Tix Corporation Reports Fourth Quarter and Full Year 2014 Results
(firmenpresse) - STUDIO CITY, CA -- (Marketwired) -- 03/31/15 -- Tix Corporation (the "Company") (OTCQX: TIXC)
FULL YEAR 2014 HIGHLIGHTS
Net income for 2014 increased 164% to a record $4.1 million
Earnings per share for 2014 increased 229% to a record $0.23 per share
Net cash provided by operating activities for 2014 increased 173% to $6.1 million
Working capital for 2014 increased 233% to $2.6 million
Debt reduced by $3.7 million
Federal Net Operating Losses (NOL) of $4.7 million were utilized in 2014 leaving a balance of $37.6 million
Tix Corporation (the "Company") (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the fourth quarter and full year ended December 31, 2014.
Tix Corporation's business is operated by its wholly owned subsidiary Tix4Tonight, which sells discount show tickets from ten locations 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. Our discount ticket locations also offer discount dinner reservations at various restaurants surrounding the Las Vegas strip and downtown.
Fourth quarter 2014 revenues were $5.9 million, comparable with the same period a year ago. The Company operated one less location compared to the same period a year ago.
Fourth quarter 2014 direct operating expenses, which includes payroll costs, rents, and utilities, were $2.4 million compared with $2.5 million for the same period a year ago. Direct operating expenses, as a percentage of revenues, were 41% and 42% for the fourth quarter 2014 and 2013, respectively. The Company recorded a direct operating expense of $176,000 in the fourth quarter 2014 representing its remaining lease obligation on a recently closed location, less anticipated future sublease receipts.
Fourth quarter 2014 selling, general and administrative expenses were $2.4 million compared with $2.9 million for the same period a year ago. Included in the same period a year ago are $740,000 of expenses for certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters and litigation expenses. Excluding these expenses, selling, general and administrative expenses increased $251,000, or 12%, to $2.4 million compared to $2.2 million for the same period a year ago. The increase in expenses was primarily related to compensation expense.
Fourth quarter 2014 net income was $888,000, or $0.05 per diluted common share, as compared to a net income of $109,000, or $0.00 per diluted common share reported for the same period a year ago. Adjusted Earnings (as defined and explained below) for the fourth quarter 2014, which include adjustments for items such as certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters and litigation expenses described below, were $1.2 million, or $0.07 per diluted common share, as compared to Adjusted Earnings of $1.5 million, or $0.06 per diluted common share, reported for the same period a year ago.
For the full year of 2014, revenues increased 2% to $22.7 million compared with $22.2 million for the prior year. The increase in revenues of $542,000 is attributed to the increased locations in operation as compared to the prior year.
For the full year of 2014, direct operating expenses were $9.4 million compared with $9.4 million for the prior year. Direct operating expenses, as a percentage of revenues, were 42% for both full year 2014 and 2013.
For the full year of 2014, selling, general and administrative expenses were $7.9 million compared with $9.8 million for the prior year. Included in these expenses are $109,000 of expenses during the full year of 2014 and $1.7 million of expenses during the prior year, in each case relating to expenses for certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters and litigation expenses. Excluding these expenses, selling, general and administrative expenses decreased $220,000, or 3%, to $7.8 million compared to $8.1 million for the prior year. The decrease in expenses of $220,000 was realized from a reduction in stock based compensation expense offset by increased compensation expense, increased fees associated with our senior secured promissory note and increased professional services fees. These increases were offset by a reduction in expenses over our remaining operating accounts.
For the full year of 2014, net income was $4.1 million, or $0.23 per diluted common share, as compared to a net income of $1.6 million, or $0.07 per diluted common share, reported for prior year. Adjusted Earnings (as defined and explained below) for the full year of 2014, which include adjustments for items such as certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters and litigation expenses described below, were $5.9 million, or $0.32 per diluted common share, as compared to Adjusted Earnings of $5.7 million, or $0.24 per diluted common share, reported for the prior year.
Mitch Francis, Chief Executive Officer of the Company, stated, "We are pleased with our performance in 2014. We returned to revenue growth, significantly reduced our legal costs, and reported record net income and earnings per share. I'm encouraged about 2015 and hopeful we will build on our recent performance."
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.
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) other expense, net, (b) income taxes, (c) depreciation and amortization charges, (d) stock based compensation expense, (e) loss on disposition of property and equipment, (f) unusual litigation, and (g) expenses for certain non-recurring matters requiring legal and advisory services relating to corporate and governance matters. 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.
Tix Corporation (OTCQX: TIXC) provides discount ticketing services. It currently operates ten discount ticket stores in Las Vegas under its Tix4Tonight marquee, which offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining.
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements about our future revenues and financial position. 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 filings with the OTCQX. The Company assumes no obligation to update these forward-looking statements. A copy of the Company's reports for the twelve months ended December 31, 2014 can be found on the Company website at or at .
The following table set forth a reconciliation of consolidated net income to consolidated Adjusted Earnings:
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Datum: 31.03.2015 - 20:01 Uhr
Sprache: Deutsch
News-ID 382560
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