Tix Corporation Reports Third Quarter and First Nine Months 2015 Results
(firmenpresse) - STUDIO CITY, CA -- (Marketwired) -- 10/26/15 -- 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, 2015.
Tix Corporation''s business is operated by its wholly owned subsidiary Tix4Tonight, which sells discount show tickets from eleven locations in Las Vegas. Tix4Tonight obtains its inventory of discount tickets under short-term exclusive and non-exclusive agreements with nearly every Las Vegas show along with numerous attractions and tours. Our discount ticket locations also offer discount dinner reservations at various restaurants surrounding the Las Vegas Strip and downtown.
Third quarter 2015 revenues increased to $6.0 million compared with $5.9 million for the same period a year ago.
Third quarter 2015 direct operating expenses, which includes payroll costs, rents, and utilities, was $2.4 million compared to $2.3 million for the same period a year ago. Direct operating expenses, as a percentage of revenues, decreased to 39% compared to 40% for the same period a year ago.
Third quarter 2015 selling, general and administrative expenses was $1.9 million compared to $1.7 million for the same period a year ago. Selling, general and administrative expenses, as a percentage of revenues, was 31% compared to 29% for the same period a year ago.
Third quarter 2015 net income increased to $1.6 million compared with $1.5 million for the same period a year ago. Net income per diluted common share increased to $0.09 compared with $0.08 per diluted common share reported for the same period a year ago.
First nine months 2015 revenues increased to $17.5 million compared with $16.8 million for the same period a year ago.
First nine months 2015 direct operating expenses, which includes payroll costs, rents, and utilities, was $7.0 million compared to $7.0 million for the same period a year ago. Direct operating expenses, as a percentage of revenues, decreased to 40% compared to 42% for the same period a year ago.
First nine months 2015 selling, general and administrative expenses was $5.7 million compared to $5.5 million for the same period a year ago. Selling, general and administrative expenses, as a percentage of revenues, was 33% compared to 33% for the same period a year ago.
First nine months 2015 net income increased to $4.1 million compared with $3.3 million for the same period a year ago. Net income per diluted common share increased to $0.23 compared with $0.18 per diluted common share reported for the same period a year ago.
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.
On January 2, 2014, the Company announced that its Board of Directors adopted an amendment of the Company''s Stockholder Rights Agreement (the "Rights Agreement") to protect the interests of all Company stockholders by lowering the beneficial ownership threshold to a level that could help preserve the value of the Federal Net Operating Loss Carry Forwards ("NOLs"). The Company''s ability to use the NOLs would be substantially limited if there were an "ownership change" as defined under Section 382 of the U.S. Internal Revenue Code and related U.S. Treasury regulations ("Section 382"). In general, an "ownership change" would occur under Section 382 if the Company''s "5-percent shareholders," as defined under Section 382, collectively increase their ownership in the Company by more than 50 percentage points over a rolling three-year period.
Under the terms of the amended and restated Rights Agreement, subject to certain exceptions, in the event a person or group, without Board approval, acquires beneficial ownership of 4.95% or more of the outstanding Common Stock or announces a tender or exchange offer which would result in such person or group''s beneficial ownership of 4.95% or more of the outstanding Common Stock (a "Triggering Stockholder"), then all stockholders of the Company (other than the Triggering Stockholder) will be entitled to acquire shares of Common Stock at a 50% discount (a "Dilution Event").
A person or group that owns 4.95% or more of the outstanding Common Stock at the time of the adoption of the amended and restated Rights Agreement (an "Existing Major Stockholder") will not trigger a Dilution Event. However, a Dilution Event will be triggered if an Existing Major Stockholder, without Board approval, acquires any additional shares of Common Stock.
The 4.95% beneficial ownership threshold under the amended and restated Rights Agreement will remain applicable until March 31, 2021, or earlier, if the Board determines that the reduced threshold is no longer necessary for the preservation of the NOLs.
The foregoing description of the amended and restated Rights Agreement is qualified in its entirety by reference to the full text of the amended and restated Rights Agreement, a copy of which is available on the Company''s website.
Tix Corporation (OTCQX: TIXC) provides discount ticketing services. It currently operates eleven 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 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 filings with the OTCQX. The Company assumes no obligation to update these forward-looking statements. A copy of the Company''s reports for the twelve months ended December 31, 2014 can be found on the Company website at or at .
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Datum: 26.10.2015 - 08:00 Uhr
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