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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Tix Corporation (CE) | USOTC:TIXC | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0002 | 0.00 | 01:00:00 |
From Jun 2019 to Jun 2024
Consolidated first quarter 2012 revenues increased 2% to $6.6 million compared with $6.4 million for the same period a year ago. Revenues from the Company's Ticketing Services segment, which are comprised of commissions and fees, increased 16% to $5.9 million while revenues from the Company's Exhibit Merchandising segment decreased 48% to $722,000 compared to the same period a year ago. Net loss for the first quarter 2012 was ($294,000), or ($0.01) per diluted common share, as compared to a net income of $70,000, or $0.00 per diluted common share, reported for the same period a year ago. Adjusted Earnings (as defined and explained below) for the first quarter 2012, which includes adjustments for items such as discontinued operations and expenses related to the litigation and related legal matters described below, were $781,000, or $0.03 per diluted common share, as compared to Adjusted Earnings of $709,000, or $0.03 per diluted common share, reported for the same period a year ago.
In the first quarter of 2012, the Company incurred various litigation and related legal expenses of approximately $431,000. Excluding these expenses and non-cash stock based compensation expense; corporate expenses increased approximately $440,000, or 63%, as compared to the same period a year ago. The approximately $440,000 increase in corporate expenses relates primarily to certain non-recurring matters requiring legal and advisory services as well as other routine general corporate and governance matters.
First Quarter 2012 Segmental Operating Results
Ticketing Services Segment
Our Ticketing Services segment is operated by our wholly-owned subsidiary Tix4Tonight, which sells discount show tickets and discount dinner reservations from its ten stores in Las Vegas. Tix4Tonight obtains its inventory of discount tickets under short-term exclusive and non-exclusive agreements with nearly every Las Vegas show, along with numerous attractions and tours. Ticketing Services also offers discounted dinner reservations at various restaurants surrounding the Las Vegas strip and downtown, with dining at specific times, usually on the same day of the sale.
First quarter 2012 revenues from our Ticketing Services segment increased 16% to $5.9 million compared to $5.1 million for the same period a year ago. We attribute much of this increase to our recent acquisition of Vegas.com's two discount ticket booths as well as overall brand awareness. Although discounts for shows and dining are offered utilizing other marketing channels, Tix4Tonight is now the only company in Las Vegas offering discount show tickets from dedicated booths.
First quarter 2012 operating income from our Ticketing Services segment improved to $1.6 million, or 13%, during the quarter compared to $1.4 million for the same period a year ago. Our operating income improved due to the increase in revenues offset by a slight increase in direct costs as a percentage of revenues, an increase in selling, general and administrative expenses of $98,000 to support our revenue growth, and an increase in depreciation and amortization expense of $69,000 related to fixed assets and intangible assets acquired as part of an acquisition we completed in the first quarter of 2011.
Exhibit Merchandising Segment
Our Exhibit Merchandising segment generates the majority of its revenues from the King Tutankhamun Exhibit Tour and, to a lesser extent, from its Cleopatra and Real Pirates Tours. As previously reported, Tix's management was informed by the producer of the KING TUT exhibitions that it has been unable to secure the renewal of its current expiring agreements with the Egyptian government to manage its two King Tutankhamun exhibits. We determined that because the King Tutankhamun exhibits generated the majority of Exhibit Merchandising's merchandising revenue and operating profit in calendar year 2011, the failure of Exhibit Merchandising to provide the merchandising for the King Tutankhamun exhibits would materially and negatively impact its ability to generate operating income in the foreseeable future, barring any new business opportunities. We are currently evaluating alternatives for this business, including its potential sale. There are no assurances that we will be successful in completing such a transaction in calendar year 2012, if at all.
Our Exhibit Merchandising segment provides branded event merchandising through our wholly-owned subsidiary Exhibit Merchandising. Our Exhibit Merchandising segment provides retail specialty stores with branded merchandise for touring museum exhibitions and touring theatrical productions. Exhibit Merchandising owns and operates the stores that tour the world with the two KING TUT exhibitions, produced by the exhibit arm of AEG. The Company owns and operates complete turnkey retail stores with commercially available and extensive custom branded products for sale and offers exhibit and theatrical producers the opportunity for additional revenue streams without adding the retail expertise required to manage the operations, thereby leveraging the use of Exhibit Merchandising's expertise and knowledge in the specialized retail world.
First quarter 2012 revenues from our Exhibit Merchandising segment declined 48% to $722,000 compared to $1.4 million for the same period a year ago. Revenue is primarily derived from the three current exhibits titled, "Tutankhamun the Golden King and the Great Pharaohs," "Real Pirates: The Untold Story of the Whydah from Slave Ship to Pirate Ship" and our exhibit "Cleopatra: The Search for the Last Queen of Egypt."
First quarter 2012 operating loss from Exhibit Merchandising was ($86,000) compared to ($488,000) in the same period a year ago. Our operating loss decreased due to a slight decrease in direct costs as a percentage of revenues and a decrease of $473,000 in selling, general and administrative expenses, offset by a decrease in revenues. Our selling, general and administrative expenses decreased due to the reduction in the number of exhibits in operation in the first quarter 2012 as compared to the same period a year ago. Additionally, our depreciation and amortization expense decreased $123,000 relating to the write down of our remaining intangible asset values in the fourth quarter of 2011; leaving no comparable amortization expense to be recorded in the first quarter of 2012 as compared to the same period a year ago.
Investor Conference Call
The Company does not host a conference call following its earnings release. Investors are encouraged to contact the Company's investor relations officer, Steve Handy, CFO, at (818) 761-1002, with any questions.
Non-GAAP Financial Measure
Included in this press release is a "non-GAAP financial measure," which is a measure of the Company's historical or future performance that is different from measures calculated and presented in accordance with GAAP, but that the Company believes is useful to investors. The Company defines "Adjusted Earnings" as net income plus (a) loss on discontinued operations, (b) interest, net, (c) income taxes, (d) depreciation and amortization charges, (e) stock based compensation expense, (f) impairment of goodwill and intangible assets, and (g) unusual litigation and bad debt related expenses. The Company believes that Adjusted Earnings is a useful measure of the Company's operating performance because a significant portion of its assets consists of goodwill and intangible assets and property and equipment that are amortized and depreciated as non-cash items over their remaining useful lives in accordance with GAAP. The Company's presentation of Adjusted Earnings may help investors assess the Company's performance before the effect of various items that do not directly affect the Company's ongoing operating performance. The Company also believes that measures similar to the Company's measurement of Adjusted Earnings are widely used in similar entertainment companies to measure operating performance, although Adjusted Earnings as calculated by the Company is not necessarily comparable to similarly titled measures by such other companies. Adjusted Earnings (a) does not represent net income or cash flows from operations as defined by GAAP, (b) is not necessarily indicative of cash available to fund the Company's cash flow needs, and (c) should not be considered as an alternative to net income, operating income, cash flows from operating activities or the Company's other financial information as determined under GAAP.
About TIX Corporation
Tix Corporation (OTCQX: TIXC) is an entertainment company providing discount ticketing services and event and branded merchandising. It currently operates ten discount ticket stores in Las Vegas under the Tix4Tonight marquee, which offer up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. The Company is also engaged in branded merchandise development and sales activities related to museum exhibitions and other events, including the King Tutankhamun, Cleopatra and Real Pirates tours as well as selling themed souvenir memorabilia and collectors' items in specialty stores in conjunction with the specific events and venues.
Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's various historical filings with the Securities and Exchange Commission and, since November 2010, the Company's filings with the OTCQX. The Company assumes no obligation to update these forward-looking statements. A copy of the Company's report for the twelve months ended December 31, 2011 can be found on the Company website at www.tixcorp.com or at www.otcqx.com.
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TIX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2012 2011
------------ ------------
(Unaudited)
Assets
Current assets:
Cash $ 4,004,000 $ 8,077,000
Short-term investments - U.S. treasury
securities available-for-sale 2,999,000 -
Accounts receivable 67,000 89,000
Inventory, net 427,000 607,000
Prepaid expenses and other current assets 412,000 917,000
------------ ------------
Total current assets 7,909,000 9,690,000
------------ ------------
Property and equipment, net 1,661,000 1,676,000
------------ ------------
Other assets:
Intangible assets:
Goodwill 3,120,000 3,120,000
Intangibles, net 1,388,000 1,520,000
------------ ------------
Total intangible assets 4,508,000 4,640,000
Deposits and other assets 126,000 330,000
------------ ------------
Total other assets 4,634,000 4,970,000
------------ ------------
Total assets $ 14,204,000 $ 16,336,000
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 2,822,000 $ 3,947,000
Deferred revenue 101,000 111,000
Other current liabilities 131,000 135,000
Note payable - short term - net 362,000 584,000
Obligation for share purchases - short term 520,000 417,000
Share repurchase obligation - short term - net 1,738,000 2,313,000
------------ ------------
Total current liabilities 5,674,000 7,507,000
Note payable - net 861,000 879,000
Obligation for share purchases 245,000 453,000
------------ ------------
Total liabilities 6,780,000 8,839,000
------------ ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value; 500,000
shares authorized; none issued
Common Stock, $.08 par value; 100,000,000
shares authorized; 23,669,831 shares net of
9,955,544 treasury shares, and 23,669,831
shares net of 9,943,247 treasury shares
issued and outstanding at March 31, 2012 and
December 31, 2011, respectively 2,691,000 2,690,000
Additional paid-in capital 91,567,000 91,313,000
Obligation for share purchases (1,977,000) (1,968,000)
Cost of shares held in treasury (14,654,000) (14,631,000)
Accumulated deficit (70,187,000) (69,893,000)
Accumulated other comprehensive loss (16,000) (14,000)
------------ ------------
Total stockholders' equity 7,424,000 7,497,000
------------ ------------
Total liabilities and stockholders' equity $ 14,204,000 $ 16,336,000
============ ============
TIX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(UNAUDITED)
Three Months Ended
March 31,
--------------------------
2012 2011
------------ ------------
(Unaudited) (Unaudited)
Revenues $ 6,590,000 $ 6,449,000
------------ ------------
Operating expenses:
Direct costs of revenues 3,288,000 3,303,000
Selling, general and administrative expenses 3,220,000 2,615,000
Depreciation and amortization 377,000 432,000
------------ ------------
Total costs and expenses 6,885,000 6,350,000
------------ ------------
Income (loss) from continuing operations (295,000) 99,000
------------ ------------
Other income:
Other income 13,000 32,000
Interest income 14,000 3,000
Interest expense (26,000) (16,000)
------------ ------------
Other income, net 1,000 19,000
------------ ------------
Income (loss) from continuing operations before
income tax expense (294,000) 118,000
Income tax expense - -
------------ ------------
Income (loss) from continuing operations (294,000) 118,000
------------ ------------
Discontinued operations:
Loss from operations of discontinued
operations - (48,000)
------------ ------------
Loss on discontinued operations - (48,000)
------------ ------------
Net income (loss) (294,000) 70,000
Other comprehensive loss
Loss on available-for-sale securities arising
during period (2,000) -
Foreign currency translation adjustment - (16,000)
------------ ------------
Comprehensive income (loss) $ (296,000) $ 54,000
============ ============
Net income (loss) per common share - continuing
operations
Net income (loss) per common share -
continuing operations - basic $ (0.01) $ 0.00
Net income (loss) per common share -
continuing operations - diluted $ (0.01) $ 0.00
Net loss per common share - discontinued
operations
Net loss per common share - discontinued
operations - basic $ - $ (0.00)
Net loss per common share - discontinued
operations - diluted $ - $ (0.00)
------------ ------------
Net income (loss) per common share
Net income (loss) per common share - basic $ (0.01) $ 0.00
============ ============
Net income (loss) per common share - diluted $ (0.01) $ 0.00
============ ============
Weighted average common shares outstanding -
basic 23,672,534 24,798,500
============ ============
Weighted average common shares outstanding -
diluted 23,672,534 25,211,580
============ ============
TIX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
Three Months Ended
March 31,
--------------------------
2012 2011
------------ ------------
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income (loss) $ (294,000) $ 70,000
Adjustments to reconcile net income (loss)
to cash provided by operating activities:
Loss on discontinued operations - 48,000
Depreciation 245,000 186,000
Non-cash interest 16,000 15,000
Amortization of intangible assets 132,000 246,000
Fair value of options and warrants issued to
employees and directors 255,000 146,000
Gain on disposal of fixed assets (3,000) -
Change in allowance of inventory (26,000) (14,000)
(Increase) decrease in:
Accounts receivable 22,000 58,000
Inventory 206,000 87,000
Prepaid expenses and other assets 709,000 192,000
Increase (decrease) in:
Accounts payable and accrued expenses (1,125,000) 582,000
Deferred revenue (10,000) 8,000
Other current liabilities (4,000) 15,000
------------ ------------
Net cash provided by operating
activities from continuing operations 123,000 1,639,000
Net cash used in operating activities
from discontinued operations - (48,000)
------------ ------------
Net cash provided by operating activities 123,000 1,591,000
------------ ------------
Cash flows from investing activities:
Purchases of property and equipment (227,000) (44,000)
Purchase of available-for-sale securities (3,000,000) -
Acquisitions, net of cash acquired - (2,000,000)
------------ ------------
Net cash used in investing activities (3,227,000) (2,044,000)
------------ ------------
Cash flows from financing activities:
Cost of treasury stock, net of fees (23,000) (375,000)
Payment of repurchase obligation (591,000) -
Repayment of acquisition note (250,000) -
Obligation for share purchases (105,000) -
------------ ------------
Net cash used in financing activities (969,000) (375,000)
------------ ------------
Effect of exchange rate changes on cash - (16,000)
------------ ------------
Change in cash:
Net decrease (4,073,000) (844,000)
------------ ------------
Cash balance at beginning of period 8,077,000 8,816,000
------------ ------------
Cash balance at end of period $ 4,004,000 $ 7,972,000
============ ============
TIX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS FINANCIAL INFORMATION BY SEGMENT
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
Ticketing Exhibit
Services Merchandising Corporate Consolidated
------------ ------------- ------------ ------------
2012
Revenue $ 5,868,000 $ 722,000 $ - $ 6,590,000
Direct cost of
revenues 2,801,000 487,000 - 3,288,000
Selling, general
and administrative
expenses 1,157,000 243,000 1,820,000 3,220,000
Depreciation and
amortization 291,000 78,000 8,000 377,000
------------ ------------- ------------ ------------
Operating income
(loss) $ 1,619,000 $ (86,000) $ (1,828,000) $ (295,000)
============ ============= ============ ============
2011
Revenue $ 5,066,000 $ 1,383,000 $ - $ 6,449,000
Direct cost of
revenues 2,349,000 954,000 - 3,303,000
Selling, general
and administrative
expenses 1,059,000 716,000 840,000 2,615,000
Depreciation and
amortization 222,000 201,000 9,000 432,000
------------ ------------- ------------ ------------
Operating income
(loss) $ 1,436,000 $ (488,000) $ (849,000) $ 99,000
============ ============= ============ ============
TIX CORPORATION AND SUBSIDIARIES
TIX RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EARNINGS
(UNAUDITED)
The following table set forth a reconciliation of consolidated net income to consolidated Adjusted Earnings:
Three months ended Three months ended
March 31, 2012 March 31, 2011
------------------ ------------------
Net income (loss) $ (294,000) $ 70,000
Loss from discontinued operations - 48,000
Interest, net 12,000 13,000
Depreciation and amortization 377,000 432,000
Stock based compensation expense 255,000 146,000
Litigation and related legal expense 431,000 -
------------------ ------------------
Adjusted Earnings $ 781,000 $ 709,000
================== ==================
Contact: Steve Handy CFO 818-761-1002
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