Premier Exhibitions Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended November 30, 2014; Reports Write-Off Assets for the Third Quarter of Fiscal 2015
January 13, 2015 at 04:12 pm
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Premier Exhibitions Inc. announced unaudited consolidated financial results for the third quarter and nine months ended November 30, 2014. For the quarter, the company's total revenue increased 5.2% to $6.7 million compared to $6.4 million in the third quarter of fiscal 2014. Adjusted LBITDA, a non-GAAP measure, was $0.9 million, a decrease of $0.3 million from $0.65 million for the prior year's results. Net loss after non-controlling interest was $2.1 million, or $0.04 per diluted share, compared to net loss after non-controlling interest of $233,000, or $0.00 per diluted share, in last year's third fiscal quarter. After elimination of one-time items in the prior year period related to the revaluation of the AEG note and the write-off of assets, and the non-cash rent expense related to the New York City location in the current fiscal quarter the net loss decreased approximately $600,000 from the third fiscal quarter of last year. Loss from operations was $2.07 million compared to $0.36 million reported a year ago. Loss before income taxes was $2.38 million compared to $0.35 million reported a year ago. Net cash used in operating activities was $2.49 million compared to $0.44 million reported a year ago. Purchases of property and equipment were $0.048 million compared to $0.36 million reported a year ago. Total revenue increased for the second consecutive quarter primarily due to contributions from its Pompeii and King Tut exhibitions which offset lower revenue from its Titanic brand which was featured in smaller markets relative to the previous year.
For the nine months, the company's total revenue was $22.515 million compared to $23.15 million reported a year ago. Loss from operations was $5.28 million compared to income from operations of $0.69 million reported a year ago. Loss before income taxes was $5.6 million compared to income before income taxes of $0.61 million reported a year ago. Net loss attributable to the shareholders of the company was $5.0 million or $0.10 per diluted share compared to net income attributable to the shareholders of the company of $0.67 million or $0.01 per diluted share reported a year ago. Net cash used in operating activities was $0.714 million compared to net cash provided by operating activities of $0.96 million reported a year ago. Purchases of property and equipment were $0.44 million compared to $2.97 million reported a year ago. Adjusted LBITDA was $1.65 million compared to adjusted EBITDA of $2.85 million reported a year ago.
For the third quarter, the company reported write-off assets of $0.798 million.
Pryxie Liquidation Corp., formerly Premier Exhibitions, Inc., is a provider of museum-quality exhibitions. The Company is engaged in developing and displaying exhibitions for education and entertainment. The Company presents touring exhibitions around the world. The Company's exhibitions present opportunities to experience compelling stories using authentic objects and artifacts in diverse environments. Its exhibitions are presented in museums, exhibition centers and other entertainment venues. Its exhibitions are presented in areas, including Philadelphia, Winnipeg, Gallipolis, Calgary, Las Vegas and Atlanta. The Company's services include content development, exhibit design, brand development, space planning and detailed fabrication drawings. It also offers services, such as merchandising; e-commerce, and conceptual exhibition design, including branding, space planning and exhibition design.
Premier Exhibitions Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended November 30, 2014; Reports Write-Off Assets for the Third Quarter of Fiscal 2015