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Trans-Lux Corp. (TNLX0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $2.7 million from $4.1 million in the same quarter the previous year. This decrease is attributed to a reduction in digital product sales.
Digital product sales revenues decreased to $2.5 million from $3.9 million, primarily due to decreased sales from the sports sector.
Digital product lease and maintenance revenues decreased to $174,000 from $209,000, due to a decline in older outdoor display equipment rentals.
The company reported a gross income of $251,000 for the quarter, compared to $333,000 in the previous year.
General and administrative expenses were $956,000, down from $995,000, due to decreased consulting expenses.
Operating loss for the quarter was $705,000, compared to $662,000 in the previous year.
Net loss for the quarter was $950,000, compared to $854,000 in the previous year.
The company had a working capital deficiency of $17.0 million as of September 30, 2024.
Trans-Lux continues to face liquidity challenges and is in default on several debt obligations, raising substantial doubt about its ability to continue as a going concern.
The filing also details various financial agreements, including loans from Carlisle Investments Inc. and defaulted notes and debentures.
Trans-Lux does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its digital product sales and lease and maintenance services, despite challenges in the financial services market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trans-Lux Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.