NORWALK, CT -- (Marketwired) -- 07/03/13 -- Trans-Lux Corporation (OTCQB: 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, 2012 and the first quarter ended March 31, 2013 on July 2, 2013. Trans-Lux President and Chief Executive Officer J.M. Allain made the announcement.
Year Ended December 31, 2012
Revenues for 2012 totaled $23.0 million, down slightly from $23.8 million for 2011. Net loss from continuing operations for the year of 2012 was $1.1 million (loss of $0.07 per share), compared with a loss of $974,000 (loss of $0.36 per share) in 2011. This year's loss included a $415,000 restructuring charge and a $4.0 million gain for a warrant valuation adjustment. The prior year's loss included an $8.8 million gain on debt extinguishment, a $3.7 million charge for a warrant valuation adjustment and a $164,000 restructuring charge. The Company had EBITDA of $3.3 million for the year ended December 31, 2012, compared with $4.8 million for 2011. The Company's audited consolidated financial statements for the fiscal year ended December 31, 2012, included in the Company's Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on July 2, 2013, contained a going concern qualification from its independent registered public accounting firm.
"Despite the latest challenges, our recent financing of future receivables relating to certain lease contracts allowed us to permanently pay down the credit agreement with our senior lender in full," said Mr. Allain. "This financing has also enabled the Company to make the current period's minimum contribution payment due to its pension plan, allowing us to primarily focus on driving revenue and bringing shareholders satisfactory results."
Fourth Quarter 2012
Revenues for the fourth quarter of 2012 totaled $4.7 million, compared with $6.7 million for the fourth quarter of 2011. Trans-Lux recorded a loss for the fourth quarter of 2012 of $630,000 (loss of $0.02 per share), compared with income of $4.0 million ($1.12 per share) in the fourth quarter of 2011. The 2012 fourth quarter results include a $765,000 benefit for a warrant valuation adjustment and the 2011 fourth quarter results included an $8.8 million gain on debt extinguishment and a $3.7 million charge for a warrant valuation adjustment.
First Quarter 2013
Trans-Lux reported revenues for the three months ending March 31, 2013 of $4.1 million, down from $5.6 million for the three months ending March 31, 2012. The Company incurred a loss of $304,000 (loss of $0.01 per share) during the first three months of 2013, compared to a $1.7 million loss (loss of $0.35 per share) reported for the same three month period in 2012. The three months ended March 31, 2013 results include a $1.0 million gain from the sale of land in discontinued operations.
"The strategic cost reductions and on-going restructuring efforts that we have put in place and continue to evaluate and execute have allowed us to reduce our losses despite the reduction in revenues," said Mr. Allain. "We are consistently taking measures to capitalize on new business opportunities and have already secured several substantial new orders during the second quarter of 2013. We are encouraged that such efforts have the ability to reap future rewards for Trans-Lux and its shareholders."
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