2018 was a particularly great year for casino equipment supplier TransAct Technologies. It saw 69% growth compared to the previous year, allowing the company to report a net profit of $5.4 million. However, what goes up, with very few exceptions, must come down, and 2019 saw TransAct’s numbers take a huge hit. So huge, in fact, that they almost completely wiped out all of the gains from the previous year.

According to a company filing from yesterday, TransAct saw a 2019 fourth-quarter loss of $800,000, an almost complete 180 to the $962,000 profit it reported for the same quarter a year earlier. For all of 2019, profit plummeted a massive 90.5%, wiping out the $5.4 million 2018 gain and leaving just $516.000.

The weaker results are due to a drop in net sales of around 5% in the last quarter compared to the same period a year earlier, shrinking from $11.76 million to $11.16 million. That activity was a reflection of the entire year’s performance, which saw net sales slide 16.2% to $45.75 million from just under $54.6 million a year earlier.

Still, the company’s chairman and CEO, Bart Shuldman, is apparently happy with the performance, although shareholders probably don’t share his upbeat spirit. He said when turning over the financial numbers, “We are pleased with our execution throughout the year as we transition the focus of our business to the very large food service technology market opportunity that is served by our Boha ecosystem of recurring software and service subscriptions, consumable label sales and our purpose-built BOHA! Hardware.”