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Premier Exhibitions' CEO Discusses F1Q13 Results - Earnings Call Transcript

Stocks in this article: PRXI

I would like to begin with a discussion of our business and afterwards, I will turn the call over to Michael Little, our Chief Financial Officer and Chief Operating Officer to review our financial performance in greater detail. In our view, fiscal 2013 should be an exciting year for our business. First, we look forward to completing the sale of the Titanic assets. Second, we are beginning to realize the benefits of prior year cost saving and management initiatives. Lastly, we are building our operating business both organically and through acquisitions to position the company for sustainable profitability quarter-to-quarter.

Our first quarter results indicate that we are off to a pretty good start in building a platform for sustainable top line growth and profitable ongoing operations. As the first quarter results suggest, we made progress along several different fronts including increasing revenue, expanding gross profit, generating substantially more operating cash flow, and diversifying our exhibition portfolio.

Our acquisition of AEI has solidified Premier as the industry leader in the development and exhibition of unique content for education, entertainment, and brand extension. The integration of AEI is progressing smoothly and a number of the new content opportunities we obtained are quickly taking shape. While many of these projects will require a time, we expect that this new content will be accretive to earnings in fiscal 2014.

In the meantime, we are exploring ways to extract additional revenue from the existing properties we acquired, which coupled with the management fees we earn under our agreement with AEG will be accretive to the company in this fiscal year.

The AEI acquisition immediately diversified our exhibition portfolio. Additionally, we believe the revenue potential embedded in the content of the Tut, Cleopatra, Real Pirates and America I Am brands can be more fully exploited by the combined enterprise. The AEI transaction also added experienced professionals who brought strong industry relationships and compelling new exhibition opportunities to our organization that we believe will fully demonstrate our industry leadership and help us to transform the exhibition industry.

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