TransGaming Reports Third Quarter Fiscal 2014 Results
29 April 2014 - 11:00PM
Marketwired
TransGaming Reports Third Quarter Fiscal 2014 Results
TORONTO, ONTARIO--(Marketwired - Apr 29, 2014) - TransGaming
Inc. (TSX-VENTURE:TNG) ("TransGaming" or the "Company"), a global
leader in delivering innovative technology solutions for the
rapidly evolving video games industry, today reported its third
quarter fiscal 2014 results. The Company's unaudited interim
consolidated financial statements for the three and nine months
ending February 28, 2014 and Management's Discussion and Analysis
have been filed and are available on SEDAR at www.sedar.com.
Highlights
TransGaming reported
third quarter fiscal 2014 revenue of $1.2 million and $5.0 million
for the nine months ending February 28, 2014. The net loss for the
quarter was $0.46 million with adjusted EBITDA earnings of $0.1
million. During the quarter, the Company announced the strategic
restructuring of its Graphics and Portability Group, including the
hiring of a new Vice President to execute on its new strategic
initiatives and drive long-term revenue growth. The following
highlights should be noted:
- Initiated a strategic restructuring of its Graphics and
Portability Group to achieve greater scale and revenue by adding
outbound technology licensing (including source code licensing),
game publishing and support for the enablement of PC games to
Android, iOS, and Steam OS
- Announced that games industry veteran Fredrik Liljegren was
joining the Company as Vice President of its Graphics and
Portability Group, bringing with him decades of technology and
gaming leadership experience
- Announced that it was partnering with Samsung, the world's
largest consumer electronics company, to bring the GameTree TV
platform to Samsung Smart TVs globally
- Announced that it was partnering with Toshiba Europe GmbH to
bring the GameTree TV platform to Toshiba Smart TVs globally
- Subsequent to quarter end, announced that GameTree TV will
provide games for Sharp's Aquos SmartCentral 3.0 Smart TV
platform
- Subsequent to quarter end, announced the release of Star
Trek Online, the award-winning free-to-play MMORPG for the
Mac
- Closed an equity offering in February 2014 raising gross
proceeds of CA$4.6 million
- Reported cash and cash equivalents of $5.3 million
- Reported adjusted EBITDA earnings of $0.1 million, including an
unrealized gain on foreign currency exchange of $0.8 million
Commenting on the
results, Vikas Gupta, CEO & President of TransGaming
stated:
"We've delivered
consistent growth over the last many quarters and have demonstrated
cash flow neutrality or profitability. Now, it's time for us to
accelerate our growth, scale the company, and be poised to take
advantage of new technology and business model trends within our
industry. We are very excited about the restructuring of the
Graphics & Portability Group, being led by a new Vice President
who is a highly accomplished games industry veteran, and are
confident that our strategic changes will yield incredible market
traction and results in the quarters to come. TransGaming has also
closed many new channel partner agreements for GameTree TV and we
are now cultivating a growing addressable market into active users.
Although still a young and nascent market, we are ahead of everyone
else in this marathon and are aggressively working on monetizing
users.
"We are no longer
managing the company to survive in difficult economic times. We've
done this and we've demonstrated our ability to weather the storm.
It's now time to focus on growth. Our changes, our decisions, our
outlook are now about building and scaling TransGaming."
Conference Call
Details
TransGaming will
host an analyst and investor conference call at 10:00 a.m. EST on
Wednesday April 30, 2014 to review the third quarter fiscal 2014
results. The telephone number for the conference call is
+1 (416) 340-2218.
The call will be recorded and a digital replay will be available on
the Company's Investor Relations portion of its website at
www.transgaming.com/investor-relations.
About TransGaming
Inc.,
TransGaming Inc.
(TSX-VENTURE:TNG) engineers technologies that ignite experiences,
delighting audiences around the world. From its roots as a
trailblazer in cross-platform enablement, TransGaming has expanded
to deliver essential solutions fuelling software 3D graphics
rendering, parallel computing, and the distribution of digital
content. TransGaming's disruptive innovations are now used by
everyone from home consumers, to the largest and most influential
tech companies in the world. Visit us at www.transgaming.com.
FORWARD-LOOKING
STATEMENTS
Certain statements
in this document may constitute "forward-looking" statements, which
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this document, such
statements use words like "may", "will", "expect", "continue",
"believe", "plan", "intend", "would", "could", "should",
"anticipate" and other similar terminology. These statements
reflect current assumptions and expectations regarding future
events and operating performance and speak only as of the date of
this document. Forward-looking statements involve significant risks
and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A
number of factors could cause actual results to vary significantly
from the results discussed in the forward-looking statements,
including, but not limited to, the factors discussed under the
"Risk Factors" section of the Company's the most recently filed
Annual Information Form which is available on SEDAR at
www.sedar.com.
Although the
forward-looking statements contained in this document are based
upon what we believe are reasonable assumptions, we cannot assure
investors that our actual results will be consistent with these
forward-looking statements. We assume no obligation to update or
revise these forward-looking statements to reflect new events or
circumstances, except as required by securities law.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
TransGaming Inc.Dennis EnsingChief Financial Officer+1 416
9799900 x321dennis@transgaming.comwww.transgaming.com
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