|By Marketwired .||
|January 28, 2014 05:00 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/28/14 -- 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.
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.
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.
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