Premier Exhibitions Inc. (PRXI) F2Q2011 Earnings Call Transcript October 7, 2010 5:30 pm ET Executives Chris Davino – President and CEO John Stone – CFO Brian Wainger – VP and Chief Legal Counsel Analysts Christopher Bratcher [ph] Jason Braswell [ph] Norman Klein [ph] Nicholas Green – Green Partners Presentation Operator
So, the quarterly results, in the main, revenue was essentially flat with the second quarter last year, that in spite of having more operating days this year as all of our exhibitions were generally booked. Utilization was pretty significantly high in the high 80s. This is a vast improvement over the period last year and it’s a pretty good comparison just two prior quarters in the main. Attendance overall unfortunately was soft. We did see some encouraging signs for attendance, particularly some tertiary markets, but we have got higher demographic penetration than we usually see and John will provide some of those details. Our Vegas shows did particularly well. Bodies was up 40% year-on-year, and Titanic was up roughly 24% compared to the same period last year.But overall, attendance was down at least in part in my judgment a reflection of the economic environment that we are in. Margins were also off as a result of attendance, partially reflected by the fact that we are operating more of our shows is self-operating shows today. We continue to believe that’s the right strategy long term and I can talk about that obviously. With regard to G&A, we were able to keep it under control, and again that is quite making significant strategic investments to grow the business. The bottom line as I look at it, EBITDA around $1.1 million for the quarter, while the positives, obviously there’s room for improvement. John can provide some of those details. At the outset, for me I think it’s important to look at the financial results in the quarter again on the context of largely very significant moves that we have made vis-à-vis repositioning the core properties, both Titanic and Bodies. And I will start with Bodies, and I will cover this pretty quickly. We have spoken about this on prior calls, but just to remind everyone that in this quarter, really the first half of the year taken together, for Bodies, we were fulfilling four to five distinct initiatives all at the same time.
We relaunched the show itself, the actual Bodies presentation has been formally relaunched, and I will talk about what that means. Two, again more of a focus on self-run versus promoter deals; three, addressing new market opportunities again primarily tertiary markets and international markets and self-runs; and last but not least, really the different marketing efforts, and I will give into some of that as well.So, taken together just within Bodies, four or five distinct pretty significant initiatives that pursued in execution all at the same time. So, I think and I will discuss all of these one by one, starting with the exhibition, and again I have covered some of this ground in the past, but I think it’s important to note that what we had when I got here in terms of the Bodies presentation was a relatively static model, which is primarily specimens in cases, under light, some limited black and white educational text. And what we want to create we think is categorically required that consumers in 2010 expect for any kind of entertainment offering is more vibrant, immersive, experiential, interactive model, and that we are working. To that end, we developed some concepts that could create distinct concepts and ultimately landed on a concept that we call Your Amazing Body. I will not get into all of the attributes of that on the call, unless people have questions, obviously we will get into it, suffice it to say it’s miles from what the show was originally. And I think very different than anything our competitors have at the marketplace today. Read the rest of this transcript for free on seekingalpha.com