2012-11-14 23:25:56 -
NORWALK, CT -- (Marketwire) -- 11/14/12 -- Trans-Lux Corporation, a leading supplier of Digital Displays and next generation LED lighting, reported financial results for the third quarter ended September 30, 2012 on November 14, 2012. Trans-Lux President and Chief Executive Officer J.M. Allain made the announcement.
Third Quarter 2012
Revenues for the third quarter of 2012 totaled $5.9 million, compared with $7.1 million for the third quarter of 2011. Trans-Lux recorded income for the third quarter of $0.2 million ($0.01 per share), compared with a loss of $2.2 million (loss of $0.88 per share) in the third quarter of 2011. The third quarter results include a $1.4 million benefit for the warrant valuation adjustment and a $0.2 million additional restructuring charge.
"We continue to see tangible results from the efficiencies we've implemented across the scope of our operations which resulted in a positive net income despite lower revenues for the quarter," said Mr. Allain. "Moving forward, new business opportunities will be driven by new and innovative sales programs that further differentiate us form the competition and capitalize on the combined sale of LED displays and lighting into numerous vertical markets."
Nine Months Ended September 30, 2012
Trans-Lux reported revenues for the nine-month period ending September 30, 2012 of $18.4 million, up from $17.1 million for the nine-month period ending September 30, 2011. Trans-Lux incurred a loss of $0.7 million (loss of $0.06 per share) during the first nine months of 2012, versus the $5.5 million loss (loss of $2.23 per share) reported for the same nine-month period in 2011. The nine months ended September 30, 2012 results include a $3.3 million benefit for the warrant valuation adjustment and a $0.4 million additional restructuring charge.
For more information, email info@trans-lux.com : mailto:info@trans-lux.com
or visit www.trans-lux.com :
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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 :
ctt.marketwire.com/?release=954583&id=2291155&type=1& .. .
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
------------- -------------
September 30 December 31
In thousands, except share data 2012 2011
------------- -------------
(unaudited) (see Note 1)
ASSETS
Current assets:
Cash and cash equivalents $ 853 $ 1,109
Receivables, less allowance of $502 - 2012
and $884 - 2011 2,450 2,060
Unbilled receivables 54 63
Inventories 2,909 2,875
Prepaids and other 294 729
------------- -------------
Total current assets 6,560 6,836
------------- -------------
Rental equipment 43,779 43,252
Less accumulated depreciation 29,885 27,060
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13,894 16,192
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Property, plant and equipment 4,439 4,381
Less accumulated depreciation 2,496 2,316
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1,943 2,065
Asset held for sale - 696
Goodwill 744 744
Other assets 488 926
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TOTAL ASSETS $ 23,629 $ 27,459
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 1,796 $ 1,589
Accrued liabilities 6,431 6,719
Current portion of long-term debt 4,206 4,444
Warrant liabilities 2,132 5,408
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Total current liabilities 14,565 18,160
Long-term debt:
Notes payable 472 512
Deferred pension liability and other 5,341 4,930
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Total liabilities 20,378 23,602
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Redeemable convertible preferred stock:
Preferred - $0.001 par value - 500,000
shares authorized, 416,500 Series A
convertible preferred shares issued in 2011 - 6,138
Stockholders' equity (deficit):
Common - $0.001 par value - 60,000,000
shares authorized, 25,895,424 shares issued
in 2012 and 5,071,424 shares issued in 2011 26 5,071
Additional paid-in-capital 23,804 12,620
Accumulated deficit (14,178) (13,443)
Accumulated other comprehensive loss (3,338) (3,466)
Treasury stock - at cost - 383,596 common
shares in 2012 and 2011 (3,063) (3,063)
------------- -------------
Total stockholders' equity (deficit) 3,251 (2,281)
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) $ 23,629 $ 27,459
------------- -------------
The accompanying notes are an integral part of these condensed consolidated
financial statements.
TRANS-LUX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
------------------ ------------------
Three Months Ended Nine Months Ended
September 30 September 30
In thousands, except per share data 2012 2011 2012 2011
-------- -------- -------- --------
Revenues:
Digital display sales $ 4,250 $ 5,185 $ 13,101 $ 11,152
Digital display lease and
maintenance 1,671 1,908 5,261 5,903
Real estate rentals 5 24 36 69
-------- -------- -------- --------
Total revenues 5,926 7,117 18,398 17,124
-------- -------- -------- --------
Cost of revenues:
Cost of digital display sales 3,166 4,911 10,176 9,874
Cost of digital display lease and
maintenance 1,510 1,727 4,467 4,976
Cost of real estate rentals 16 16 47 49
-------- -------- -------- --------
Total cost of revenues 4,692 6,654 14,690 14,899
-------- -------- -------- --------
Gross profit from operations 1,234 463 3,708 2,225
General and administrative expenses (2,112) (1,950) (7,093) (6,205)
Restructuring costs (178) (16) (351) (86)
-------- -------- -------- --------
Operating loss (1,056) (1,503) (3,736) (4,066)
Interest expense, net (120) (416) (307) (1,140)
Gain on debt extinguishment - - 60 -
Change in warrant liabilities 1,379 - 3,276 -
-------- -------- -------- --------
Income (loss) before income taxes 203 (1,919) (707) (5,206)
Income tax expense (7) (7) (21) (21)
-------- -------- -------- --------
Income (loss) from continuing
operations 196 (1,926) (728) (5,227)
Loss from discontinued operations - (224) (7) (224)
-------- -------- -------- --------
Net income (loss) $ 196 $ (2,150) $ (735) $ (5,451)
======== ======== ======== ========
Income (loss) per share continuing
operations - basic and diluted $ 0.01 $ (0.79) $ (0.06) $ (2.14)
Loss per share discontinued
operations - basic and diluted - (0.09) - (0.09)
-------- -------- -------- --------
Total income (loss) per share -
basic and diluted $ 0.01 $ (0.88) $ (0.06) $ (2.23)
======== ======== ======== ========
Weighted average common shares
outstanding - basic and diluted 25,512 2,443 12,059 2,443
-------- -------- -------- --------
The accompanying notes are an integral part of these condensed consolidated
financial statements.
TRANS-LUX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
------------------- --------------------
Three Months Ended Nine Months Ended
September 30 September 30
In thousands 2012 2011 2012 2011
--------- --------- --------- ---------
Net income (loss) $ 196 $ (2,150) $ (735) $ (5,451)
--------- --------- --------- ---------
Other comprehensive income
(loss):
Unrealized foreign currency
translation gain (loss) 110 (299) 128 (177)
--------- --------- --------- ---------
Total other comprehensive income
(loss), net of tax 110 (299) 128 (177)
--------- --------- --------- ---------
Comprehensive income (loss) $ 306 $ (2,449) $ (607) $ (5,628)
--------- --------- --------- ---------
The accompanying notes are an integral part of these condensed consolidated
financial statements.
TRANS-LUX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
------------------------
Nine Months Ended
September 30
In thousands 2012 2011
----------- -----------
Cash flows from operating activities
Net loss $ (735) $ (5,451)
Loss from discontinued operations 7 224
----------- -----------
Loss from continuing operations (728) (5,227)
Adjustment to reconcile net loss from continuing
operations to net cash (used in) provided by
operating activities:
Depreciation and amortization 3,102 3,492
Stock compensation expense 3 18
Gain on debt extinguishment (60) -
Change in warrant liabilities (3,276) -
Changes in operating assets and liabilities:
Receivables (381) (499)
Inventories (34) 1,171
Prepaids and other assets 776 46
Accounts payable and accrued liabilities 79 1,330
Deferred pension liability and other 409 239
----------- -----------
Net cash (used in) provided by operating
activities (110) 570
----------- -----------
Cash flows from investing activities
Equipment manufactured for rental (527) (296)
Purchases of property, plant and equipment (58) (48)
----------- -----------
Net cash used in investing activities (585) (344)
----------- -----------
Cash flows from financing activities
Payments of long-term debt (750) (644)
Proceeds from long-term debt 500 800
----------- -----------
Net cash (used in) provided by financing
activities (250) 156
Cash flows from discontinued operations
Cash provided by sale of asset of discontinued
operations 689 -
----------- -----------
Net (decrease) increase in cash and cash
equivalents (256) 382
Cash and cash equivalents at beginning of year 1,109 398
----------- -----------
Cash and cash equivalents at end of period $ 853 $ 780
----------- -----------
Supplemental disclosure of cash flow information:
Interest paid $ 220 $ 358
Income taxes paid - -
----------- -----------
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Contact:
Sami Sassoun
Senior Vice President & CFO
Email Contact :
www2.marketwire.com/mw/emailprcntct?id=3A0C392ACDF76EA2
203.642.5903
