Trans-Lux ("Trans-Lux" or the "Company"), a leading supplier of Digital Displays and next generation LED lighting, reported financial results for the second quarter ended June 30, 2013 on August 14, 2013. Trans-Lux President and Chief Executive Officer J.M. Allain made the announcement.
Second Quarter 2013
Trans-Lux reported revenues for the three months ending June 30, 2013 of US$4.8 million, down from US$6.8 million for the three months ending June 30, 2012. The Company incurred a loss of US$723,000 (loss of US$0.03 per share) during the second quarter of 2013, compared to income of US$739,000 (US$0.13 per share) reported for the same three month period in 2012. The three months ended June 30, 2013 results include a US$732,000 benefit for warrant valuation adjustment and a loss of US$348,000 on the sale of receivables. The three months ended June 30, 2012 results included a $1.8 million benefit for warrant valuation adjustment.
"With recent changes in the management of the Company's line of TL Energy LED lighting, our energy efficient and economical lighting business is gaining momentum," said Mr. Allain. "This market holds great potential for growth, and we are beginning to reap the rewards."
Six Months Ended June 30, 2013
Trans-Lux reported revenues for the six months ending June 30, 2013 of US$8.9 million, down from US$12.4 million for the six months ending June 30, 2012. The Company incurred a loss of US$1.0 million (loss of US$0.04 per share) during the first six months of 2013, compared to a US$931,000 loss (loss of US$0.18 per share) reported for the same six month period in 2012. The six months ended June 30, 2013 results include a US$664,000 benefit for warrant valuation adjustment, a loss of US$348,000 on the sale of receivables and a US$1.0 million gain from the sale of land in discontinued operations. The six months ended June 30, 2012 results included a US$1.9 million benefit for warrant valuation adjustment.
"As a result of our continuing strategic cost reductions and ongoing restructuring efforts, we have reduced our general and administrative overhead costs," said Mr. Allain. "These reductions have enabled us to manage our losses despite the reduction in revenues and put us in a better position to capitalize on new business opportunities."
