Trans Industries (NASDAQ:TRNI)
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Trans-Industries, Inc. Reports First-Quarter 2005 Results
AUBURN HILLS, Mich., May 13 /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 first quarter ended March 31, 2005.
Sales for the quarter totaled $5.3 million compared with $7.5 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, a net loss of $911,000, or $.29 per share, was incurred
compared with a loss of $267,000, or $0.09 per share, for the same quarter last
year. 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 $348,000 for the first quarter of 2005 compared with the same quarter 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)
Quarter Ended March 31, 2005
First Quarter Ending
March 31
2005 2004
Sales $5,269,183 $7,534,929
Cost of Sales 4,175,441 5,605,874
Gross Profit 1,093,742 1,929,055
Selling, Gen. & Admin. Exp. 1,869,752 1,965,333
Interest 120,824 162,508
Restructuring Costs 0 75,601
Other (19,990) (6,931)
Total Expenses 1,970,586 2,196,511
Earnings/(Loss) Before Income Taxes (876,844) (267,456)
Income Taxes/(Benefit) 0 0
Net Income/(Loss) (876,844) (267,456)
Preferred Dividend (33,716) 0
Net Earnings/(Loss) Available to Common
Shareholders $(910,560) $(267,456)
Earnings/(Loss) Per Share $(0.29) $(0.09)
Weighted Average Number of Shares Outstanding 3,139,737 3,139,737
**************************************************************************
Consolidated Balance Sheet (Unaudited)
First Quarter Ending
March 31
Assets: 2005 2004
Total Current Assets $ 10,708,060 $ 15,843,592
Net Fixed Assets 1,885,191 3,553,755
Other Assets 1,561,542 544,013
Total Assets $ 14,154,793 $ 19,941,360
Liabilities and Shareholders' Equity:
Total Current Liabilities $ 10,928,323 $ 13,260,300
Long-Term Debt 175,415 294,173
Shareholders' Equity 3,051,055 6,386,887
Total Liabilities and Shareholders'
Equity $ 14,154,793 $ 19,941,360
DATASOURCE: Trans-Industries, Inc.
CONTACT: Kai Kosanke, Chief Financial Officer of Trans-Industries,
+1-248-364-0400
Web site: http://www.transindustries.com/