|By Marketwired .||
|April 29, 2014 05:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 04/29/14 -- 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.
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.
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.
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