Trans-Industries, Inc. Reports Fourth Quarter and Year-End 2003
Results ROCHESTER HILLS, Mich., April 14 /PRNewswire-FirstCall/ --
Trans- Industries, Inc. , a manufacturer of bus lighting systems
and information display products, announced results for the fourth
quarter and the year ended December 31, 2003. Sales, as shown on
the accompanying table, were $8,217,849 for the quarter, a decline
of 17.1% from the year ago quarter of $9,909,181. While lighting
products maintained the volume level of the year ago quarter, the
drop in electronic and mechanical information systems volume
represented virtually the entire sales decline for the period. For
the year as whole, sales were down approximately $846,000 to $33.7
million with $1.6 million of lost volume due to the sale of the
English subsidiary, which was sold, during the early part of 2003.
For the fourth quarter of 2003, losses were $1,490,126, or $.47 per
share, compared to losses of $1,204,020, or $.38 per share, for the
same period a year ago. A continuing review of the Company's
capabilities and assets led to restructuring and refinancing
efforts starting in mid-year, with particular emphasis during the
fourth quarter. These moves resulted in management changes in the
information systems business. Restructuring charges in the form of
severance costs and consulting charges in the amount of
approximately $198,000 were incurred as a result of these changes.
In addition to the above charges, the fourth quarter of 2003 was
adversely affected by an increase in health care costs, a complete
write-down of the company's deferred tax assets, and a reversal of
almost $800,000 of revenue due to customers' failure to take
delivery of product in the fourth quarter, even though payment had
been received for most of the product. These additional expenses
for the quarter approximated $1,145,000. For the year ended
December 31, 2003, the company posted a loss of $3,761,090, or
$1.20 per share, compared to a loss of $1,343,644, or $0.43 per
share, for the prior year. Restructuring charges of approximately
$832,000 are included in the 2003 results, as well as the fourth
quarter expenses of $1,145,000 noted above. Ongoing restructuring
and refinancing efforts continues into 2004 with emphasis on profit
improvement in all areas of the business. Moreover, certain steps
have been taken to refinance debt and improve liquidity; notably,
an equity infusion of $1.5 million represented by convertible
preferred stock was realized in March and a purchase agreement for
the sale of the information systems plant, soon to be vacated, was
signed in March. The Company continues to operate under a
forbearance agreement with Comerica Bank, its present lender, until
January 2005. Meanwhile, efforts continue to locate another lender
to replace the Comerica credit. Indications of interest have been
received but no assurance can be made as to the successful
completion of financing by year-end. About the Company: The Company
is a leading provider of lighting systems and related components to
the mass transit market as well as a supplier of information
hardware and software solutions on Intelligent Transportation
Systems (ITS) and mass transit projects. ITS utilizes integrated
networks of electronic sensors, signs and software to monitor road
conditions, communicate information to drivers and help
transportation authorities better manage traffic flow across their
existing infrastructures. Forward-Looking Statements: Except for
statements of historical fact, this news release contains certain
forward-looking statements about the Company. Such statements are
subject to significant risks and uncertainties including changes in
economic and market conditions, management of growth, and other
risks noted in the Company's SEC filings, which may cause actual
results to differ materially. Visit Trans-Industries at
http://www.transindustries.com/ . Trans-Industries, Inc. Sales and
Earnings Report (Unaudited) December 31, 2003 Fourth Quarter Ending
Twelve Months Ending December 31 December 31 2003 2002 2003 2002
Sales $8,217,849 $9,909,181 $33,721,456 $34,567,382 Cost of Sales
6,137,775 7,713,388 25,284,634 25,165,989 Gross Profit 2,080,074
2,195,793 8,436,822 9,401,393 Selling, Gen. & Admin. Exp.
2,710,393 2,521,725 10,234,024 9,829,489 Interest 169,419 68,474
661,880 664,727 Impairment Loss* 0 450,000 0 450,000 Restructuring
Costs 197,879 0 831,862 0 Other (55,491) (7,386) (60,854) (34,179)
Total Expenses 3,022,200 3,032,813 11,666,912 10,910,037 Earnings
Before Income Taxes (942,126) (837,020) (3,230,090) (1,508,644)
Income Taxes 548,000 367,000 531,000 (165,000) Net Income
$(1,490,126) $(1,204,020) $(3,761,090) $(1,343,644) Earnings Per
Share $(0.47) $(0.38) $(1.20) $(0.43) Weighted Average Number of
Shares Outstanding 3,139,737 3,139,737 3,139,737 3,139,737
*Impairment loss recognized relates to sale of U.K. assets in March
2003. Consolidated Balance Sheet (Unaudited) Fourth Quarter Ending
December 31 Assets: 2003 2002 Total Current Assets $17,224,345
$21,551,418 Net Fixed Assets 3,611,304 4,116,723 Other Assets
328,868 235,021 Total Assets $21,164,517 $25,903,162 Liabilities
and Shareholders' Equity: Total Current Liabilities $15,713,505
$13,065,056 Deferred Income Taxes 0 483,000 Long Term Debt 296,669
3,446,981 Shareholders' Equity 5,154,343 8,908,125 Total
Liabilities and Shareholders' Equity $21,164,517 $25,903,162
DATASOURCE: Trans-Industries, Inc. CONTACT: Kai Kosanke, Chief
Financial Officer of Trans-Industries, Inc., +1-248-852-1990 Web
site: http://www.transindustries.com/
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Trans Industries (NASDAQ:TRNI)
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Trans Industries (NASDAQ:TRNI)
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