0 1 120.4 154.7 Tm ( ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 120.4 151.7 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 120.4 142.7 Tm (====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 92.75 121.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3544 Tc 1 0 0 1 36 83.35 Tm (6. PLANT AND EQUIPMENT ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 69.45 198 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0226 Tc 1 0 0 1 36 60.05 Tm (The components of plant and equipment, net are: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 36 0 obj <> endobj 147 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 148 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 80.85 744 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 80.85 735 Tm ( December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 732 432 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0104 Tc 1 0 0 1 80.85 723 Tm (\(In thousands\) 1998 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 720 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 711 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 708 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 699 Tm (Tooling, machinery and equipment $ 9,533 $ 8,399 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 696 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 687 Tm (Furniture, office and computer equipment 3,276 2,545 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 684 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 675 Tm (Leasehold improvements 551 339 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 672 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 663 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 660 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 651 Tm ( 13,360 11,283 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 648 402 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0112 Tc 1 0 0 1 80.85 639 Tm (Less: accumulated depreciation \(7,696\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 636 48 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0938 Tc 1 0 0 1 80.85 627 Tm (\(6,294\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 624 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 615 Tm ( -------- -------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 612 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 603 Tm ( $ 5,664 $ 4,989 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 600 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 591 Tm ( ======== ======== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 541.05 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 531.65 Tm (25 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 37 0 obj <> endobj 149 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 150 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 110.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4452 Tc 1 0 0 1 36 700 Tm (7. ACCRUED LIABILITIES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 168 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0703 Tc 1 0 0 1 36 676.7 Tm (The components of accrued liabilities are: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 102.15 650.8 384 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0117 Tc 1 0 0 1 102.15 641.8 Tm ( December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 638.8 402 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0112 Tc 1 0 0 1 102.15 629.8 Tm (\(In thousands\) 1998 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 626.8 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 102.15 617.8 Tm ( ------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 614.8 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 102.15 605.8 Tm (------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 602.8 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 102.15 593.8 Tm (Payroll and fringe benefits $ 522 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 590.8 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 102.15 581.8 Tm ($1,225 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 578.8 384 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0117 Tc 1 0 0 1 102.15 569.8 Tm (Income taxes payable 757 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 566.8 24 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1875 Tc 1 0 0 1 102.15 557.8 Tm (415 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 554.8 240 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0188 Tc 1 0 0 1 102.15 545.8 Tm (Customer advances, deferred revenue and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 542.8 384 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0117 Tc 1 0 0 1 102.15 533.8 Tm ( warranty 850 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 530.8 24 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1875 Tc 1 0 0 1 102.15 521.8 Tm (436 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 518.8 390 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0115 Tc 1 0 0 1 102.15 509.8 Tm (Restructuring 300 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 506.8 18 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.25 Tc 1 0 0 1 102.15 497.8 Tm (-- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 494.8 384 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0117 Tc 1 0 0 1 102.15 485.8 Tm (Other 645 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 482.8 24 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1875 Tc 1 0 0 1 102.15 473.8 Tm (704 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 470.8 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 102.15 461.8 Tm ( ------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 458.8 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 102.15 449.8 Tm (------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 446.8 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 102.15 437.8 Tm ( $3,074 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 434.8 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 102.15 425.8 Tm ($2,780 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 422.8 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 102.15 413.8 Tm ( ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 102.15 410.8 42 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1071 Tc 1 0 0 1 102.15 401.8 Tm (====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 351.85 138.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4452 Tc 1 0 0 1 36 342.45 Tm (8. RETIREMENT SAVINGS PLAN ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 328.55 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0502 Tc 1 0 0 1 36 319.15 Tm (On April 1, 1997, the Company established the TransAct Technologies Retirement Savings Plan \(the "Plan"\), a defined contribution ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 316.9 45 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0447 Tc 1 0 0 1 36 307.5 Tm (plan under ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 305.25 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.078 Tc 1 0 0 1 36 295.85 Tm (Section 401\(k\) of the Internal Revenue Code. Prior to the Distribution, the Company's employees participated in the Tridex Corporation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 293.6 498.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0835 Tc 1 0 0 1 36 284.2 Tm (Retirement Savings Plan. All full-time employees are eligible to participate in the Plan at the beginning of the calendar quarter ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 281.95 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0706 Tc 1 0 0 1 36 272.55 Tm (immediately following their date of hire. The Company matches employees' contributions at a rate of 50% of employees' contributions ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 270.3 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0532 Tc 1 0 0 1 36 260.9 Tm (up to the first 4% of the employees' compensation contributed to the Plan. The Company's matching contributions were $159,000, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 258.65 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1485 Tc 1 0 0 1 36 249.25 Tm ($101,000 and $80,000 in 1998, 1997 and 1996, respectively, and are included in general and administrative expense. Prior to January 1, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 247 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0517 Tc 1 0 0 1 36 237.6 Tm (1998, the Company's rate of matching contributions was 37.5% of the employees' contributions up to the first 4% of the employees' ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 235.35 154.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0031 Tc 1 0 0 1 36 225.95 Tm (compensation contributed to the Plan. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 212.05 132.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.454 Tc 1 0 0 1 36 202.65 Tm (9. BANK CREDIT AGREEMENT ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 188.75 506.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0802 Tc 1 0 0 1 36 179.35 Tm (On August 29, 1996, the Company entered into an agreement with Fleet National Bank \("Fleet"\) to provide the Company with a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 177.1 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.094 Tc 1 0 0 1 36 167.7 Tm ($5,000,000 revolving credit facility \(the "Credit Facility"\). The Credit Facility bore interest on outstanding borrowings at Fleet's prime ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 165.45 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0884 Tc 1 0 0 1 36 156.05 Tm (rate and bore a commitment fee of 0.25% on any unused portion of the Credit Facility. The Credit Facility also permitted the Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 153.8 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0655 Tc 1 0 0 1 36 144.4 Tm (to designate a LIBOR rate on outstanding borrowings with a margin of 1.5 percentage points over the market rate. The Credit Facility ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 142.15 504.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0009 Tc 1 0 0 1 36 132.75 Tm (was secured by a lien on substantially all of the assets of the Company, imposed certain financial covenants and restricted the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 130.5 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0871 Tc 1 0 0 1 36 121.1 Tm (payment of cash dividends. The Company had $300,000 of borrowings outstanding under the Credit Facility at December 31, 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 107.2 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1886 Tc 1 0 0 1 36 97.8 Tm (On January 29, 1998, the Company replaced its existing $5,000,000 Credit Facility with a new $15,000,000 facility \(the "New Credit ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 95.55 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1327 Tc 1 0 0 1 36 86.15 Tm (Facility"\). The New Credit Facility, also with Fleet, provides the Company with a $5,000,000 revolving working capital facility, and a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 83.9 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0547 Tc 1 0 0 1 36 74.5 Tm ($10,000,000 revolving credit facility that may be used for activities such as acquisitions and repurchases of the Company's common ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 72.25 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0882 Tc 1 0 0 1 36 62.85 Tm (stock. Borrowings under the $10,000,000 revolving credit facility may, at the Company's election, be converted to a four-year term loan ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 60.6 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1326 Tc 1 0 0 1 36 51.2 Tm (commencing on June 30, 1999, the expiration date of the New Credit Facility. Any term loan borrowings mature on June 30, 2003. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 48.95 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.12 Tc 1 0 0 1 36 39.55 Tm (Borrowings under the New Credit Facility bear interest at Fleet's prime rate and bear a commitment fee ranging from 0.25% to 0.50% on ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 38 0 obj <> endobj 151 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 152 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1294 Tc 1 0 0 1 36 746.6 Tm (any unused portion of the New Credit Facility \(0.375% at December 31, 1998\). The New Credit Facility also permits the Company to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0757 Tc 1 0 0 1 36 734.95 Tm (designate a LIBOR rate on outstanding borrowings with a margin ranging from 1.25 to 1.75 percentage points over the market rate, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0317 Tc 1 0 0 1 36 723.3 Tm (depending on the Company meeting certain ratios. The New Credit Facility is secured by a lien on substantially all of the assets of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0129 Tc 1 0 0 1 36 711.65 Tm (Company, imposes certain financial covenants and restricts the payment of cash dividends and the creation of liens. The Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0903 Tc 1 0 0 1 36 700 Tm (had $5,800,000 of borrowings outstanding under the New Credit Facility at December 31, 1998. The Company intends to convert the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0842 Tc 1 0 0 1 36 688.35 Tm (outstanding borrowings to a four-year term loan at the expiration of the New Credit Facility. In accordance with that intent, $5,075,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 434.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1469 Tc 1 0 0 1 36 676.7 Tm (\($5,800,000, less the current maturity of $725,000\) has been classified as long-term debt at December 31, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 662.8 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 653.4 Tm (26 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 39 0 obj <> endobj 153 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 154 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 186 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4015 Tc 1 0 0 1 36 700 Tm (10. COMMITMENTS AND CONTINGENCIES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0589 Tc 1 0 0 1 36 676.7 Tm (At December 31, 1997, the Company was lessee on operating leases for equipment and real property. The terms of certain leases ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0587 Tc 1 0 0 1 36 665.05 Tm (provide for escalating rent payments in later years of the lease as well as payment of minimum rent and real estate taxes. Rent expense ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2075 Tc 1 0 0 1 36 653.4 Tm (amounted to approximately $957,000, $713,000 and $682,000 in the year ended December 31, 1998, 1997 and 1996, respectively. Minimum ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0298 Tc 1 0 0 1 36 641.75 Tm (aggregate rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2917 Tc 1 0 0 1 36 630.1 Tm (year as of December 31, 1998 are as follows: $864,000 in 1999; $856,000 in 2000; $844,000 in 2001; $841,000 in 2002; $843,000 in 2003 and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 85.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2527 Tc 1 0 0 1 36 618.45 Tm ($3,268,000 thereafter. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0456 Tc 1 0 0 1 36 595.15 Tm (The Company has a long-term purchase agreement for certain printer components. Under the terms of the agreement, the Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0128 Tc 1 0 0 1 36 583.5 Tm (receives favorable pricing for volume purchases over the life of the contract. In the event anticipated purchase levels are not achieved, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0087 Tc 1 0 0 1 36 571.85 Tm (the Company would be subject to retroactive price increases on previous purchases. Management currently anticipates achieving ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 234 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0375 Tc 1 0 0 1 36 560.2 Tm (sufficient purchase levels to maintain the favorable prices. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.101 Tc 1 0 0 1 36 536.9 Tm (In conjunction with the Plan of Reorganization, as described in Note 1, Tridex indemnified the Company from any liabilities, including ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0801 Tc 1 0 0 1 36 525.25 Tm (environmental liabilities, which could arise in connection with a manufacturing facility owned by Tridex and formerly operated by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 42.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1822 Tc 1 0 0 1 36 513.6 Tm (Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 168.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3071 Tc 1 0 0 1 36 490.3 Tm (11. STOCK OPTIONS AND WARRANTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 476.4 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1126 Tc 1 0 0 1 36 467 Tm (STOCK OPTIONS. On July 30, 1996, the Company adopted the 1996 Stock Plan which provides for the grant of awards to officers and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0364 Tc 1 0 0 1 36 455.35 Tm (other key employees of the Company, and the Directors' Stock Plan which provides for non-discretionary awards to non-employee ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 507 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0584 Tc 1 0 0 1 36 443.7 Tm (directors. The plans provide for awards in the form of: \(i\) incentive stock options, \(ii\) non-qualified stock options, \(iii\) shares of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0334 Tc 1 0 0 1 36 432.05 Tm (restricted stock, \(iv\) restricted units, \(v\) stock appreciation rights or \(vi\) limited stock appreciation rights. Options granted are at prices ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0437 Tc 1 0 0 1 36 420.4 Tm (equal to 100% of the fair market value of the common stock at the date of grant. Options granted have a ten-year term and vest over a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0914 Tc 1 0 0 1 36 408.75 Tm (five-year period, unless automatically accelerated. At December 31, 1998, the Company has reserved 960,000 shares of common stock ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 260.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0811 Tc 1 0 0 1 36 397.1 Tm (for issuance under the 1996 Stock Plan and Directors' Stock Plan. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 383.2 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.002 Tc 1 0 0 1 36 373.8 Tm (During the fourth quarter of 1998, the Company approved the cancellation and reissuance of certain outstanding options under the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 514.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0902 Tc 1 0 0 1 36 362.15 Tm (1996 Stock Plan. Under the program, holders of outstanding options as of December 10, 1998, excluding the Company's executive ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 359.9 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0344 Tc 1 0 0 1 36 350.5 Tm (officers, obtained in substitution for existing options new options for the same number of shares. The new options, totaling 190,600, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 348.25 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0781 Tc 1 0 0 1 36 338.85 Tm (are exercisable at a price of $4.75 per share, the fair market value of the common stock on the reissue date. The new options maintain ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 336.6 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0026 Tc 1 0 0 1 36 327.2 Tm (the vesting schedule established by the canceled option. These 190,600 options have been treated as canceled and granted in 1998 in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 324.95 65.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0795 Tc 1 0 0 1 36 315.55 Tm (the table below. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 301.65 331.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.12 Tc 1 0 0 1 36 292.25 Tm (The 1996 Stock Plan and Directors' Stock Plan option activity is summarized below: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 266.7 341.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4533 Tc 1 0 0 1 36 259.95 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 257.7 416.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4527 Tc 1 0 0 1 36 250.95 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 248.7 457.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 241.95 Tm ( ---------------------------- ----------------------- ------------------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 239.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 232.95 Tm ( Weighted Weighted Weighted ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 230.7 450 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 223.95 Tm ( Average Average Average ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 221.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 214.95 Tm ( Exercise Exercise Exercise ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 212.7 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 205.95 Tm ( Shares Price Shares Price Shares Price ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 203.7 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 196.95 Tm ( ------ ----- ------ ----- ------ ----- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 194.7 105 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4607 Tc 1 0 0 1 36 187.95 Tm (Outstanding at beginning of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 185.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 178.95 Tm ( Period 542,600 $10.97 339,300 $ 8.50 -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 176.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 169.95 Tm ( Granted 428,100 5.75 227,500 14.45 339,300 $ 8.50 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 167.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 160.95 Tm ( Exercised \(200\) 8.50 \(9,000\) 8.50 -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 158.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 151.95 Tm ( Canceled \(218,200\) 10.83 \(15,200\) 10.04 -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 149.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 142.95 Tm ( -------- ------ -------- ------ ------- ------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 140.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 133.95 Tm (Outstanding at end of period 752,300 8.04 542,600 10.97 339,300 8.50 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 131.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 124.95 Tm ( ======== ====== ======== ====== ======= ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 113.7 112.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.46 Tc 1 0 0 1 36 106.95 Tm (Options exercisable at end of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 104.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 97.95 Tm (period 165,360 $ 8.28 57,060 $ 8.50 -- $ -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 95.7 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 88.95 Tm ( ======= ====== ======== ====== ======= ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 40 0 obj <> endobj 155 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 156 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 300.75 756 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 746.6 Tm (27 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 41 0 obj <> endobj 157 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 158 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 231 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3431 Tc 1 0 0 1 36 700 Tm (11. STOCK OPTIONS AND WARRANTS \(CONTINUED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 508.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0376 Tc 1 0 0 1 36 676.7 Tm (The Company applies APB 25 and related interpretations in accounting for its long-term incentive stock plans. Accordingly, no ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 246.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0301 Tc 1 0 0 1 36 665.05 Tm (compensation cost has been recognized for its stock options. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 642.15 431.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 635.4 Tm ( Options Outstanding Options Exercisable ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 633.15 450 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 626.4 Tm ( ------------------------------------------------- -------------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 624.15 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 617.4 Tm ( Weighted- Weighted- Weighted- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 615.15 450 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 608.4 Tm ( Outstanding at Average Average Exercisable at Average ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 606.15 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 599.4 Tm ( December 31, Exercise Remaining December 31, Exercise ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 597.15 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 590.4 Tm (Range of Exercise Prices 1998 Price Contractual Life 1998 Price ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 588.15 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 581.4 Tm ( ---- ----- ---------------- ---- ----- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 579.15 303.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4537 Tc 1 0 0 1 36 572.4 Tm ( \(In years\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 561.15 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 554.4 Tm ( $ 3.00 - $ 7.50 299,600 $4.38 8.3 53,640 $4.75 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 552.15 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 545.4 Tm ( 7.51 - 10.00 327,000 8.72 8.2 86,220 8.50 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 543.15 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 536.4 Tm ( 10.01 - 12.50 8,500 11.66 8.4 1,500 11.75 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.15 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 527.4 Tm ( 12.51 - 15.00 51,200 13.75 8.0 10,800 13.74 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 525.15 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 518.4 Tm ( 15.01 - 17.50 66,000 16.38 8.6 13,200 16.38 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 472.2 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0146 Tc 1 0 0 1 36 462.8 Tm (Had compensation expense been recognized based on the fair value of the options at their grant dates, as prescribed in FAS 123, the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 460.55 309.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0451 Tc 1 0 0 1 36 451.15 Tm (Company's net income and net income per share would have been as follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 425.6 483 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.437 Tc 1 0 0 1 36 417.35 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 415.1 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 406.85 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 404.6 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 396.35 Tm ( ---- ---- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.1 199.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4184 Tc 1 0 0 1 36 385.85 Tm (\(In thousands, except per share data\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.6 63 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.35 Tc 1 0 0 1 36 375.35 Tm (Net income: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 373.1 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 364.85 Tm ( As reported $ 1,206 $ 4,893 $ 3,340 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 352.1 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 343.85 Tm ( Pro forma under FAS 123 747 4,422 3,248 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 341.6 115.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3955 Tc 1 0 0 1 36 333.35 Tm (Net income per share: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 331.1 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 322.85 Tm ( Basic: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 320.6 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 312.35 Tm ( As reported 0.20 0.72 0.57 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 310.1 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 301.85 Tm ( Pro forma under FAS 123 0.12 0.65 0.55 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 299.6 57.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3409 Tc 1 0 0 1 36 291.35 Tm ( Diluted: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 289.1 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 280.85 Tm ( As reported 0.20 0.71 0.57 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.6 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 270.35 Tm ( Pro forma under FAS 123 0.12 0.64 0.55 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 222.65 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0452 Tc 1 0 0 1 36 213.25 Tm (The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 211 387 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0809 Tc 1 0 0 1 36 201.6 Tm (assumptions used for the grants made during the years ended December 31, 1998, 1997 and 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 176.05 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 167.8 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 165.55 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 157.3 Tm ( 1998 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 155.05 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 146.8 Tm ( 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 144.55 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 136.3 Tm ( ---- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 134.05 31.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.25 Tc 1 0 0 1 36 125.8 Tm ( ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 123.55 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 115.3 Tm (Risk-free interest rate 4.9% 6.4% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 113.05 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 104.8 Tm ( 5.1% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 102.55 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 94.3 Tm (Dividend yield 0% 0% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 92.05 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 83.8 Tm ( 0% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 81.55 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 73.3 Tm (Expected volatility factor 78.1% 60.0% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 71.05 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 62.8 Tm ( 59.5% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 60.55 535.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4382 Tc 1 0 0 1 36 52.3 Tm (Expected option term 10 years 10 years ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 50.05 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 41.8 Tm (10 years ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 42 0 obj <> endobj 159 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 160 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 535.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4382 Tc 1 0 0 1 36 747.75 Tm (Weighted average fair value of options granted during period $ 4.69 $ 10.97 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 745.5 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 737.25 Tm ($ 6.25 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 689.55 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 680.15 Tm (28 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 43 0 obj <> endobj 161 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 162 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 231 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3431 Tc 1 0 0 1 36 700 Tm (11. STOCK OPTIONS AND WARRANTS \(CONTINUED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1012 Tc 1 0 0 1 36 676.7 Tm (RESTRICTED STOCK: Under the 1996 Stock Plan, the Company has granted shares of restricted common stock, for no consideration, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.078 Tc 1 0 0 1 36 665.05 Tm (to its Chairman of the Board, officers and certain key employees. The 1996 Stock Plan and Directors' Stock Plan restricted stock activity ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 86.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2153 Tc 1 0 0 1 36 653.4 Tm (is summarized below: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 83.9 627.5 420 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0107 Tc 1 0 0 1 83.9 618.5 Tm ( Year Ended December ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 615.5 24 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1875 Tc 1 0 0 1 83.9 606.5 Tm (31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 603.5 426 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0106 Tc 1 0 0 1 83.9 594.5 Tm ( 1998 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 591.5 426 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0106 Tc 1 0 0 1 83.9 582.5 Tm ( ---- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 579.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 570.5 Tm (Outstanding shares at beginning of period 78,800 -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 83.9 555.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 546.5 Tm ( Granted 25,000 78,800 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 543.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 534.5 Tm ( Canceled \(3,000\) -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 531.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 522.5 Tm ( -------- ------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 519.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 510.5 Tm (Outstanding shares at end of period 100,800 78,800 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 507.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 498.5 Tm ( ======== ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 83.9 483.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 474.5 Tm (Vested shares at end of period 9,360 -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 83.9 471.5 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 83.9 462.5 Tm ( ======== ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 412.55 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1114 Tc 1 0 0 1 36 403.15 Tm (Of the 100,800 shares of restricted stock outstanding at December 31, 1998, 46,800 shares vest over a five-year period, while 54,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 400.9 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0084 Tc 1 0 0 1 36 391.5 Tm (shares vest at the end of a five-year period. Under certain conditions vesting may be automatically accelerated. Upon issuance of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 389.25 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0116 Tc 1 0 0 1 36 379.85 Tm (restricted stock, unearned compensation equivalent to the market value at the date of grant is charged to shareholders' equity and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 377.6 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1108 Tc 1 0 0 1 36 368.2 Tm (subsequently amortized over the vesting period. Amortization expense of $231,000 and $124,000 was recorded during 1998 and 1997, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 365.95 53.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0408 Tc 1 0 0 1 36 356.55 Tm (respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 342.65 514.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0838 Tc 1 0 0 1 36 333.25 Tm (WARRANTS: On August 22, 1996, the Company sold to the underwriters of the Offering, for nominal consideration, a warrant to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 331 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1035 Tc 1 0 0 1 36 321.6 Tm (purchase from the Company up to 115,000 shares of common stock at an exercise price of $10.20 per share. The warrant is exercisable ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 319.35 196.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1297 Tc 1 0 0 1 36 309.95 Tm (for a period of five years beginning April 1, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 296.05 145.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4661 Tc 1 0 0 1 36 286.65 Tm (12. STOCKHOLDER RIGHTS PLAN ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 272.75 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0472 Tc 1 0 0 1 36 263.35 Tm (In December 1997, the Board of Directors adopted a stockholder rights plan declaring a distribution of one right \(the "Rights"\) for each ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 261.1 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0724 Tc 1 0 0 1 36 251.7 Tm (outstanding share of the Company's common stock to shareholders of record at December 15, 1997. Initially, each of the Rights will ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 249.45 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0422 Tc 1 0 0 1 36 240.05 Tm (entitle the registered holder to purchase from the Company one one-thousandth of a share of Series A Preferred Stock, $0.01 par value, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 237.8 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0458 Tc 1 0 0 1 36 228.4 Tm (at a price of $69 per one one-thousandth of a share. The Rights, however, will not become exercisable unless and until, among other ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 226.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0038 Tc 1 0 0 1 36 216.75 Tm (things, any person or group of affiliated persons acquires beneficial ownership of 15 percent or more of the then outstanding shares of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 214.5 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0525 Tc 1 0 0 1 36 205.1 Tm (the Company's Common Stock. If a person, or group of persons, acquires 15 percent or more of the outstanding Common Stock of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 202.85 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0535 Tc 1 0 0 1 36 193.45 Tm (Company \(subject to certain conditions and exceptions more fully described in the Rights Agreement\), each Right will entitle the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 191.2 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0129 Tc 1 0 0 1 36 181.8 Tm (holder \(other than the person, or group of persons, who acquired 15 percent or more of the outstanding Common Stock\) to purchase ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 179.55 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0829 Tc 1 0 0 1 36 170.15 Tm (Preferred Stock of the Company having a market value equal to twice the exercise price of the Right. The Rights are redeemable, under ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 167.9 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1195 Tc 1 0 0 1 36 158.5 Tm (certain circumstances, for $0.0001 per Right and will expire, unless earlier redeemed, on December 2, 2007. The stockholders rights plan ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 156.25 195 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1517 Tc 1 0 0 1 36 146.85 Tm (was amended on February 18, 1999. See Note 18. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 132.95 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 123.55 Tm (29 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 44 0 obj <> endobj 163 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 164 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 85.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3918 Tc 1 0 0 1 36 700 Tm (13. INCOME TAXES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 239.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0584 Tc 1 0 0 1 36 676.7 Tm (The components of the income tax provision are as follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 80.85 650.8 390 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0115 Tc 1 0 0 1 80.85 641.8 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 638.8 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 80.85 629.8 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 626.8 438 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0103 Tc 1 0 0 1 80.85 617.8 Tm ( ---- ---- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 614.8 90 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.05 Tc 1 0 0 1 80.85 605.8 Tm (\(In thousands\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 602.8 54 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0833 Tc 1 0 0 1 80.85 593.8 Tm (Current: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 590.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 581.8 Tm ( Federal $ 779 $ 2,461 $ 1,934 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 578.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 569.8 Tm ( State 126 525 336 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 566.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 557.8 Tm ( Foreign 131 -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 554.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 545.8 Tm ( ------- ------- ------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 542.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 533.8 Tm ( 1,036 2,986 2,270 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 530.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 521.8 Tm ( ------- ------- ------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 518.8 60 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.075 Tc 1 0 0 1 80.85 509.8 Tm (Deferred: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 506.8 420 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0107 Tc 1 0 0 1 80.85 497.8 Tm ( Federal \(371\) \(46\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 494.8 30 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.15 Tc 1 0 0 1 80.85 485.8 Tm (\(73\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 482.8 426 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0106 Tc 1 0 0 1 80.85 473.8 Tm ( State \(44\) \(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 470.8 24 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.1875 Tc 1 0 0 1 80.85 461.8 Tm (\(9\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 458.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 449.8 Tm ( ------- ------- ------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 446.8 420 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0107 Tc 1 0 0 1 80.85 437.8 Tm ( \(415\) \(51\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 434.8 30 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.15 Tc 1 0 0 1 80.85 425.8 Tm (\(82\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 422.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 413.8 Tm ( ------- ------- ------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 410.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 401.8 Tm (Total income tax provision $ 621 $ 2,935 $ 2,188 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 80.85 398.8 444 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0101 Tc 1 0 0 1 80.85 389.8 Tm ( ======= ======= ======= ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 339.85 499.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1971 Tc 1 0 0 1 36 330.45 Tm (The Company had foreign income before taxes of $435,000 in 1998, $131,000 in 1997 and a loss before taxes of $51,000 in 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 316.55 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0525 Tc 1 0 0 1 36 307.15 Tm (Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 304.9 436.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0568 Tc 1 0 0 1 36 295.5 Tm (financial statements. The Company's gross deferred tax assets and liabilities were comprised of the following: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 132.55 269.6 324 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0139 Tc 1 0 0 1 132.55 260.6 Tm ( December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 257.6 342 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0132 Tc 1 0 0 1 132.55 248.6 Tm (\(In thousands\) 1998 1997 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 245.6 342 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0132 Tc 1 0 0 1 132.55 236.6 Tm ( ---- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 233.6 162 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0278 Tc 1 0 0 1 132.55 224.6 Tm (Gross deferred tax assets: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 221.6 318 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0142 Tc 1 0 0 1 132.55 212.6 Tm ( Liabilities and reserves $1,187 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 209.6 30 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.15 Tc 1 0 0 1 132.55 200.6 Tm ($710 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 197.6 318 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0142 Tc 1 0 0 1 132.55 188.6 Tm ( ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 185.6 30 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.15 Tc 1 0 0 1 132.55 176.6 Tm (==== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 132.55 161.6 192 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0234 Tc 1 0 0 1 132.55 152.6 Tm (Gross deferred tax liabilities: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 149.6 318 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0142 Tc 1 0 0 1 132.55 140.6 Tm ( Depreciation $ 425 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 137.6 30 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.15 Tc 1 0 0 1 132.55 128.6 Tm ($363 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 125.6 318 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0142 Tc 1 0 0 1 132.55 116.6 Tm ( ====== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 132.55 113.6 30 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.15 Tc 1 0 0 1 132.55 104.6 Tm (==== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 54.65 504.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0824 Tc 1 0 0 1 36 45.25 Tm (Differences between the U.S. statutory federal income tax rate and the Company's effective income tax rate are analyzed below: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 45 0 obj <> endobj 165 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 166 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 38.25 732.35 498 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.009 Tc 1 0 0 1 38.25 723.35 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 720.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 711.35 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 708.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 699.35 Tm ( ---- ---- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 696.35 534 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0084 Tc 1 0 0 1 38.25 687.35 Tm (Federal statutory tax rate 34.0% 34.0% 34.0% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 684.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 675.35 Tm (State income taxes, net of federal income taxes 6.0 4.4 4.0 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 672.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 663.35 Tm (Non-deductible purchase accounting adjustments 4.4 0.9 1.1 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 660.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 651.35 Tm (Tax benefit from foreign sales corporation \(2.2\) \(1.0\) -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 648.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 639.35 Tm (Tax benefit from tax credits \(5.8\) \(1.6\) -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 636.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 627.35 Tm (Foreign rate differential \(0.9\) -- -- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 624.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 615.35 Tm (Other \(1.5\) 0.8 0.5 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 612.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 603.35 Tm ( ---- ---- ---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 600.35 534 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0084 Tc 1 0 0 1 38.25 591.35 Tm ( Effective tax rate 34.0% 37.5% 39.6% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 38.25 588.35 528 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0085 Tc 1 0 0 1 38.25 579.35 Tm ( ==== ==== ==== ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 529.4 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 520 Tm (30 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 46 0 obj <> endobj 167 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 168 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 320.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4364 Tc 1 0 0 1 36 700 Tm (14. DISCLOSURE REGARDING FAIR VALUE OF FINANCIAL INSTRUMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0235 Tc 1 0 0 1 36 676.7 Tm (The carrying amount of trade accounts receivable, other current assets, trade accounts payable, accrued expenses and bank loans ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 295.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0365 Tc 1 0 0 1 36 665.05 Tm (approximate fair value because of the short maturity of those instruments. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 149.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3493 Tc 1 0 0 1 36 641.75 Tm (15. SIGNIFICANT TRANSACTIONS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 500.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.054 Tc 1 0 0 1 36 618.45 Tm (During the fourth quarter of 1998, the Company recorded a restructuring charge of $300,000 for severance costs related to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 315 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0961 Tc 1 0 0 1 36 606.8 Tm (downsizing and reorganization of its manufacturing facility in Wallingford, CT. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0702 Tc 1 0 0 1 36 583.5 Tm (During November 1997, the Board of Directors approved the repurchase of up to 500,000 shares of the Company's common stock at a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0407 Tc 1 0 0 1 36 571.85 Tm (price of no more than $12 per share. During May, August and October 1998, the Board approved the repurchase of an additional ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 514.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.145 Tc 1 0 0 1 36 560.2 Tm (500,000, 250,000 and 250,000 shares, respectively, bringing the total authorized to 1.5 million shares. As of December 31, 1997, the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1458 Tc 1 0 0 1 36 548.55 Tm (Company acquired 200,000 shares of its common stock for $2,251,000. During 1998, the Company repurchased an additional 1,003,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 503.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0868 Tc 1 0 0 1 36 536.9 Tm (shares of its common stock for $7,170,000. Since the Company began the stock repurchase program in December 1997 through ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1356 Tc 1 0 0 1 36 525.25 Tm (December 31, 1998, it has repurchased 1,203,000 shares for $9,421,000 \(an average cost of $7.83 per share\). See Note 18 concerning ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 152.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1241 Tc 1 0 0 1 36 513.6 Tm (repurchases since December 31, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 153 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3729 Tc 1 0 0 1 36 490.3 Tm (16. INTERNATIONAL OPERATIONS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 476.4 502.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0613 Tc 1 0 0 1 36 467 Tm (The Company has foreign operations primarily from Ithaca Peripherals Ltd., a wholly-owned subsidiary, which had sales to its ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1863 Tc 1 0 0 1 36 455.35 Tm (customers of $4,990,000, $4,204,000 and $397,000 in the year ended December 31, 1998, 1997 and 1996, respectively. The Company had ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1457 Tc 1 0 0 1 36 443.7 Tm (export sales to its customers from the United States of approximately $3,396,000, $5,618,000 and $1,622,00 in the year ended December ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 149.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2311 Tc 1 0 0 1 36 432.05 Tm (31, 1998, 1997 and 1996, respectively. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 418.15 252 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4255 Tc 1 0 0 1 36 408.75 Tm (17. QUARTERLY RESULTS OF OPERATIONS \(UNAUDITED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0858 Tc 1 0 0 1 36 385.45 Tm (The Company's quarterly results of operations for the years ended December 31, 1998, 1997 and 1996 \(unaudited\) are as follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 359.9 352.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4532 Tc 1 0 0 1 36 353.15 Tm ( Quarter Ended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 350.9 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 344.15 Tm ( ------------------------------------------------------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 341.9 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 335.15 Tm (\(In thousands, except per share amounts\) March 28 June 27 September 26 December 31 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 332.9 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 326.15 Tm ( ----------- ---------- ------------ ----------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 323.9 22.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.5 Tc 1 0 0 1 36 317.15 Tm (1998: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 314.9 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 308.15 Tm ( Net sales $ 13,280 $ 12,500 $ 13,600 $12,859 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 305.9 435 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 299.15 Tm ( Gross profit 3,746 3,435 3,778 2,867 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 296.9 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 290.15 Tm ( Net income \(loss\) 634 231 533 \(192\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 287.9 123.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4591 Tc 1 0 0 1 36 281.15 Tm ( Net income \(loss\) per share: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.9 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 272.15 Tm ( Basic 0.10 0.04 0.09 \(0.03\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 269.9 438.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4526 Tc 1 0 0 1 36 263.15 Tm ( Diluted 0.10 0.04 0.09 \(0.03\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 216.95 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 207.55 Tm (31 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 47 0 obj <> endobj 169 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 170 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 202.5 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 184.1 732.7 244.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5344 Tc 1 0 0 1 184.1 723.3 Tm (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 312 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4306 Tc 1 0 0 1 36 700 Tm (17. QUARTERLY RESULTS OF OPERATIONS \(UNAUDITED\)\(CONTINUED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 677.1 360 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4531 Tc 1 0 0 1 36 670.35 Tm ( Quarter Ended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 668.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 661.35 Tm ( --------------------------------------------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 659.1 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 652.35 Tm ( March 29 June 28 September 27 December 31 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 650.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 643.35 Tm ( --------------------------------------------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 641.1 22.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.5 Tc 1 0 0 1 36 634.35 Tm (1997: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 632.1 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 625.35 Tm ( Net sales $ 14,014 $ 15,569 $ 16,040 $ 12,777 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 623.1 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 616.35 Tm ( Gross profit 4,352 4,963 5,065 3,793 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 614.1 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 607.35 Tm ( Net income 1,087 1,360 1,582 864 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 605.1 97.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4615 Tc 1 0 0 1 36 598.35 Tm ( Net income per share: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 596.1 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 589.35 Tm ( Basic 0.16 0.20 0.23 0.13 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 587.1 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 580.35 Tm ( Diluted 0.16 0.20 0.23 0.12 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 522.5 446.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 515.75 Tm ( March 30 June 29 September 28 December 31 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 513.5 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 506.75 Tm ( --------------------------------------------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 504.5 22.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.5 Tc 1 0 0 1 36 497.75 Tm (1996: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 495.5 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 488.75 Tm ( Net sales $ 10,463 $ 9,762 $ 10,794 $ 11,115 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 486.5 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 479.75 Tm ( Gross profit 3,479 3,328 3,655 3,471 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 477.5 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 470.75 Tm ( Net income 865 868 927 680 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 468.5 97.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4615 Tc 1 0 0 1 36 461.75 Tm ( Net income per share: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 459.5 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 452.75 Tm ( Basic 0.16 0.16 0.16 0.10 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 450.5 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 443.75 Tm ( Diluted 0.16 0.16 0.16 0.10 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 397.55 176.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4592 Tc 1 0 0 1 36 388.15 Tm (18. SUBSEQUENT EVENTS \(UNAUDITED\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 374.25 493.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0671 Tc 1 0 0 1 36 364.85 Tm (As of February 8, 1999 the Company had purchased an additional 70,800 shares of its common stock on the open market for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 362.6 96 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.303 Tc 1 0 0 1 36 353.2 Tm (approximately $229,000. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 339.3 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1157 Tc 1 0 0 1 36 329.9 Tm (On February 23, 1999, with the Board of Directors' approval, the Company provided a $330,000 loan to an officer of the Company. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 327.65 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0274 Tc 1 0 0 1 36 318.25 Tm (loan proceeds were used to purchase 104,000 shares of the Company's common stock on the open market during January and February ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 316 502.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0865 Tc 1 0 0 1 36 306.6 Tm (1999. The loan is payable on February 23, 2004, and is a full recourse obligation to the officer secured by 154,000 shares of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 304.35 500.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0356 Tc 1 0 0 1 36 294.95 Tm (Company's common stock, which includes 50,000 shares of restricted stock. The loan bears interest at a rate equivalent to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 292.7 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0748 Tc 1 0 0 1 36 283.3 Tm (Company's average borrowing rate under the New Credit Facility with Fleet Bank, and is payable annually. The principal amount of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 281.05 192.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0583 Tc 1 0 0 1 36 271.65 Tm (loan will be deducted from shareholders' equity. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 257.75 495.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1041 Tc 1 0 0 1 36 248.35 Tm (On February 16, 1999, the Company amended its Stockholder Rights Plan that was originally adopted in December 1997. The ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 246.1 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0364 Tc 1 0 0 1 36 236.7 Tm (amendment removed that provision in the plan that stipulated that the plan may be modified or redeemed only by those members of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 234.45 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.038 Tc 1 0 0 1 36 225.05 Tm (Board of Directors that are defined as continuing directors. A continuing director as generally defined under the plan is a member of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 222.8 352.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0721 Tc 1 0 0 1 36 213.4 Tm (the Board of Directors prior to the commencement of a hostile takeover of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 199.5 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 190.1 Tm (32 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 48 0 obj <> endobj 171 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 172 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 521.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5507 Tc 1 0 0 1 36 746.6 Tm (ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 26.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1517 Tc 1 0 0 1 36 723.3 Tm (None. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 286.85 709.4 39 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.599 Tc 1 0 0 1 286.85 700 Tm (PART III ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 320.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6011 Tc 1 0 0 1 36 676.7 Tm (ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 662.8 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0829 Tc 1 0 0 1 36 653.4 Tm (Information contained in "Election of Directors" and "Section 16\(a\) Beneficial Ownership Reporting Compliance" of the Company's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0594 Tc 1 0 0 1 36 641.75 Tm (Proxy Statement \(the "Proxy Statement"\) for its Annual Meeting of Shareholders which is scheduled to be held on May 6, 1999 is ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 453 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.07 Tc 1 0 0 1 36 630.1 Tm (hereby incorporated herein by reference. Also, see information under "Executive Officers of Registrant" in Item 1. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 616.2 174 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6182 Tc 1 0 0 1 36 606.8 Tm (ITEM 11. EXECUTIVE COMPENSATION. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0646 Tc 1 0 0 1 36 583.5 Tm (The information contained in "Executive Compensation" other than the Compensation Committee Report on Executive Compensation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 265.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0529 Tc 1 0 0 1 36 571.85 Tm (of the Proxy Statement is hereby incorporated herein by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 401.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5988 Tc 1 0 0 1 36 548.55 Tm (ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 534.65 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0689 Tc 1 0 0 1 36 525.25 Tm (The information contained in "Security Ownership of Certain Beneficial Owners and Management" of the Proxy Statement is hereby ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 134.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0433 Tc 1 0 0 1 36 513.6 Tm (incorporated herein by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 308.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5126 Tc 1 0 0 1 36 490.3 Tm (ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 476.4 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0319 Tc 1 0 0 1 36 467 Tm (The information contained in "Certain Relationships and Related Transactions" of the Proxy Statement is hereby incorporated herein ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 54 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.085 Tc 1 0 0 1 36 455.35 Tm (by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 286.5 441.45 39.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5101 Tc 1 0 0 1 286.5 432.05 Tm (PART IV ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 418.15 393.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5312 Tc 1 0 0 1 36 408.75 Tm (ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 383.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3499 Tc 1 0 0 1 36 385.45 Tm (\(A\) THE FOLLOWING FINANCIAL STATEMENTS AND EXHIBITS ARE FILED AS PART OF ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 67.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5307 Tc 1 0 0 1 36 373.8 Tm (THIS REPORT: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 359.9 94.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0953 Tc 1 0 0 1 36 350.5 Tm (\(i\) Financial statements ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 282.75 336.6 47.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.2233 Tc 1 0 0 1 282.75 327.2 Tm (See Item 8. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 313.3 135 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0615 Tc 1 0 0 1 36 303.9 Tm (\(ii\) Financial statement schedules ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 290 504.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0285 Tc 1 0 0 1 36 280.6 Tm (All schedules are omitted since the required information is either \(a\) not present or not present in amounts sufficient to require ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 278.35 347.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0018 Tc 1 0 0 1 36 268.95 Tm (submission of the schedule or \(b\) included in the financial statements or notes thereto. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 255.05 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 245.65 Tm (33 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 49 0 obj <> endobj 173 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 174 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 75.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.231 Tc 1 0 0 1 36 746.6 Tm (\(iii\) List of exhibits ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 712.8 Tm ( 3.1\(a\) Certificate of Incorporation of the Company, filed with the Secretary of State of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 710.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 702.3 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 700.05 194.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4176 Tc 1 0 0 1 36 691.8 Tm ( Delaware on June 17, 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 679.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 670.8 Tm ( 3.1\(b\) Certificate of Amendment of Certificate of Incorporation of the Company, filed with ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 668.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 660.3 Tm (\(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 658.05 325.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4306 Tc 1 0 0 1 36 649.8 Tm ( the Secretary of State of Delaware on May 30, 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 637.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 628.8 Tm ( 3.2 Amended and Restated By-laws of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 626.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 618.3 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 605.55 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 597.3 Tm ( 4.1 Specimen Common Stock Certificate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 595.05 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 586.8 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 574.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 565.8 Tm ( 4.2 Amended and Restated Rights Agreement between TransAct and American Stock Transfer & ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 563.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 555.3 Tm (\(8\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 553.05 252 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.425 Tc 1 0 0 1 36 544.8 Tm ( Trust Company dated February 16, 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 532.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 523.8 Tm (10.1 Plan of Reorganization dated as of June 24, 1996 among Tridex, Magnetec, TransAct ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 521.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 513.3 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.05 115.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3955 Tc 1 0 0 1 36 502.8 Tm ( and Ithaca. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 490.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 481.8 Tm (10.2 Amendment to Plan of Reorganization dated as of August 30, 1996 among Tridex, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 479.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 471.3 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 469.05 215.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4207 Tc 1 0 0 1 36 460.8 Tm ( Magnetec, TransAct and Ithaca. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 448.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 439.8 Tm (10.3 Agreement and Plan of Merger dated as of July 16, 1996 between Magnetec and Ithaca. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 437.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 429.3 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 416.55 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 408.3 Tm (10.4 Asset Transfer Agreement dated as of July 31, 1996 between Magnetec and Tridex. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.05 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 397.8 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 385.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 376.8 Tm (10.5 Manufacturing Support Services Agreement between Magnetec and Tridex, dated as of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 374.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 366.3 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 364.05 157.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.41 Tc 1 0 0 1 36 355.8 Tm ( September 28, 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 343.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 334.8 Tm (10.6 Corporate Services Agreement dated as of July 30, 1996 between Tridex and TransAct. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 332.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 324.3 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 311.55 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 303.3 Tm (10.7 Printer Supply Agreement dated as of July 31, 1996 between Magnetec and Ultimate ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 301.05 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 292.8 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 290.55 178.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4147 Tc 1 0 0 1 36 282.3 Tm ( Technology Corporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 269.55 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 261.3 Tm (10.8 Tax Sharing Agreement dated as of July 31, 1996 between Tridex and TransAct. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 259.05 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 250.8 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 238.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 229.8 Tm (10.9 Credit Agreement dated as of August 29, 1996 among TransAct, Magnetec and Fleet ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 227.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 219.3 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 217.05 131.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.402 Tc 1 0 0 1 36 208.8 Tm ( National Bank. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 196.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 187.8 Tm (10.10 Purchase Agreement dated as of October 17, 1996 between ICL Pathway Limited, Ithaca ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 185.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 177.3 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 175.05 472.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4367 Tc 1 0 0 1 36 166.8 Tm ( Peripherals Limited and TransAct. \(Pursuant to Rule 24b-2 under the Securities ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 164.55 477.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4368 Tc 1 0 0 1 36 156.3 Tm ( Exchange Act of 1934, as amended \(the "Exchange Act"\), the Company has requested ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 154.05 477.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4368 Tc 1 0 0 1 36 145.8 Tm ( confidential treatment of portions of this exhibit deleted from the filed copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 133.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 124.8 Tm (10.11\(x\) 1996 Stock Plan, effective July 30, 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 122.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 114.3 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 101.55 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 93.3 Tm (10.12\(x\) Non-Employee Directors' Stock Plan, effective August 22, 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 91.05 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 82.8 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 70.05 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 61.8 Tm (10.13 Sales and Marketing Agreement by and between the Company and Oki Europe Limited, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 59.55 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 51.3 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 49.05 462 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4364 Tc 1 0 0 1 36 40.8 Tm ( dated May 9, 1996. \(Pursuant to Rule 477 under the Securities Act of 1993, as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 50 0 obj <> endobj 175 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 176 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 747.75 Tm ( amended \(the "Securities Act"\), the Company has requested confidential treatment of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 745.5 341.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4315 Tc 1 0 0 1 36 737.25 Tm ( portions of this exhibit deleted from the filed copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 724.5 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 716.25 Tm (10.14 OEM Purchase Agreement by and between GTECH, TransAct and Magnetec, commencing ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 714 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 705.75 Tm (\(4\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 703.5 483 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.437 Tc 1 0 0 1 36 695.25 Tm ( October 1, 1996. \(Pursuant to Rule 24b-2 under the Exchange Act, the Company has ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 693 493.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4372 Tc 1 0 0 1 36 684.75 Tm ( requested confidential treatment of portions of this exhibit deleted from the filed ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 682.5 89.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3794 Tc 1 0 0 1 36 674.25 Tm ( copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 661.5 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 653.25 Tm (10.15 OEM Purchase Agreement by and between OKIDATA and Tridex, dated January 21, 1991. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 642.75 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 640.5 441 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4357 Tc 1 0 0 1 36 632.25 Tm ( \(Pursuant to Rule 477 under the Securities Act, the Company has requested ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 630 477.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4368 Tc 1 0 0 1 36 621.75 Tm ( confidential treatment of portions of this exhibit deleted from the filed copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 574.05 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 564.65 Tm (34 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 51 0 obj <> endobj 177 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F12 8 0 R >> >> endobj 178 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 733.85 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 725.6 Tm (10.16 Strategic Agreement by and between OKIDATA and Tridex, dated May 9, 1996. \(Pursuant ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 723.35 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 715.1 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 712.85 456.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4362 Tc 1 0 0 1 36 704.6 Tm ( to Rule 477 under the Securities Act, the Company has requested confidential ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 702.35 409.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4346 Tc 1 0 0 1 36 694.1 Tm ( treatment of portions of this exhibit deleted from the filed copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 681.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 673.1 Tm (10.17 Lease Agreement by and between Pyramid Construction Company and Magnetec, dated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 670.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 662.6 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 660.35 136.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4038 Tc 1 0 0 1 36 652.1 Tm ( August 1, 1994. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 631.1 Tm (10.18 Lease Agreement by and between Bomax Properties and Ithaca, dated as of March 23, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 628.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 620.6 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 618.35 84 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.375 Tc 1 0 0 1 36 610.1 Tm ( 1992. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 597.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 589.1 Tm (10.19 First Amendment to Lease Agreement by and between Bomax Properties and Ithaca, dated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 586.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 578.6 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 576.35 178.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4147 Tc 1 0 0 1 36 568.1 Tm ( as of October 18, 1993. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 555.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 547.1 Tm (10.20\(x\) Employment Agreement, dated July 31, 1996, by and between the Company and Bart C. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 544.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 536.6 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.35 105 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.39 Tc 1 0 0 1 36 526.1 Tm ( Shuldman. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 513.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 505.1 Tm (10.21\(x\) Employment Agreement, dated July 31, 1996, by and between the Company and Richard L. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 502.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 494.6 Tm (\(2\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 492.35 84 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.375 Tc 1 0 0 1 36 484.1 Tm ( Cote. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 471.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 463.1 Tm (10.22\(x\) Severance Agreement by and between TransAct and Lucy H. Staley, dated September 4, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 460.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 452.6 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 450.35 78.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.37 Tc 1 0 0 1 36 442.1 Tm ( 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 429.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 421.1 Tm (10.23\(x\) Severance Agreement by and between TransAct and John Cygielnik, dated September 10, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 410.6 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 408.35 84 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.375 Tc 1 0 0 1 36 400.1 Tm ( 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 387.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 379.1 Tm (10.24\(x\) Severance Agreement by and between TransAct and Michael S. Kumpf, dated September 4, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 376.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 368.6 Tm (\(3\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 366.35 84 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.375 Tc 1 0 0 1 36 358.1 Tm ( 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 345.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 337.1 Tm (10.25\(x\) Severance Agreement by and between TransAct and David A. Ritchie, dated July 1, 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 334.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 326.6 Tm (\(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 313.85 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 305.6 Tm (10.26 Credit Agreement dated as of January 29, 1998 among TransAct, Magnetec and Fleet ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 303.35 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 295.1 Tm (\(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 292.85 131.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.402 Tc 1 0 0 1 36 284.6 Tm ( National Bank. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 271.85 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 263.6 Tm (10.27 Second Amendment to Lease Agreement by and between Bomax Properties and Ithaca, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 261.35 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 253.1 Tm (\(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 250.85 178.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4147 Tc 1 0 0 1 36 242.6 Tm ( dated December 2, 1996. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 229.85 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 221.6 Tm (10.28 Lease Agreement by and between Pyramid Construction Company and Magnetec, dated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 219.35 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 211.1 Tm (\(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 208.85 136.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4038 Tc 1 0 0 1 36 200.6 Tm ( July 30, 1997. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 187.85 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 179.6 Tm (10.29 Amendment to OEM Purchase Agreement by and between Okidata and Tridex, dated May 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 177.35 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 169.1 Tm (\(5\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 166.85 477.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4368 Tc 1 0 0 1 36 158.6 Tm ( 1996. \(Pursuant to Rule 24b-2 under the Exchange Act, the Company has requested ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 156.35 477.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4368 Tc 1 0 0 1 36 148.1 Tm ( confidential treatment of portions of this exhibit deleted from the filed copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 135.35 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 127.1 Tm (10.30 Agreement by and between the Company and Seth M. Lukash, dated as of March 19, 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 124.85 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 116.6 Tm (\(6\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 103.85 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 95.6 Tm (10.31 Amended and Restated Manufacturing Support Services Agreement between Tridex ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 93.35 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 85.1 Tm (\(7\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 82.85 351.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4321 Tc 1 0 0 1 36 74.6 Tm ( Corporation and Magnetec Corporation, dated June 1, 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 61.85 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 53.6 Tm (10.32\(x\) Severance Agreement by and between TransAct and Steven A. DeMartino, dated January ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 51.35 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 43.1 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 52 0 obj <> endobj 179 0 obj << /ProcSet [/PDF /Text ] /Font << /F8 7 0 R /F4 5 0 R /F12 8 0 R >> >> endobj 180 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 105 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.39 Tc 1 0 0 1 36 747.75 Tm ( 21, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 735 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 726.75 Tm (10.33 Amendment to OEM Purchase Agreement by and between Okidata and Tridex, dated May 22, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 724.5 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 716.25 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 714 477.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4368 Tc 1 0 0 1 36 705.75 Tm ( 1998. \(Pursuant to Rule 24b-2 under the Exchange Act, the Company has requested ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 703.5 477.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4368 Tc 1 0 0 1 36 695.25 Tm ( confidential treatment of portions of this exhibit deleted from the filed copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 682.5 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 674.25 Tm (10.34 Loan Agreement by and between the Company and Bart C. Shuldman, dated February 23, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 672 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 663.75 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 661.5 84 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.375 Tc 1 0 0 1 36 653.25 Tm ( 1999. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 640.5 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 632.25 Tm (11.1 Computation of earnings per share. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 630 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 621.75 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 609 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 600.75 Tm (21.1 Subsidiaries of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 598.5 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 590.25 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 577.5 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 569.25 Tm (23.1 Consent of PricewaterhouseCoopers LLP ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 567 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 558.75 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546 519.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4379 Tc 1 0 0 1 36 537.75 Tm (27.1 Financial Data Schedule. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 535.5 21 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.15 Tc 1 0 0 1 36 527.25 Tm (\(1\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 479.55 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 470.15 Tm (35 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 53 0 obj <> endobj 181 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 182 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 145.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1344 Tc 1 0 0 1 36 746.6 Tm (\(1\) These exhibits are filed herewith. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 491.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1369 Tc 1 0 0 1 36 723.3 Tm (\(2\) These exhibits, which were previously filed with the Company's Registration Statement on Form S-1 \(No. 333-06895\), are ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 107.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0364 Tc 1 0 0 1 36 711.65 Tm (incorporated by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1065 Tc 1 0 0 1 36 688.35 Tm (\(3\) These exhibits, which were previously filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 144 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1065 Tc 1 0 0 1 36 676.7 Tm (1996, are incorporated by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 662.8 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1219 Tc 1 0 0 1 36 653.4 Tm (\(4\) This exhibit, which was previously filed with the Company's Current Report on Form 8-K filed October 11, 1996, is incorporated by ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 41.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1309 Tc 1 0 0 1 36 641.75 Tm (reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1186 Tc 1 0 0 1 36 618.45 Tm (\(5\) These exhibits, which were previously filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1997, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 116.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0384 Tc 1 0 0 1 36 606.8 Tm (is incorporated by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1208 Tc 1 0 0 1 36 583.5 Tm (\(6\) This exhibit, which was previously filed with the Company's Quarterly Report on Form 10-Q for the period ended March 28, 1998, is ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 107.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0364 Tc 1 0 0 1 36 571.85 Tm (incorporated by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1197 Tc 1 0 0 1 36 548.55 Tm (\(7\) This exhibit, which was previously filed with the Company's Quarterly Report on Form 10-Q for the period ended June 27, 1998, is ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 107.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0364 Tc 1 0 0 1 36 536.9 Tm (incorporated by reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1221 Tc 1 0 0 1 36 513.6 Tm (\(8\) This exhibit, which was previously filed with the Company's Current Report on Form 8-K filed February 18, 1999, is incorporated by ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 41.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1309 Tc 1 0 0 1 36 501.95 Tm (reference. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 417 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0573 Tc 1 0 0 1 36 478.65 Tm (x Management contract or compensatory plan or arrangement required to be filed pursuant to Item 14\(c\). ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.75 120.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4124 Tc 1 0 0 1 36 455.35 Tm (\(B\) REPORTS ON FORM 8-K. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 26.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1517 Tc 1 0 0 1 36 432.05 Tm (None. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 418.15 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 408.75 Tm (36 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 54 0 obj <> endobj 183 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F10 26 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 184 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 275.6 756 61.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5918 Tc 1 0 0 1 275.6 746.6 Tm (SIGNATURES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0271 Tc 1 0 0 1 36 723.3 Tm (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Act of 1934, the registrant has duly caused this report to be signed ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 242.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0155 Tc 1 0 0 1 36 711.65 Tm (on its behalf by the undersigned, thereunto duly authorized. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 202.5 697.75 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 688.35 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 147.8 649.7 156 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0288 Tc 1 0 0 1 147.8 639.95 Tm (By: /s/ Bart C. Shuldman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 147.8 636.95 24 -12 re W n BT 0 0 0 rg /F10 10 Tf -0.1875 Tc 1 0 0 1 147.8 627.95 Tm ( ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 147.8 624.95 294 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0153 Tc 1 0 0 1 147.8 615.2 Tm (------------------------------------------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 147.8 612.2 132 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0341 Tc 1 0 0 1 147.8 602.45 Tm ( Bart C. Shuldman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 147.8 599.45 264 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.017 Tc 1 0 0 1 147.8 589.7 Tm ( President, Chief Executive Officer and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 147.8 586.7 54 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0833 Tc 1 0 0 1 147.8 576.95 Tm (Director ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 147.8 573.95 168 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0268 Tc 1 0 0 1 147.8 564.2 Tm ( Date: March 29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 501.5 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0149 Tc 1 0 0 1 36 492.1 Tm (Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 489.85 234.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0202 Tc 1 0 0 1 36 480.45 Tm (registrant and in the capacities and on the dates indicated. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 454.9 535.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4382 Tc 1 0 0 1 36 446.65 Tm (Signature Title ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 444.4 26.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.21 Tc 1 0 0 1 36 436.15 Tm (Date ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 433.9 535.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4382 Tc 1 0 0 1 36 425.65 Tm (--------- ----- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 423.4 26.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.21 Tc 1 0 0 1 36 415.15 Tm (---- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 412.9 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 404.65 Tm ( /s/ Bart C. Shuldman President, Chief Executive Officer and March ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 402.4 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 394.15 Tm (29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 391.9 278.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4274 Tc 1 0 0 1 36 383.65 Tm (------------------------------------ Director ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 381.4 388.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4338 Tc 1 0 0 1 36 373.15 Tm (Bart C. Shuldman \(Principal Executive Officer\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 349.9 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 341.65 Tm ( /s/ Richard L. Cote Executive Vice President, Chief Financial March ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 339.4 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 331.15 Tm (29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 328.9 456.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4362 Tc 1 0 0 1 36 320.65 Tm (------------------------------------ Officer, Treasurer, Secretary and Director ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 318.4 388.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4338 Tc 1 0 0 1 36 310.15 Tm (Richard L. Cote \(Principal Financial Officer\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 286.9 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 278.65 Tm ( /s/ Steven A. DeMartino Corporate Controller March ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 276.4 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 268.15 Tm (29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 265.9 393.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.434 Tc 1 0 0 1 36 257.65 Tm (------------------------------------ \(Principal Accounting Officer\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 255.4 105 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.39 Tc 1 0 0 1 36 247.15 Tm (Steven A. DeMartino ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 223.9 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 215.65 Tm ( /s/ Thomas R. Schwarz Chairman of the Board and Director March ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 213.4 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 205.15 Tm (29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 202.9 194.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4176 Tc 1 0 0 1 36 194.65 Tm (------------------------------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 192.4 94.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3833 Tc 1 0 0 1 36 184.15 Tm (Thomas R. Schwarz ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 160.9 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 152.65 Tm ( /s/ Graham Y. Tanaka Director March ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 150.4 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 142.15 Tm (29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 139.9 194.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4176 Tc 1 0 0 1 36 131.65 Tm (------------------------------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 129.4 89.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3794 Tc 1 0 0 1 36 121.15 Tm (Graham Y. Tanaka ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 97.9 540 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4383 Tc 1 0 0 1 36 89.65 Tm ( /s/ Charles A. Dill Director March ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 87.4 47.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3167 Tc 1 0 0 1 36 79.15 Tm (29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 76.9 194.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4176 Tc 1 0 0 1 36 68.65 Tm (------------------------------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 66.4 84 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.375 Tc 1 0 0 1 36 58.15 Tm (Charles A. Dill ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 55 0 obj <> endobj 185 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 186 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 721.05 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 711.65 Tm (37 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 56 0 obj <> endobj 187 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 188 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 274.85 756 63 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6215 Tc 1 0 0 1 274.85 746.6 Tm (EXHIBIT LIST ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 163.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1429 Tc 1 0 0 1 36 723.3 Tm (The following exhibits are filed herewith. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 697.4 48 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0938 Tc 1 0 0 1 114.3 688.4 Tm (Exhibit ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 685.4 48 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0938 Tc 1 0 0 1 114.3 676.4 Tm (------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 673.4 330 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0136 Tc 1 0 0 1 114.3 664.4 Tm ( 3.2 Amended and Restated By-laws of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 649.4 348 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0129 Tc 1 0 0 1 114.3 640.4 Tm (10.32 Severance Agreement by and between TransAct and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 637.4 330 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0136 Tc 1 0 0 1 114.3 628.4 Tm ( Steven A. DeMartino, dated January 21, 1998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 613.4 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 114.3 604.4 Tm (10.33 Amendment to OEM Purchase Agreement by and between ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 601.4 378 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0119 Tc 1 0 0 1 114.3 592.4 Tm ( Okidata and Tridex, dated May 22, 1998. \(Pursuant to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 589.4 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 114.3 580.4 Tm ( Rule 24b-2 under the Exchange Act, the Company has ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 577.4 378 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0119 Tc 1 0 0 1 114.3 568.4 Tm ( requested confidential treatment of portions of this ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 565.4 288 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0156 Tc 1 0 0 1 114.3 556.4 Tm ( exhibit deleted from the filed copy.\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 541.4 366 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0123 Tc 1 0 0 1 114.3 532.4 Tm (10.34 Loan Agreement by and between the Company and Bart ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 529.4 18 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.25 Tc 1 0 0 1 114.3 520.4 Tm (C. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 114.3 517.4 270 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0167 Tc 1 0 0 1 114.3 508.4 Tm ( Shuldman, dated February 23, 1999. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 493.4 270 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0167 Tc 1 0 0 1 114.3 484.4 Tm (11.1 Computation of earnings per share. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 469.4 234 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0192 Tc 1 0 0 1 114.3 460.4 Tm (21.1 Subsidiaries of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 445.4 288 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0156 Tc 1 0 0 1 114.3 436.4 Tm (23.1 Consent of PricewaterhouseCoopers LLP ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 114.3 421.4 210 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0214 Tc 1 0 0 1 114.3 412.4 Tm (27.1 Financial Data Schedule. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 300.75 362.45 11.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.5835 Tc 1 0 0 1 300.75 353.05 Tm (38 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 57 0 obj <> endobj 189 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 190 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 281.25 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 281.25 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 281.25 745.1 m 283.5 745.1 l S 0 0 0 RG q n 283.5 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 283.5 746.6 Tm ( ) Tj ET Q 0 0 0 rg q n 285.75 756 45.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.3275 Tc 1 0 0 1 285.75 746.6 Tm (Exhibit 3.2 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w q n 245.6 744.35 121.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6534 Tc 1 0 0 1 245.6 734.95 Tm (AMENDED AND RESTATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 277.5 721.05 57.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.3399 Tc 1 0 0 1 277.5 711.65 Tm (BY - L A W S ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 298.85 697.75 15 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.63 Tc 1 0 0 1 298.85 688.35 Tm (OF ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 231 674.45 150.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.547 Tc 1 0 0 1 231 665.05 Tm (TRANSACT TECHNOLOGIES INC. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 256.5 651.15 99.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1989 Tc 1 0 0 1 256.5 641.75 Tm (\(as of February 16, 1999\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 282.35 627.85 48 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.695 Tc 1 0 0 1 282.35 618.45 Tm (ARTICLE I ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 285.75 604.55 41.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6363 Tc 1 0 0 1 285.75 595.15 Tm (OFFICES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1061 Tc 1 0 0 1 36 571.85 Tm (Section 1.01 Registered Office. The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0456 Tc 1 0 0 1 36 548.55 Tm (Section 1.02 Other Offices. The corporation may also have offices at such other places both within and without the State of Delaware ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 417 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0638 Tc 1 0 0 1 36 536.9 Tm (as the board of directors may from time to time determine or the business of the corporation may require. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 280.85 523 51 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.7128 Tc 1 0 0 1 280.85 513.6 Tm (ARTICLE II ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 234 499.7 144.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5979 Tc 1 0 0 1 234 490.3 Tm (MEETINGS OF STOCKHOLDERS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 476.4 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0344 Tc 1 0 0 1 36 467 Tm (Section 2.01 Meetings of Stockholders. All meetings of the stockholders shall be held in Wallingford, Connecticut, at such place as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0791 Tc 1 0 0 1 36 455.35 Tm (may be fixed from time to time by the board of directors, or at such other place either within or without the State of Delaware as shall be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0463 Tc 1 0 0 1 36 443.7 Tm (designated from time to time by the board of directors and stated in the notice of the meeting or in a duly executed waiver of notice ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 33 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0912 Tc 1 0 0 1 36 432.05 Tm (thereof. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 418.15 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0071 Tc 1 0 0 1 36 408.75 Tm (Section 2.02 Annual Meetings of Stockholders. Annual meetings of stockholders shall be held on the first Thursday in May, unless ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0444 Tc 1 0 0 1 36 397.1 Tm (such day is a legal holiday, \(in which case the meeting will be held on the next secular day following\), or on such other date and at ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0275 Tc 1 0 0 1 36 385.45 Tm (such other time as shall be designated from time to time by the board of directors and stated in the notice of the meeting, at which they ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0046 Tc 1 0 0 1 36 373.8 Tm (shall elect by a plurality vote a board of directors, and transact such other business as may properly be brought before the meeting. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 359.9 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0335 Tc 1 0 0 1 36 350.5 Tm (Section 2.03 Notice of Annual Meeting. Written notice of the annual meeting stating the place, date and hour of the meeting shall be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 348.25 138 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0004 Tc 1 0 0 1 36 338.85 Tm (given to each stockholder entitled ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 58 0 obj <> endobj 191 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 192 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 423.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0334 Tc 1 0 0 1 36 746.6 Tm (to vote at such meeting not less than ten \(10\) nor more than sixty \(60\) days before the date of the meeting. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0493 Tc 1 0 0 1 36 723.3 Tm (Section 2.04 List of Stockholders. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 501.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0306 Tc 1 0 0 1 36 711.65 Tm (\(10\) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0003 Tc 1 0 0 1 36 700 Tm (alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.017 Tc 1 0 0 1 36 688.35 Tm (Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0461 Tc 1 0 0 1 36 676.7 Tm (hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0444 Tc 1 0 0 1 36 665.05 Tm (shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0255 Tc 1 0 0 1 36 653.4 Tm (produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 34.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0132 Tc 1 0 0 1 36 641.75 Tm (present. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0126 Tc 1 0 0 1 36 618.45 Tm (Section 2.05 Special Meetings of Stockholders. Special meetings of the stockholders for any purpose or purposes, unless otherwise ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0493 Tc 1 0 0 1 36 606.8 Tm (prescribed by statute may be called by the Chairman of the Board or the President and shall be called by the Chairman of the Board or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0368 Tc 1 0 0 1 36 595.15 Tm (Secretary at the request in writing of the board of directors, or at the request in writing of stockholders owning 50% in amount of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.046 Tc 1 0 0 1 36 583.5 Tm (entire capital stock of the corporation issued and outstanding and entitled to vote. Such request shall state the purpose or purposes of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 91.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0046 Tc 1 0 0 1 36 571.85 Tm (the proposed meeting. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0389 Tc 1 0 0 1 36 548.55 Tm (Section 2.06 Notice of Special Meetings of Stockholders. Written notice of a special meeting stating the place, date and hour of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0109 Tc 1 0 0 1 36 536.9 Tm (meeting and the purpose or purposes for which the meeting is called, shall be given not less than ten nor more than sixty days before ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 307.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0024 Tc 1 0 0 1 36 525.25 Tm (the date of the meeting, to each stockholder entitled to vote at such meeting. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 511.35 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0098 Tc 1 0 0 1 36 501.95 Tm (Section 2.07 Quorum. The holders of a majority of the stock issued and outstanding and entitled to vote thereat, present in person or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0025 Tc 1 0 0 1 36 490.3 Tm (represented by proxy, shall constitute a quorum at all meetings of the stockholder for the transaction of business except as otherwise ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0093 Tc 1 0 0 1 36 478.65 Tm (provided by statute or by the Certificate of Incorporation. If, however, such quorum shall not be present or represented at any meeting ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0197 Tc 1 0 0 1 36 467 Tm (of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have the power to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.052 Tc 1 0 0 1 36 455.35 Tm (adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 520.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0163 Tc 1 0 0 1 36 443.7 Tm (represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted which ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 495.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0488 Tc 1 0 0 1 36 432.05 Tm (might have been transacted at the meeting as originally notified if the adjournment is for more than thirty days, or if after the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0416 Tc 1 0 0 1 36 420.4 Tm (adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 162 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0357 Tc 1 0 0 1 36 408.75 Tm (of record entitled to vote at the meeting. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0455 Tc 1 0 0 1 36 385.45 Tm (Section 2.08 Majority Voting. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 138 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0087 Tc 1 0 0 1 36 373.8 Tm (voting power present in person or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 359.9 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 350.5 Tm (- 2 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 59 0 obj <> endobj 193 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 194 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0272 Tc 1 0 0 1 36 746.6 Tm (represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0195 Tc 1 0 0 1 36 734.95 Tm (provision of the statutes or of the Certificate of Incorporation, a different vote is required in which case such express provision shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 201.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0421 Tc 1 0 0 1 36 723.3 Tm (govern and control the decision of such question. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0518 Tc 1 0 0 1 36 700 Tm (Section 2.09 Voting Rights. Unless otherwise provided in the Certificate of Incorporation each stockholder shall at every meeting of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0097 Tc 1 0 0 1 36 688.35 Tm (stockholders be entitled to one vote in person or by proxy for each share of the capital stock having voting power held by such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 514.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0342 Tc 1 0 0 1 36 676.7 Tm (stockholder, but no proxy shall be voted on after three years from its date, unless allowed by the laws of the State of Delaware or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 183.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0307 Tc 1 0 0 1 36 665.05 Tm (unless the proxy provides for a longer period. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 279.35 651.15 54 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.7276 Tc 1 0 0 1 279.35 641.75 Tm (ARTICLE III ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 277.85 627.85 57 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.545 Tc 1 0 0 1 277.85 618.45 Tm (DIRECTORS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0432 Tc 1 0 0 1 36 595.15 Tm (Section 3.01 Election of Directors. The number of directors which shall constitute the whole board shall be not less than five, or as the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0207 Tc 1 0 0 1 36 583.5 Tm (board of directors shall determine by resolution. The directors shall be elected at the annual meeting of the stockholders, except as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0659 Tc 1 0 0 1 36 571.85 Tm (provided in Section 3.02 of this Article. All nominations by stockholders shall be made pursuant to timely notice in proper written form ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 520.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0473 Tc 1 0 0 1 36 560.2 Tm (to the Secretary of the corporation. To be timely, a stockholder's notice shall be delivered to or mailed and received at the principal ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0252 Tc 1 0 0 1 36 548.55 Tm (executive offices of the corporation not less than 30 days nor more than 60 days prior to the meeting; provided, however, that in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0042 Tc 1 0 0 1 36 536.9 Tm (event that less than 40 days notice or prior public disclosure of the date of the meeting is given or made to stockholders, notice by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0127 Tc 1 0 0 1 36 525.25 Tm (stockholder to be timely must be so received not later than the close of business on the tenth day following the day on which such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0442 Tc 1 0 0 1 36 513.6 Tm (notice of the date of the meeting was mailed or such public disclosure was made. To be in proper written form, such stockholder's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0302 Tc 1 0 0 1 36 501.95 Tm (notice shall set forth in writing \(i\) as to each person whom the stockholder proposes to nominate for election or reelection as a director, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0392 Tc 1 0 0 1 36 490.3 Tm (all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 501 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0514 Tc 1 0 0 1 36 478.65 Tm (required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, including, without ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0223 Tc 1 0 0 1 36 467 Tm (limitation, such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected; ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 496.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0031 Tc 1 0 0 1 36 455.35 Tm (and \(ii\) as to the stockholder giving the notice, the \(x\) name and address, as they appear on the corporation's books, of such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0029 Tc 1 0 0 1 36 443.7 Tm (stockholder and \(y\) the class and number of shares of the corporation which are beneficially owned by such stockholder. At the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 501.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0025 Tc 1 0 0 1 36 432.05 Tm (request of the board of directors, any person nominated by the board of directors for election as a director shall furnish to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0243 Tc 1 0 0 1 36 420.4 Tm (Secretary of the corporation the information required to be set forth in a stockholder's notice of nomination which pertains to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0148 Tc 1 0 0 1 36 408.75 Tm (nominee. In the event that a stockholder seeks to nominate one or more directors, the Secretary shall appoint two inspectors, who shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 201.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.065 Tc 1 0 0 1 36 397.1 Tm (not be affiliated with the corporation, to determine ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 383.2 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 373.8 Tm (- 3 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 60 0 obj <> endobj 195 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 196 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0318 Tc 1 0 0 1 36 746.6 Tm (whether a stockholder has complied with this Section 3. If the inspectors shall determine that a stockholder has not complied with this ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 498 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0455 Tc 1 0 0 1 36 734.95 Tm (Section 3, the inspectors shall direct the chairman of the meeting to declare to the meeting that a nomination was not made in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0119 Tc 1 0 0 1 36 723.3 Tm (accordance with the procedures prescribed by the By-laws of the corporation, and the chairman shall so declare to the meeting and the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 171 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0394 Tc 1 0 0 1 36 711.65 Tm (defective nomination shall be disregarded. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0592 Tc 1 0 0 1 36 688.35 Tm (Section 3.02 Vacancies on Board of Directors. Vacancies and newly created directorships resulting from any increase in the authorized ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0633 Tc 1 0 0 1 36 676.7 Tm (number of directors may be filled by the affirmative vote of a majority of the directors then in office, though less than a quorum, or by a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0543 Tc 1 0 0 1 36 665.05 Tm (sole remaining director, and the directors so chosen shall hold office until the next annual meeting at which the term of office of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0077 Tc 1 0 0 1 36 653.4 Tm (class to which such director has been elected expires and until such director's successor has been duly elected and qualified. No ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0219 Tc 1 0 0 1 36 641.75 Tm (decrease in the number of directors constituting the board shall shorten the term of any incumbent director. If at any time, by reason of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 36 630.1 Tm (death or resignation or other cause, the corporation should have no directors in office, then any officer or any stockholder or an ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0383 Tc 1 0 0 1 36 618.45 Tm (executor, administrator, trustee or guardian of a stockholder, or other fiduciary entrusted with like responsibility for the person or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0353 Tc 1 0 0 1 36 606.8 Tm (estate of a stockholder, may call a special meeting of stockholders in accordance with the provisions of the Certificate of Incorporation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 483 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.071 Tc 1 0 0 1 36 595.15 Tm (or these By-Laws, or may apply to the Court of Chancery for a decree summarily ordering an election as provided by law. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0448 Tc 1 0 0 1 36 571.85 Tm (Section 3.03 Powers of Board of Directors. The business of the corporation shall be managed by its board of directors which may ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 501 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0147 Tc 1 0 0 1 36 560.2 Tm (exercise all such powers of the corporation and do all such lawful acts and things as are not by statute or by the Certificate of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 400.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0186 Tc 1 0 0 1 36 548.55 Tm (Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 534.65 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0473 Tc 1 0 0 1 36 525.25 Tm (Section 3.04 Meetings of Board of Directors. The board of directors of the corporation may hold meetings, both regular and special, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 184.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0955 Tc 1 0 0 1 36 513.6 Tm (either within or without the State of Delaware. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.068 Tc 1 0 0 1 36 490.3 Tm (Section 3.05 First Meeting of Board of Directors. The first meeting of each newly elected board of directors shall be held at such time ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0101 Tc 1 0 0 1 36 478.65 Tm (and place as shall be fixed by the vote of the stockholders or incorporators and no notice of such meeting shall be necessary to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0302 Tc 1 0 0 1 36 467 Tm (newly elected directors in order legally to constitute the meeting, provided a quorum shall be present. In the event of the failure of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.039 Tc 1 0 0 1 36 455.35 Tm (stockholders or the incorporators to fix the time or place of such first meeting of the newly elected board of directors, or in the event ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0294 Tc 1 0 0 1 36 443.7 Tm (such meeting is not held at the time and place so fixed by the stockholders or the incorporators, the meeting may be held at such time ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0259 Tc 1 0 0 1 36 432.05 Tm (and place as shall be specified in a notice given as hereinafter provided for special meetings of the board of directors, or as shall be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 231.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0688 Tc 1 0 0 1 36 420.4 Tm (specified in a written waiver signed by all of the directors. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 406.5 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 397.1 Tm (- 4 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 61 0 obj <> endobj 197 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 198 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0556 Tc 1 0 0 1 36 746.6 Tm (Section 3.06 Regular Meetings of Board of Directors. Regular meetings of the board of directors may be held without notice at such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 305.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0775 Tc 1 0 0 1 36 734.95 Tm (time and at such place as shall from time to time be determined by the board. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0834 Tc 1 0 0 1 36 711.65 Tm (Section 3.07 Special Meetings of Board of Directors. Special meetings of the board may be called by the Chairman of the Board or the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0441 Tc 1 0 0 1 36 700 Tm (President on 24 hours' notice to each director, either personally or by mail, by telegram or by telephone; special meetings shall be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0578 Tc 1 0 0 1 36 688.35 Tm (called by the Chairman of the Board or Secretary in like manner and on like notice on the written request of two directors unless the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0399 Tc 1 0 0 1 36 676.7 Tm (board consists of only one director in which case special meetings shall be called by the President or Secretary in like manner and in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 212.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0418 Tc 1 0 0 1 36 665.05 Tm (like notice on the written request of the sole director. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0504 Tc 1 0 0 1 36 641.75 Tm (Section 3.08 Quorum. At all meetings of the board, a majority of the directors, but not fewer than one, shall constitute a quorum, unless ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.017 Tc 1 0 0 1 36 630.1 Tm (the board consists of only one director, in which case the sole director shall constitute a quorum, for the transaction of business and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0369 Tc 1 0 0 1 36 618.45 Tm (the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the board of directors, except ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0246 Tc 1 0 0 1 36 606.8 Tm (as may be otherwise specifically provided by statute or by the Certificate of Incorporation. If a quorum shall not be present at any ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0446 Tc 1 0 0 1 36 595.15 Tm (meeting of the board of directors the directors present thereat may adjourn the meeting from time to time, without notice other than ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 249.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0296 Tc 1 0 0 1 36 583.5 Tm (announcement at the meeting, until a quorum shall be present. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 569.6 504.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0421 Tc 1 0 0 1 36 560.2 Tm (Section 3.09 Director Consents. Any action required or permitted to be taken at any meeting of the board of directors or of any ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0763 Tc 1 0 0 1 36 548.55 Tm (committee thereof may be taken without a meeting, if all members of the board or committee, as the case may be, consent thereto in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 410.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0806 Tc 1 0 0 1 36 536.9 Tm (writing, and the writing or writings are filed with the minutes of proceedings of the board or committee. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0375 Tc 1 0 0 1 36 513.6 Tm (Section 3.10 Telephone Meetings of Board of Directors. Members of the board of directors, or any committee designated by the board ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0705 Tc 1 0 0 1 36 501.95 Tm (of directors, may participate in a meeting of the board of directors, or any committee, by means of conference telephone or similar ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0356 Tc 1 0 0 1 36 490.3 Tm (communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 236.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0056 Tc 1 0 0 1 36 478.65 Tm (meeting shall constitute presence in person at the meeting. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.75 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0546 Tc 1 0 0 1 36 455.35 Tm (Section 3.11 Committee of Directors. The board of directors may, by resolution passed by a majority of the whole board, designate one ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0527 Tc 1 0 0 1 36 443.7 Tm (or more committees, each committee to consist of one or more of the directors of the corporation. The board may designate one or more ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0828 Tc 1 0 0 1 36 432.05 Tm (directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 498 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0737 Tc 1 0 0 1 36 420.4 Tm (In the absence or disqualification of a member of a committee the member or members thereof present at any meeting and not ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0393 Tc 1 0 0 1 36 408.75 Tm (disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the board of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0333 Tc 1 0 0 1 36 397.1 Tm (directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 201.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0073 Tc 1 0 0 1 36 385.45 Tm (the resolution of the board of directors, shall have ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 371.55 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 362.15 Tm (- 5 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 62 0 obj <> endobj 199 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 200 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 493.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0263 Tc 1 0 0 1 36 746.6 Tm (and may exercise all the powers and authority of the board of directors in the management of the business and affairs of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0555 Tc 1 0 0 1 36 734.95 Tm (corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 396.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0603 Tc 1 0 0 1 36 723.3 Tm (have the power or authority, except as allowed by the laws of the State of Delaware, in reference to: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 182.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0979 Tc 1 0 0 1 36 700 Tm (\(i\) Amending the Certificate of Incorporation, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 492.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0284 Tc 1 0 0 1 36 676.7 Tm (\(ii\) adopting an agreement of merger or consolidation, unless the resolution creating such committee expressly so provides, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 662.8 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0298 Tc 1 0 0 1 36 653.4 Tm (\(iii\) recommending it to the stockholders the sale, lease or exchange of all or substantially all of the corporation's property and assets, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 276.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0024 Tc 1 0 0 1 36 641.75 Tm (unless the resolution creating such committee expressly so provides, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 413.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0132 Tc 1 0 0 1 36 618.45 Tm (\(iv\) recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 183.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0752 Tc 1 0 0 1 36 595.15 Tm (\(v\) amending the By-Laws of the corporation, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0001 Tc 1 0 0 1 36 571.85 Tm (\(vi\) taking any action with respect to the issuance of the corporation's stock, unless the resolution creating such committee expressly ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 69 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0428 Tc 1 0 0 1 36 560.2 Tm (so provides, and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 380.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0279 Tc 1 0 0 1 36 536.9 Tm (\(vii\) declaring a dividend, unless the resolution creating such committee expressly so provides. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0685 Tc 1 0 0 1 36 513.6 Tm (Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 75.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0421 Tc 1 0 0 1 36 501.95 Tm (board of directors. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 506.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0797 Tc 1 0 0 1 36 478.65 Tm (Section 3.12 Committee Minutes. Each committee shall keep regular minutes of its meetings and report the same to the board of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 99 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0589 Tc 1 0 0 1 36 467 Tm (directors when required. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 453.1 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0469 Tc 1 0 0 1 36 443.7 Tm (Section 3.13 Compensation of Directors. Unless otherwise restricted by the Certificate of Incorporation, the board of directors shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0288 Tc 1 0 0 1 36 432.05 Tm (have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0264 Tc 1 0 0 1 36 420.4 Tm (of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0175 Tc 1 0 0 1 36 408.75 Tm (directed. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 486.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.073 Tc 1 0 0 1 36 397.1 Tm (therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 383.2 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0668 Tc 1 0 0 1 36 373.8 Tm (Section 3.14 Removal of Directors. Unless otherwise retracted by the Certificate of Incorporation or by statute or law, any director may ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 69 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1794 Tc 1 0 0 1 36 362.15 Tm (be removed from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 348.25 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 338.85 Tm (- 6 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 63 0 obj <> endobj 201 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 202 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0368 Tc 1 0 0 1 36 746.6 Tm (office only for cause by the affirmative vote of the holders of at least 80% of the voting power of all shares of the corporation entitled ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 312 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0015 Tc 1 0 0 1 36 734.95 Tm (to vote generally in the election of directors, voting together as a single class. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0831 Tc 1 0 0 1 36 711.65 Tm (Section 3.15 Chairman of the Board. The Chairman of the board of directors, if there is one, shall be elected annually by and from the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 452.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0105 Tc 1 0 0 1 36 700 Tm (board of directors and shall preside at all meetings of the stockholders and directors at which he shall be present. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 279 686.1 54.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6746 Tc 1 0 0 1 279 676.7 Tm (ARTICLE IV ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 284.6 662.8 43.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5637 Tc 1 0 0 1 284.6 653.4 Tm (NOTICES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0259 Tc 1 0 0 1 36 630.1 Tm (Section 4.01 Notices. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these By-Laws, notice ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0011 Tc 1 0 0 1 36 618.45 Tm (is required to be given to any director or stockholder, it shall not be construed to require personal notice, but such notice may be given ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0093 Tc 1 0 0 1 36 606.8 Tm (in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the corporation, with ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0008 Tc 1 0 0 1 36 595.15 Tm (postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0131 Tc 1 0 0 1 36 583.5 Tm (States mail. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0101 Tc 1 0 0 1 36 571.85 Tm (meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 138.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0712 Tc 1 0 0 1 36 560.2 Tm (is not lawfully called or convened. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0275 Tc 1 0 0 1 36 536.9 Tm (Section 4.02 Waiver of Notice. Whenever a notice is required to be given under the provisions of the statutes or of the Certificate of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0232 Tc 1 0 0 1 36 525.25 Tm (Incorporation or of these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 267 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0373 Tc 1 0 0 1 36 513.6 Tm (or after the time stated therein, shall be deemed equivalent thereto. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 280.5 499.7 51.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.653 Tc 1 0 0 1 280.5 490.3 Tm (ARTICLE V ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 282.35 476.4 48 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6178 Tc 1 0 0 1 282.35 467 Tm (OFFICERS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 453.1 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0249 Tc 1 0 0 1 36 443.7 Tm (Section 5.01 Necessary Officers. The officers of the corporation shall be chosen by the board of directors and there shall be elected ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0196 Tc 1 0 0 1 36 432.05 Tm (from among the officers of the corporation, persons having the titles and exercising the duties \(as prescribed by the By-Laws or by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0585 Tc 1 0 0 1 36 420.4 Tm (Board\) President, Vice President, Secretary, and Treasurer. The board of directors may also choose one or more Vice-Presidents, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 502.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0009 Tc 1 0 0 1 36 408.75 Tm (Assistant Secretaries, and Assistant Treasurers. Any number of offices may be held by the same person. No officer need be a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 51.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0317 Tc 1 0 0 1 36 397.1 Tm (stockholder. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 383.2 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0575 Tc 1 0 0 1 36 373.8 Tm (Section 5.02 Election of Officers. The board of directors at its first meeting after each annual meeting of stockholders shall choose a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 255.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0805 Tc 1 0 0 1 36 362.15 Tm (Chairman of the Board, a President, a Secretary and a Treasurer. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 348.25 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 338.85 Tm (- 7 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 64 0 obj <> endobj 203 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 204 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0339 Tc 1 0 0 1 36 746.6 Tm (Section 5.03 Other Officers. The board of directors may appoint such other officers and agents as it shall deem necessary who shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0537 Tc 1 0 0 1 36 734.95 Tm (hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 27.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0744 Tc 1 0 0 1 36 723.3 Tm (board. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 504 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0684 Tc 1 0 0 1 36 700 Tm (Section 5.04 Officers, Salaries. The salaries of all officers and agents of the corporation shall be fixed by the board of directors. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0617 Tc 1 0 0 1 36 676.7 Tm (Section 5.05 Term of Office. The officers of the corporation shall hold office until their successors are chosen and qualify. Any officer ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 504 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0522 Tc 1 0 0 1 36 665.05 Tm (elected or appointed by the board of directors may be removed at any time by the affirmative vote of a majority of the board of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 420.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0274 Tc 1 0 0 1 36 653.4 Tm (directors. Any vacancy occurring in any office of the corporation shall be filled by the board of directors. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0612 Tc 1 0 0 1 36 630.1 Tm (Section 5.06 Chairman of the Board. The Chairman of the Board shall perform such duties and have such powers additional to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 205.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0059 Tc 1 0 0 1 36 618.45 Tm (foregoing as the board of directors shall designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.075 Tc 1 0 0 1 36 595.15 Tm (Section 5.07 President. The President shall be the Chief Executive Officer of the corporation and shall preside at all meetings of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0111 Tc 1 0 0 1 36 583.5 Tm (stockholders and of the board of directors in the absence of the Chairman of the Board. It shall be his duty and he shall have the power ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0112 Tc 1 0 0 1 36 571.85 Tm (to see that all orders and resolutions of the board of directors are carried into effect. The President, as soon as reasonably possible ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0118 Tc 1 0 0 1 36 560.2 Tm (after the close of each fiscal year, shall submit to the board of directors a report of the operations of the corporation for such year and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0619 Tc 1 0 0 1 36 548.55 Tm (a statement of its affairs and shall from time to time report to the board of directors all matters within his knowledge which the interests ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0008 Tc 1 0 0 1 36 536.9 Tm (of the corporation may require to be brought to its notice. The President shall perform such duties and have such powers additional to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 220.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0104 Tc 1 0 0 1 36 525.25 Tm (the foregoing as the board of directors shall designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 511.35 507 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0499 Tc 1 0 0 1 36 501.95 Tm (Section 5.08 Vice Presidents. In the absence or disability of the President, his powers and duties shall be performed by the Vice ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0201 Tc 1 0 0 1 36 490.3 Tm (President, if only one, or, if more than one, by the one designated for the purpose by the board of directors. Each vice President shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 453 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0188 Tc 1 0 0 1 36 478.65 Tm (have such other powers and perform such other duties as the board of directors shall from time to time designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.75 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0139 Tc 1 0 0 1 36 455.35 Tm (Section 5.09 Treasurer. The Treasurer shall keep full and accurate accounts of receipts and disbursements in books belonging to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 491.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0067 Tc 1 0 0 1 36 443.7 Tm (corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the corporation in such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0419 Tc 1 0 0 1 36 432.05 Tm (depositories as shall be designated by the board of directors or in the absence of such designation in such depositories as he shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0419 Tc 1 0 0 1 36 420.4 Tm (from time to time deem proper. He shall disburse the funds of the corporation as shall be ordered by the board of directors, taking ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0167 Tc 1 0 0 1 36 408.75 Tm (proper vouchers for such disbursements. He shall promptly render to the President and to the board of directors such statements of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0248 Tc 1 0 0 1 36 397.1 Tm (his transactions and accounts as the President and board of directors respectively may from time to time require. The Treasurer shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 383.2 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 373.8 Tm (- 8 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 65 0 obj <> endobj 205 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 206 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 444.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0115 Tc 1 0 0 1 36 746.6 Tm (perform such duties and have such powers additional to the foregoing as the board of directors may designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0102 Tc 1 0 0 1 36 723.3 Tm (Section 5.10 Assistant Treasurers. In the absence of disability of the Treasurer, his powers and duties shall be performed by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0017 Tc 1 0 0 1 36 711.65 Tm (Assistant Treasurer, if one be elected, or, if more than one, by the one designated for the purpose by the board of directors. Each ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0116 Tc 1 0 0 1 36 700 Tm (Assistant Treasurer shall have such other powers and perform such other duties as the board of directors shall from time to time ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 43.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0208 Tc 1 0 0 1 36 688.35 Tm (designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 674.45 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0336 Tc 1 0 0 1 36 665.05 Tm (Section 5.11 Treasurer's Bonds. If required by the board of directors, the treasurer shall give the corporation a bond \(which shall be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0073 Tc 1 0 0 1 36 653.4 Tm (renewed every six years\) in such sum and with such surety or sureties as shall be satisfactory to the board of directors, for the faithful ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0357 Tc 1 0 0 1 36 641.75 Tm (performance of the duties of his office and for the restoration to the corporation, in case of his death, resignation, retirement or removal ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 500.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0168 Tc 1 0 0 1 36 630.1 Tm (from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 119.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0049 Tc 1 0 0 1 36 618.45 Tm (belonging to the corporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0163 Tc 1 0 0 1 36 595.15 Tm (Section 5.12 Secretary. The Secretary shall record in books kept for the purpose all votes and proceedings of the stockholders and of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0396 Tc 1 0 0 1 36 583.5 Tm (the board of directors at their meetings and shall perform like duties for the standing committees when required. Unless the board of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0238 Tc 1 0 0 1 36 571.85 Tm (directors shall appoint a transfer agent and/or registrar or other officer or officers for the purpose, the Secretary shall be charged with ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0208 Tc 1 0 0 1 36 560.2 Tm (the duty of keeping, or causing to be kept, accurate records of all stock outstanding, stock certificates issued and stock transfers; and, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0274 Tc 1 0 0 1 36 548.55 Tm (subject to such other or different rule as shall be adopted from time to time by the board of directors, such records may be kept solely ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0011 Tc 1 0 0 1 36 536.9 Tm (in the stock certificate books. The Secretary shall perform such duties and have such powers additional to the foregoing as the board ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 112.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0161 Tc 1 0 0 1 36 525.25 Tm (of directors shall designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 511.35 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0291 Tc 1 0 0 1 36 501.95 Tm (Section 5.13 Temporary and Assistant Secretaries. In the absence of the Secretary from any meeting of the stockholders or board of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0039 Tc 1 0 0 1 36 490.3 Tm (directors, if there be no Assistant Secretary, if one be elected, or, if there be more than one, the one designated for the purpose by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0178 Tc 1 0 0 1 36 478.65 Tm (board of directors, otherwise a Temporary Secretary designated by the person presiding at the meeting, shall perform the duties of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0072 Tc 1 0 0 1 36 467 Tm (Secretary. Each Assistant Secretary shall have such other powers and perform such other duties as the board of directors may from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 91.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1088 Tc 1 0 0 1 36 455.35 Tm (time to time designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 279 441.45 54.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6746 Tc 1 0 0 1 279 432.05 Tm (ARTICLE VI ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 246.75 418.15 119.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5754 Tc 1 0 0 1 246.75 408.75 Tm (CERTIFICATES OF STOCK ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0675 Tc 1 0 0 1 36 385.45 Tm (Section 6.01 Certificates of Stock. Every holder of stock in the corporation shall be entitled to have a certificate certifying the number of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 453 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0432 Tc 1 0 0 1 36 373.8 Tm (shares owned by him in the corporation, signed by or in the name of the corporation by \(a\) either the Chairman of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 297.75 359.9 17.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4016 Tc 1 0 0 1 297.75 350.5 Tm (- 9 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 66 0 obj <> endobj 207 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 208 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0249 Tc 1 0 0 1 36 746.6 Tm (the board of directors, the President or a Vice- President and \(b\) either the Treasurer or an Assistant Treasurer, or the Secretary or an ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 157.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0229 Tc 1 0 0 1 36 734.95 Tm (Assistant Secretary of the corporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0114 Tc 1 0 0 1 36 711.65 Tm (Certificates may be issued for partly paid shares and in such case upon the face or back of the certificates issued to represent any such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 494.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0049 Tc 1 0 0 1 36 700 Tm (partly paid shares, the total amount of the consideration to be paid therefor, and the amount paid thereon shall be specified. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 686.1 495.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0061 Tc 1 0 0 1 36 676.7 Tm (If the corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.001 Tc 1 0 0 1 36 665.05 Tm (designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0575 Tc 1 0 0 1 36 653.4 Tm (qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0097 Tc 1 0 0 1 36 641.75 Tm (the certificates which the corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0941 Tc 1 0 0 1 36 630.1 Tm (in Section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0087 Tc 1 0 0 1 36 618.45 Tm (back of the certificate which the corporation shall issue to represent such class or series of stock, a statement that the corporation will ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0138 Tc 1 0 0 1 36 606.8 Tm (furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0131 Tc 1 0 0 1 36 595.15 Tm (or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 56.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0054 Tc 1 0 0 1 36 583.5 Tm (and/or rights. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 569.6 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0383 Tc 1 0 0 1 36 560.2 Tm (Section 6.02 Signature on Stock Certificates. Where a certificate is countersigned, \(1\) by a transfer agent other than the corporation or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0542 Tc 1 0 0 1 36 548.55 Tm (its employee, or \(2\) by a registrar other than the corporation or its employee, any other signature on the certificate may be facsimile. In ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0113 Tc 1 0 0 1 36 536.9 Tm (case any officer, transfer agent or registrar who has signed or whose facsimile has been placed upon a certificate shall have ceased to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0177 Tc 1 0 0 1 36 525.25 Tm (be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the corporation with the same effect as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 276 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0366 Tc 1 0 0 1 36 513.6 Tm (if he were such officer, transfer agent or registrar at the date of issue. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0684 Tc 1 0 0 1 36 490.3 Tm (Section 6.03 Lost Certificates. The board of directors may direct a new certificate or certificates to be issued in place of any certificate ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0023 Tc 1 0 0 1 36 478.65 Tm (or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0045 Tc 1 0 0 1 36 467 Tm (that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorized such issue of a new certificate ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0133 Tc 1 0 0 1 36 455.35 Tm (or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0136 Tc 1 0 0 1 36 443.7 Tm (such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0281 Tc 1 0 0 1 36 432.05 Tm (require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 353.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0064 Tc 1 0 0 1 36 420.4 Tm (corporation with respect to the certificate alleged to have been lost, stolen or destroyed. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 406.5 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0258 Tc 1 0 0 1 36 397.1 Tm (Section 6.04 Transfers of Stock. Upon surrender to the corporation or the transfer agent of the corporation of a certificate for shares ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 125.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0077 Tc 1 0 0 1 36 385.45 Tm (duly endorsed or accompanied ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 295.5 371.55 21.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4157 Tc 1 0 0 1 295.5 362.15 Tm (- 10 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 67 0 obj <> endobj 209 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 210 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0079 Tc 1 0 0 1 36 746.6 Tm (by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the corporation to issue a new certificate ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.003 Tc 1 0 0 1 36 734.95 Tm (to the person entitled thereto, cancel the old certificate and record the transaction upon its books. The board may make such additional ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0004 Tc 1 0 0 1 36 723.3 Tm (rules and regulations as it may deem advisable concerning the issue and transfer of certificates representing shares of the capital stock ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 76.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0326 Tc 1 0 0 1 36 711.65 Tm (of the corporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0497 Tc 1 0 0 1 36 688.35 Tm (Section 6.05 Fixing Record Date. In order that the corporation may determine the stockholders entitled to notice of or to vote at any ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0302 Tc 1 0 0 1 36 676.7 Tm (meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0289 Tc 1 0 0 1 36 665.05 Tm (to receive payment of any dividend or other distribution of allotment of any rights, or entitled to exercise any rights in respect of any ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0379 Tc 1 0 0 1 36 653.4 Tm (change, conversion or exchange of stock or for the purpose of any other lawful action, the board of directors may fix, in advance, a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0623 Tc 1 0 0 1 36 641.75 Tm (record date, which shall not be more than sixty \(60\) nor less than ten \(10\) days before the date of such meeting, nor more than sixty \(60\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0103 Tc 1 0 0 1 36 630.1 Tm (days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 505.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0448 Tc 1 0 0 1 36 618.45 Tm (shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 78.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0769 Tc 1 0 0 1 36 606.8 Tm (adjourned meeting. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0376 Tc 1 0 0 1 36 583.5 Tm (Section 6.06 Registered Stockholders. The corporation shall be entitled to recognize the exclusive right of a person registered on its ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0262 Tc 1 0 0 1 36 571.85 Tm (books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls' and assessments a person ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0022 Tc 1 0 0 1 36 560.2 Tm (registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0001 Tc 1 0 0 1 36 548.55 Tm (share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 186 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0594 Tc 1 0 0 1 36 536.9 Tm (provided by the laws of the State of Delaware. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 277.5 523 57.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6926 Tc 1 0 0 1 277.5 513.6 Tm (ARTICLE VII ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 251.6 499.7 109.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.509 Tc 1 0 0 1 251.6 490.3 Tm (GENERAL PROVISIONS. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 476.4 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0322 Tc 1 0 0 1 36 467 Tm (Section 7.01 Dividends. Dividends upon the capital stock of the corporation, subject to the provisions of applicable law, may be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0414 Tc 1 0 0 1 36 455.35 Tm (declared by the board of directors at any regular or special meeting, and paid either \(a\) out of its surplus, as defined by law, or \(b\) in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0021 Tc 1 0 0 1 36 443.7 Tm (case there shall be no such surplus, out of the corporation's net profits for the fiscal year in which the dividend is declared and/or the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0491 Tc 1 0 0 1 36 432.05 Tm (preceding fiscal year. If the capital of the corporation, computed in accordance with law, shall have been diminished by depreciation in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0167 Tc 1 0 0 1 36 420.4 Tm (the value of its property, or by losses, or otherwise, to an amount less than the aggregate amount of the capital represented by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0289 Tc 1 0 0 1 36 408.75 Tm (issued and outstanding stock of all classes having a preference upon the distribution of assets, the board of directors shall not, except ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0126 Tc 1 0 0 1 36 397.1 Tm (as allowed by the laws of the State of Delaware, declare and pay out of such net profits any dividends upon any shares of any classes ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0042 Tc 1 0 0 1 36 385.45 Tm (of the corporation's capital stock until the deficiency in the amount of capital represented by the issued and outstanding stock of all ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 258.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0414 Tc 1 0 0 1 36 373.8 Tm (classes having a preference upon the distribution of assets shall ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 295.5 359.9 21.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4157 Tc 1 0 0 1 295.5 350.5 Tm (- 11 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 68 0 obj <> endobj 211 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 212 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0072 Tc 1 0 0 1 36 746.6 Tm (have been repaired. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 112.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0991 Tc 1 0 0 1 36 734.95 Tm (Certificate of Incorporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0372 Tc 1 0 0 1 36 711.65 Tm (Section 7.02 Reserves. Before payment of any dividend, there may be set aside out of any funds of the corporation available for ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0331 Tc 1 0 0 1 36 700 Tm (dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0259 Tc 1 0 0 1 36 688.35 Tm (contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0098 Tc 1 0 0 1 36 676.7 Tm (the directors may think conducive to the interest of the corporation, and the directors may modify or abolish any such reserve in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 126.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1076 Tc 1 0 0 1 36 665.05 Tm (manner in which it was created. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 501 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0351 Tc 1 0 0 1 36 641.75 Tm (Section 7.03 Annual Statement. The board of directors shall present at each annual meeting, and at any special meeting of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0043 Tc 1 0 0 1 36 630.1 Tm (stockholders when called for by vote of the stockholders, a full and clear statement of the business and condition of the corporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 616.2 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0325 Tc 1 0 0 1 36 606.8 Tm (Section 7.04 Checks. All checks or demands for money and notes of the corporation shall be signed by such officer or officers or such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 328.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0302 Tc 1 0 0 1 36 595.15 Tm (other person or persons as the board of directors may from time to time designate. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 339.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1099 Tc 1 0 0 1 36 571.85 Tm (Section 7.05 Fiscal Year. The fiscal year of the corporation shall end on December 31. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.035 Tc 1 0 0 1 36 548.55 Tm (Section 7.06 Seal. The corporate seal shall have inscribed thereon the name of the corporation, the year of its organization and the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0628 Tc 1 0 0 1 36 536.9 Tm (word "Delaware." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0874 Tc 1 0 0 1 36 513.6 Tm (Section 7.07 Indemnification of Officers and Directors. The corporation shall indemnify any director, officer, employee or agent of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 497.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0075 Tc 1 0 0 1 36 501.95 Tm (corporation who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0705 Tc 1 0 0 1 36 490.3 Tm (proceeding, whether civil, criminal, administrative or investigative, to the full extend authorized and permitted by the laws of the State ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0551 Tc 1 0 0 1 36 478.65 Tm (of Delaware. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0179 Tc 1 0 0 1 36 467 Tm (or agent of the corporation against any liability asserted against him and incurred by him in any such capacity, or arising out of his ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0012 Tc 1 0 0 1 36 455.35 Tm (status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 517.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.076 Tc 1 0 0 1 36 443.7 Tm (the General Corporation Law of the State of Delaware. The corporation's indemnity of any person who is or was a director, officer, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0145 Tc 1 0 0 1 36 432.05 Tm (employee or agent of the corporation shall be reduced by any amounts such person may collect as indemnification under any policy of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 281.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0076 Tc 1 0 0 1 36 420.4 Tm (insurance purchased and maintained on his behalf by the corporation. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 406.5 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0563 Tc 1 0 0 1 36 397.1 Tm (The indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 94.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0609 Tc 1 0 0 1 36 385.45 Tm (under any certificate of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 295.5 371.55 21.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4157 Tc 1 0 0 1 295.5 362.15 Tm (- 12 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 69 0 obj <> endobj 213 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 214 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.007 Tc 1 0 0 1 36 746.6 Tm (incorporation, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 516 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0101 Tc 1 0 0 1 36 734.95 Tm (to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0293 Tc 1 0 0 1 36 723.3 Tm (employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. The right of reimbursement ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 504 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0515 Tc 1 0 0 1 36 711.65 Tm (for liabilities and expenses so imposed or incurred shall include the right to receive such reimbursement in advance of the final ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0104 Tc 1 0 0 1 36 700 Tm (disposition of any such action, suit or proceeding upon the corporation's receipt of an undertaking by or on behalf of such director or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0343 Tc 1 0 0 1 36 688.35 Tm (officer to repay such amount if it shall be ultimately determined that he is not entitled to be indemnified by the corporation pursuant to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0722 Tc 1 0 0 1 36 676.7 Tm (law or this Section 7.07. Neither the amendment nor repeal of this Section 7.07, nor the adoption of any provisions of the Certificate of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0613 Tc 1 0 0 1 36 665.05 Tm (Incorporation inconsistent with this Section 7.07, shall eliminate or reduce the effect of this Section 7.07 in respect of any matter ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0629 Tc 1 0 0 1 36 653.4 Tm (occurring, or any cause of action, suit or claim that, but for this Section 7.07 would accrue or arise, prior to such amendment, repeal or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 155.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0363 Tc 1 0 0 1 36 641.75 Tm (adopting of an inconsistent provision. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0626 Tc 1 0 0 1 36 618.45 Tm (Section 7.08 Reliance upon Books, Reports and Records. Each director, each member of any committee designated by the board of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0326 Tc 1 0 0 1 36 606.8 Tm (directors, and each officer of the corporation shall, in the performance of his duties, be fully protected in relying in good faith upon the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 494.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0004 Tc 1 0 0 1 36 595.15 Tm (books of account or other records of the corporation, including reports made to the corporation by any of its officers, by an ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 359.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0066 Tc 1 0 0 1 36 583.5 Tm (independent certified public accountant, or by an appraiser selected with reasonable care. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 569.6 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0362 Tc 1 0 0 1 36 560.2 Tm (Section 7.09 Inspection of Books by Stockholders. Subject to the laws of the State of Delaware, the board of directors shall have the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 501.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0632 Tc 1 0 0 1 36 548.55 Tm (power to determine from time to time and at any time whether and to what extent and at what times and places and under what ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 508.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0175 Tc 1 0 0 1 36 536.9 Tm (conditions and regulations the records of account, books and stock ledgers of the corporation, or any of them, shall be open to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0421 Tc 1 0 0 1 36 525.25 Tm (inspection and copying by stockholders, their agents or attorneys; and no stockholder, his agent or attorney shall have any right to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.01 Tc 1 0 0 1 36 513.6 Tm (inspect or copy any record of account or book or stock ledger, or any part thereof, of the corporation, except as conferred by the laws ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0046 Tc 1 0 0 1 36 501.95 Tm (of the State of Delaware, unless and until authorized so to do by resolution of the board of directors or of the stockholders and unless ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0276 Tc 1 0 0 1 36 490.3 Tm (and until such stockholder agrees to comply with, and abide by, such conditions and regulations governing inspection and copying ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 194.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0241 Tc 1 0 0 1 36 478.65 Tm (thereof, as determined by the board of directors. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.75 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0454 Tc 1 0 0 1 36 455.35 Tm (Section 7.10 Transactions with Directors, Officers, etc. The corporation may enter into contracts or transactions with one or more of its ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0251 Tc 1 0 0 1 36 443.7 Tm (directors, officers, employees or stockholders, or with any other corporation, partnership, association, or other organization in which ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0329 Tc 1 0 0 1 36 432.05 Tm (one or more of its directors, officers, employees or stockholders are directors, officers, partners, employees or stockholders, or have a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 386.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.071 Tc 1 0 0 1 36 420.4 Tm (financial interest, to the full extent authorized and permitted by the laws of the State of Delaware. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 295.5 406.5 21.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4157 Tc 1 0 0 1 295.5 397.1 Tm (- 13 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 70 0 obj <> endobj 215 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 216 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 276 756 60.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.7078 Tc 1 0 0 1 276 746.6 Tm (ARTICLE VIII ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0623 Tc 1 0 0 1 36 723.3 Tm (Section 8.01 Amendments. These By-Laws may be altered, amended or repealed or new By-Laws may be adopted by the stockholders ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 518.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0201 Tc 1 0 0 1 36 711.65 Tm (or by the board of directors at any regular meeting of the stockholders or of the board of directors or at any special meeting of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0389 Tc 1 0 0 1 36 700 Tm (stockholders or of the board of directors if notice of such alteration, amendment, repeal or adoption of new By-Laws be contained in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 495.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0148 Tc 1 0 0 1 36 688.35 Tm (the notice of such meeting, or by any consent of the stockholders or directors executed in accordance with the Certificate of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 131.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0538 Tc 1 0 0 1 36 676.7 Tm (Incorporation or these By-Laws. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 295.5 662.8 21.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4157 Tc 1 0 0 1 295.5 653.4 Tm (- 14 - ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 71 0 obj <> endobj 217 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 218 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 276 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 276 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 276 745.1 m 278.25 745.1 l S 0 0 0 RG q n 278.25 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 278.25 746.6 Tm ( ) Tj ET Q 0 0 0 rg q n 280.5 756 56.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.245 Tc 1 0 0 1 280.5 746.6 Tm (Exhibit 10.32 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w 0 0 0 RG 0 0 0 RG q n 247.85 732.7 117 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.7865 Tc 1 0 0 1 247.85 723.3 Tm (SEVERANCE AGREEMENT ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 493.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0213 Tc 1 0 0 1 36 700 Tm (This Severance Agreement \(the "Agreement"\) is entered into as of the 21st day of January 1998, by and between Steven A. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 512.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1038 Tc 1 0 0 1 36 688.35 Tm (DeMartino, an individual with a residence address of 68 Seiter Hill Road, Wallingford, CT 06492 \(the "Executive"\), and TransAct ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 510 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0825 Tc 1 0 0 1 36 676.7 Tm (Technologies Incorporated, a Delaware corporation with a mailing address of 7 Laser Lane, Wallingford, Connecticut 06492 \(the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0235 Tc 1 0 0 1 36 665.05 Tm ("Company"\). As used in this Agreement, the "Company" shall also include all subsidiaries of the Company, as the context requires. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 268.85 651.15 75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.6155 Tc 1 0 0 1 268.85 641.75 Tm (INTRODUCTION ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 511.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0399 Tc 1 0 0 1 36 618.45 Tm (1. The Company is in the business of designing, developing, manufacturing and marketing printers for point of sale, gaming and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 270.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0336 Tc 1 0 0 1 36 606.8 Tm (wagering, financial service and kiosk applications \(the "Business"\). ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 592.9 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0312 Tc 1 0 0 1 36 583.5 Tm (2. The Company desires that the Executive continue to serve in his position with the Company and that the Company be able to rely ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 378.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.041 Tc 1 0 0 1 36 571.85 Tm (upon his advice when requested as to the best interests of the Company, and its shareholders. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 500.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0398 Tc 1 0 0 1 36 548.55 Tm (3. The Board of Directors of the Company believe Executive can best serve the Company without the distractions of personal ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0104 Tc 1 0 0 1 36 536.9 Tm (uncertainties and risks that might be created in the event a change in control of the Company is proposed or his employment by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 96 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1231 Tc 1 0 0 1 36 525.25 Tm (Company is terminated. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 276.75 511.35 59.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.931 Tc 1 0 0 1 276.75 501.95 Tm (AGREEMENT ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 447.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0286 Tc 1 0 0 1 36 478.65 Tm (In consideration of the premises and mutual promises hereinbelow set forth, the parties hereby agree as follows: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 464.75 421.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0478 Tc 1 0 0 1 36 455.35 Tm (1. Definitions. The following terms shall have the meanings indicated for the purposes of this Agreement: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 503.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0527 Tc 1 0 0 1 36 432.05 Tm (\(a\) "Cause" shall mean: \(i\) the death or disability of the Executive \(For purposes of this Agreement, "disability" shall mean the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0643 Tc 1 0 0 1 36 420.4 Tm (Executive's incapacity due to physical or mental illness which has caused the Executive to be absent from the full-time performance of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0419 Tc 1 0 0 1 36 408.75 Tm (his duties with the Company for a period of six \(6\) consecutive months.\) \(ii\) any action or inaction by the Executive that constitutes ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0315 Tc 1 0 0 1 36 397.1 Tm (larceny, fraud, gross negligence, a willful or negligent misrepresentation to the directors or officers of the Company, their successors ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0716 Tc 1 0 0 1 36 385.45 Tm (or assigns, a crime involving moral turpitude; or \(iii\) the refusal of the Executive to follow the reasonable and lawful written instructions ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0235 Tc 1 0 0 1 36 373.8 Tm (of the President or the Board of Directors of the Company with respect to the services to be rendered and the manner of rendering ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 371.55 172.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.002 Tc 1 0 0 1 36 362.15 Tm (such services by Executive, provided such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 72 0 obj <> endobj 219 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 220 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 507 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0344 Tc 1 0 0 1 36 746.6 Tm (refusal is material and repetitive and is not justified or excused either by the terms of this Agreement or by actions taken by the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0329 Tc 1 0 0 1 36 734.95 Tm (Company in violation of this Agreement, and with respect to the first two refusals Executive has been given reasonable written notice ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0036 Tc 1 0 0 1 36 723.3 Tm (and explanation thereof and reasonable opportunity to cure and no cure has been effected within a reasonable time after such notice. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.067 Tc 1 0 0 1 36 700 Tm (\(b\) "Change in Control" will be deemed to have occurred if: \(1\) the Company effectuates a Takeover Transaction; or \(2\) any election of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0237 Tc 1 0 0 1 36 688.35 Tm (directors of the Company \(whether by the directors then in office or by the stockholders at a meeting or by written consent\) where a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0549 Tc 1 0 0 1 36 676.7 Tm (majority of the directors in office following such election are individuals who were not nominated by a vote of two-thirds of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0742 Tc 1 0 0 1 36 665.05 Tm (members of the Board of Directors immediately preceding such election; or \(3\) the Company effectuates a complete liquidation of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 503.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0287 Tc 1 0 0 1 36 653.4 Tm (Company or a sale or disposition of all or substantially all of its assets. A "Change in Control" shall not be deemed to include, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 508.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0497 Tc 1 0 0 1 36 641.75 Tm (however, a merger or sale of stock, assets or business of the Company if the Executive immediately after such event owns, or in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0282 Tc 1 0 0 1 36 630.1 Tm (connection with such event immediately acquires \(other than in the Executive's capacity as an equity holder of the Company or as a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 473.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0446 Tc 1 0 0 1 36 618.45 Tm (beneficiary of its employee stock ownership plan or profit sharing plan\), any stock of the buyer or any affiliate thereof. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.55 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0721 Tc 1 0 0 1 36 595.15 Tm (\(c\) A "Takeover Transaction" shall mean \(i\) a merger or consolidation of the Company with, or an acquisition of the Company or all or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0092 Tc 1 0 0 1 36 583.5 Tm (substantially all of its assets by, any other corporation, other than a merger, consolidation or acquisition in which the individuals who ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0582 Tc 1 0 0 1 36 571.85 Tm (were members of the Board of Directors of the Company immediately prior to such transaction continue to constitute a majority of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0347 Tc 1 0 0 1 36 560.2 Tm (Board of Directors of the surviving corporation \(or, in the case of an acquisition involving a holding company, constitute a majority of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 500.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0434 Tc 1 0 0 1 36 548.55 Tm (the Board of Directors of the holding company\) for a period of not less than twelve \(12\) months following the closing of such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 501.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0005 Tc 1 0 0 1 36 536.9 Tm (transaction, or \(ii\) when any person or entity or group of persons or entities \(other than any trustee or other fiduciary holding ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 499.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.039 Tc 1 0 0 1 36 525.25 Tm (securities under an employee benefit plan of the Company\) either related or acting in concert becomes the "beneficial owner" ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0736 Tc 1 0 0 1 36 513.6 Tm (\(as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended\) of securities of the Company representing more than ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 435.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0467 Tc 1 0 0 1 36 501.95 Tm (fifty percent \(50%\) of the total number of votes that may be cast for the election of directors of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0773 Tc 1 0 0 1 36 478.65 Tm (\(d\) "Terminating Event" shall mean: \(i\) termination by the Company of the employment of the Executive for any reason other than ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1067 Tc 1 0 0 1 36 467 Tm (retirement or for Cause occurring within twelve \(12\) months of a Change of Control; or \(ii\) resignation of the Executive from the employ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.068 Tc 1 0 0 1 36 455.35 Tm (of the Company, while the Executive is not receiving payments or benefits from the Company by reason of the Executive's disability, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0406 Tc 1 0 0 1 36 443.7 Tm (subsequent to any of the following events occurring within twelve \(12\) months of a Change of Control: \(A\) a significant reduction in ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0152 Tc 1 0 0 1 36 432.05 Tm (the nature or scope of the Executive's responsibilities, authorities, powers, functions or duties from the responsibilities, authorities, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0613 Tc 1 0 0 1 36 420.4 Tm (powers, functions or duties exercised by the Executive immediately prior to the Change in Control; \(B\) a decrease in the salary payable ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 93.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0164 Tc 1 0 0 1 36 408.75 Tm (by the Company to the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 394.85 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 385.45 Tm (2 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 73 0 obj <> endobj 221 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 222 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0813 Tc 1 0 0 1 36 746.6 Tm (Executive from the salary payable to the Executive immediately prior to the Change in Control except for across-the-board salary ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0765 Tc 1 0 0 1 36 734.95 Tm (reductions similarly affecting all management personnel of the Company; or \(C\) the relocation of the Company's facility at which the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0604 Tc 1 0 0 1 36 723.3 Tm (Executive is currently employed by more than 50 miles from its current location \(unless such new location is closer than such facility to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0276 Tc 1 0 0 1 36 711.65 Tm (the Executive's then residence\) provided, however, that a Terminating Event shall not be deemed to have occurred solely as a result of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0052 Tc 1 0 0 1 36 700 Tm (the Executive being an employee of any direct or indirect successor to the business or assets of the Company, rather than continuing ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0877 Tc 1 0 0 1 36 688.35 Tm (as an employee of the Company, following a Change in Control; or \(D\) elimination or reduction of the Executive's participation in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 208.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0887 Tc 1 0 0 1 36 676.7 Tm (Company's Executive Incentive Compensation Plan. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 662.8 54.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1314 Tc 1 0 0 1 36 653.4 Tm (2. Severance. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0586 Tc 1 0 0 1 36 630.1 Tm (\(a\) Without Cause. If the Company terminates the employment of the Executive without Cause, other than as a result of a Terminating ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 513 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.058 Tc 1 0 0 1 36 618.45 Tm (Event, then commencing on the date of such termination and for a period of six \(6\) months thereafter, the Company shall provide ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0382 Tc 1 0 0 1 36 606.8 Tm (Executive with a severance package which shall consist of the following: \(i\) payment on the first business day of each month of an ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0185 Tc 1 0 0 1 36 595.15 Tm (amount equal to one-twelfth of the Executive's then current annual base salary; \(ii\) payment on the first business day of each month of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0204 Tc 1 0 0 1 36 583.5 Tm (an amount equal to one-sixth of the Executive's annual target bonus amount under the TransAct Executive Incentive Compensation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0643 Tc 1 0 0 1 36 571.85 Tm (Plan, pro rated for the portion of the fiscal year occurring prior to termination; and \(iii\) continuation of all benefits under Section 4. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0841 Tc 1 0 0 1 36 548.55 Tm (\(b\) With A Terminating Event. If the Company terminates the employment of the Executive as a result of a Terminating Event, then ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0597 Tc 1 0 0 1 36 536.9 Tm (commencing on the date of such termination and for a period equal to one \(1\) year thereafter, the Company shall provide Executive ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0214 Tc 1 0 0 1 36 525.25 Tm (with a severance package which shall consist of the following: \(i\) payment on the first business day of each month an amount equal to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0197 Tc 1 0 0 1 36 513.6 Tm (one-twelfth of the Executive's then current annual base salary; \(ii\) payment on the first business day of each month of an amount equal ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 527.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.048 Tc 1 0 0 1 36 501.95 Tm (to one-twelfth of the Executive's annual target bonus amount under the Company's Executive Incentive Compensation Plan; and \(iii\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0637 Tc 1 0 0 1 36 490.3 Tm (continuation of all benefits under Section 4. In addition, if the Company terminates the employment of the Executive as a result of a ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0434 Tc 1 0 0 1 36 478.65 Tm (Terminating Event, then the Company shall cause the immediate vesting of all options granted by the Company to the Executive under ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0461 Tc 1 0 0 1 36 467 Tm (the Company's stock plans. At any time when the Company is obligated to make monthly payments under Section 2\(b\), the Company ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0633 Tc 1 0 0 1 36 455.35 Tm (shall, ten \(10\) days after receipt of a written request from the Executive, pay the Executive an amount equal to the balance of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0161 Tc 1 0 0 1 36 443.7 Tm (amounts payable under Section 2\(b\)\(i\)-\(ii\), provided that the obligation of the Company to continue to provide benefits pursuant to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 435.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0831 Tc 1 0 0 1 36 432.05 Tm (Section 2\(b\)\(iii\) or to make monthly payments under 2\(b\)\(i\)-\(ii\) shall cease upon the payment of such amount. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 418.15 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 408.75 Tm (3 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 74 0 obj <> endobj 223 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 224 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0473 Tc 1 0 0 1 36 746.6 Tm (\(c\) General Release. As a condition precedent to receiving any severance payment, the Executive shall execute a general release of any ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0503 Tc 1 0 0 1 36 734.95 Tm (and all claims which Executive or his heirs, executors, agents or assigns might have against the Company, its subsidiaries, affiliates, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 428.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0515 Tc 1 0 0 1 36 723.3 Tm (successors, assigns and their past, present and future employees, officers, directors, agents and attorneys. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0343 Tc 1 0 0 1 36 700 Tm (\(d\) Withholding. All payments made by the Company under this Agreement shall be net of any tax or other amounts required to be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 190.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1058 Tc 1 0 0 1 36 688.35 Tm (withheld by the Employer under applicable law. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 674.45 496.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0888 Tc 1 0 0 1 36 665.05 Tm (3. Non-Competition. During Executive's employment with the Company and the term of this Agreement and \(a\) in the case of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1028 Tc 1 0 0 1 36 653.4 Tm (termination other than as a result of a Terminating Event, for six \(6\) months following the termination of Executive's employment with ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 495.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0864 Tc 1 0 0 1 36 641.75 Tm (the Company or \(b\) in the case of termination as a result of a Terminating Event, for one \(1\) year following the termination of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 639.5 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0845 Tc 1 0 0 1 36 630.1 Tm (Executive's employment with the Company, Executive will not directly or indirectly whether as a partner, consultant, agent, employee, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.007 Tc 1 0 0 1 36 618.45 Tm (co-venturer, greater than two percent owner or otherwise or through any other person \(as hereafter defined\): \(a\) be engaged in any ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0355 Tc 1 0 0 1 36 606.8 Tm (business or activity which is competitive with the Business of the Company in any part of the world in which the Company is at the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0654 Tc 1 0 0 1 36 595.15 Tm (time of the Executive's termination engaged in selling their products directly or indirectly; or \(b\) attempt to recruit any employee of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0413 Tc 1 0 0 1 36 583.5 Tm (Company, assist in their hiring by any other person, or encourage any employee to terminate his or her employment with the Company; ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 510.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.014 Tc 1 0 0 1 36 571.85 Tm (or \(c\) encourage any customer of the Company to conduct with any other person any business or activity which such customer ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0164 Tc 1 0 0 1 36 560.2 Tm (conducts or could conduct with the Company. For purpose of this Section 3, the term "Company" shall include any person controlling, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0627 Tc 1 0 0 1 36 548.55 Tm (under common control with or controlled by, the Company, provided, however, that with respect to Tridex Corporation \("Tridex"\)and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 456 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0559 Tc 1 0 0 1 36 536.9 Tm (any subsidiary of Tridex, the provisions of this Section 3 shall cease and be of no force and effect on April 1, !998. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 523 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0096 Tc 1 0 0 1 36 513.6 Tm (For purposes of this Section 3, the term "Person" shall mean an individual or corporation, association or partnership in estate or trust ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 141 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0385 Tc 1 0 0 1 36 501.95 Tm (or any other entity or organization. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 488.05 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0582 Tc 1 0 0 1 36 478.65 Tm (The Executive recognizes and agrees that because a violation by him of this Section 3 will cause irreparable harm to the Company that ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0497 Tc 1 0 0 1 36 467 Tm (would be difficult to quantify and for which money damages would be inadequate, the Company shall have the right to injunctive relief ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 329.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0317 Tc 1 0 0 1 36 455.35 Tm (to prevent or restrain any such violation, without the necessity of posting a bond. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0033 Tc 1 0 0 1 36 432.05 Tm (Executive expressly agrees that the character, duration and scope of this covenant not to compete are reasonable in light of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0039 Tc 1 0 0 1 36 420.4 Tm (circumstances as they exist at the date upon which this Agreement has been executed. However, should a determination nonetheless ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.001 Tc 1 0 0 1 36 408.75 Tm (be made by a court of competent jurisdiction at a later date that the character, duration or geographical scope of this covenant not to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 45 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0955 Tc 1 0 0 1 36 397.1 Tm (compete is ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 383.2 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 373.8 Tm (4 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 75 0 obj <> endobj 225 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 226 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 515.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0101 Tc 1 0 0 1 36 746.6 Tm (unreasonable in light of the circumstances as they then exist, then it is the intention of both Executive and the Company that this ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0362 Tc 1 0 0 1 36 734.95 Tm (covenant not to compete shall be construed by the court in such a manner as to impose only those restrictions on the conduct of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 525 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0139 Tc 1 0 0 1 36 723.3 Tm (Executive which are reasonable in light of the circumstances as they then exist and necessary to provide the Company the intended ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 146.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0017 Tc 1 0 0 1 36 711.65 Tm (benefit of this covenant to compete. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0568 Tc 1 0 0 1 36 688.35 Tm (4. Confidentiality Covenants. Executive understands that the Company may impart to him confidential business information including, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0647 Tc 1 0 0 1 36 676.7 Tm (without limitation, designs, financial information, personnel information, strategic plans, product development information and the like ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0728 Tc 1 0 0 1 36 665.05 Tm (\(collectively "Confidential Information"\). Executive hereby acknowledges Company's exclusive ownership of such Confidential ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 51 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1747 Tc 1 0 0 1 36 653.4 Tm (Information. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0653 Tc 1 0 0 1 36 630.1 Tm (Executive agrees as follows: \(1\) only to use the Confidential Information to provide services to the Company; \(2\) only to communicate ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 627.85 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0241 Tc 1 0 0 1 36 618.45 Tm (the Confidential Information to fellow employees, agents and representatives of the Company on a need-to-know basis; and \(3\) not to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 487.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0544 Tc 1 0 0 1 36 606.8 Tm (otherwise disclose or use any Confidential Information. Upon demand by the Company or upon termination of Executive's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.066 Tc 1 0 0 1 36 595.15 Tm (employment, Executive will deliver to the Company all manuals, photographs, recordings, and any other instrument or device by which, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 507.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0268 Tc 1 0 0 1 36 583.5 Tm (through which, or on which Confidential Information has been recorded and/or preserved, which are in Executive's possession, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0116 Tc 1 0 0 1 36 571.85 Tm (custody or control. Executive acknowledges that for purposes of this Section 4 the term "Company" means any person or entity now ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 507 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0599 Tc 1 0 0 1 36 560.2 Tm (or hereafter during the term of this Agreement which controls, is under common control with, or is controlled by, the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 546.3 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0582 Tc 1 0 0 1 36 536.9 Tm (The Executive recognizes and agrees that because a violation by him of this Section 4 will cause irreparable harm to the Company that ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0497 Tc 1 0 0 1 36 525.25 Tm (would be difficult to quantify and for which money damages would be inadequate, the Company shall have the right to injunctive relief ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 329.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0317 Tc 1 0 0 1 36 513.6 Tm (to prevent or restrain any such violation, without the necessity of posting a bond. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.029 Tc 1 0 0 1 36 490.3 Tm (5. Governing Law/Jurisdiction. This Agreement shall be governed by and interpreted and governed in accordance with the laws of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0124 Tc 1 0 0 1 36 478.65 Tm (State of Connecticut. The parties agree that this Agreement was made and entered into in Connecticut and each party hereby consents ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 419.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0088 Tc 1 0 0 1 36 467 Tm (to the jurisdiction of a competent court in Connecticut to hear any dispute arising out of this Agreement. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 453.1 523.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0166 Tc 1 0 0 1 36 443.7 Tm (6. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 534 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.006 Tc 1 0 0 1 36 432.05 Tm (hereof and thereof and supercedes any and all previous agreements, written and oral, regarding the subject matter hereof between the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0329 Tc 1 0 0 1 36 420.4 Tm (parties hereto. This Agreement shall not be changed, altered, modified or amended, except by a written agreement signed by both ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 59.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0251 Tc 1 0 0 1 36 408.75 Tm (parties hereto. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0336 Tc 1 0 0 1 36 385.45 Tm (7. Notices. All notices, requests, demands and other communications required or permitted to be given or made under this Agreement ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 383.2 123 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.084 Tc 1 0 0 1 36 373.8 Tm (shall be in writing and shall be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 359.9 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 350.5 Tm (5 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) 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Severability. If any term or provision of this Agreement, or the application thereof to any person or under any circumstance, shall to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 511.35 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0255 Tc 1 0 0 1 36 501.95 Tm (any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such terms to the persons or under ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0001 Tc 1 0 0 1 36 490.3 Tm (circumstances other than those as to which it is invalid or unenforceable, shall be considered severable and shall not be affected ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 495 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0557 Tc 1 0 0 1 36 478.65 Tm (thereby, and each term of this Agreement shall be valid and enforceable to the fullest extent permitted by law. The invalid or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0119 Tc 1 0 0 1 36 467 Tm (unenforceable provisions shall, to the extent permitted by law, be deemed amended and given such interpretation as to achieve the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 142.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0535 Tc 1 0 0 1 36 455.35 Tm (economic intent of this Agreement. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 441.45 522.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0304 Tc 1 0 0 1 36 432.05 Tm (9. Waiver. The failure of any party to insist in any one instance or more upon strict performance of any of the terms and conditions ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 519.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0354 Tc 1 0 0 1 36 420.4 Tm (hereof, or to exercise any right or privilege herein conferred, shall not be construed as a waiver of such terms, conditions, rights or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.056 Tc 1 0 0 1 36 408.75 Tm (privileges, but same shall continue to remain in full force and effect. Any waiver by any party of any violation of, breach of or default ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 505.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0223 Tc 1 0 0 1 36 397.1 Tm (under any provision of this Agreement by the other party shall not be construed as, or constitute, a continuing waiver of such ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 394.85 446.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0318 Tc 1 0 0 1 36 385.45 Tm (provision, or waiver of any other violation of, breach of or default under any other provision of this Agreement. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 371.55 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0377 Tc 1 0 0 1 36 362.15 Tm (10. Successors and Assigns. This Agreement shall be binding upon the Company and any successors and assigns of the Company. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 348.25 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 338.85 Tm (6 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 77 0 obj <> endobj 229 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F10 26 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 230 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 405.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0825 Tc 1 0 0 1 36 746.6 Tm (IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 202.5 732.7 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 723.3 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 187.35 684.65 144 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0313 Tc 1 0 0 1 187.35 674.9 Tm (By: /s/ Richard L. Cote ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 187.35 659.15 216 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0208 Tc 1 0 0 1 187.35 649.4 Tm (Title: Executive Vice President and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 187.35 646.4 24 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.1875 Tc 1 0 0 1 187.35 636.65 Tm (CFO ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 278.25 573.95 56.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.8664 Tc 1 0 0 1 278.25 564.55 Tm (EXECUTIVE: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 236 525.9 84 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0536 Tc 1 0 0 1 236 516.15 Tm (/s/ Steven A. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 236 513.15 60 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.075 Tc 1 0 0 1 236 503.4 Tm (DeMartino ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 236 500.4 138 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0326 Tc 1 0 0 1 236 490.65 Tm (-----------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 236 474.9 120 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0375 Tc 1 0 0 1 236 465.15 Tm (Steven A. DeMartino ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 402.45 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 393.05 Tm (7 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 78 0 obj <> endobj 231 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F10 26 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 232 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 276 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 276 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 276 745.1 m 278.25 745.1 l S 0 0 0 RG q n 278.25 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 278.25 746.6 Tm ( ) Tj ET Q 0 0 0 rg q n 280.5 756 56.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.245 Tc 1 0 0 1 280.5 746.6 Tm (Exhibit 10.33 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w 0 0 0 RG 0 0 0 RG q n 36 732.7 81.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5466 Tc 1 0 0 1 36 723.3 Tm ([OKIDATA LOGO] ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 84.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1906 Tc 1 0 0 1 36 700 Tm (532 Fellowship Road ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 96.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2231 Tc 1 0 0 1 36 688.35 Tm (Mount Laurel, NJ 08054 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 21 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5001 Tc 1 0 0 1 36 676.7 Tm (USA ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 79.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3159 Tc 1 0 0 1 36 665.05 Tm (Phone 609 235 2600 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 67.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4707 Tc 1 0 0 1 36 653.4 Tm (Fax 609 778 4184 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 54.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.3139 Tc 1 0 0 1 36 630.1 Tm (May 19, 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 616.2 77.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1805 Tc 1 0 0 1 36 606.8 Tm (Mr. Bart Shuldman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 127.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0316 Tc 1 0 0 1 36 595.15 Tm (Ithaca Peripherals Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 592.9 52.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2077 Tc 1 0 0 1 36 583.5 Tm (7 Laser Lane ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 581.25 91.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2574 Tc 1 0 0 1 36 571.85 Tm (Wallingford, CT 06492 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 85.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2617 Tc 1 0 0 1 36 548.55 Tm (RE: OEM Agreement ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 534.65 42 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2664 Tc 1 0 0 1 36 525.25 Tm (Dear Bart: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 511.35 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0829 Tc 1 0 0 1 36 501.95 Tm (The purpose of this letter is to renew our OEM Agreement for another two \(2\) years pricing term which will begin August 28, 1997 and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 499.7 506.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1305 Tc 1 0 0 1 36 490.3 Tm (expire August 28, 1999 with deliveries to be completed by February 28, 2000, and to replace Exhibit A with the new Exhibit A as ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0634 Tc 1 0 0 1 36 478.65 Tm (attached. The terms and conditions of this renewal will be as stated in the OEM Agreement which we entered in January 21, 1991 and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 222 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0082 Tc 1 0 0 1 36 467 Tm (all subsequent agreed upon amendments made thereto. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 453.1 516.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0003 Tc 1 0 0 1 36 443.7 Tm (If you agree to this renewal contract, please indicate your acceptance by signing both originals in the space provided. Retain one ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 285 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.025 Tc 1 0 0 1 36 432.05 Tm (duplicate original for your records and return the other to my attention. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 93 393.4 348 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0129 Tc 1 0 0 1 93 383.65 Tm (Sincerely, Ithaca Peripherals ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 380.65 78 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0577 Tc 1 0 0 1 93 370.9 Tm (Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 93 355.15 360 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0125 Tc 1 0 0 1 93 345.4 Tm (/s/ David L. Vaughn /s/ Bart C. Shuldman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 342.4 360 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0125 Tc 1 0 0 1 93 332.65 Tm (------------------- -------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 329.65 306 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0147 Tc 1 0 0 1 93 319.9 Tm (Manager, Legal Affairs \(Signature\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 93 304.15 336 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0134 Tc 1 0 0 1 93 294.4 Tm (DLV/eap Bart C. Shuldman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 291.4 360 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0125 Tc 1 0 0 1 93 281.65 Tm (enc. -------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 278.65 276 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0163 Tc 1 0 0 1 93 268.9 Tm ( \(Name\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 93 253.15 312 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0144 Tc 1 0 0 1 93 243.4 Tm (c: T. Donahue May 22, 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 240.4 360 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0125 Tc 1 0 0 1 93 230.65 Tm ( E. Morris -------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 227.65 276 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0163 Tc 1 0 0 1 93 217.9 Tm ( J. Rowley \(Date\) ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 93 214.9 90 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.05 Tc 1 0 0 1 93 205.15 Tm ( C. Helm ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 93 189.4 66 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0682 Tc 1 0 0 1 93 179.65 Tm ([OKI LOGO] ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) 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1 99.1 484.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 469.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 460.75 Tm (172P 2 Kit 58221402 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 457.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 448.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 433.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 424.75 Tm (172S 1 Kit 58221501 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 421.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 412.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 397.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 388.75 Tm (184T P1 Kit 58236101 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 385.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 376.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 361.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 352.75 Tm (M90 Kit 58238101 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 349.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 340.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 325.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 316.75 Tm (M90 Kit \(Meet Comp\)* 59238101 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 313.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 304.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 289.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 280.75 Tm (M150P Kit 40248402 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 277.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 268.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 253.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 244.75 Tm (M150S Kit 40248401 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 241.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 232.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 217.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 208.75 Tm (M170 Kit 40248403 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 205.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 196.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 181.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 172.75 Tm (Carriage Shaft 51109111 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 169.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 160.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 145.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 136.75 Tm (Purple Ribbon 52108701 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 133.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 124.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 99.1 109.75 198 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.0227 Tc 1 0 0 1 99.1 100.75 Tm (Black Ribbon 52109401 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 99.1 97.75 408 -12 re W n BT 0 0 0 rg /F8 10 Tf -0.011 Tc 1 0 0 1 99.1 88.75 Tm (--------------------------------------------------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 80 0 obj <> endobj 235 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 236 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 744.35 299.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0862 Tc 1 0 0 1 36 734.95 Tm (* Requires proof of performance of sales to IPL for the UK postal program. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 721.05 381 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0822 Tc 1 0 0 1 36 711.65 Tm (NOTE: All product listed in this pricing Exhibit "A" are not covered under an Okidata warranty. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 81 0 obj <> endobj 237 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 238 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 36 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 36 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 36 745.1 m 38.25 745.1 l S 0 0 0 RG q n 38.25 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 38.25 746.6 Tm ( ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w q n 273.75 744.35 65.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.3957 Tc 1 0 0 1 273.75 734.95 Tm (EXHIBIT 10.34 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 270.35 721.05 72 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2556 Tc 1 0 0 1 270.35 711.65 Tm (February 23, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 697.75 87.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2104 Tc 1 0 0 1 36 688.35 Tm (Mr. Bart C. Shuldman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 686.1 72 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2356 Tc 1 0 0 1 36 676.7 Tm (28 Bermuda Road ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 674.45 93.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0344 Tc 1 0 0 1 36 665.05 Tm (Westport, Connecticut ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.15 42 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2664 Tc 1 0 0 1 36 641.75 Tm (Dear Bart: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0773 Tc 1 0 0 1 36 618.45 Tm (The Company has agreed to loan you $330,000.00 to permit the purchase by you of 104,000 shares of the Company's common stock. In ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 616.2 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0257 Tc 1 0 0 1 36 606.8 Tm (order to accomplish this loan transaction, you will need to sign each of the enclosed documents, which are briefly described below. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 467.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0361 Tc 1 0 0 1 36 595.15 Tm (Your signature acknowledging and agreeing to certain additional terms contained in this letter also will be necessary. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 71.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.1951 Tc 1 0 0 1 36 571.85 Tm (Promissory Note ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 557.95 531 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.107 Tc 1 0 0 1 36 548.55 Tm (- You will sign a $330,000 term Note in favor of the Company. The principal \(and any unpaid interest\) is due in a balloon payment five ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 509.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0372 Tc 1 0 0 1 36 536.9 Tm (years after the execution of the Note. The interest rate will be calculated as the greater of \(i\) an amount based on the Company's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 524.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0833 Tc 1 0 0 1 36 525.25 Tm (average variable lending rate under its primary credit facility for each fiscal year or \(ii\) the Applicable Federal Rate, as defined in the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 351 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0335 Tc 1 0 0 1 36 513.6 Tm (Note. Interest will be payable by you in arrears on the fifteenth day of March each year. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 498.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0428 Tc 1 0 0 1 36 490.3 Tm (- The Note describes what happens if your employment with the Company is terminated or in the event of death or disability. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0373 Tc 1 0 0 1 36 478.65 Tm (Termination by the Company for "Cause" as defined in any employment contract in effect on the date of termination or your voluntary ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 522 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0584 Tc 1 0 0 1 36 467 Tm (termination will advance the maturity date for the Note to the date that is six months after the date of your termination. Termination ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 464.75 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0478 Tc 1 0 0 1 36 455.35 Tm (without Cause or in the event of death or disability as defined in any employment contract in effect at that time will not affect the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 453.1 104.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0664 Tc 1 0 0 1 36 443.7 Tm (maturity date of the Note. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 429.8 521.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0792 Tc 1 0 0 1 36 420.4 Tm (- The occurrence of an Event of Default under the Note will give the Company the ability to accelerate the maturity date, making all ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 138.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0236 Tc 1 0 0 1 36 408.75 Tm (amounts due and payable at once. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 394.85 273 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0437 Tc 1 0 0 1 36 385.45 Tm (- Your obligations under the Note will be secured by a stock pledge. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 371.55 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 362.15 Tm (1 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 82 0 obj <> endobj 239 0 obj << /ProcSet [/PDF /Text ] /Font << /F5 4 0 R /F4 5 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 240 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 104.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.1378 Tc 1 0 0 1 36 746.6 Tm (Stock Pledge Agreement ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 732.7 519 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0702 Tc 1 0 0 1 36 723.3 Tm (- You agree to pledge to the Company \(i\) 104,000 shares purchased with the loan proceeds and \(ii\) 50,000 shares of the Company's ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 721.05 537.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0638 Tc 1 0 0 1 36 711.65 Tm (restricted stock. The Company will retain the physical certificates and you will sign stock powers in blank. During the term of the Note, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 709.4 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0044 Tc 1 0 0 1 36 700 Tm (you will be able to vote the shares, and you will receive any cash dividends issued with respect to the shares. If there is a stock split or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 442.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0384 Tc 1 0 0 1 36 688.35 Tm (similar adjustment, you will be required to pledge any such additional shares as you may be entitled to receive. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 674.45 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0415 Tc 1 0 0 1 36 665.05 Tm (- If there is an Event of Default and subject to applicable law, the Company is entitled to sell the shares and retain as much of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 279.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0456 Tc 1 0 0 1 36 653.4 Tm (proceeds as are necessary to satisfy your obligations under the Note. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 639.5 73.5 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.3142 Tc 1 0 0 1 36 630.1 Tm (Additional Terms ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 616.2 535.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0186 Tc 1 0 0 1 36 606.8 Tm (- Continuing Security. Until all amounts due and owing under the Note have been satisfied and regardless of your employment status, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 604.55 432 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0138 Tc 1 0 0 1 36 595.15 Tm (you agree that the obligations under the Note will remain secured under and by the stock pledge agreement. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.25 526.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0533 Tc 1 0 0 1 36 571.85 Tm (- Selling the Stock to Satisfy the Note. At any time up to and including the maturity date of the Note, if the market value of the stock ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.6 513.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0022 Tc 1 0 0 1 36 560.2 Tm (purchased with the loan proceeds exceeds 150% of the outstanding loan balance under the Note, you may request permission to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 557.95 533.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0098 Tc 1 0 0 1 36 548.55 Tm (satisfy, in full or in part, your obligations under the Note by your sale of the pledged shares. If you do not make this request, the loan ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 546.3 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0249 Tc 1 0 0 1 36 536.9 Tm (shall be repaid as set forth in the Note. Any sale permitted by this provision may pay your obligations under the Note in full or in part; ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 534.65 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.033 Tc 1 0 0 1 36 525.25 Tm (provided, however, that for any requested partial payment of the obligations under the Note, you will apply all of the proceeds from ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 523 351 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0121 Tc 1 0 0 1 36 513.6 Tm (the sale of pledged shares to the partial satisfaction of your obligations under the Note. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 499.7 529.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0882 Tc 1 0 0 1 36 490.3 Tm (- Event of Default. Your failure to comply with any of the terms hereunder, which failure is not cured within 30 days of occurrence, or ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 488.05 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0055 Tc 1 0 0 1 36 478.65 Tm (the occurrence of an event of default under the Note or the other agreements executed in connection herewith shall constitute an event ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 476.4 486 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0227 Tc 1 0 0 1 36 467 Tm (of default hereunder. The Note describes the remedies the Company may take upon the occurrence of an event of default. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 453.1 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0313 Tc 1 0 0 1 36 443.7 Tm (- Severability. If any provision of this letter agreement or any of the agreements enclosed herewith shall be held by any court or other ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 441.45 528 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0402 Tc 1 0 0 1 36 432.05 Tm (tribunal of competent jurisdiction to be illegal, void or unenforceable in such jurisdiction, the remainder of such provision and of the ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 429.8 534.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.041 Tc 1 0 0 1 36 420.4 Tm (letter agreement shall not be affected thereby and shall be given full effect, without regard to the invalid provision. We mutually agree ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 418.15 525.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0258 Tc 1 0 0 1 36 408.75 Tm (that such court or tribunal, if possible, shall limit such invalid provision or clause in scope so that it shall not be invalid and shall be ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 406.5 102.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0908 Tc 1 0 0 1 36 397.1 Tm (enforceable as so limited. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 383.2 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 373.8 Tm (2 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 83 0 obj <> endobj 241 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F10 26 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 242 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG q n 36 756 537 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0048 Tc 1 0 0 1 36 746.6 Tm (- Further Assurances. You agree to execute any and all instruments and documents deemed necessary or desirable by the Company to ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 744.35 528.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0582 Tc 1 0 0 1 36 734.95 Tm (carry out the provisions of this letter agreement, including financing statements for purposes of filing under the Uniform Commercial ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 732.7 25.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.185 Tc 1 0 0 1 36 723.3 Tm (Code. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 530.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0162 Tc 1 0 0 1 36 700 Tm (- Entire Agreement. This letter agreement and the attachments hereto contain the entire understanding of the Company and you with ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 462 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0.0258 Tc 1 0 0 1 36 688.35 Tm (respect to the subject matter set forth herein and supersedes any prior agreements between us with respect thereto. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 674.45 538.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0243 Tc 1 0 0 1 36 665.05 Tm (- Governing Law. This letter agreement and the rights of the parties shall be governed by and construed in accordance with the laws of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 662.8 532.5 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0092 Tc 1 0 0 1 36 653.4 Tm (the state of Connecticut without regard to its conflict of laws principles. Each of the parties consents in advance to the jurisdiction of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 651.15 311.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0003 Tc 1 0 0 1 36 641.75 Tm (the appropriate state or federal courts located within the state of Connecticut. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 627.85 495 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.0322 Tc 1 0 0 1 36 618.45 Tm (Please signify your acceptance and agreement with the terms of this letter agreement by signing in the indicated area below. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 202.5 604.55 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 202.5 595.15 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 223.85 556.5 156 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0288 Tc 1 0 0 1 223.85 546.75 Tm (By: /s/ Thomas R. Schwarz ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 223.85 543.75 162 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0278 Tc 1 0 0 1 223.85 534 Tm ( -------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 223.85 518.25 120 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0375 Tc 1 0 0 1 223.85 508.5 Tm ( Name: Thomas R. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 223.85 505.5 48 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0938 Tc 1 0 0 1 223.85 495.75 Tm (Schwarz ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 223.85 492.75 120 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0375 Tc 1 0 0 1 223.85 483 Tm ( Title: Chairman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 420.3 95.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.2297 Tc 1 0 0 1 36 410.9 Tm (Date: February 23, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 229.9 372.25 126 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0357 Tc 1 0 0 1 229.9 362.5 Tm (/s/ Bart C. Shuldman ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 229.9 359.5 150 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.03 Tc 1 0 0 1 229.9 349.75 Tm (-------------------------) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 229.9 334 102 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0441 Tc 1 0 0 1 229.9 324.25 Tm (BART C. SHULDMAN ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 261.55 48 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.4168 Tc 1 0 0 1 36 252.15 Tm (237346 v.02 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 303 238.25 6.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.6251 Tc 1 0 0 1 303 228.85 Tm (3 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 84 0 obj <> endobj 243 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 244 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 200.25 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 200.25 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 200.25 745.1 m 202.5 745.1 l S 0 0 0 RG q n 202.5 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 202.5 746.6 Tm ( ) Tj ET Q 0 0 0 rg q n 204.75 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 204.75 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w 0 0 0 RG 0 0 0 RG q n 276.35 732.7 60 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.4454 Tc 1 0 0 1 276.35 723.3 Tm (EXHIBIT 11.1 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 210.35 709.4 192 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5688 Tc 1 0 0 1 210.35 700 Tm (COMPUTATION OF EARNINGS PER SHARE ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 677.1 405 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4528 Tc 1 0 0 1 36 670.35 Tm ( Year Ended December 31, ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 668.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 661.35 Tm ( ---------------------------------------------------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 659.1 442.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 652.35 Tm ( 1998 1997 1996 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 650.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 643.35 Tm ( ------------ ------------ ------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 632.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 625.35 Tm (Net Income $ 1,206,000 $ 4,893,000 $ 3,340,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 623.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 616.35 Tm ( ============ ============ ============ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 605.1 30 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4875 Tc 1 0 0 1 36 598.35 Tm (SHARES: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 587.1 157.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4571 Tc 1 0 0 1 36 580.35 Tm ( Basic - Weighted average common shares ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 578.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 571.35 Tm ( outstanding 6,163,000 6,767,000 5,864,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 569.1 172.5 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4565 Tc 1 0 0 1 36 562.35 Tm ( Dilutive effect of outstanding options and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 560.1 165 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4568 Tc 1 0 0 1 36 553.35 Tm ( warrants as determined by the treasury ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 551.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 544.35 Tm ( stock method 7,000 165,000 20,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 542.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 535.35 Tm ( ------------ ------------ ------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 533.1 153.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4573 Tc 1 0 0 1 36 526.35 Tm ( Diluted - Weighted average common and ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 524.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 517.35 Tm ( common equivalent shares outstanding 6,170,000 6,932,000 5,884,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 515.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 508.35 Tm ( ============ ============ ============ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 497.1 191.25 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4559 Tc 1 0 0 1 36 490.35 Tm (Net income per common and common equivalent share: ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 479.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 472.35 Tm ( Basic $ 0.20 $ 0.72 $ 0.57 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 470.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 463.35 Tm ( ============ ============ ============ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 461.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 454.35 Tm ( Diluted 0.20 0.71 0.57 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 452.1 453.75 -9 re W n BT 0 0 0 rg /F8 7 Tf -0.4525 Tc 1 0 0 1 36 445.35 Tm ( ============ ============ ============ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 85 0 obj <> endobj 245 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 246 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 200.25 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 200.25 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 200.25 745.1 m 202.5 745.1 l S 0 0 0 RG q n 202.5 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 202.5 746.6 Tm ( ) Tj ET Q 0 0 0 rg q n 204.75 756 207.75 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5474 Tc 1 0 0 1 204.75 746.6 Tm (TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w 0 0 0 RG 0 0 0 RG q n 276.35 732.7 60 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.4454 Tc 1 0 0 1 276.35 723.3 Tm (EXHIBIT 21.1 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 161.25 709.4 290.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5121 Tc 1 0 0 1 161.25 700 Tm (SUBSIDIARIES OF TRANSACT TECHNOLOGIES INCORPORATED ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 675.6 488.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4371 Tc 1 0 0 1 36 667.35 Tm ( Jurisdiction of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 665.1 57.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3409 Tc 1 0 0 1 36 656.85 Tm (Percentage ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 654.6 535.5 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4382 Tc 1 0 0 1 36 646.35 Tm (Name Incorporation Owner Owned ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 644.1 488.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4371 Tc 1 0 0 1 36 635.85 Tm (---- --------------- ------------ ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 633.6 57.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.3409 Tc 1 0 0 1 36 625.35 Tm (---------- ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 623.1 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 614.85 Tm (Magnetec Corporation Connecticut TransAct 100% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 612.6 462 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4364 Tc 1 0 0 1 36 604.35 Tm ( Technologies ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 602.1 462 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4364 Tc 1 0 0 1 36 593.85 Tm ( Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 581.1 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 572.85 Tm (Ithaca Peripherals Limited United Kingdom Magnetec 100% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 570.6 456.75 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4362 Tc 1 0 0 1 36 562.35 Tm ( Corporation ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 549.6 530.25 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4381 Tc 1 0 0 1 36 541.35 Tm (TransAct Technologies International Ltd Barbados TransAct 100% ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 539.1 462 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4364 Tc 1 0 0 1 36 530.85 Tm ( Technologies ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 528.6 462 -10.5 re W n BT 0 0 0 rg /F8 8 Tf 0.4364 Tc 1 0 0 1 36 520.35 Tm ( Incorporated ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 86 0 obj <> endobj 247 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F10 26 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 248 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 278.6 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 278.6 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 278.6 745.1 m 280.85 745.1 l S 0 0 0 RG q n 280.85 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 280.85 746.6 Tm ( ) Tj ET Q 0 0 0 rg q n 283.1 756 51 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.2831 Tc 1 0 0 1 283.1 746.6 Tm (Exhibit 23.1 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w 0 0 0 RG 0 0 0 RG q n 204.75 732.7 203.25 -11.65 re W n BT 0 0 0 rg /F5 10 Tf -0.5566 Tc 1 0 0 1 204.75 723.3 Tm (CONSENT OF INDEPENDENT ACCOUNTANTS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 709.4 536.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.1011 Tc 1 0 0 1 36 700 Tm (We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 \(No. 333-32703 and No. 333-32705\) of ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 697.75 531.75 -11.65 re W n BT 0 0 0 rg /F4 10 Tf -0.052 Tc 1 0 0 1 36 688.35 Tm (TransAct Technologies Incorporated of our report dated February 8, 1999 appearing on page 17 of this Annual Report on Form 10-K. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 214.7 649.7 162 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0278 Tc 1 0 0 1 214.7 639.95 Tm (/s/ PricewaterhouseCoopers ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 214.7 636.95 24 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.1875 Tc 1 0 0 1 214.7 627.2 Tm (LLP ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 214.7 624.2 132 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.0341 Tc 1 0 0 1 214.7 614.45 Tm (Hartford, Connecticut ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 214.7 598.7 90 -12.75 re W n BT 0 0 0 rg /F10 10 Tf -0.05 Tc 1 0 0 1 214.7 588.95 Tm (March 29, 1999 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 rg q n 266.25 34.5 10.5 -16.5 re W n BT 0 0 0 rg /F8 8 Tf -0.15 Tc 1 0 0 1 266.25 20.25 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 rg 0 0 1 RG 0 0 0 rg q n 276.75 34.5 6 -16.5 re W n BT 0 0 1 rg /F12 8 Tf -1.0702 Tc 1 0 0 1 276.75 20.25 Tm (Ó) Tj ET Q 0 0 0 RG 0 0 1 RG 0.8 w 0 0 0 rg n 276.75 18.75 m 282.75 18.75 l S q n 282.75 34.5 136.5 -16.5 re W n BT 0 0 1 rg /F8 8 Tf 0.4212 Tc 1 0 0 1 282.75 20.25 Tm ( 2003. EDGAR Online, Inc.) Tj ET Q 0 0 0 RG 0 0 1 RG 0 0 0 rg n 282.75 18.75 m 419.25 18.75 l S 0 0 0 RG 1 1 1 rg q Q endstream endobj 87 0 obj <> endobj 249 0 obj << /ProcSet [/PDF /Text ] /Font << /F4 5 0 R /F5 4 0 R /F8 7 0 R /F12 8 0 R >> >> endobj 250 0 obj <> stream 0.75 w 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 1 RG q n 36 756 2.25 -11.65 re W n BT 0 0 1 rg /F4 10 Tf 0 Tc 1 0 0 1 36 746.6 Tm ( ) Tj ET Q 0 0 0 RG 0 0 1 RG 1 w 1 1 1 rg n 36 745.1 m 38.25 745.1 l S 0 0 0 RG q n 38.25 756 2.25 -11.65 re W n BT 0 0 0 rg /F4 10 Tf 0 Tc 1 0 0 1 38.25 746.6 Tm ( ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0.75 w q n 36 744.35 39 -9.3 re W n BT 0 0 0 rg /F5 7 Tf -0.0392 Tc 1 0 0 1 36 736.55 Tm (ARTICLE 5 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 735.05 525.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0274 Tc 1 0 0 1 36 727.25 Tm (THIS SCHEDULE CONTIANS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM TRANSACT TECHNOLOGIES INCORPORATED ANNUAL REPORT ON FORM ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 36 725.75 451.5 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0238 Tc 1 0 0 1 36 717.95 Tm (10-K FOR THE YEAR ENDED DECEMBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 716.45 63.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0247 Tc 1 0 0 1 36 708.65 Tm (MULTIPLIER: 1,000 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 688.55 47.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0394 Tc 1 0 0 1 36 680.75 Tm (PERIOD TYPE ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 252.6 688.55 25.5 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0956 Tc 1 0 0 1 252.6 680.75 Tm (12 MOS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 679.25 63 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.019 Tc 1 0 0 1 36 671.45 Tm (FISCAL YEAR END ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 236.85 679.25 41.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0416 Tc 1 0 0 1 236.85 671.45 Tm (DEC 31 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 669.95 50.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.092 Tc 1 0 0 1 36 662.15 Tm (PERIOD START ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 238.35 669.95 39.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0139 Tc 1 0 0 1 238.35 662.15 Tm (JAN 01 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 660.65 44.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0534 Tc 1 0 0 1 36 652.85 Tm (PERIOD END ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 236.85 660.65 41.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0416 Tc 1 0 0 1 236.85 652.85 Tm (DEC 31 1998 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 651.35 20.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.1338 Tc 1 0 0 1 36 643.55 Tm (CASH ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 265.35 651.35 12.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0002 Tc 1 0 0 1 265.35 643.55 Tm (546 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 642.05 40.5 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.129 Tc 1 0 0 1 36 634.25 Tm (SECURITIES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 272.85 642.05 5.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.2501 Tc 1 0 0 1 272.85 634.25 Tm (0 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 632.75 48.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0789 Tc 1 0 0 1 36 624.95 Tm (RECEIVABLES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 260.1 632.75 18 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0001 Tc 1 0 0 1 260.1 624.95 Tm (5,292 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 623.45 51 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0484 Tc 1 0 0 1 36 615.65 Tm (ALLOWANCES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 265.35 623.45 12.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0002 Tc 1 0 0 1 265.35 615.65 Tm (139 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 614.15 42 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.1075 Tc 1 0 0 1 36 606.35 Tm (INVENTORY ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 260.1 614.15 18 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0001 Tc 1 0 0 1 260.1 606.35 Tm (8,744 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 604.85 60 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.1302 Tc 1 0 0 1 36 597.05 Tm (CURRENT ASSETS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 256.35 604.85 21.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0356 Tc 1 0 0 1 256.35 597.05 Tm (16,094 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 595.55 20.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0987 Tc 1 0 0 1 36 587.75 Tm (PP&E ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 256.35 595.55 21.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0356 Tc 1 0 0 1 256.35 587.75 Tm (13,360 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 586.25 53.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0046 Tc 1 0 0 1 36 578.45 Tm (DEPRECIATION ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 260.1 586.25 18 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0001 Tc 1 0 0 1 260.1 578.45 Tm (7,696 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 576.95 50.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.1518 Tc 1 0 0 1 36 569.15 Tm (TOTAL ASSETS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 256.35 576.95 21.75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.0356 Tc 1 0 0 1 256.35 569.15 Tm (23,788 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 567.65 75 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0858 Tc 1 0 0 1 36 559.85 Tm (CURRENT LIABILITIES ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 260.1 567.65 18 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0001 Tc 1 0 0 1 260.1 559.85 Tm (5,987 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 558.35 25.5 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.0789 Tc 1 0 0 1 36 550.55 Tm (BONDS ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 272.85 558.35 5.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.2501 Tc 1 0 0 1 272.85 550.55 Tm (0 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG 0 0 0 RG 0 0 0 RG q n 36 549.05 89.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf 0.004 Tc 1 0 0 1 36 541.25 Tm (PREFERRED MANDATORY ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 0 0 RG q n 272.85 549.05 5.25 -9.3 re W n BT 0 0 0 rg /F4 7 Tf -0.2501 Tc 1 0 0 1 272.85 541.25 Tm (0 ) Tj ET Q 0 0 0 RG 1 1 1 rg 0 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