Tix Corporation Reports Third Quarter and First Nine Months 2014 Results
Third Quarter 2014 Revenues Increased 2% While Adjusted Earnings Increased 17%
(firmenpresse) - STUDIO CITY, CA -- (Marketwired) -- 10/27/14 -- Tix Corporation (the "Company") (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the third quarter and first nine months ended September 30, 2014.
Tix Corporation''s business is operated by its wholly owned subsidiary Tix4Tonight, which sells discount show tickets from ten locations in Las Vegas. Tix4Tonight obtains its inventory of discount tickets from nearly every Las Vegas show along with numerous attractions and tours. The majority of our discount ticket locations also offer discount dinner reservations at various restaurants surrounding the Las Vegas Strip and downtown.
Third quarter 2014 revenues were comparable at $5.9 million compared with $5.8 million for the same period a year ago; an increase of 2%.
Third quarter 2014 direct operating expenses decreased 4% to $2.3 million compared with $2.4 million for the same period a year ago. Included in these expenses are payroll costs, rents, and utilities. The decrease in expense of $89,000 was due to a reduction in payroll costs and a reduction in rents from a successful lease renegotiation.
Third quarter 2014 selling, general and administrative expenses were $1.7 million compared with $2.3 million for the same period a year ago. Included in the three months ended September 30, 2013 expenses were $377,000 of expenses relating to certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters and litigation. No similar expense occurred during the same period of the current year. Excluding these expenses, selling, general and administrative expenses decreased $240,000, or 12%, to $1.7 million compared to $2.0 million for same period of the prior year. The decrease in expenses of $240,000 was due to a reduction in stock based compensation expense of $150,000, a reduction in general legal expense of $119,000, offset by an increase in expenses over our remaining operating accounts of $29,000.
Third quarter 2014 net income was $1.5 million, or $0.08 per diluted common share, as compared to a net income of $649,000, or $0.03 per diluted common share, reported for the same period a year ago. Adjusted Earnings (as defined and explained below) for the third quarter 2014, which includes adjustments for items such as expenses related to litigation and related legal matters described below, was $1.9 million, or $0.10 per diluted common share, as compared to Adjusted Earnings of $1.6 million, or $0.07 per diluted common share, reported for the same period a year ago.
For the first nine months of 2014, revenues increased 3% to $16.8 million compared with $16.2 million for the same period a year ago. The increase in revenues was due to an increase in the number of discount ticket locations as compared to the same period of the prior year.
For the first nine months of 2014, direct operating expenses increased 2% to $7.0 million compared with $6.9 million for the same period a year ago. The increase in expense of $121,000 was due to increased rents related to an increase in discount ticket locations in operation during the period as compared to the same period of the prior year, offset by a reduction in rents from successful lease renegotiations and a reduction in payroll costs.
For the first nine months of 2014, selling, general and administrative expenses were $5.5 million compared with $6.9 million for the same period a year ago. Included in these expenses are $109,000 of expenses during the first nine months of 2014 and $1.0 million of expenses during the same period a year ago, in each case relating to expenses for certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters and litigation expenses. Excluding these expenses, selling, general and administrative expenses decreased $471,000, or 8%, to $5.4 million compared to $5.9 million for the same period of the prior year. The decrease in expenses of $471,000 was due to a reduction in stock based compensation expense of $483,000, offset by an increase in expenses over our remaining operating accounts of $12,000.
For the first nine months of 2014, net income was $3.3 million, or $0.18 per diluted common share, as compared to a net income of $1.5 million, or $0.06 per diluted common share, reported for the same period a year ago. Adjusted Earnings (as defined and explained below) for the first nine months of 2014, which includes adjustments for items such as expenses related to litigation and related legal matters described below, was $4.6 million, or $0.25 per diluted common share, as compared to Adjusted Earnings of $4.2 million, or $0.18 per diluted common share, reported for the same period a year ago.
Mitch Francis, Chief Executive Officer of the Company, stated, "We are pleased with our third quarter performance which posted the strongest quarterly Adjusted Earnings in two years. With our improved cash flows, we recently paid in full our remaining obligation under our senior secured note payable."
The Company does not host a conference call following its earnings release. Investors are encouraged to contact the Company''s investor relations officer, Steve Handy, CFO, at (818) 761-1002 with any questions.
Included in this press release is a "non-GAAP financial measure," which is a measure of the Company''s historical or future performance that is different from measures calculated and presented in accordance with GAAP but that the Company believes is useful to investors. The Company defines Adjusted Earnings as net income plus (a) other expense, net, (b) income taxes, (c) depreciation and amortization charges, (d) stock based compensation expense, (e) loss on disposition of property and equipment, (f) unusual litigation, and (g) expenses for certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters. The Company believes that Adjusted Earnings is a useful measure of the Company''s operating performance because a significant portion of its assets consists of goodwill and intangible assets and property and equipment that are amortized and depreciated as non-cash items over their remaining useful lives in accordance with GAAP. The Company''s presentation of Adjusted Earnings may help investors assess the Company''s performance before the effect of various items that do not directly affect the Company''s ongoing operating performance. The Company also believes that measures similar to the Company''s measurement of Adjusted Earnings are widely used in similar entertainment companies to measure operating performance, although Adjusted Earnings as calculated by the Company is not necessarily comparable to similarly titled measures by such other companies. Adjusted Earnings (a) does not represent net income or cash flows from operations as defined by GAAP, (b) is not necessarily indicative of cash available to fund the Company''s cash flow needs, and (c) should not be considered as an alternative to net income, operating income, cash flows from operating activities or the Company''s other financial information as determined under GAAP.
Tix Corporation (OTCQX: TIXC) provides discount ticketing services. It currently operates ten discount ticket stores in Las Vegas under its Tix4Tonight marquee, which offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining.
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the expected operations and sales, potential improvements in consumer spending in Las Vegas, and our future revenues and financial position. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company''s various historical filings with the Securities and Exchange Commission and, since November 2010, the Company''s filings with the OTCQX. The Company assumes no obligation to update these forward-looking statements. A copy of the Company''s reports can be found on the Company website at or at .
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Datum: 27.10.2014 - 08:00 Uhr
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