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Premier Exhibitions Appoints Michael Little as Chief Financial Officer
Posted June 23, 2011
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ATLANTA -- 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 Mike's 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 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."
About Premier Exhibitions, Inc:
Premier Exhibitions, Inc. (Nasdaq:PRXI) 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 Company's 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.
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