STUDIO CITY, CA, May 08, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the first quarter ended March 31, 2019.
First Quarter 2019 Business Highlights:
- REVENUE GROWTH - Returned to year-over-year revenue growth. Revenue improved 3% over the prior year period.
- OPERATING INCOME GROWTH - Operating income was $97,000 compared to an operating loss of ($721,000) in the prior year period.
- POSITIVE NET INCOME - Net income was $50,000 compared to a net loss of ($717,000) in the prior year period.
- POSITIVE CASH FLOW - Cash flows from operations improved to $137,000, compared to cash used in operations of ($639,000) in the prior year period.
Tix Corporation’s Chief Executive Officer, Mitch Francis, commented, “We have aggressively addressed the difficult Las Vegas show ticket market conditions experienced over the past two years. We developed a new agreement with MGM Resorts and Cirque du Soleil; increased service fees; and we effected significant operating cost savings. As a result, we are proud to report a return to year-over-year revenue; positive cash flow; and have maintained cash reserves with no debt.”
Mr. Francis continued, “We anticipate these efforts will lead to improved operating results throughout 2019. However, activist stockholder, Haren Bhakta of HSB Capital Partners continues to pursue his own personal agenda to the detriment of the Company and its stockholders. As he has done in the past two years or so, he continues to force the Company to spend enormous management time and resources and hundreds of thousands of dollars (primarily in legal fees over the past two years) in responding to his consistent attacks on management, directors and employees and his constant threats regarding his desire to control the Company. Such distractions and expenses may well adversely affect our future results and diminish the positive results described above. Mr. Bhakta has no background in any facet of the ticket business; no background in Las Vegas entertainment; no background as an officer or director of a publicly traded company; and no other experience or qualification that is relevant to Tix and its business. We urge Tix stockholders to ignore any communications from Mr. Bhakta and to allow the Company to continue its fruitful efforts to improve its operating results for all stockholders.”
About Tix Corporation
Tix Corporation (OTCQX:TIXC) provides discount ticketing services. It currently operates nine discount ticket stores in Las Vegas under its Tix4Tonight marquee and its online ticket sales site, www.tix4tonight.com, which offers up to a 50 percent discount for shows, concerts, attractions, and tours, as well as discount dining and shopping offers.
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. 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 OTC Markets. 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, 2018, can be found on the Company website at www.tixcorp.com or www.otcmarkets.com.
Investor Contacts:
Steve Handy, CFO, (818)761-1002
TIX CORPORATION AND SUBSIDIARY | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| March 31, 2019 | December 31, 2018 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash | $ | 3,968,000 | $ | 3,870,000 | |||||||
| Prepaid expenses and other current assets | 458,000 | 381,000 | |||||||||
| Total current assets | 4,426,000 | 4,251,000 | |||||||||
| Property and equipment, net | 194,000 | 186,000 | |||||||||
| Right of use asset, net | 3,317,000 | - | |||||||||
| Other assets: | |||||||||||
| Deferred tax asset | 1,653,000 | 1,653,000 | |||||||||
| Deposits and other assets | 407,000 | 215,000 | |||||||||
| Total other assets | 2,060,000 | 1,868,000 | |||||||||
| Total assets | $ | 9,997,000 | $ | 6,305,000 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable – shows and events | $ | 781,000 | $ | 660,000 | |||||||
| Accounts payable and accrued expenses | 598,000 | 412,000 | |||||||||
| Leases payable, current portion | 1,886,000 | - | |||||||||
| Deferred revenue | 36,000 | 59,000 | |||||||||
| Total current liabilities | 3,301,000 | 1,131,000 | |||||||||
| Leases payable, net of current portion | 1,520,000 | - | |||||||||
| Deferred rent obligations | 75,000 | ||||||||||
| Total liabilities | 4,821,000 | 1,206,000 | |||||||||
| 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; 17,342,175 shares net of 16,644,814 treasury shares, and 17,342,175 shares net of 16,644,814 treasury shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 2,720,000 | 2,720,000 | |||||||||
| Additional paid-in capital | 95,140,000 | 95,113,000 | |||||||||
| Cost of shares held in treasury | (28,164,000 | ) | (28,164,000 | ) | |||||||
| Accumulated deficit | (64,520,000 | ) | (64,570,000 | ) | |||||||
| Total stockholders’ equity | 5,176,000 | 5,099,000 | |||||||||
| Total liabilities and stockholders’ equity | $ | 9,997,000 | $ | 6,305,000 | |||||||
TIX CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||
| 2019 | 2018 | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenues | $ | 3,145,000 | $ | 3,061,000 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Direct costs of revenues | 1,963,000 | 2,139,000 | ||||||||||||||
| Selling, general and administrative expenses | 1,054,000 | 1,603,000 | ||||||||||||||
| Depreciation expense | 31,000 | 40,000 | ||||||||||||||
| Total costs and expenses | 3,048,000 | 3,782,000 | ||||||||||||||
| Operating income (loss) | 97,000 | (721,000 | ) | |||||||||||||
| Other (income) expense | 46,000 | (5,000 | ) | |||||||||||||
| Income (loss) before provision for income tax expense | 51,000 | (716,000 | ) | |||||||||||||
| Provision for income tax expense | 1,000 | 1,000 | ||||||||||||||
| Net income (loss) | $ | 50,000 | $ | (717,000 | ) | |||||||||||
| Net loss per common share – basic and diluted | $ | 0.00 | $ | (0.04 | ) | |||||||||||
| Weighted average common shares outstanding – basic and diluted | 17,342,175 | 17,342,175 | ||||||||||||||
