NEW YORK, March 30, 2016 / PRNewswire / — Trans-Lux Corporation (OTC: TNLX) (“Trans-Lux” or the “Company”), a leading supplier of Digital Displays and next generation LED lighting, yesterday reported significantly improved financial results for both the fourth quarter and the year ended December 31, 2015. Trans-Lux President and Chief Executive 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, 2015
Revenues for 2015 totaled $23.6 million, down a slight 3.3% from $24.4 million for 2014. Loss for the year of 2015 was $1.7 million (loss of $1.06 per share), compared with a loss of $4.6 million (loss of $3.38 per share) in 2014. The Company had positive EBITDA of $1.0 million for the year ended December 31, 2015, compared with negative EBITDA of $1.4 million for 2014. Despite slightly lower revenues, both gross profit and gross margin were higher in 2015. Lower selling, general and administrative expenses also contributed to the improved operating results. The Company’s audited consolidated financial statements for the fiscal year ended December 31, 2015 were included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission yesterday.
“The Company had a number of successes in 2015 including improving gross margins, lowering operating expenses and raising $3.3 million in equity capital with a rights offering in November,” said Mr. Allain. “As we begin to move into 2016, our focus will now shift to increasing revenues by expanding our product line, promoting our brand and establishing new channel partners.”
Fourth Quarter 2015
Revenues for the fourth quarter of 2015 totaled $5.0 million, compared with $5.9 million for the fourth quarter of 2014. Trans-Lux recorded a loss for the fourth quarter of 2015 of $659,000 (loss of $0.41 per share), compared to a loss of $1.6 million (loss of $0.92 per share) in the fourth quarter of 2014. The Company had positive EBITDA of $22,000 for the quarter ended December 31, 2015, compared with negative EBITDA of $844,000 for the same period in 2014. As with the full year, improved gross margins and lower operating expenses were the primary reasons for the improved operating results and positive EBIDTA in the fourth quarter.