NEW YORK, NY--(Marketwired - Apr 1, 2014) - Trans-Lux Corporation (
Initial Brief Report on Results for Year Ended December 31, 2013
Subject to the completion of our audit by our independent registered public accountants, the Company reports that it had cash flow from continuing operations, as defined by EBITDA, of $2.3 million for the year ended December 31, 2013. For the fourth quarter of 2013, the company recorded EBITDA of $312,000.
"We continue to execute our strategic business plan and to strive to reach our objectives. This quarter is the first where we believe we show real progress within the LED lighting space, and we continue to be very optimistic on our prospects going forward," said Mr. Allain.
About Trans-Lux
Trans-Lux Corporation (TNLX) 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
The Company may, from time to time, provide estimates as to future performances. These forward-looking statements, including loss of market share through competition, introduction of competing products by others, pressure on prices from competition or purchasers of the Company's products, interest rate and foreign exchange fluctuations, terrorist acts and war.
| 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 | $ | (529 | ) | $ | (564 | ) | $ | (2,411 | ) | $ | (1,129 | ) | |||||
| (Loss) income from discontinued operations | - | (66 | ) | 1,023 | (236 | ) | |||||||||||
| Net loss | $ | (529 | ) | $ | (630 | ) | $ | (1,388 | ) | $ | (1,365 | ) | |||||
| Calculation of EBITDA (1): | |||||||||||||||||
| Net loss from continuing operations | $ | (529 | ) | $ | (564 | ) | $ | (2,411 | ) | $ | (1,129 | ) | |||||
| Interest expense, net | 20 | 113 | 118 | 297 | |||||||||||||
| Income tax (benefit) expense | (2 | ) | 2 | 22 | 23 | ||||||||||||
| Depreciation and amortization | 823 | 1,002 | 3,537 | 4,104 | |||||||||||||
| Total EBITDA from continuing operations | 312 | 553 | 1,266 | 3,295 | |||||||||||||
| Effect of discontinued operations | - | (66 | ) | 1,023 | (236 | ) | |||||||||||
| Total EBITDA | $ | 312 | $ | 487 | $ | 2,289 | $ | 3,059 | |||||||||
| Loss per share - basic and diluted | |||||||||||||||||
| Continuing operations | $ | (0.52 | ) | $ | (0.55 | ) | $ | (2.36 | ) | $ | (1.83 | ) | |||||
| Discontinued operations | - | (0.06 | ) | 1.00 | (0.38 | ) | |||||||||||
| Total loss per share | $ | (0.52 | ) | $ | (0.62 | ) | $ | (1.36 | ) | $ | (2.21 | ) | |||||
| Average common shares outstanding - basic and diluted | 1,026 | 1,020 | 1,023 | 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 byother companies. | |||||||||||||||||
Contact Information:
For Further Information
Contact:
Todd Dupee
Vice President & CFO
212.897.9955