Premier Exhibitions Announces Preliminary Results for the First Quarter of Fiscal 2012; EBITDA to be $2M for Q1 2012

Premier Exhibitions, Inc. PRXI disclosed preliminary financial results for the first quarter of fiscal 2012. 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 year's 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 Company's 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."