Premier Exhibitions Inc. (PRXI, Financial) filed Quarterly Report for the period ended 2008-11-30.
Premier Exhibitions Inc. is a major provider of museum quality touring exhibitions throughout the world. It is Premier Exhibitions Inc. the parent company of RMS Titanic Inc. has developed two new touring exhibitions called Bodies...The Exhibition and Bodies Revealed. Premier Exhibitions Inc. has a market cap of $38.95 million; its shares were traded at around $1.18 with a P/E ratio of 12.8 and P/S ratio of 0.63.
License and guarantee revenue, a component of exhibition revenue, decreased $2,005,000 to $5,308,000 for the quarter ended November 30, 2008 as compared to $7,313,000 for the quarter ended November 30, 2007. The decrease in license and guarantee revenue is primarily attributable to the agreement with Live Nation, Inc. (Live Nation) that was in effect during the current year quarter, as compared to the Live Nation agreement in effect during the prior years quarter. We recognized revenue of $4,000,000 for the quarter ended November 30, 2008 in connection with an exclusive licensing agreement to co-present an additional eight human anatomy exhibitions with Soon To Be Named Corporation (STBN), successor in interest to Live Nation.
Basic (loss) income per common share for the quarters ended November 30, 2008 and 2007 was $(0.06) and $0.09, respectively. The basic weighted average shares outstanding for each of the quarters ended November 30, 2008 and 2007 was 29,291,666 and 30,047,900 respectively. Diluted (loss) income per common share for each of the quarters ended November 30, 2008 and 2007 was $(0.06) and $0.08, respectively. The diluted weighted average shares outstanding for the quarter ended November 30, 2008 and 2007 was 29,291,666 and 34,097,129 respectively.
During the nine months ended November 30, 2008, our revenue decreased approximately 1.1% to $43,789,000 as compared to $44,263,000 for the nine months ended November 30, 2007. License revenue, a component of exhibition revenue, decreased to $8,638,000 for the nine months ended November 30, 2008 as compared to $12,570,000 for the nine months ended November 30, 2007. The decrease in license revenue is primarily attributable to the Live Nation agreement that is in effect for the current year as compared to the Live Nation agreement that was in effect in the prior year as well as a reduced number of venues in which we receive a license fee (primarily attributable to an increase in self run operations). We recognized revenue of $4,000,000 for the nine months ended November 30, 2008 in connection with an exclusive licensing agreement to co-present an additional eight human anatomy exhibitions with STBN, a successor in interest to Live Nation. We recognized revenue of $6,000,000 for the nine months ended November 30, 2007 in connection with the original exclusive licensing agreement to co-present twelve human anatomy exhibitions with Live Nation in the Exclusive Territory. With respect to each jointly presented exhibition, we are responsible for exhibition design, installation and licensing, including the provisions of expertise, exhibitry and specimens and STBN is responsible for marketing, public relations and exhibition operations and security. See Note 7, Exclusive License Agreement, to our condensed consolidated financial statements included in Item 1 of this report.
Our general and administrative expenses increased to $19,164,000 from $12,912,000, or approximately 48.5%, during the nine month period ended November 30, 2008 as compared to the nine month period ended November 30, 2007. The increase in general and administrative expenses is primarily attributable to the restructuring of our senior management team which occurred during the second quarter and which accounted for an increase in compensation of approximately $2,400,000. As a result of certain officers that departed we reversed stock compensation of $3,700,000, which was partially offset by severance of $2,100,000. We also incurred higher professional fees of approximately $2,100,000 for Sarbanes-Oxley testing, consulting costs related to various projects as well as higher legal costs for various matters. We, also, had higher general and administrative costs of approximately $1,900,000 as a result of our MGR acquisition. We incurred approximately $275,000 associated with a royalty settlement and we also increased our bad debt allowance by approximately $500,000.
Basic (loss) income per common share for the nine month periods ended November 30, 2008 and 2007 was $(0.06) and $0.39, respectively. The basic weighted average shares outstanding for each of the nine month periods ended November 30, 2008 and 2007 was 29,253,863 and 29,660,719, respectively. Diluted (loss) income per common share for each of the nine month periods ended November 30, 2008 and 2007 was $(0.06) and $0.35, respectively. The diluted weighted average shares outstanding for the nine month periods ended November 30, 2008 and 2007 was 29,253,863 and 33,303.780, respectively.
Read the The complete ReportMore on PRXI:
Gurus buys and sells of PRXI
10-year financial history of PRXI.
Insider buys/sells of PRXI.
Premier Exhibitions Inc. is a major provider of museum quality touring exhibitions throughout the world. It is Premier Exhibitions Inc. the parent company of RMS Titanic Inc. has developed two new touring exhibitions called Bodies...The Exhibition and Bodies Revealed. Premier Exhibitions Inc. has a market cap of $38.95 million; its shares were traded at around $1.18 with a P/E ratio of 12.8 and P/S ratio of 0.63.
Highlight of Business Operations:
During the quarter ended November 30, 2008, our revenue decreased approximately 19.6% to $13,456,000 as compared to $16,735,000 in the quarter ended November 30, 2007. The decrease in exhibition revenue was primarily attributable to a decrease in exhibition revenue of approximately 30.8% to $11,285,000 during the quarter ended November 30, 2008 as compared to $16,311,000 for the quarter ended November 30, 2007. The decrease in exhibition revenue primarily attributable to an overall attendance reduction of 34% at our human anatomy and Titanic exhibitions for the quarter ended November 30, 2008 compared to the quarter ended November 30, 2007. This downturn in attendance primarily resulted from six exhibitions placed into storage and underperforming venues as a result of lower attendance coupled with a downturn in the economy, occurred despite an increase in the number of concurrent operations of BodiesThe Exhibition and Bodies Revealed locations to eighteen for the quarter ended November 30, 2008 compared to thirteen for the quarter ended November 30, 2007.License and guarantee revenue, a component of exhibition revenue, decreased $2,005,000 to $5,308,000 for the quarter ended November 30, 2008 as compared to $7,313,000 for the quarter ended November 30, 2007. The decrease in license and guarantee revenue is primarily attributable to the agreement with Live Nation, Inc. (Live Nation) that was in effect during the current year quarter, as compared to the Live Nation agreement in effect during the prior years quarter. We recognized revenue of $4,000,000 for the quarter ended November 30, 2008 in connection with an exclusive licensing agreement to co-present an additional eight human anatomy exhibitions with Soon To Be Named Corporation (STBN), successor in interest to Live Nation.
Basic (loss) income per common share for the quarters ended November 30, 2008 and 2007 was $(0.06) and $0.09, respectively. The basic weighted average shares outstanding for each of the quarters ended November 30, 2008 and 2007 was 29,291,666 and 30,047,900 respectively. Diluted (loss) income per common share for each of the quarters ended November 30, 2008 and 2007 was $(0.06) and $0.08, respectively. The diluted weighted average shares outstanding for the quarter ended November 30, 2008 and 2007 was 29,291,666 and 34,097,129 respectively.
During the nine months ended November 30, 2008, our revenue decreased approximately 1.1% to $43,789,000 as compared to $44,263,000 for the nine months ended November 30, 2007. License revenue, a component of exhibition revenue, decreased to $8,638,000 for the nine months ended November 30, 2008 as compared to $12,570,000 for the nine months ended November 30, 2007. The decrease in license revenue is primarily attributable to the Live Nation agreement that is in effect for the current year as compared to the Live Nation agreement that was in effect in the prior year as well as a reduced number of venues in which we receive a license fee (primarily attributable to an increase in self run operations). We recognized revenue of $4,000,000 for the nine months ended November 30, 2008 in connection with an exclusive licensing agreement to co-present an additional eight human anatomy exhibitions with STBN, a successor in interest to Live Nation. We recognized revenue of $6,000,000 for the nine months ended November 30, 2007 in connection with the original exclusive licensing agreement to co-present twelve human anatomy exhibitions with Live Nation in the Exclusive Territory. With respect to each jointly presented exhibition, we are responsible for exhibition design, installation and licensing, including the provisions of expertise, exhibitry and specimens and STBN is responsible for marketing, public relations and exhibition operations and security. See Note 7, Exclusive License Agreement, to our condensed consolidated financial statements included in Item 1 of this report.
Our general and administrative expenses increased to $19,164,000 from $12,912,000, or approximately 48.5%, during the nine month period ended November 30, 2008 as compared to the nine month period ended November 30, 2007. The increase in general and administrative expenses is primarily attributable to the restructuring of our senior management team which occurred during the second quarter and which accounted for an increase in compensation of approximately $2,400,000. As a result of certain officers that departed we reversed stock compensation of $3,700,000, which was partially offset by severance of $2,100,000. We also incurred higher professional fees of approximately $2,100,000 for Sarbanes-Oxley testing, consulting costs related to various projects as well as higher legal costs for various matters. We, also, had higher general and administrative costs of approximately $1,900,000 as a result of our MGR acquisition. We incurred approximately $275,000 associated with a royalty settlement and we also increased our bad debt allowance by approximately $500,000.
Basic (loss) income per common share for the nine month periods ended November 30, 2008 and 2007 was $(0.06) and $0.39, respectively. The basic weighted average shares outstanding for each of the nine month periods ended November 30, 2008 and 2007 was 29,253,863 and 29,660,719, respectively. Diluted (loss) income per common share for each of the nine month periods ended November 30, 2008 and 2007 was $(0.06) and $0.35, respectively. The diluted weighted average shares outstanding for the nine month periods ended November 30, 2008 and 2007 was 29,253,863 and 33,303.780, respectively.
Read the The complete ReportMore on PRXI:
Gurus buys and sells of PRXI
10-year financial history of PRXI.
Insider buys/sells of PRXI.
