Samuel Weiser, Premier's President and Chief Executive Officer, continued, "Our ongoing efforts to grow and diversify our revenue streams, secure new distribution outlets, and capitalize on merchandising and digital opportunities remain on track, and we plan to begin expanding our portfolio of educational and entertaining exhibits and experiences in calendar 2013. In developing new content and pursuing strategic acquisitions, we are committed to structuring agreements that limit our capital risk, are accretive and non-dilutive to shareholders, and afford us significant profit-sharing rights if these ventures perform well. As we work to complete a sale of the Titanic assets, we are excited to be executing against our stated objectives while ensuring that Premier remains the industry leader in exhibitions."
The South Street Seaport – Hurricane Sandy
Premier was recently informed by its landlord that The South Street Seaport in New York City will remain closed indefinitely due to structural damage sustained from Hurricane Sandy in October 2012. However, the Company's exhibition assets located at the Seaport were not damaged.
Premier estimates that gross margin for November 2012 was reduced by approximately $0.3 million due to our inability to operate at the Seaport. These estimates are before any potential insurance reimbursements. The Company has submitted claims for property damage and business interruption and is in active discussions with its insurance carrier. There can be no guarantee that Premier will be reimbursed for any losses due to the Seaport's closure. We do not expect to operate at the Seaport in the fourth quarter of fiscal 2013, and we are working to eliminate expenses associated with the venue to limit our losses due to the closure.Third Quarter 2013 Conference Call Information Premier Exhibitions will host a conference call to discuss the Company's results for the third quarter of fiscal 2013 on Wednesday, January 9th at 5:30 p.m. (ET). Investors in the U.S. can access the call by dialing 1 (888) 427-9419 and International callers may dial 1 (719) 457-2661. Callers should reference Conference ID number 6149012. A transcript of the conference call will be made available on the Company's website: www.prxi.com . 15th Annual ICR XChange Investor Conference On January 17, 2013, Premier will present at the 15th Annual ICR XChange Investor Conference at The Fontainebleau Miami Beach Hotel in Florida. The presentation will begin at 8:50 a.m. (ET). The presentation will be webcast live and archived on the Company website. To access the presentation, please visit www.prxi.com, the "Investors" link under the "Company" tab, or directly through the "Presentations" tab of ICR XChange website at www.icrxchange.com. (1) Adjusted EBITDA See Table 4 below for reconciliations of Adjusted EBITDA to GAAP Net income (loss).
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