Printer Friendly

TRANS-LUX ABSORBS ONE-TIME TAX CHARGE, BUT CONTINUES TO ANTICIPATE INCREASED EARNINGS FOR 1993

 NORWALK, Conn., Dec. 8 /PRNewswire/ -- Trans-Lux Corporation (AMEX: TLX) reported today that its appeal of an assessment resulting from a 1989 Connecticut state income tax audit has been dismissed by a judge of the Superior Court of the State of Connecticut. The Company intends to appeal the decision to the Connecticut Appellate Court.
 The assessment, previously reported in the Company's annual reports, arises out of the Company's 1986 sale of its former theatre chain. The amount of the assessment is $550,000 plus accrued interest at the rate of 20 percent per annum since 1986. After giving effect to reserves previously taken, the Company estimates its 1993 fourth quarter results will be adversely impacted by approximately $300,000. However, the Company estimates its 1993 year and results will still be substantially higher than the 24 cents a share reported for 1992 as restated.
 -0- 12/8/93
 /CONTACT: Victor Liss of Trans-Lux, 203-853-4321/
 (TLX)


CO: Trans-Lux Corporation ST: Connecticut IN: CPR SU: ERP

GK-SH -- NY035 -- 1682 12/08/93 10:26 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 8, 1993
Words:172
Previous Article:THE R.O.C. TAIWAN FUND ANNOUNCES DIVIDEND
Next Article:DRS INDUSTRIES EARNS $355,000 FOR THE OCTOBER QUARTER

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters