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Premier Exhibitions Reports First Quarter Fiscal 2014 Results

Stocks in this article: PRXI

ATLANTA, July 10, 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 first quarter of fiscal 2014 ended May 31, 2013.

Comparing the first fiscal quarter 2014 with the prior year's first fiscal quarter:

  • Total revenue decreased 22.0% to $8.9 million compared to $11.5 million in the first quarter of fiscal 2013. First quarter fiscal 2013 included results related to the beginning of the year-long celebration of Titanic's 100 th anniversary. Furthermore, exhibition revenue was negatively impacted by approximately $1.7 million this quarter (based on comparable results for the same period of fiscal 2013) due to the Hurricane Sandy-related shutdown of the semi-permanent exhibitions at The South Street Seaport in New York City.
  • Gross profit decreased to $5.3 million from $6.3 million in last year's first fiscal quarter, although gross margins improved to 59.2% from 54.7% in the prior year.
  • Net income after non-controlling interest was $1.0 million, or $0.02 per diluted share, compared to a net income after non-controlling interest of $1.2 million, or $0.02 per diluted share in last year's first fiscal quarter.
  • Adjusted EBITDA, a non-GAAP measure (1), was $2.3 million, a decrease of $0.3 million from the prior year's results.
  • Total exhibition days were 1,122 as compared to 1,361 in the first fiscal quarter of 2013.
  • Average attendance per exhibition day was 510 compared to 605 in last year's first fiscal quarter.
  • Average ticket prices at semi-permanent, museum and other locations decreased 9.6% to $13.62 compared with an average semi-permanent, museum and other locations ticket price of $15.06 in the first quarter of fiscal 2013.
  • General and administrative expenses decreased 14.4% to $3.4 million, compared with $3.9 million in last year's first fiscal quarter as the Company incurred lower professional fees during the first quarter of fiscal 2014.
  • On May 31, 2013, the Company had total cash and marketable securities of $7.6 million.

Michael Little, Premier's Chief Financial Officer and Chief Operating Officer, stated, "In the first quarter we demonstrated our ability to manage costs and limit the impact of declining sales across the P&L. Despite the decline in revenue, we controlled exhibition costs, improved gross margins and tightly managed G&A. These efforts resulted in only modest decreases in adjusted EBITDA and net income."

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