Transax International Ltd. (TNSX) Stock skyrockets in Tuesday’s Trading Session
Shares of Transax International Ltd. (PINK: TNSX), a Shantou, China-based manufacturer and distributor of toys and related products, saw a huge rally in Tuesday’s trading session.
The penny stock of TNSX ended the day 666.67% higher at $0.0115, with volume up from daily average of 19,154 to 36.70 million. The stock touched a 52-week high of $0.03 in Tuesday’s trading session.
In a recent filing, TNSX said that its main focus is to function as a “one stop shop” for the sourcing, distribution and specialty manufacturing of toys and related products. TNSX conducts its operations through BT Brunei, which focuses on export sales, and BT Shantou, which focuses on domestic sales.
TNSX said in the filing that it sources toys to distributors, trading companies, and wholesalers primarily located in mainland China, Hong Kong, Europe, South America, and Asia.
Asia accounts for majority of TNSX’s revenue. Outside of Asia, Great Britain is TNSX’s biggest market. The company currently has limited customers in the U.S.
According to the filing, TNSX had consolidated revenue of $4.8 million for the first quarter of 2012, compared to $300,000 reported for the same period in the previous year. The increase in sales was due to $4.5 million of sales revenue of BT Brunei, which was established in the second quarter of 2011.
During the first quarter of 2012, three major customers accounted for approximately 43.8% of TNSX’s total revenue. The Great Britain market accounted for 29% of the total first-quarter revenue, the company said in the filing.
TNSX plans to use BT Brunei to continue to increase its customer base for export sales of toys. Meanwhile, the company continues to expand its domestic distribution sales channels within China through BT Shantou.
For the first quarter of 2012, TNSX reported gross profit of $0.5 million. The company’s consolidated gross margin for the quarter stood at 11%. Net income for the first quarter was $0.2 million, compared to $15,086 reported for the same period in the previous year.
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