Trinity Place Holdings Inc. Reports First Quarter Financial Results | TPHS Stock News

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (OTC PINK: TPHS) (the "Company," "we," "our," or "us") today announced operating results for the first quarter ended March 31, 2026.The Company is an intellectual property holding, investment, and commercialization company. We own and control a portfolio of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. (“Syms”), including FilenesBasement.com, our rights to the Stanley Blacker® brand, as well as the intellectual property associated with the Running of the Brides® event and the An Educated Consumer is Our Best Customer® slogan. Our strategy today centers on monetizing these assets through brand licensing, e-commerce initiatives, strategic partnerships, and protection and enforcement of our intellectual property rights.Net Operating LossesAt March 31, 2026, the Company had carryforwards of federal net operating losses (“NOLs”) of approximately $329.9 million available to reduce future federal taxes. Of the Company’s federal NOLs, $226.9 million were generated prior to 2018 and may expire if unused by 2037, and $103.0 million were generated in 2018 and later years and can be carried forward indefinitely subject to an 80 percent taxable income annual limitation.Based on management’s assessment, it is more likely than not that the deferred tax assets associated with the NOLs will not be realized by future taxable income or tax planning strategies. Accordingly, the Company has a valuation allowance of $90.4 million as of March 31, 2026. If our assumptions change and we determine that we will be able to realize these NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recognized as a reduction of income tax expense and an increase in the deferred tax asset.Note that our certificate of incorporation includes a provision intended to help preserve certain tax benefits primarily associated with our NOLs. This provision generally prohibits transfers of stock that would result in a person or group of persons becoming a 4.75 percent stockholder, or that would result in an increase or decrease in stock ownership by a person or group of persons that is an existing 4.75 percent stockholder.Forward-Looking StatementsCertain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements do not guaranty future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to provide updates on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.(Financial Tables on Following Pages)TRINITY PLACE HOLDINGS INC.CONSOLIDATED BALANCE SHEETSMarch 31, 2026(in thousands, except par value and share amounts)March 31, 2026December 31, 2025(unaudited)ASSETSCash and cash equivalents$54$216Prepaid expenses and other current assets, net78107Other assets25—Total assets$157$323LIABILITIESNote payable$1,372$1,344Accounts payable and accrued expenses128117Accrued professional fees191242Total liabilities1,6911,703Commitments and ContingenciesSTOCKHOLDERS' DEFICITPreferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025——Preferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025——Special stock, $0.01 par value; 1 share authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025——Common stock, $0.01 par value; 79,999,997 shares authorized; 73,447,413 shares issued at March 31, 2026 and December 31, 2025; 64,947,266 shares outstanding at March 31, 2026 and December 31, 2025735735Additional paid-in capital150,713150,713Treasury stock (8,500,147 shares at March 31, 2026 and December 31, 2025)(57,730)(57,730)Accumulated other comprehensive loss——Accumulated deficit(95,252)(95,098)Total stockholders' deficit(1,534)(1,380)Total liabilities and stockholders' deficit$157$323TRINITY PLACE HOLDINGS INC.CONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE LOSS(in thousands, except per share amounts)(unaudited)Three Months Ended March 31,20262025RevenuesOther income$—$239Total revenues—239Operating expensesProperty operating expenses—24General and administrative126983Depreciation and amortization—1Total operating expenses1261,008Operating loss(126)(769)Non-cash pension settlement expense and estimated excise tax on plan asset reversion—(3,068)Interest expense, net(28)(8)Loss before taxes$(154)$(3,845)Income tax benefit—194Net loss$(154)$(3,651)Other comprehensive income:Reclassification of accumulated comprehensive loss on pension settlement—729Other comprehensive income—729Comprehensive loss$(154)$(2,922)Loss per common share - basic and diluted$(0.00)$(0.06)Weighted average common shares outstanding - basic and diluted64,97066,269TRINITY PLACE HOLDINGS INC.CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(in thousands)(unaudited)Common StockAdditionalPaid-InCapitalTreasury StockAccumulatedDeficitAccumulatedOtherComprehensiveLossTotalStockholders'EquitySharesAmountSharesAmountBalance at December 31, 202573,447$735$150,713(8,500)$(57,730)$(95,098)$—$(1,380)Net loss—————(154)—(154)Balance at March 31, 202673,447$735$150,713(8,500)$(57,730)$(95,252)$—$(1,534)Common StockAdditionalPaid-InCapitalTreasury StockAccumulatedDeficitAccumulatedOtherComprehensiveLossTotalStockholders'EquitySharesAmountSharesAmountBalance at December 31, 202472,487$725$150,183(7,173)$(57,676)$(90,302)$(729)$2,201Net loss—————(3,651)—(3,651)Settlement of stock awards96010537(27)(2)——545Reclassification of accumulated comprehensive loss on pension settlement——————729729Stock-based compensation——(7)————(7)Balance at March 31, 202573,447$735$150,713(7,200)$(57,678)$(93,953)—$(183)TRINITY PLACE HOLDINGS INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)Three Months Ended March 31,20262025Cash flows from operating activities:Net loss$(154)$(3,651)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization—1Other non-cash adjustment - paid-in-kind interest288Settlement of stock awards and stock-based compensation expense—530Non-cash pension settlement expense—2,605Net change in operating assets and liabilities:Receivables—146Prepaid expenses and other assets, net4479Accounts payable and accrued expenses(40)(969)Net cash used in operating activities(162)(851)Cash flows from investing activities:Net cash used in investing activities——Cash flows from financing activities:Proceeds from Steel Promissory Note—1,000Settlement of stock awards—8Net cash provided by financing activities—1,008Net (decrease) increase in cash and cash equivalents and restricted cash(162)157Cash and cash equivalents and restricted cash, beginning of period216403Cash and cash equivalents and restricted cash, end of period$54$560Cash and cash equivalents, beginning of period216277Restricted cash, beginning of period—126Cash and cash equivalents and restricted cash, beginning of period$216$403Cash and cash equivalents, end of period54450Restricted cash, end of period—110Cash and cash equivalents and restricted cash, end of period$54$560Supplemental disclosure of cash flow information:Cash paid during the period for interest$—$—Cash paid during the period for taxes$—$12View source version on businesswire.com: https://www.businesswire.com/news/home/20260514827725/en/Investor ContactJennifer Golembeske212-520-2300jgolembeske@steelpartners.comSource: Trinity Place Holdings Inc.