Premier Exhibitions Inc. (PRXIQ)

[alien42]

1-9-08 3Q CC

http://www.prxi.com/pdf/3q08transcript.pdf

random quotes...

"A few quick figures based on the low end of our forecasted range has Premier with the following estimated operating results in 2008. Approximately 93 percent growth in revenue year over year, approximate net income increase of over $6 million or 82 percent growth year over year, assuming a low end earnings per share of 40 cents, this is a 67 percent growth year over year, and if you look at a similar range and adjust it for non cash stock compensation, the numbers get more impressive. We would have over 100 percent growth in net income and approximately 92 percent growth in earnings per share."

"as of November 30, we ended the quarter with approximately $30 million in cash and marketable securities. We had working capital of approximately $36 million and no outstanding debt. In our earnings release, we also revised our fiscal 2008 financial guidance downward to a range of 38 cents to 46 cents fully diluted earnings per share."

"We are in the final stages of negotiation with the Luxor. The Luxor is owned by the MGM and is the second largest hotel in Las Vegas. They have over 4,300 rooms and we're very excited to become part of their family. We will disclose more details in the coming months."

"We have signed an agreement with Live Nation Jam (NYSE: LYV) to promote the Bodies exhibitions in international markets."

"November 30, 2007 our wholly owned subsidiary, RMFT Titanic, filed an interim motion for a salvage award with the federal court in Norfolk, Virginia seeking compensation for it's work from 1993 through 2006 as salvor-in-possession of the Titanic wreck...believes it should be entitled to a cash award of over $100 million or alternatively, it should be given title to these artifacts. Our request is based in part on a fair market valuation from an independent appraiser of over $110 million for the artifacts recovered between 1993 and 2004. Keep in mind that the salvage award only relates to the artifacts recovered from ‘93 through 2004. The approximately 2,000 artifacts recovered in 1987 are not implicated by the salvage award and are outside the court's jurisdiction. We were awarded title to those artifacts in the early ‘90s from a French maritime tribunal. These artifacts, together with our multimedia archive of photographs, slides and video, which established our provenance, were recently appraised at approximately $46 million. The entire collection of artifacts recovered from ‘87 to 2004 together with the company's entire multimedia archive was appraised at over $190 million."

"On October 30th, the company authorized that the Board of Directors had authorized a stock buyback program authorizing the company to purchase up to one million shares of the company's outstanding stocks. We have not purchased any stock to date, but believe that we are now clear to move forward in purchasing stock as the company deems going forward. The timing and manner of the purchases, the amount that the company spends, and the number of shares that it ultimately purchases will vary based on a number of range factors including share price. The buyback may be funded through the operating cash flow or through the company's revolving line of credit and is expected to be accretive to Premier's earnings per share. We hope this program reflects the company's confidence in the long term value of it's common stock."

[alien42]

i have watched PRXI for several months waiting for a bottom and the current $4.50 - $5.00 PPS range has remained stable for the past 3 weeks (with a 20% possible flip in that time peried).

at $4.65 the current PE ratio is 10.66, for a profitable company that is about to report almost 100% YOY revenue growth.

[alien42]

Form 4 filed on 3-4-08 for Robert Sirmans, VP of Bus Dev and Strategy.

70,000 shares at an exercise price of $4.78:

10,000 shares on 1/14/09
15,000 shares on 1/14/10
15,000 shares on 1/14/11

[Aus10cite]

The word is getting out!

Deatcat2 from the Motley Fool boards has posted an excellent argument for ownership in this company. Further postings in his thread add more value to the discussion. Posting excerpted below, and the thread is viewable here:

--regards,
--moteltan
______________

http://boards.fool.com/Message.asp?mid=26000593&sort=whole#26007143

For those unfamiliar with this company, Premier is a $400M small cap engaged in the exhibition of two shows - the Titanic artifacts, to which they have the salvage rights, and The Bodies Exhibition, a somewhat macabre exhibit displaying real human bodies preserved through a proprietary process and then cut away to show internal organs, muscles, etc. in various poses and displaying different states of health and disease (http://www.bodiestheexhibition.com/). I've read newspaper reviews prior to openings, and much of the copy seems to warn potential exhibition visitors about the graphic nature of the displays and the range of emotions they may experience. While the warnings may frighten away the most squeamish, I suspect the majority of folks are intriqued enough that the warnings serve as additional draw for folks, just to see how really macabre the show might be. Revenue figures certainly suggest that is the case.

Premier is a simple business, relatively undiscovered. When I first started looking into PRXI back in January (disclosure: I purchased some at under $10 near the end of that month), it was followed by only one analyst. Recently it's caught the attention of about 3-4 more analysts, the most recent giving it a thumbs up yesterday (but don't hold that against the stock . Let's look at some of the financials.

On 10/11, Premier reported earnings of $0.17 for 2Q08, a penny shy of estimates. For the first half of the year, earnings stand at $0.27, already exceeding earnings for the entire previous year. As of market close today, the stock is off nearly 15% at $12.87. I'd say that's shabby treatment for a company whose quarterly revenues grew 157% yoy from $6.3M to $16.1M. Net income surged 423% from $1.3M to $5.5M. From the conf call, it appears that Titanic exhibitions are experiencing an increase in attendance, perhaps due to the nearing of the centennial for that event in 2012. The Bodies exhibitions are also doing well, with additional exhibits being created, with the total now at 13, at a cost of about $700,000/exhibit. The Bodies exhibits have contributed 68% of revenue and the Titanic, 32% this quarter.

To get a bit more perspective, here are a few figures from the 2007 annual report (I've added the estimates) for the year ended 2/28/07:


2005 2006 2007 2008(est) 2009(est)

Revenue $6.9M $13.0M $30.1M
Operating income (2.4M) 2.6M 12.2M
Provision for taxes - (2.5M) 4.9M
Net income (2.4M) 5.3M 7.4M

EPS ($0.12) $0.19 $0.24 $0.68 $1.13



The reason I displayed the provision for taxes was to put into perspective what might appear to be a somewhat anemic growth rate in eps of only 26% between 2006 and 2007. To get a better idea of income growth, look at the increase in operating income from $2.6M to $12.2M.

From the conference call, Premier maintains their guidance for $0.68 in eps - net of taxes - for the 2008 fiscal year. That's a growth rate of over 280% with a forward p/e of less than 19! Not often does an investor have the opportunity to buy into a growth story at these prices. The moat for the Titanic artifacts is relatively wide and the possibility of competition with this exhibit appears low. While there are competitors to The Bodies exhibit, Premier has established itself as the leading exhibitor in this venue with more traveling exhibits than anyone else and bookings both domestically and internationally. Management feels that these are evergreen exhibits, and should experience many years of interest. In fact, management maintains that interest in a repeat engagement in major cities is often higher than that for the initial engagement.

From the 2007 AR, current assets/current liabilities = a very healthy 17.6. Cash has increased from $4.1M to $16.8M. The company has no long term debt.

I've been backing up the truck on this one today, purchasing additional shares from $12.87 - $13.25. Gravity seems to have exerted undue force on this stock today, dropping it over 6% on no news whatsoever. But for those who follow small caps at all, you know that volatility is just a part of the ride - these stocks will tend to fluctuate with general market trends that have nothing to do with their business. I believe today is a good example (read as... opportunity) of that.

Now for some back of the envelope calculations. Assuming PRXI is able to approximate the earnings estimates of $1.13 for 2009 (which is only 18 months away), and at that time they sport an absurdly low p/e of only 20 for a company with this level of growth, shares will be valued at around $23, an increase of approximately 77%. If investors reward it with a multiple slightly more in line with it's growth - let's say a conservative 30 - then the future price could be as high as $34, an increase of around 260%. With anticipated announcements of new and different exhibitions (the real lifeblood of a company like Premier), this stock should also exhibit a number of good growth years ahead.

[Tbone777]

I was in this thing back in the sost days at 1.00 I sold at 4.50 for a nice profit. I have sort of been kicking myself for the last year though......this thing has gone nuts. congrats to all longs..........who would have known

[jonesieatl]

Premier Exhibitions, Inc. set to join Russell 3000 Index as well as the Russell Microcap Index

Monday June 18, 2:09 pm ET

ATLANTA, June 18 /PRNewswire-FirstCall/ --
Premier Exhibitions, Inc. (Nasdaq: PRXI - News) today announced that the Company's common stock is set to join the broad-market Russell 3000® Index and the Russell Microcap(TM) Index, when Russell Investment Group reconstitutes its comprehensive set of U.S. and global equity indexes on June 22, 2007.

Membership in the Russell Indexes, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

Mr. Arnie Geller President of the Company made the following statement "The Company is extremely pleased to be considered for this highly coveted inclusion with the Russell Microcap Index as well as the Russell 3000 Index." Mr. Geller also added "This listing is in line with our goals to become more visible and more proactive towards advocating investor relations activities to maximize shareholder value."

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4 trillion in assets currently are benchmarked to them.

Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 and the next 2,000 companies become the Russell 2000. These investment tools originated from Russell's multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.

About Russell:

Russell Investment Group aims to improve financial security for people by providing strategic advice, world-class implementation, state-of-the-art performance benchmarks, and a range of institutional-quality investment products. With more than $200 billion in assets under management, Russell serves individual, institutional and advisor clients in more than 40 countries. Russell provides access to some of the world's best money managers. It helps investors put this access to work in corporate defined benefit and defined contribution plans, and in the life savings of individual investors.

Founded in 1936, Russell is a subsidiary of Northwestern Mutual Life Insurance Company. Headquartered in Tacoma, Wash., U.S., Russell has principal offices in Amsterdam, Auckland, Hong Kong, Johannesburg, London, Melbourne, New York, Paris, San Francisco, Singapore, Sydney, Tokyo and Toronto.

Russell's indexes are unmanaged and cannot be investing in directly. For more information on Russell indexes, go to http://www.russell.com.

About Premier Exhibitions, Inc.:

Premier Exhibitions, Inc. is a major provider of museum quality touring exhibitions throughout the world.

[Topgun21]

Wow, wish I would of stuck in my titanic stock. I went to GIGM instead still made out, but my trifecta was PRXI, FRPT, GIGM!!

Nice move on this stock!

Might get a position this summer!

Fireman Tim

[infolode]

Prxi still moving up. ValueLine and Vector Vest top ten. Thus far I have a four bagger. Not flipp'n this one.

[NaperGirl911]

I feel good - - about PRXI eom

[NaperGirl911]

SAM Tour OUT (news)

I'm hearing this is GREAT news fwiw...

Premier Exhibitions, Inc. Announces the Termination of the Relationship With SAM Tour (USA) Inc. Regarding the 'BODIES Exhibition' Series

PR Newswire 10:39 pm September 13, 2006

Premier Exhibitions, Inc. (Nasdaq: PRXI) filed an SEC form 8-K earlier today and disclosed that they have terminated the Agreement(s) with SAM Tour (USA) Inc., to present the Company's "BODIES Exhibition" series.

Mr. Arnie Geller, President and CEO stated, "All of our BODIES Exhibitions are expected to continue to operate as planned and we will update the shareholders on any new developments as they occur."

The text of the 8-K filing is reprinted below: Item 1.02.Termination of a Material Agreement: On September 7, 2006, Premier Exhibitions, Inc. (the "Company") terminated that certain Term Sheet with SAM Tour (USA), Inc. ("SAM Tour") dated April 13, 2005, as amended (the "Term Sheet"). The Company terminated the Term Sheet as a result of ongoing material breaches of its terms by SAM Tour and its affiliates. As a result of the Term Sheet's termination, the Company will take all steps necessary to protect its interests in the ongoing operation of its human anatomy exhibitions known as "BODIES ... The Exhibition" and "BODIES Revealed," which exhibitions were the subject of the Term Sheet.

Pursuant to the Term Sheet prior to its termination, SAM Tour and the Company worked together to jointly present these human anatomy exhibitions. Among other things, the Term Sheet provided that SAM Tour was responsible for financing the initial startup costs of each exhibition and that the Company was responsible for providing exhibition expertise, exhibitry and specimens. SAM Tour was entitled under the Term Sheet to initially recoup certain costs incurred by it as well as a license fee paid by it to the Company. The Term Sheet provided that profits from each exhibition were thereafter to be split equally between SAM Tour and the Company until each party earned agreed upon amounts, with additional profits to be calculated on a graduated scale that increasingly favored the Company.

Premier Exhibitions, Inc. is a major provider of museum quality touring exhibitions throughout the world.

[NaperGirl911]

BODIES in Seattle (news)

BODIES ... The Exhibition To Open September 30th in Downtown Seattle

PR Newswire 10:32 am August 21, 2006

Premier Exhibitions, Inc. (Nasdaq: PRXI) today announced that, in association with Concert Productions International and Jam Exhibitions, BODIES ... The Exhibition will make its Pacific Northwest debut on September 30th in Seattle. Locally presented by Seattle Theater Group, this groundbreaking Exhibition will open in the newly designed, 30,000-square-foot exhibition facility, 800 Pike, located at the corner of 8th Avenue and Pike Street across from the Washington State Convention Center.

BODIES ... The Exhibition features 21 real, whole body specimens as well as more than 250 partial body specimens that have been meticulously dissected, preserved through an innovative process and respectfully presented, giving visitors the opportunity to view the beauty and complexity of their own organs and systems like never before.

"We are pleased to bring this immersive and highly successful exhibition experience to Seattle," states Arnie Geller, President and CEO of Premier Exhibitions, Inc. "BODIES ... The Exhibition continues to impact millions of visitors around the world. We look forward to being part of the development of 800 Pike as an exhibition venue and making BODIES a must-see experience for both residents and visitors of the greater metropolitan area of Seattle."

BODIES ... The Exhibition will provide the public with an opportunity to see inside carefully preserved anatomical specimens and learn the detailed structure and function of the human body. In this process, human tissue is permanently preserved using liquid silicone rubber that is treated and hardened. The end result is a rubberized specimen, preserved to the cellular level, showcasing the complexity of the body's many bones, muscles, nerves, blood vessels and organs. The full-body specimens can take more than a year to prepare. After undergoing the polymer preservation process, they become impervious to decomposition.

Tickets to BODIES ... The Exhibition go on sale today and will be available at www.bodiestickets.com.

Premier Exhibitions, Inc. is a major provider of museum quality touring exhibitions throughout the world.

[NaperGirl911]

Setting the record straight

Was the author of the NY Times article an amateur or did they just try to cause controversy to sell more papers?

ATLANTA, Aug 15, 2006 /PRNewswire-FirstCall via COMTEX/ -- Premier Exhibitions, Inc. (Nasdaq: PRXI) today released to its shareholders a copy of the following "Letter to the Editor" in response to a recent article that appeared in the New York Times.

To The Editor:

"Every element of BODIES ... The Exhibition is organized with full and complete compliance to the letter of the law. Premier Exhibitions, Inc. is a well respected publicly traded company that holds itself to the highest standards and diligently abides by all domestic and international laws.

All of the specimens in the exhibitions were legally obtained through the Dalian Medical University Plastination Laboratories in the People's of China under the direct supervision of Dr. Sui Hongjin, the head of the department and one of the most well respected experts in his field.

The individual who indicated that he did not know the origin of the specimens was not a 'spokesman for the university' but in fact, an uninformed, junior-level assistant who happened to answer the telephone when the New York Times reporter called and was certainly not qualified nor did he even represent to speak on behalf of the University.

Premier Exhibitions, Inc. has contractual agreements with the Dalian Medical University Plastination Laboratories in the People's Republic of China confirming that these specimens were unidentified, died of natural causes, have no communicable diseases and were acquired within strict compliance of the law. Premier will only mount a long term exhibition of this scale after having first exercised a thorough due diligence investigation to verify the legitimacy of this entire educational program. We have traveled to China a number of times to ensure that the sourcing process met with the highest standards both legally and morally.

We are absolutely committed to ensuring that the content of BODIES ...

The Exhibition is educational, ethical, and legally correct."

To: The Shareholders of Premier Exhibitions, Inc. (Nasdaq: PRXI) From: Arnie Geller, President and Chief Executive Officer

Some printed materials have recently speculated on the future of our very successful BODIES Exhibitions and it's time to set the record straight.

These exhibitions will remain in the custody and control of Premier Exhibitions throughout the ten year term of our Agreement.

The Company will continue to investigate and review the new regulations disclosed in a recent press release made by the Chinese Government however, the Company believes the recently announced and pending changes in Chinese regulations are designed to address the wide spread illegal trade of body organs used for transplants, and should not be confused with the educational programs that have been developed utilizing polymer preserved specimens as a result of the extraordinary dissection work being done in China.

The Company, has previously in conference calls with shareholders, discussed their desire to continue to add additional sets of human specimens to their existing base of six related Exhibitions. The Company plans to continue to seek additional human specimens to add to their Exhibitions.

It is unfortunate when a newspaper like the New York Times is more interested in selling papers than getting their stories accurate but I can assure all of our shareholders that it is business as usual at Premier Exhibitions with a focus on growth and revenues.

Premier Exhibitions, Inc. is a major provider of museum quality touring exhibitions throughout the world.

[NaperGirl911]

Overwhelming Demand

From http://www.tropicanalv.com/ent_bodies.asp

Exhibition times
Due to overwhelming demand, extended hours through Sunday, September 3rd:

Exhibit Open Daily
10 am to 11 pm
Last ticket sold 10 pm
Tickets on sale now!

[NaperGirl911]

Bodies....The Exhibition Locations

Las Vegas Exhibition at the Tropicana Resort & Casino
London Exhibition at Earls Court
Atlanta Exhibition at the Atlanta Civic Center
New York Exhibition at the South Street Seaport
Tampa Exhibition at MOSI
Mexico City

AND at least four Bodies exhibitions in new venues will open during the third quarter.

Premier Exhibitions doesn't appear to be affiliated with the Houston show.

[Utah Carl]

Do you know if this company has anything to do with the highly successful and publicized "Anatomical Exhibition of Real Human Bodies" at the Houston Museum of Natural Science?

(I can't get link to work: Google - "Houston Museum Body")

[NaperGirl911]

4 more Bodies 3rd Qtr = $3.5mm licencefees

Premier Exhibitions, Inc. Announces Continued Strength in Its Blockbuster Exhibitions

ATLANTA, July 27, 2006 /PRNewswire-FirstCall via COMTEX/ -- Premier Exhibitions, Inc. (Nasdaq: PRXI) (the "Company") today announced that the opening of its blockbuster exhibitions known as "Titanic ... The Artifact Exhibition" and "Bodies ... The Exhibition", at the Tropicana Resort and Casino in Las Vegas, have exceeded initial sales expectations. The Company reported that the Titanic and Bodies exhibitions, on a combined basis, have attracted over 60,000 visitors in their first month.
Mr. Arnie Geller, President and CEO of Premier Exhibitions, made the following statement concerning the Company's current second quarter operating results, "Our record first quarter was a solid increase in terms of operating a larger base of exhibitions, due to the multiple Bodies exhibitions that opened in that period." Mr. Geller also added, "We expect that our second quarter net revenue and operating income will exceed that of our first quarter."

The following items highlight the Company's expectations regarding its improving fiscal performance:



* The Company reported that the Bodies exhibition in New York City has sold over 475,000 tickets at an average price of $22 per visitor since opening in November 2005;

* Over 525,000 tickets to the Tampa Bodies exhibition have been sold in less than one year;

* The Company will benefit from the operations of Bodies exhibitions in Atlanta, Tampa, Mexico City, London, and New York, as well as Las Vegas in the second quarter. All of these venues are expected to be accretive to the Company's Fiscal 2007 year; and

* At least four Bodies exhibitions in new venues will open during the third quarter, which, in addition to earnings beyond license fees, are expected to earn the Company license fees of approximately $3,500,000.