Trans-Lux Reports First Quarter Results

NORWALK, Conn.--(Business Wire)--
Trans-Lux Corporation (AMEX: TLX), a leading supplier of
programmable electronic information displays and operator of cinemas,
today reported financial results for the first quarter ended March 31,
2008. Trans-Lux President and Co-Chief Executive Officer Michael R.
Mulcahy made the announcement.

First Quarter 2008

Revenues totaled $11.1 million for the first quarter, compared
with $12.1 million during the same period last year. Trans-Lux
recorded a net loss for the quarter of $1.0 million (-$0.45 per
share), compared with a loss of $2.4 million ($-1.65 per share) in the
prior year. The results for the first quarter of 2008 include a $0.4
million non-cash charge for a tax valuation allowance. The results for
the first quarter of 2007 included a one-time, non-cash, non-tax
deductible charge of $1.5 million relating to the successful Exchange
Offer. Cash flow, as defined by EBITDA, was slightly lower at $1.7
million, compared with $1.8 million in 2007. General administrative
expenses were down for the quarter from last year as a result of
reduced operating costs, depreciation expense and interest cost.

"Our ongoing commitment to improving operational efficiencies and
containing operating costs is proving to be successful," said Thomas
Brandt, Trans-Lux Executive Vice President and Co-Chief Executive
Officer. "We remain enthusiastic about the engineering investments we
are making to enhance key products for the outdoor market, which we
believe will increase our competitiveness in the long-term."

Entertainment/Real Estate

The Entertainment/real estate division had a slow start to the
year, with quarterly revenues and profits down compared with the same
quarter last year. Fewer blockbuster releases led to weak box-office
results. Highlights of films released in the first quarter include The
Bucket List, Horton Hears a Who! and 10,000 B.C. The grand opening of
the four-screen expansion to the Company's DreamCatcher Cinema in
northern New Mexico is scheduled for later this month.

Display Division - Outdoor

For the quarter, revenues were down in the Outdoor division,
primarily in the commercial outdoor market, due in part to delayed
orders resulting from the uncertain economy. However, there were some
notable sales, including a contract from Prairie Meadows Racetrack in
Altoona, Iowa, for the Company's next generation, advanced full color
CaptiVue(R) video display that will be used to show live race coverage
and full color video advertising. Additional orders were secured from
a U.S.-based convenience store chain for full color CaptiVue video
displays used to advertise fuel prices as well as other products,
services and promotions. The commercial market group also secured
another order for an LED digital billboard that is being installed in
the southern U.S.

The catalog sports business secured several significant orders
that included full color CaptiVue displays and basketball scoring
equipment for Calvin College in Grand Rapids, Michigan. The Company
also won an order for a full color CaptiVue display for the Royce
City, Texas Independent School District that will be used as a
full-matrix scoreboard for football, soccer and track.

Display Division - Indoor

The Indoor division's performance improved slightly during the
first quarter with an increase in sales from a range of sectors. In
the financial services sector, the Company secured a contract for
DataWall(R) and VisionWriter(R) displays for multiple branches of a
New York metropolitan savings bank. The Company also won several
orders for DataWall and LED Jet(R) trading displays from firms in
various institutional and retail segments of the financial services
industry in the U.S. and Canada.

The division won an order from Major League Baseball for tricolor
GraphixMax(TM) and LED Jet electronic ticker displays for the lobby
renovation of their main offices in New York City. The displays,
featuring custom enclosures, will show the league's news headlines
from their web site, along with latest scores.

The gaming market remains an active industry for the Indoor
division. The Company was awarded a contract for an electronic sports
book display system from the Eastside Cannery Hotel & Casino in Las
Vegas, Nevada, a new property scheduled to open later in 2008.
Additional orders came from SunRay Park & Casino in Farmington, New
Mexico, for an electronic race and sports book display system, and
from the Atlantis Casino Resort & Spa in Reno, Nevada, for an
electronic sports book display system.

About Trans-Lux

Trans-Lux is a full service, worldwide provider of integrated
electronic display solutions for today's communications environments.
Incorporated in 1920, Trans-Lux specializes in the design,
manufacture, installation and service of large-scale indoor and
outdoor LED electronic display systems for applications in the
financial, banking, gaming, advertising, corporate, retail,
transportation, entertainment and sports industries. Trans-Lux offers
unique control systems as well as content through its partnerships
with key data suppliers in the markets the Company serves. Trans-Lux
has display equipment installed at thousands of locations around the
world, including the world's major financial exchanges. In addition to
its display business, the Company owns and operates a chain of motion
picture theatres in the western Mountain States. For more information,
please visit our web site at www.trans-lux.com.

(Table of Operations attached)

Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995

The Company may, from time to time, provide estimates as to future
performances. These forward-looking statements will be estimates and
may or may not be realized by the Company. The Company undertakes no
duty to update such forward-looking statements. Many factors could
cause actual results to differ from these forward-looking statements,
including loss of market share through competition, introduction of
competing products by others, pressure on prices from competition or
purchasers of the Company's products, interest rate and foreign
exchange fluctuations, terrorist acts and war.

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*T
TRANS-LUX CORPORATION

RESULTS OF OPERATIONS
(Unaudited)

THREE MONTHS ENDED
MARCH 31
--------------------

(In thousands, except per share data) 2008 2007
--------- ---------

Revenues $ 11,101 $ 12,130

Net loss (1,027) (2,402)

Calculation of EBITDA - add:
Interest expense/debt conversion cost, net 753 2,500
Provision (benefit) for income taxes 51 (655)
Depreciation and amortization 1,873 2,307
--------- ---------
EBITDA (1) $ 1,650 $ 1,750
========= =========

Loss per share - basic and diluted ($0.45) ($1.65)

Average common shares outstanding:
Basic and diluted 2,307 1,460

(1) EBITDA is defined as earnings before effect of interest, income
taxes, depreciation and amortization. EBITDA is presented here
because it is a widely accepted financial indicator of a company's
ability to service and/or incur indebtedness. However, EBITDA should
not be considered as an alternative to net income or cash flow data
prepared in accordance with accounting principles generally accepted
in the United States or as a measure of a company's profitability or
liquidity. The Company's measure of EBITDA may not be comparable to
similarly titled measures reported by other companies.
*T

Trans-Lux Corporation
Angela Toppi
Executive Vice President & CFO
203-642-5903

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