T.J.T., Inc. Reports Results For Fiscal Year 2012

Copies of this report and additional historical financial information can be found at www.otcmarkets.com, or you may contact:

Nicole L. Glisson

Senior Vice President, Chief Financial Officer and Treasurer

T.J.T., Inc.

[phone]

T.J.T., INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
At September 30,								2012					2011
								(Unaudited)					(Audited)
Current assets:
	Cash and cash equivalents							$	697				$	1,875
	Accounts receivable (net of allowances and discounts of $17 and $111)								237					337
	Current portion of notes receivable								4					74
	Inventories								886					1,189
	Prepaid expenses and other current assets								30					181
		Total current assets							1,854					3,656
Property, plant and equipment, net of accumulated depreciation									759					317
Notes receivable, net of current portion									25					29
Real estate held for sale									270					474
Real estate held for investment									378					167
Other assets									33					5
	Total assets							$	3,319				$	4,648
Current liabilities:
	Accounts payable							$	235				$	244
	Accrued liabilities								201					286
	Deferred income								0					69
		Total current liabilities							436					599
Shareholders' equity:
	Preferred stock, $.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding								-					-
	Common stock, $.001 par value; 10,000,000 shares authorized; 4,532,862 shares outstanding								5					5
	Capital surplus								5,875					5,872
	Retained earnings								(2,963	)				(1,812	)
									2,917					4,065
	Treasury shares, at cost, 81,113 and 46,735 shares, respectively								(34	)				(16	)
		Total shareholders' equity							2,884					4,049
			Total liabilities and shareholders' equity					$	3,319				$	4,648

T.J.T., INC.
CONSOLIDATED STATEMENTS OF OPERATION
(Dollars in thousands except per share amounts)
							Year Ended
							September 30,
							2012					2011					2010
							(Unaudited)					(Audited)					(Audited)
Sales (net of returns and allowances):
	Axles and tires						$	2,174				$	3,900				$	4,963
	Accessories and siding							1,683					2,132					2,375
	Other							147					-					-
		Total sales						4,004					6,032					7,338
Cost of goods sold
	Axles and tires							1,703					3,309					4,511
	Accessories and siding							1,078					1,387					1,702
	Other							28					-					-
		Cost of goods sold						2,809					4,696					6,213
	Gross profit							1,195					1,336					1,125
Selling, general and administrative expenses								2,523					2,361					2,643
	Operating loss							(1,328	)				(1,025	)				(1,518	)
Impairment loss on real estate								-					(154	)				(65	)
Interest income, net of expense								13					27					21
Equity investment income								-					32					-
Rental income								55					17					17
Other income								111					3					26
	Loss before taxes							(1,149	)				(1,100	)				(1,519	)
Income tax expense (benefit)								-					3					16
	Net loss						$	(1,149	)			$	(1,103	)			$	(1,535	)
Net loss to common shareholders:
	Basic						$	(0.25	)			$	(0.24	)			$	(0.34	)
	Diluted						$	(0.25	)			$	(0.24	)			$	(0.34	)
Weighted average shares outstanding:
	Basic							4,532,862					4,532,862					4,532,862
	Diluted							4,543,637					4,542,122					4,543,198

T.J.T., INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
For the year ended September 30,								2012					2011					2010
								(Unaudited)					(Audited)					(Audited)
Cash flows from operating activities:
	Net loss							$	(1,149	)			$	(1,103	)			$	(1,535	)
	Adjustments to reconcile net loss to net cash used by operating activities:
		Depreciation and amortization							87					67					118
		Impairment loss on real estate held for sale							-					154					65
		Loss on sale of other assets held for sale							-					-					16
		Gain on sale of assets							(111	)				-					(42	)
		Gain on sale of equity investment							-					(30	)				-
		Equity investment earnings							-					(2	)				-
		Stock compensation							3					5					11
		Change in accounts receivables							100					37					288
		Change in inventories							303					942					1,249
		Change in prepaid expenses and other current assets							151					(19	)				(120	)
		Change in accounts payable							(9	)				112					(129	)
		Change in taxes							-					-					596
		Change in other assets and liabilities							(115	)				(16	)				(53	)
			Net cash provided (used) by operating activities						(739	)				147					464
Cash flows from investing activities:
	Purchases of property, plant and equipment								(563	)				(138	)				(13	)
	Repayments received on notes receivable								74					12					21
	Proceeds from sale of assets								75					8					53
	Proceeds from sale of equity investment								-					32					-
	Proceeds from split dollar life insurance								-					-					392
	Investment in real estate held for investment and sale								(8	)				-					-
	Proceeds from sale of other assets held for sale								-					5					19
			Net cash provided (used) by investing activities						(422	)				(81	)				472
Cash flows from financing activities:
	Purchase of treasury shares								(18	)				(16	)				-
			Net cash used by financing activities						(18	)				(16	)				-
Net change in cash and cash equivalents									(1,178	)				50					936
Cash and cash equivalents at October 1									1,875					1,825					889
Cash and cash equivalents at June 30								$	697				$	1,875				$	1,825
Supplemental information:
	Cash paid for interest							$	-				$	-				$	-
	Income tax refunds received								-					-					580
Noncash transactions:
	Sale of investment property by issuance of note receivable							$	-				$	-				$	-
	Sale of fixed assets by issuance of note receivable or other								-					-					6

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