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
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We analyze the video streaming experience. We are gathering the user behavior in real time from the user devices and we analyze how users experience the video streaming," explained Eric Kim, Founder and CEO at Streamlyzer, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.
Application transformation and DevOps practices are two sides of the same coin. Enterprises that want to capture value faster, need to deliver value faster – time value of money principle. To do that enterprises need to build cloud-native apps as microservices by empowering teams to build, ship, and run in production. In his session at @DevOpsSummit at 19th Cloud Expo, Neil Gehani, senior product manager at HPE, discussed what every business should plan for how to structure their teams to delive...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.