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Premier Exhibitions' CEO Discusses F4Q12 Results - Earnings Call Transcript

Stocks in this article: PRXI

Then I will comment on the sale of the Titanic assets before turning the call over to Michael Little our Chief Financial Officer and Chief Operating Officer. Overall I am pleased with the progress we've made in streamlining our exhibition business to position the company for profitable ongoing operations following the sale of the Titanic assets. This past year was difficult as we reorganized and restructured to realign our headcount to focus more on revenue generation and put the company in position to maximize opportunities available with our legacy properties. I am also pleased with how our professionals have executed on various Titanic initiatives to expand our revenue opportunities and take advantage of the publicity, the 100 th anniversary of the Titanic sailing and sinking has generated.

Our calendar for Titanic exhibitions is full for the foreseeable future and the exhibition will visit Dallas, Fort Worth, Kansas City, Detroit, San Diego, Houston, Bangkok, Thailand and a number of other cities during the current fiscal year, all of which will complement our permanent installations in Las Vegas, in Orlando. In Orlando we are just beginning to exploit the opportunities inherent in this prime tourist destination market with our current attendance trends generating revenue that exceeds what the exhibit was generating prior to our acquisition.

In January we installed 100 artifacts from our collection to enrich the experience for the millions of potential visitors who vacation in the Greater Orlando area on a yearly basis. And these enhancements have strengthened our retail opportunities by creating another outlet for our Titanic related merchandise. We continue to operate our Titanic exhibitions while we pursue a sale of the Titanic assets. While we hope to retain exhibition rights to the Titanic for some period of time following the sale, we can't be certain how new ownership will decide to fulfill the requirement for public display of the artifacts. We are however continuing to book engagements to meet demand since the current and future exhibitions may represent the final opportunities for the millions of Titanic fans to experience Titanic: The Artifact Exhibition.

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