NEWS FROM
TRANS-INDUSTRIES
Trans-Industries, Inc. - 2637 S. Adams Road - Rochester Hills, MI 48309
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FOR FURTHER INFORMATION:
AT TRANS-INDUSTRIES:
Kai Kosanke
Chief Financial Officer
(248) 852-1990
FOR IMMEDIATE RELEASE
FRIDAY MAY 7, 2004
TRANS-INDUSTRIES, INC. REPORTS
FIRST QUARTER 2004 RESULTS
ROCHESTER HILLS, MICHIGAN -- MAY 7, 2004 - 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, 2004.
Sales for the quarter totaled $7.5 million compared with $8.6 million for the
same period last year. Most of this decline was attributable to the information
systems and environmental systems businesses with modest shortfalls registered
by the lighting and mechanical signage units. On this reduced volume, a net loss
of $267,000, or $.09 per share, was incurred compared with a loss of $473,000,
or $0.15 per share, for the comparable quarter last year. For the 2004 first
quarter, the information systems and environmental products operations together
recorded a net loss of more than $500,000, which was only partially offset by
other operations.
Profit improvement efforts initiated during the middle of last year are
continuing with estimated annual reductions, on the basis of first quarter
expense levels, to be in excess of $2.5 million.
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.
VISIT TRANS-INDUSTRIES AT www.transindustries.com
FINANCIAL TABLES FOLLOW.....
TRANS-INDUSTRIES, INC.
SALES AND EARNINGS REPORT (UNAUDITED)
QUARTER ENDED MARCH 31, 2004
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FIRST QUARTER ENDING
MARCH 31
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2004 2003
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Sales $ 7,534,929 $ 8,649,800
Cost of Sales 5,605,874 6,058,931
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Gross Profit 1,929,055 2,590,869
Selling, Gen. & Admin. Exp 1,965,333 2,638,388
Interest 162,508 170,049
Restructuring Costs * 75,601 272,859
Other (6,931) (9)
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Total Expenses 2,196,511 3,081,287
Earnings/(Loss) Before Income Taxes (267,456) (490,418)
Income Taxes 0 (17,000)
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Net Income $ (267,456) $ (473,418)
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Earnings/(Loss) Per Share $ (0.09) $ (0.15)
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*2003 Restructuring charges incurred on sale of Vultron International
Weighted Average Number of
Shares Outstanding 3,139,737 3,139,737
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CONSOLIDATED BALANCE SHEET (UNAUDITED)
FIRST QUARTER ENDING
MARCH 31
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ASSETS: 2004 2003
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Total Current Assets $15,843,592 $20,490,476
Net Fixed Assets 3,553,755 4,020,663
Other Assets 327,014 283,822
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Total Assets $19,724,361 $24,794,961
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Total Current Liabilities $13,260,300 $12,731,121
Deferred Income Taxes 0 418,000
Long Term Debt 294,173 3,216,884
Shareholders' Equity 6,169,888 8,428,956
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Total Liabilities and Shareholders' Equity $19,724,361 $24,794,961
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