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8-K - FORM 8-K - PREMIER EXHIBITIONS, INC. | c19154e8vk.htm |
EX-10.2 - EXHIBIT 10.2 - PREMIER EXHIBITIONS, INC. | c19154exv10w2.htm |
EX-10.1 - EXHIBIT 10.1 - PREMIER EXHIBITIONS, INC. | c19154exv10w1.htm |
Exhibit 99.1
Premier Exhibitions, Inc. Announces the Appointment of Michael Little to the Position of
Chief Financial Officer
and
Announces Preliminary Results for the First Quarter of Fiscal 2012
Chief Financial Officer
and
Announces Preliminary Results for the First Quarter of Fiscal 2012
ATLANTA, Georgia June 23, 2011 Premier Exhibitions, Inc. (NASDAQ: PRXI), the leading
presenter of museum-quality touring exhibitions throughout the world, today announced the
appointment of Michael Little as Chief Financial Officer of the Company. In addition, the Company
disclosed preliminary financial results for the first quarter of fiscal 2012.
Michael Little will assume the position of Chief Financial Officer on June 27, 2011. Mr. Little
brings more than 20 years of experience to Premier Exhibitions, Inc., including 12 years as a
senior financial professional at Feld Entertainment, the largest producer of live family
entertainment in the world. As CFO from 2004 to 2009, Michael had oversight of all financial
functions and several operational areas, including strategic planning, risk management, information
technology, purchasing and logistics, benefits, accounting, treasury and finance.
Christopher Davino, President and Chief Executive Officer of Premier Exhibitions, Inc. stated, We
are confident that Mike will be able to help us continue our cost reduction efforts and position
the Company for future growth. Mike brings a wealth of financial skills, an extensive industry
knowledge base and key industry relationships to the Company, all of which will be invaluable to
our future success. We are delighted to have an individual of his caliber on our leadership team.
Mark Sellers, Chairman of the Board, stated, Premier is very fortunate to have an executive with
Mikes industry and financial experience become an important and integral member of our executive
management team.
The Company also announced preliminary financial data for the first quarter of fiscal 2012, which
ended May 31, 2011. Overall, quarterly financial performance improved, as the previously announced
restructuring efforts reduced costs and enabled the Company to generate a profit for the quarter.
Preliminary adjusted EBITDA, a non-GAAP measure, is expected to be approximately $2.0 million in
the first quarter of fiscal 2012, which compares favorably to an adjusted EBITDA loss of ($0.1)
million in the prior fiscal years first quarter. Net income for the first quarter is expected to
be approximately $800 thousand, compared with a net loss of ($1.5) million in the first quarter of
fiscal year 2011.
Total revenue was lower in the quarter compared to the prior year period, at approximately $9.7
million in the first quarter of fiscal 2012 compared to $11.1 million in the first quarter of
fiscal 2011. The reduction in revenue resulted primarily from the Companys decision to scale back
its self-run BODIES business, which reduced the number of touring exhibitions operated in the
quarter. Overall, attendance at permanent locations was flat year over year, with lower average
ticket prices. Gross Margin increased to $5.5 million versus $4.7 million in the same quarter of
last year, primarily as a result of revenues generated by partner-run exhibitions, lower operating
costs and higher merchandise profits. The Company also expects to report significant reductions in
general and administrative expenses.
Mr. Davino continued, Our efforts to improve operations and reduce costs have begun to yield
tangible benefits, as reflected in our preliminary adjusted EBITDA results. Specifically, since
January we have reduced our BODIES inventory, providing us with the opportunity to reduce our staff
and contractor base by approximately 40%, as well as to realize significant G&A savings. While we
are encouraged by our performance compared to the prior year period, we are also aware that
quarterly results will vary during the year based on our normal attendance patterns and will
require us to continue our focus on cost control, operational improvements and additional revenue
opportunities.
About Premier Exhibitions, Inc:
Premier Exhibitions, Inc. (Nasdaq: PRXI News) is located in Atlanta, GA and is a major provider
of museum quality exhibitions throughout the world. Premier Exhibitions, Inc. is a recognized
leader in developing and displaying unique exhibitions for education and entertainment. The
Companys exhibitions present unique opportunities to experience compelling stories using authentic
objects and artifacts in diverse environments. Exhibitions are presented in museums, exhibition
centers and other entertainment venues. Additional information about Premier Exhibitions, Inc. is
available at www.prxi.com.
Adjusted EBITDA
This press release contains certain financial measures that are not prepared in accordance with
GAAP (generally accepted accounting principles in the U.S.). Such financial measures are referred
to herein as non-GAAP and are presented in this press release in accordance with Regulation G as
promulgated by the Securities and Exchange Commission.
Adjusted EBITDA is a non-GAAP financial measure that the Company defines as earnings before certain
unusual and/or non-cash charges, depreciation and amortization, loss (gain) on sale of operating
assets, impairment of intangible assets and goodwill, and non-cash compensation expenses. The
Company uses Adjusted EBITDA to evaluate the performance of its operating segments. The Company
believes that information about Adjusted EBITDA assists investors by allowing them to evaluate
changes in the operating results of the Companys portfolio of businesses separate from
non-operational factors that affect net income, thus providing insights into both operations and
the other factors that affect reported results. Adjusted EBITDA is not calculated or presented in
accordance with GAAP. A limitation on the use of Adjusted EBITDA as a performance measure is that
it does not reflect the periodic costs of certain capitalized tangible and intangible assets used
in generating revenue in the Companys business. Accordingly, Adjusted EBITDA should be considered
in addition to, and not as a substitute for, operating income (loss), net income (loss), and other
measures of financial performance reported in accordance with GAAP. Furthermore, this measure may
vary among
other companies. Therefore, Adjusted EBITDA as presented herein may not be comparable to similarly
titled measures of other companies.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual
results or outcomes of Premier Exhibitions, Inc. may differ materially from those anticipated.
Although Premier Exhibitions believes that the assumptions underlying the forward-looking
statements contained herein are reasonable, any such assumptions could prove to be inaccurate.
Therefore, Premier Exhibitions can provide no assurance that any of the forward-looking statements
contained in this press release will prove to be accurate.
In light of the significant uncertainties and risks inherent in the forward-looking statements
included in this press release, such information should not be regarded as a representation by
Premier Exhibitions that its objectives or plans will be achieved. Included in these uncertainties
and risks are, among other things, fluctuations in operating results, general economic conditions,
uncertainty regarding the results of certain legal proceedings and competition. Forward-looking
statements consist of statements other than a recitation of historical fact and can be identified
by the use of forward-looking terminology such as may, intend, expect, will, anticipate,
estimate or continue or the negatives thereof or other variations thereon or comparable
terminology. Because they are forward-looking, such statements should be evaluated in light of
important risk factors and uncertainties. These risk factors and uncertainties are more fully
described in Premier Exhibitions most recent Annual and Quarterly Reports filed with the
Securities and Exchange Commission, including under the heading entitled Risk Factors. Premier
Exhibitions does not undertake an obligation to update publicly any of its forward-looking
statements, whether as a result of new information, future events or otherwise, except as required
by law.
Investor Contact:
Christopher J. Davino
President and Chief Executive Officer
(404) 842-2600
cdavino@prxi.com
Christopher J. Davino
President and Chief Executive Officer
(404) 842-2600
cdavino@prxi.com