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TransGaming Reports Fiscal 2014 First Quarter Results(October 29, 2013)
TORONTO, ONTARIO -- (Marketwired) -- 10/29/13 -- TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company"), the global leader in developing and delivering platform-defining social video game experiences to consumers around the world, today reported its first quarter fiscal year 2014 results. The Company's unaudited interim consolidated financial statements for the three months ended August 31, 2013 and Management's Discussion and Analysis have been filed and are available on SEDAR at www.sedar.com.
TransGaming's first quarter of fiscal 2014 continued the strong trend of quarter over quarter increases in revenue, and the following highlights should be noted:
-- Overall, revenue was up 14% over the same quarter last year, at $1.8 million -- Although historically Q1 is the Company's weakest quarter, FY14 Q1 was almost operating break-even with an adjusted EBITDA loss of only $34,000 -- The $1.0 million licensing agreement with a cloud services provider announced in April 2013 was substantially completed in the quarter and delivered subsequent to quarter end -- Subsequent to quarter end the Company launched with Philips the world's first video ad-supported games service on Smart TV
Commenting on the results, Vikas Gupta, CEO & President of TransGaming stated:
"We are off to a strong start for fiscal 2014 with a record Q1 that was almost break-even. These quarterly results demonstrate our continued diligence on achieving self-sustainability and we are working hard to grow revenues while maintaining our expenses. This momentum sets the pace for the fiscal year with many exciting and material developments underway.
The launch of GameTree TV on Philips represents the first of many new deployments to come. Each deployment adds a multi-million audience and allows us to build a scaleable revenue model. The completion of another major licensing arrangement, that delivered high-margin revenues, also underscores the increasing importance of our core translation technology across a range of platforms. Overall, I am very pleased with Q1 and believe it represents the growing trajectory TransGaming is on."
Conference Call Details
TransGaming will host an analyst and investor conference call at 10:00 a.m. ET on Wednesday October 30, 2013 to review the first 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: http://transgaming.com/investor-relations.
About TransGaming Inc.
TransGaming Inc. (TSX VENTURE:TNG) is the global leader in developing and delivering platform-defining social video game experiences to consumers around the world. From engineering essential technologies for the world's leading companies, to engaging audiences with truly immersive interactive experiences, TransGaming fuels disruptive innovation across the entire spectrum of consumer technology. TransGaming's core businesses span the digital distribution of games for Smart TVs, next-generation set-top boxes, and the connected living room, as well as technology licensing for cross-platform game enablement, software 3D graphics rendering, and parallel computing. Visit us at http://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.
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.
Chief Financial Officer
+1 416 979-9900 x321
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