TRANS-LUX REPORTS THIRD QUARTER 2010 RESULTS
NORWALK, CT, November 15, 2010 – Trans-Lux Corporation (NYSE Amex: TLX), a leading supplier of programmable electronic information displays, today reported financial results for the third quarter ended September 30, 2010. Trans-Lux President and Chief Executive Officer J.M. Allain made the announcement.
Third Quarter 2010
For the third quarter of 2010, Trans-Lux reported revenues of $7.1 million, compared with $8.0 million during the same period last year. A loss of $1.2 million for the quarter (-$0.50 per share) was recorded versus a loss of $782,000 (-$0.34 per share) in the third quarter of the previous year. Total EBITDA for the current third quarter is $474,000, compared with last year’s third quarter result of $1.2 million.
“Our focus remains on strengthening our financial position through on-going restructuring efforts while continuing to concentrate on our long-term sales and marketing objectives,” said Mr. Allain. “The first nine months of the year have been characterized by a slower than anticipated economic recovery, but our sales have consistently increased from quarter to quarter over the year. This is a positive indication of the success of our expanded product line offering of next generation digital signage and display solutions.”
Nine Months Ended September 30, 2010
Trans-Lux reported revenues for year to date, ending September 30, 2010, totaling $18.7 million with a loss of $5.3 million (-$2.16 per share) compared to revenues for the same nine-month period last year of $23.2 million with a reported loss of $5.7 million (-$2.49 per share). This year’s loss includes the $1.1 million restructuring charge and the $0.5 million charge to write-off engineering software. The prior year’s loss includes the write-off of a $2.7 million note receivable related to the former Norwalk, CT facility that the Company sold in 2004. Total EBITDA for the period is a negative $41,000 compared to a positive $202,000 for the comparable previous nine-month period. Without the restructuring charge and write-offs, EBITDA would have been a positive $1.5 million for the nine months ended September 30, 2010, compared with a positive $2.9 million for the same period in 2009.
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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 will be estimates and may or may not be realized by the Company. The Company undertakes no duty to update such forward-looking statements. Many factors could cause actual results to differ from 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.