TransGaming Reports Fiscal 2014 Second Quarter Results
January 28 2014 - 4:00PM
Marketwired
TransGaming Reports Fiscal 2014 Second Quarter Results
TORONTO, ONTARIO--(Marketwired - Jan 28, 2014) - TransGaming
Inc. (TSX-VENTURE:TNG) ("TransGaming" or the "Company"), a global
leader in developing and delivering platform-defining social video
game experiences to consumers around the world, today reported its
second quarter fiscal year 2014 results. The Company's unaudited
interim consolidated financial statements for the three and six
months ended November 30, 2013 and Management's Discussion and
Analysis have been filed and are available on SEDAR at
www.sedar.com.
Highlights
TransGaming's second
quarter of fiscal 2014 continued the strong trend of quarter over
quarter increases in revenue. The quarter's operating earnings
before stock-based compensation (adjusted EBITDA) were also
positive. The following highlights should be noted:
- Revenue was up 9% over the same quarter last year, at $2.1
million
- Adjusted EBITDA earnings were $247,000
- Continued emphasis on cost containment resulted in a year over
year reduction in operating expenses (excluding amortization and
stock-based compensation) of $776,000 for the quarter
- The $1.0 million licensing agreement with a cloud services
provider announced in April 2013 was completed and delivered in the
quarter
- During the quarter, the Company launched the world's first
ad-supported games service on Smart TV with Phillips
- Subsequent to quarter-end, the Company announced a partnership
with Samsung, the world's largest consumer electronics company, to
bring the GameTree TV platform to Samsung Smart TV's globally,
which went live on January 6, 2014
- Subsequent to quarter-end, the Company also announced it had
partnered with Toshiba Europe GmbH to bring the GameTree TV
platform to Toshiba Smart TV's globally, which also went live on
January 6, 2014
Commenting on the
results, Vikas Gupta, CEO & President of TransGaming
stated:
"This was a
remarkable quarter for TransGaming. We generated record Q2 revenue
of $2.1 million and we delivered an operating profit of $247,000.
The Company is focused on the execution of its business plan as
evidenced by the multiple licensing agreements we have announced
for our core translation technology, the growing distribution
channels for GameTree TV with the biggest operators and TV OEMs in
the world, and the broad market adoption we are witnessing of our
products.
"We continue to
focus on growth, commercialization, and fiscal profitability and we
expect our revenue to scale in the coming quarters as we further
commercialize on our new business agreements and reach a wider
global audience.
"TransGaming has
been ahead of the curve for a considerable period of time.
Technology and device trends are now converging with the
capabilities of our proprietary technology and we believe that we
are ideally positioned to take advantage of the incredibly exciting
opportunities ahead. From our vantage point, the future is
irresistible."
Conference Call
Details
TransGaming will
host an analyst and investor conference call at 10:00 a.m. EST on
Wednesday January 29, 2013 to review the second quarter fiscal 2014
results. The telephone number for the conference call is
+1 (416) 340-2218.
The call will be recorded and a digital replay will be available on
the Company's Investor Relations portion of its website at:
www.transgaming.com/investor-relations.
About TransGaming
Inc.
TransGaming Inc.
(TSX-VENTURE:TNG) is a global leader in developing and delivering
platform-defining social video game experiences to consumers around
the world. From engineering essential technologies for the world's
leading companies, to engaging audiences with truly immersive
interactive experiences, TransGaming fuels disruptive innovation
across the entire spectrum of consumer technology. TransGaming's
core businesses span the digital distribution of games for Smart
TVs, next-generation set-top boxes, and the connected living room,
as well as technology licensing for cross-platform game enablement,
software 3D graphics rendering, and parallel computing. Visit us at
www.transgaming.com.
FORWARD-LOOKING
STATEMENTS
Certain statements
in this document may constitute "forward-looking" statements, which
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this document, such
statements use words like "may", "will", "expect", "continue",
"believe", "plan", "intend", "would", "could", "should",
"anticipate" and other similar terminology. These statements
reflect current assumptions and expectations regarding future
events and operating performance and speak only as of the date of
this document. Forward-looking statements involve significant risks
and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A
number of factors could cause actual results to vary significantly
from the results discussed in the forward-looking statements,
including, but not limited to, the factors discussed under the
"Risk Factors" section of the Company's the most recently filed
Annual Information Form which is available on SEDAR at
www.sedar.com.
Although the
forward-looking statements contained in this document are based
upon what we believe are reasonable assumptions, we cannot assure
investors that our actual results will be consistent with these
forward-looking statements. We assume no obligation to update or
revise these forward-looking statements to reflect new events or
circumstances, except as required by securities law.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
TransGaming Inc.Dennis EnsingChief Financial Officer+1 416
979-9900 x321dennis@transgaming.comwww.transgaming.com
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