AUBURN HILLS, Mich., Aug. 15 /PRNewswire-FirstCall/ --
Trans-Industries, Inc. (NASDAQ:TRNI), a leading manufacturer of
interior bus lighting products, electronic information systems and
software, plus dust extraction systems and related components for
the mass transit and highway markets, today announced results for
the second quarter ended June 30, 2005. Sales for the second
quarter totaled $5.8 million compared with $7.7 million for the
same period last year. Most of this decline was attributable to
decreased sales of the Company's lighting products and its digital
display products. On this reduced volume, the Company reported an
operating loss of $399,000. In addition to this operating loss, the
Company declared and paid dividends of $675,000 on its Series A and
B Preferred Stock. Approximately $560,000 of the payment was for
dividends in arrears. The total loss for the quarter, inclusive of
the dividend payments, was $1.1 million, or $0.32 per share,
compared with a loss of almost $2.7 million, or $0.85 per share,
for the comparable quarter last year. The 2004 loss included
establishment of a $2.3 million inventory reserve. The reduction in
lighting products revenues was a result of reduced transit bus
production, lower demand for the Company's modular parcel racks,
and market acceptance of a competitor's product. Reduced sales of
digital display products were primarily attributable to reduced
sales of overhead highway signs. Sales of dust abatement equipment
recorded a moderate increase of $96,000 for the second quarter of
2005 compared with the same quarter of 2004. Sales for the first
six months of 2005 were $11.0 million compared with $15.2 million
for the same period last year. This resulted in an operating loss
of $1.3 million. In addition to this operating loss, the Company
declared and paid dividends of $708,000 on its Series A and B
Preferred Stock. The total loss for the 2005 six-month period,
inclusive of the dividend payments, was $2.0 million, or $0.60 per
share, compared with a loss of $2.9 million, or $0.94 per share,
for the first six months of 2004. The Company continues to focus on
improving profitability and cash flow by reducing corporate
management expenses, matching the workforce size to sales volumes,
and reducing fixed costs through manufacturing plant
consolidations. The Company's strategic market refocusing has begun
to create some new orders and new customers. 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) June
30, 2005 Second Quarter Ending Six Months Ending June 30 June 30
2005 2004 2005 2004 Sales $5,775,667 $7,697,537 $11,044,850
$15,232,466 Cost of Sales 4,291,018 7,988,935 8,466,459 13,594,809
Gross Profit 1,484,649 (291,398) 2,578,391 1,637,657 Selling, Gen.
& Admin. Exp. 1,782,273 2,141,985 3,652,025 4,107,318 Interest
119,746 161,068 240,570 323,576 Restructuring Costs 0 53,397 0
128,998 Other (18,070) (4,280) (38,060) (11,211) Total Expenses
1,883,949 2,352,170 3,854,535 4,548,681 Earnings/(Loss) Before
Income Taxes (399,300) (2,643,568) (1,276,144) (2,911,024) Income
Taxes 0 0 0 0 Net Income/ (Loss) (399,300) (2,643,568) (1,276,144)
(2,911,024) Preferred Dividend (674,745) (24,792) (708,461)
(24,792) Net Loss Available to common shareholders $(1,074,045)
$(2,668,360) $(1,984,605) $(2,935,816) Earnings(Loss) Per Share
Basic $(0.32) $(0.85) $(0.60) $(0.94) Weighted Average Number of
Shares Outstanding 3,312,136 3,139,737 3,312,136 3,139,737
Consolidated Balance Sheet (Unaudited) Second Quarter Ending June
30 Assets: 2005 2004 Total Current Assets $10,659,033 $13,162,987
Net Fixed Assets 1,548,849 3,476,926 Other Assets 1,678,865 159,442
Total Assets $13,886,747 $16,799,355 Liabilities and Shareholders'
Equity: Total Current Liabilities $11,095,446 $13,010,078 Deferred
Income Taxes 0 0 Long Term Debt 178,415 292,896 Shareholders'
Equity 2,612,886 3,496,381 Total Liabilities and Shareholders'
Equity $13,886,747 $16,799,355 DATASOURCE: Trans-Industries, Inc.
CONTACT: Kai Kosanke, Chief Financial Officer of Trans-Industries,
+1-248-364-0400 Web site: http://www.transindustries.com/
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