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Premier Exhibitions Reports Second Quarter 2013 Results

Stocks in this article: PRXI

ATLANTA, Oct. 15, 2012 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI), a leading presenter of museum-quality touring exhibitions around the world, today announced financial results for the second quarter ended August 31, 2012.

Comparing the second fiscal quarter ending August 31, 2012 with the prior year second fiscal quarter:

  • Total revenue increased 63.5% to $13.4 million compared to $8.2 million in the second quarter of fiscal 2012. The growth in revenue was due to an increase in the number of exhibitions and operating days, coupled with substantially higher average attendance, and merchandise sales. These factors were offset partially by lower average ticket prices.
  • Gross profit increased 132.2% to $8.2 million from $3.5 million in last year's second quarter, primarily due to the increase in exhibition, merchandise and management fee revenues. In addition, gross margins improved to 61% from 42.9% in the prior year.
  • Net income was $2.8 million, or $0.06 per diluted share, compared to a net loss of $1.8 million, or ($0.04) per diluted share in last year's second fiscal quarter.
  • Adjusted EBITDA, a non-GAAP measure (1), was $4.3 million, an increase of $4.0 million from the prior year results.
  • Total exhibition days increased 45% to 1,598, from 1,099 in the second fiscal quarter of 2012.
  • Average attendance per exhibition day increased 28% to 578 from 453 in last year's second fiscal quarter.
  • Average ticket prices decreased 18% to $14.32, compared to an average ticket price of $17.54 in the second quarter of fiscal 2012. The decline in average ticket price is not related to discounting activity, but rather the result of the economics of venues currently presenting along with the mix of touring and stationary exhibitions.
  • General and administrative expenses increased 24.4% to $4.2 million, compared with $3.4 million in last year's second fiscal quarter, as the Company incurred higher compensation related expenses.
  • The above comparisons to the second quarter of the prior year do not correct or adjust for one-time charges incurred in the prior year quarter for (a) an impairment charge of $0.4 million due to termination of the License Agreement with Playboy Enterprises International, Inc. and (b) an expense of $0.8 million related to a litigation settlement.
  • On August 31, 2012, the Company had total cash and marketable securities of $6.0 million.

Michael Little, Premier's Chief Financial Officer and Chief Operating Officer, stated, "We are very pleased with our financial results, as they clearly demonstrate the leveraging opportunities inherent within our model. Exhibition revenues benefitted from a sharp increase in daily attendance, while our QVC relationship and e-commerce presence, along with the revamped product assortment showcased at our exhibits, facilitated significantly higher merchandise revenues. Our robust top-line also yielded exceptionally strong profitability, with growth in gross profit, adjusted EBITDA, and net income. We applaud the dedicated efforts of our team for their contributions to our success in the second quarter."

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