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Revenues for the full year were USD36.7m, compared with USD37.3m in 2007. The net loss from continuing operations was USD4.6m (USD2.00 loss per share), an improvement from the net loss of USD5.8m (USD2.77 loss per share) in the prior year.
Cash flow from continuing operations for the full year 2008, as defined by EBITDA, was USD4.6m, up from USD4.3m in 2007.
For the fourth quarter of 2008 Trans-Lux reported revenues of USD7.4m, a decrease from USD8.4m in the same quarter of the prior year. The net loss from continuing operations was USD1.3m (USD0.58 loss per share), showing an improvement from the net loss of USD2.3m (USD0.98 loss per share) in the same quarter of 2007.
Cash flow from continuing operations, as defined by EBITDA, was USD440,000 compared with USD282,000 for the fourth quarter of 2007.
The company sold the assets of its Entertainment Division for a purchase price of USD24.5m on 15 July 2008. Of the total price, USD7.4m was paid in cash, USD0.4m in escrow and USD16.7m in assumption of debt, including USD0.3m of debt of its joint venture, MetroLux Theatres. As a result of the sale Trans-Lux recorded long-lived asset impairment charges of USD2.8m and USD2.0m in disposal costs.
The net proceeds from the sale were used to prepay the term loan under the credit agreement with the company's senior lender.
In its 2008 results Trans-Lux accounted for the sale of the Entertainment Division as discontinued operations and accordingly restated the prior year's results.
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