Trans-Lux Reports Delayed Filing, but Improvement for Year End and Quarter End Results
April 01 2014 - 11:58AM
Marketwired
Trans-Lux Reports Delayed Filing, but Improvement for Year End and
Quarter End Results
NEW YORK, NY--(Marketwired - Apr 1, 2014) - Trans-Lux
Corporation (OTCQB: TNLX), a leading supplier of LED technology for
high resolution video displays and lighting applications, today
filed a Form 12b-25 to report notification of late filing for its
reported financial results for the year ended December 31,
2013. Trans-Lux President and Chief Executive Officer J.M.
Allain made the announcement. "The relocation of the Company's
headquarters and an upgrade to new accounting software in recent
months has delayed the compilation of information needed to prepare
a timely filing, and to allow our auditors an adequate time period
in order to fully audit our financial statements," stated Mr.
Allain. The auditors are continuing to complete their audit
and the Company intends to file the full results on or before the
fifteenth calendar day following the prescribed due date, as
required in accordance with SEC rules.
Initial Brief Report on Results for Year Ended December 31, 2013
Subject to the completion of our audit by our independent
registered public accountants, the Company reports that it had cash
flow from continuing operations, as defined by EBITDA, of $2.3
million for the year ended December 31, 2013. For the fourth
quarter of 2013, the company recorded EBITDA of $312,000.
"We continue to execute our strategic business plan and to
strive to reach our objectives. This quarter is the first where we
believe we show real progress within the LED lighting space, and we
continue to be very optimistic on our prospects going forward,"
said Mr. Allain.
About Trans-Lux
Trans-Lux Corporation (TNLX) is a leading designer and
manufacturer of TL Vision digital video displays and TL Energy LED
lighting solutions for the financial, sports and entertainment,
gaming, education, government, and commercial markets. With a
comprehensive offering of LED Large Screen Systems, LCD Flat Panel
Displays, Data Walls and scoreboards (marketed under Fair-Play by
Trans-Lux), Trans-Lux delivers comprehensive video display
solutions for any size venue's indoor and outdoor display needs. TL
Energy enables organizations to greatly reduce energy related costs
with green lighting solutions. For more information please visit
www.Trans-Lux.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 The Company may, from time to time, provide
estimates as to future performances. These forward-looking
statements, including loss of market share through competition,
introduction of competing products by others, pressure on prices
from competition or purchasers of the Company's products, interest
rate and foreign exchange fluctuations, terrorist acts and
war.
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| TRANS-LUX CORPORATION |
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| RESULTS OF OPERATIONS |
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| (Unaudited) |
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THREE MONTHS ENDED |
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YEAR ENDED |
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DECEMBER 31 |
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DECEMBER 31 |
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| (In thousands,
except per share data) |
|
2013 |
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|
2012 |
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2013 |
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2012 |
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| Revenues |
|
$ |
5,820 |
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|
$ |
4,659 |
|
|
$ |
20,907 |
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|
$ |
23,021 |
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| |
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| Loss from continuing operations |
|
$ |
(529 |
) |
|
$ |
(564 |
) |
|
$ |
(2,411 |
) |
|
$ |
(1,129 |
) |
| (Loss) income from discontinued operations |
|
|
- |
|
|
|
(66 |
) |
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|
1,023 |
|
|
|
(236 |
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| Net loss |
|
$ |
(529 |
) |
|
$ |
(630 |
) |
|
$ |
(1,388 |
) |
|
$ |
(1,365 |
) |
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| Calculation of EBITDA (1): |
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Net
loss from continuing operations |
|
$ |
(529 |
) |
|
$ |
(564 |
) |
|
$ |
(2,411 |
) |
|
$ |
(1,129 |
) |
| |
Interest expense, net |
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|
20 |
|
|
|
113 |
|
|
|
118 |
|
|
|
297 |
|
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Income tax (benefit) expense |
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|
(2 |
) |
|
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2 |
|
|
|
22 |
|
|
|
23 |
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| |
Depreciation and amortization |
|
|
823 |
|
|
|
1,002 |
|
|
|
3,537 |
|
|
|
4,104 |
|
| Total EBITDA from continuing operations |
|
|
312 |
|
|
|
553 |
|
|
|
1,266 |
|
|
|
3,295 |
|
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Effect of discontinued operations |
|
|
- |
|
|
|
(66 |
) |
|
|
1,023 |
|
|
|
(236 |
) |
| Total EBITDA |
|
$ |
312 |
|
|
$ |
487 |
|
|
$ |
2,289 |
|
|
$ |
3,059 |
|
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| Loss per share - basic and diluted |
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Continuing operations |
|
$ |
(0.52 |
) |
|
$ |
(0.55 |
) |
|
$ |
(2.36 |
) |
|
$ |
(1.83 |
) |
| |
Discontinued operations |
|
|
- |
|
|
|
(0.06 |
) |
|
|
1.00 |
|
|
|
(0.38 |
) |
| |
Total
loss per share |
|
$ |
(0.52 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.36 |
) |
|
$ |
(2.21 |
) |
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| Average common shares outstanding - basic and
diluted |
|
|
1,026 |
|
|
|
1,020 |
|
|
|
1,023 |
|
|
|
618 |
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| (1) EBITDA is defined as earnings before
effect of interest, income taxes, depreciation and amortization.
EBITDA is presented here because it is a widely accepted financial
indicator of a company's ability to service and/or incur
indebtedness. However, EBITDA should not be considered as an
alternative to net income or cash flow data prepared in accordance
with accounting principles generally accepted in the United States
or as a measure of a company's profitability or liquidity. The
Company's measure of EBITDA may not be comparable to similarly
titled measures reported byother companies. |
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For Further Information Contact: Todd Dupee Vice President &
CFO 212.897.9955
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