Trans-Lux Reports Year End Results
May 13 2014 - 8:38PM
Marketwired
Trans-Lux Reports Year End Results
NEW YORK, NY--(Marketwired - May 13, 2014) - Trans-Lux
Corporation (PINKSHEETS: TNLX) ("Trans-Lux" or the "Company"), a
leading supplier of Digital Displays and next generation LED
lighting, reported financial results for the year ended December
31, 2013 on May 13, 2014. Trans-Lux President and Chief
Executive Officer J.M. Allain made the announcement.
Year Ended December 31, 2013 Revenues for 2013 totaled $20.9
million, down from $23.0 million for 2012. Loss from
continuing operations for the year of 2013 was $2.5 million (loss
of $2.40 per share), compared with a loss of $1.2 million (loss of
$1.97 per share) in 2012. This year's loss from continuing
operations included a $1.1 million benefit for warrant valuation
adjustment and a loss of $348,000 on the sale of
receivables. The prior year's loss from continuing operations
included a $4.0 million benefit for warrant valuation
adjustment. The Company had EBITDA of $1.6 million for the
year ended December 31, 2013, compared with $3.1 million for
2012. The Company's audited consolidated financial statements
for the fiscal year ended December 31, 2013, included in the
Company's Annual Report on Form 10-K, which was filed with the
Securities and Exchange Commission on May 13, 2014, contained a
going concern qualification from its independent registered public
accounting firm.
"We are a very different company today than we were just a year
ago. We have an LED Lighting company that is producing revenue
and we have a new line of LED displays which is making inroads in
markets where we could not compete in the past. Our pipeline
is strong and I believe that 2014 will be a breakout year for us,"
said Mr. Allain. "We continue, however, to be hampered by our
cash position. We are losing deals and profit because of our
lack of cash. Fixing this is a priority for me and the Board
of Directors."
Fourth Quarter 2013 Revenues for the fourth quarter of 2013
totaled $5.8 million, compared with $4.7 million for the fourth
quarter of 2012. Trans-Lux recorded a loss from continuing
operations for the fourth quarter of 2013 of $618,000 (loss of
$0.59 per share), compared to a loss from continuing operations of
$653,000 (loss of $0.64 per share) in the fourth quarter of 2012.
The 2013 fourth quarter results include a $153,000 benefit for a
warrant valuation adjustment and the 2012 fourth quarter results
included a $765,000 benefit for a warrant valuation adjustment.
For more information, email info@trans-lux.com or visit
www.trans-lux.com.
About Trans-Lux Trans-Lux Corporation 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 This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities and Exchange
Act of 1934, as amended. Forward-looking statements such as "will,"
"believe," "are projected to be" and similar expressions are
statements regarding future events or the future performance of
Trans-Lux Corporation, and include statements regarding projected
operating results. These forward-looking statements are based on
current expectations, forecasts and assumptions and involve a
number of risks and uncertainties that could cause actual results
to differ materially from those anticipated by these
forward-looking statements.
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| RESULTS OF OPERATIONS |
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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) |
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2013 |
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2012 |
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2013 |
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2012 |
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| Revenues |
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$ |
5,820 |
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$ |
4,659 |
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$ |
20,907 |
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$ |
23,021 |
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| Loss from continuing operations |
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$ |
(618 |
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$ |
(653 |
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$ |
(2,500 |
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$ |
(1,218 |
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| (Loss) income from discontinued operations |
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(392 |
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23 |
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631 |
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(147 |
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| Net loss |
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$ |
(1,010 |
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$ |
(630 |
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$ |
(1,869 |
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$ |
(1,365 |
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| Calculation of EBITDA (1): |
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Net
loss from continuing operations |
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$ |
(618 |
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$ |
(653 |
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$ |
(2,500 |
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$ |
(1,218 |
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Interest expense, net |
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235 |
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113 |
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333 |
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297 |
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Income tax (benefit) expense |
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(394 |
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91 |
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(370 |
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112 |
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Depreciation and amortization |
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824 |
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1,002 |
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3,538 |
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4,104 |
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| Total EBITDA from continuing operations |
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47 |
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553 |
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1,001 |
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3,295 |
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Effect of discontinued operations |
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(392 |
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23 |
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631 |
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(147 |
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| Total EBITDA |
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$ |
(345 |
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$ |
576 |
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$ |
1,632 |
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$ |
3,148 |
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| Loss per share - basic and diluted |
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Continuing operations |
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$ |
(0.59 |
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$ |
(0.64 |
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$ |
(2.40 |
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$ |
(1.97 |
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Discontinued operations |
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(0.37 |
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0.02 |
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0.61 |
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(0.24 |
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Total
loss per share |
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$ |
(0.96 |
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$ |
(0.62 |
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$ |
(1.79 |
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$ |
(2.21 |
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| Average common shares outstanding - basic and
diluted |
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1,047 |
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1,020 |
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1,042 |
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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 by other companies. |
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Contact: Todd Dupee Vice President & CFO Email Contact
212.897.9955
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