Welcome!

News Feed Item

Trans-Lux Reports Year End Results

NEW YORK, NY -- (Marketwired) -- 05/13/14 -- 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 [email protected] 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.



                           TRANS-LUX CORPORATION

                           RESULTS OF OPERATIONS
                                (Unaudited)

                                       THREE MONTHS ENDED     YEAR ENDED
                                           DECEMBER 31        DECEMBER 31

 (In thousands, except per share data)   2013      2012      2013     2012
-------------------------------------- --------  --------  -------  -------

Revenues                               $  5,820  $  4,659  $20,907  $23,021
                                       --------  --------  -------  -------

Loss from continuing operations        $   (618) $   (653) $(2,500) $(1,218)
(Loss) income from discontinued
 operations                                (392)       23      631     (147)
                                       --------  --------  -------  -------
Net loss                               $ (1,010) $   (630) $(1,869) $(1,365)
                                       --------  --------  -------  -------

Calculation of EBITDA (1):
 Net loss from continuing operations   $   (618) $   (653) $(2,500) $(1,218)
 Interest expense, net                      235       113      333      297
 Income tax (benefit) expense              (394)       91     (370)     112
 Depreciation and amortization              824     1,002    3,538    4,104
                                       --------  --------  -------  -------
Total EBITDA from continuing
 operations                                  47       553    1,001    3,295
 Effect of discontinued operations         (392)       23      631     (147)
                                       --------  --------  -------  -------
Total EBITDA                           $   (345) $    576  $ 1,632  $ 3,148
                                       ========  ========  =======  =======

Loss per share - basic and diluted
 Continuing operations                 $  (0.59) $  (0.64) $ (2.40) $ (1.97)
 Discontinued operations                  (0.37)     0.02     0.61    (0.24)
                                       --------  --------  -------  -------
 Total loss per share                  $  (0.96) $  (0.62) $ (1.79) $ (2.21)
                                       ========  ========  =======  =======

Average common shares outstanding -
 basic and diluted                        1,047     1,020    1,042      618
-------------------------------------- --------  --------  -------  -------

(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.


Contact:
Todd Dupee
Vice President & CFO
Email Contact
212.897.9955

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
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...