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.
- 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.