Tix Corporation Reports First Quarter 2015 Results
Reports Both Record First Quarter Net Income and Earnings per Share
(firmenpresse) - STUDIO CITY, CA -- (Marketwired) -- 04/27/15 -- Tix Corporation (the "Company") (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the first quarter ended March 31, 2015.
FIRST QUARTER 2015 HIGHLIGHTS
Revenues increased 7% to $5.6 million
Net income increased 96% to a record $1.0 million first quarter net income
Earnings per share increased 100% to a record $0.05 first quarter earnings per share
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.
First quarter 2015 revenues increased 7% to $5.6 million compared with $5.2 million for the same period a year ago. Revenues were positively impacted by an increase in our transaction fees.
First quarter 2015 direct operating expenses, which includes payroll costs, rents, and utilities, declined slightly to $2.3 million compared to $2.4 million for the same period a year ago. Direct operating expenses, as a percentage of revenues, improved to 42% compared to 46% for the same period a year ago.
First quarter 2015 selling, general and administrative expenses increased slightly to $2.0 million compared to $1.9 million for the same period a year ago. Selling, general and administrative expenses, as a percentage of revenues, was 37% for both the current period and the same period a year ago.
First quarter 2015 net income increased to $1.0 million compared with $491,000 for the same period a year ago. Net income per diluted common share increased to $0.05 compared with $0.03 per diluted common share reported for the same period a year ago.
Mitch Francis, Chief Executive Officer of the Company, stated, "We are off to a solid start for 2015. Our record first quarter net income and earnings per share, coupled with the recent announcement of a meaningful quarterly cash dividend of $0.05 per share ($0.20 per share annually), reflects both the consistent and continued strength of our business and our commitment to our investors. I'm encouraged that the remainder of 2015 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.
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 .
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Datum: 27.04.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 388615
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STUDIO CITY, CA
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Information Services
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