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Premier Exhibitions Reports Full Year And Fourth Quarter 2013 Results

Stocks in this article: PRXI

ATLANTA, May 28, 2013 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI), a leading presenter of museum-quality touring exhibitions around the world, today announced financial results for the full year and fourth quarter ended February 28, 2013.

Key highlights for the 2013 fiscal year compared to prior fiscal year:

  • Total revenue increased 24.5% to $39.5 million compared to $31.7 million in fiscal 2012.
  • Gross profit increased 43.4% to $20.7 million from $14.4 million while gross margins improved to 52.5% from 45.6% in the prior year.
  • Net income after non-controlling interest was $2.0 million, or $0.04 per diluted share, compared to a net loss after non-controlling interest of $(5.8) million, or $(0.12) per diluted share in last year's fiscal year.
  • Adjusted EBITDA, a non-GAAP measure (1), was $7.8 million, an increase of $6.6 million from the prior year's results. For fiscal year 2013 and the fourth fiscal quarter, adjusted EBITDA excludes the impact of Hurricane Sandy on New York City operations.

Comparing the fourth fiscal quarter with the prior year's fourth fiscal quarter:

  • Total revenue decreased 11.6% to $6.7 million compared to $7.5 million in the fourth quarter of fiscal 2012. The Company estimates that exhibition revenue was negatively impacted by approximately $1.4 million (based on comparable results for the same period of fiscal 2012) due to the Hurricane Sandy-related shutdown of its semi-permanent exhibitions at The South Street Seaport location in New York City. Partially offsetting this decline was a substantial increase in merchandise revenue, which was driven by the assets and merchandising rights purchased from Exhibit Merchandising, LLC.
  • Gross profit decreased to $2.8 million from $3.1 million in last year's fourth fiscal quarter, although gross margins improved to 41.6% from 41.3% in the prior year.
  • Net loss after non-controlling interest was $(1.1) million, or $(0.02) per diluted share, compared to a net loss after non-controlling interest of $(2.9) million, or $(0.06) per diluted share in last year's fourth fiscal quarter.
  • Adjusted EBITDA, a non-GAAP measure (1), was $0.2 million, an increase of $0.5 million from the prior year's results.
  • Total exhibition days were 1,150 as compared to 1,185 in the fourth fiscal quarter of 2012.
  • Average attendance per exhibition day was 399 compared to 483 in last year's fourth fiscal quarter.
  • Average ticket prices at semi-permanent, museum and other locations decreased 6.8% to $14.62 compared with an average semi-permanent, museum and other locations ticket price of $15.69 in the fourth quarter of fiscal 2012.
  • General and administrative expenses decreased 11.9% to $3.2 million, compared with $3.6 million in last year's fourth fiscal quarter. The Company incurred lower professional fees that were only partially offset by higher compensation related expenses.
  • On February 28, 2013, the Company had total cash and marketable securities of $6.8 million. 

Michael Little, Premier's Chief Financial Officer and Chief Operating Officer, stated, "Fiscal 2013 was a strong year for Premier as we successfully executed the business and generated outstanding operating results, including achieving our first full year of profitability since fiscal 2008. Having already restructured the organization in prior years, we utilized fiscal 2013 to grow and diversify our top-line through exhibition and merchandise revenue while demonstrating traction in improving key financial measures such as gross profit, adjusted EBITDA, and net income. In fiscal 2014, we plan to build on these accomplishments and further enhance our financial condition so that we can unlock value for the benefit of all shareholders."

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