Trans-Lux Corp. lost more money in the third quarter amid flat sales for the Norwalk maker’s programmable digital big-screen stock tickers, sports displays and billboards.
For three months ended Sept., Trans-Lux lost $2.2 million, or 88 cents a share, wider than the $1.2 million, or 50 cents a share, lost the same period a year earlier.
Third-quarter revenues were $7.11 million vs. $7.08 million a year ago.
President and Chief Executive Officer J.M. Allain said the company completed a much-needed recapitalization to regain Trans-Lux’s financial footing. The company also began delivery of its new light-emitting diode (LED) lighting products, which should boost sales in succeeding quarters, Allain said.
The $8.3 million in equity raised was in the form of convertible preferred and one-year warrants, the company announced early last week.
So dire at one point was Trans-Lux’s financial position, that earlier this year its auditors issued a qualified financial opinion regarding the digital manufacturer’s ability to continue as a viable concern.
