NEW YORK, March 21, 2017 /PRNewswire/ -- Trans-Lux Corporation (OTC: TNLX) ("Trans-
Lux" or the "Company"), a leading supplier of Digital Displays and next generation LED
lighting, yesterday reported improved financial results for both the fourth quarter and
the year ended December 31, 2016. Trans-Lux President, Chief Executive Officer and
Chief Accounting Officer J.M. Allain made the announcement while also stating that
both the fourth quarter and the year had positive EBITDA.
Year Ended December 31, 2016
Revenues for 2016 totaled $21.2 million, down 10.1% from $23.6 million for 2015. Loss for
the year ended December 31, 2016 was $611,000 (loss of $0.47 per share), compared
with a loss of $1.7 million (loss of $1.06 per share) in 2015. The Company had EBITDA of
$1.5 million for the year ended December 31, 2016, compared with EBITDA of $1.0
million for 2015. Despite the lower revenues, both gross profit and gross margin were
higher in 2016. Lower selling, general and administrative expenses also contributed to
the improved operating results and increased EBITDA. The Company's audited
consolidated financial statements for the fiscal year ended December 31, 2016 will be
included in the Company's Annual Report on Form 10-K, which will be filed with the
Securities and Exchange Commission later this week.
Fourth Quarter 2016
Revenues for the fourth quarter of 2016 totaled $5.7 million, compared with $5.0
million for the fourth quarter of 2015. Trans-Lux recorded income for the fourth quarter
of 2016 of $284,000 ($0.14 per share), compared to a loss of $659,000 (loss of $0.41 per
share) in the fourth quarter of 2015. The Company had EBITDA of $892,000 for the
quarter ended December 31, 2016, compared with EBITDA of $22,000 for the same
period in 2015. As with the full year, improved gross margins and lower selling, general
and administrative expenses were the primary reasons for the improved operating
results and increased EBIDTA in the fourth quarter.
For more information, email email@example.com or visit www.trans-lux.com.
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.
RESULTS OF OPERATIONS
IMAGE OF DATA IS INCLUDED - SELECT IMAGE FOR MORE DETAIL
(A) The calculation of Income (loss) per share - basic and diluted takes into account the dividends related to the Series B Preferred Stock of $49,000 and $198,000 in the three months and year ended December 31, 2016, respectively, and $23,000 for the three months and year ended December 31, 2015.
Certain Non-GAAP Financial Information:
In addition to disclosing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America ("US GAAP"), the Company has provided EBITDA excluding (i) interest expense; (ii) provision for income taxes and (iii) depreciation and amortization expense.
The Company believes that EBITDA is useful to investors to assist in assessing and understanding the Company's operating performance and underlying trends in the Company's business because EBITDA is (i) among the measures used by management in evaluating performance and (ii) is frequently used by securities analysts, investors and other interested parties as a common performance measure.
EBITDA is not a recognized term under US GAAP and should not be viewed as an alternative to net income (loss) or other measures of financial performance or liquidity in conformity with US GAAP. Additionally, our definition of EBITDA may differ from other companies. Analysis of results and outlook on a non-US GAAP basis should be used as a complement to, and in conjunction with, data presented in
accordance with US GAAP.
President, CEO & CAO
SOURCE Trans-Lux Corporation