Welcome!

News Feed Item

TransGaming Reports Third Quarter Fiscal 2014 Results

TORONTO, ONTARIO -- (Marketwired) -- 04/29/14 -- TransGaming Inc. (TSX VENTURE: TNG) ("TransGaming" or the "Company"), a global leader in delivering innovative technology solutions for the rapidly evolving video games industry, today reported its third quarter fiscal 2014 results. The Company's unaudited interim consolidated financial statements for the three and nine months ending February 28, 2014 and Management's Discussion and Analysis have been filed and are available on SEDAR at www.sedar.com.

Highlights

TransGaming reported third quarter fiscal 2014 revenue of $1.2 million and $5.0 million for the nine months ending February 28, 2014. The net loss for the quarter was $0.46 million with adjusted EBITDA earnings of $0.1 million. During the quarter, the Company announced the strategic restructuring of its Graphics and Portability Group, including the hiring of a new Vice President to execute on its new strategic initiatives and drive long-term revenue growth. The following highlights should be noted:


--  Initiated a strategic restructuring of its Graphics and Portability
    Group to achieve greater scale and revenue by adding outbound technology
    licensing (including source code licensing), game publishing and support
    for the enablement of PC games to Android, iOS, and Steam OS
--  Announced that games industry veteran Fredrik Liljegren was joining the
    Company as Vice President of its Graphics and Portability Group,
    bringing with him decades of technology and gaming leadership experience
--  Announced that it was partnering with Samsung, the world's largest
    consumer electronics company, to bring the GameTree TV platform to
    Samsung Smart TVs globally
--  Announced that it was partnering with Toshiba Europe GmbH to bring the
    GameTree TV platform to Toshiba Smart TVs globally
--  Subsequent to quarter end, announced that GameTree TV will provide games
    for Sharp's Aquos SmartCentral 3.0 Smart TV platform
--  Subsequent to quarter end, announced the release of Star Trek Online,
    the award-winning free-to-play MMORPG for the Mac
--  Closed an equity offering in February 2014 raising gross proceeds of
    CA$4.6 million
--  Reported cash and cash equivalents of $5.3 million
--  Reported adjusted EBITDA earnings of $0.1 million, including an
    unrealized gain on foreign currency exchange of $0.8 million

Commenting on the results, Vikas Gupta, CEO & President of TransGaming stated:

"We've delivered consistent growth over the last many quarters and have demonstrated cash flow neutrality or profitability. Now, it's time for us to accelerate our growth, scale the company, and be poised to take advantage of new technology and business model trends within our industry. We are very excited about the restructuring of the Graphics & Portability Group, being led by a new Vice President who is a highly accomplished games industry veteran, and are confident that our strategic changes will yield incredible market traction and results in the quarters to come. TransGaming has also closed many new channel partner agreements for GameTree TV and we are now cultivating a growing addressable market into active users. Although still a young and nascent market, we are ahead of everyone else in this marathon and are aggressively working on monetizing users.

"We are no longer managing the company to survive in difficult economic times. We've done this and we've demonstrated our ability to weather the storm. It's now time to focus on growth. Our changes, our decisions, our outlook are now about building and scaling TransGaming."

Conference Call Details

TransGaming will host an analyst and investor conference call at 10:00 a.m. EST on Wednesday April 30, 2014 to review the third 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) engineers technologies that ignite experiences, delighting audiences around the world. From its roots as a trailblazer in cross-platform enablement, TransGaming has expanded to deliver essential solutions fuelling software 3D graphics rendering, parallel computing, and the distribution of digital content. TransGaming's disruptive innovations are now used by everyone from home consumers, to the largest and most influential tech companies in the world. 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...