AUBURN HILLS, Mich., Nov. 14 /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 third quarter ended September 30, 2005. Sales for the third
quarter totaled $6.1 million, a decrease of $765 thousand compared
with $6.9 million for the same period last year. Most of this
decline was attributable to decreased sales of the Company's
lighting products, down for the third quarter of 2005 by
approximately $706 thousand compared to the third quarter of 2004.
The reduction in lighting products revenues is a result of reduced
transit bus production, lower demand for the Company's modular
parcel racks, and market acceptance of a competitor's product. A
reduction of $85 thousand in humidifier sales is also reflected in
the third quarter sales since assets of the Lobb Company had been
sold in June 2005. On this reduced volume, the Company reported a
loss of $l.6 million for the third quarter or $.43 per share,
compared to a profit of $1,8 million, or $.60 per share, for the
same period of 2004. Included in the profit for the third quarter
of 2004, was a gain of $2,378,000 realized on the sale of a
manufacturing facility. For the third quarter of 2005, the Company
incurred a number of one-time expenses that increased the losses
for the quarter. These primarily related to the continued
downsizing of Vultron. $882 thousand of expense related to
inventory adjustments consisting of a loss on the auction of
obsolete inventory, adjustments to labor and overhead rates applied
to work in process and finished goods inventory, and an inventory
reserve set up as a result of a complete shutdown of the Bad Axe
facility and the resulting slow moving inventory still remaining.
$185 thousand was reserved for anticipated costs associated with
the release of employees. $350 thousand was reserved for the
completion of a highway signage contract that the Company had
previously planned on resolving thru more favorable negotiations.
Finally, the Company increased its bad debt reserve by $212
thousand for one specific customer due to the customer's financial
condition and inability to pay vendors. Sales for the first nine
months of 2005 were $17.1 million compared with $22.1 million for
the same period last year. This decline in sales included a $2
million reduction in the sales of digital display products. The
same market factors mentioned for the third quarter caused
diminished sales volume for the nine month period ending September
30, 2005. Lower sales revenue resulted in an operating loss of $2.9
million compared to a loss of $1 million for the same period last
year. The total loss for the 2005 nine-month period was $3.6
million, or $0.94 per share, compared with a loss of $1 million, or
$0.34 per share for the first nine 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/ Financial
Tables Follow ... .. Trans-Industries, Inc. Sales and Earnings
Report (Unaudited) September 30, 2005 Third Quarter Ending Nine
Months Ending September 30 September 30 2005 2004 2005 2004 Sales
$6,143,112 $6,908,580 $17,187,962 $22,141,046 Cost of Sales
5,315,116 5,142,557 13,781,575 18,737,366 Gross Profit 827,996
1,766,023 3,406,387 3,403,680 Selling, Gen. & Admin. Exp.
1,972,915 2,133,229 5,624,940 6,240,547 Interest 145,794 123,043
386,364 446,619 Restructuring Costs 0 19 0 129,017 Other * 387,283
(2,384,522) 349,223 (2,395,733) Total Expenses 2,505,992 (128,231)
6,360,527 4,420,450 Earnings/Loss Before Income Taxes (1,677,996)
1,894,254 (2,954,140) (1,016,770) Income Taxes/Benefit 0 0 0 0 Net
Income/Loss (1,677,996) 1,894,254 (2,954,140) (1,016,770) Preferred
Dividend 0 (18,750) (708,461) (43,542) Net Earnings/(Loss)
Available to Common Shareholders $(1,677,996) $1,875,504
$(3,662,601) $(1,060,312) Earnings/Loss Per Share Basic $(0.43)
$0.60 $(0.94) $(0.34) * Includes $2,378,390 gain on the sale of the
Vultron building in 2004. Weighted Average Number of Shares
Outstanding 3,907,260 3,139,737 3,907,260 3,139,737 Consolidated
Balance Sheet (Unaudited) Third Quarter Ending September 30 Assets:
2005 2004 Total Current Assets $8,956,409 $13,746,062 Net Fixed
Assets 1,449,855 3,251,545 Other Assets 1,432,197 743,898 Total
Assets $11,838,461 $17,741,505 Liabilities and Shareholders'
Equity: Total Current Liabilities $9,973,009 $8,867,213 Deferred
Income Taxes 0 0 Long-Term Debt 181,415 3,502,406 Shareholders'
Equity 1,684,037 5,371,886 Total Liabilities and Shareholders'
Equity $11,838,461 $17,741,505 DATASOURCE: Trans-Industries, Inc.
CONTACT: Kai Kosanke, Chief Financial Officer of Trans-Industries,
Inc., +1-248-364-0400 Web site: http://www.transindustries.com/
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