Premier Exhibitions (fka pxhb)

[Golden Cross]

PXHB Premier Exhibitions Reports Record Fourth Quarter and Year-End Results
PR Newswire - June 1, 2006 7:40 AM (EDT)

ATLANTA, June 1, 2006 /PRNewswire-FirstCall via COMTEX/ -- Premier Exhibitions, Inc. (OTC Bulletin Board: PXHB), a worldwide developer and provider of museum quality touring exhibitions, today reported revenue of $4,003,000 for the fourth quarter ended February 28, 2006, which represents a 142% increase from the $1,653,000 in revenue reported for the same quarter of the prior fiscal year, and a 44% increase compared with the prior quarter of $2,772,000. The Company also reported Net Income for the quarter increased to $2,883,000 or $0.10 per share on a diluted basis from a loss of ($974,000) or ($0.05) per share on a diluted basis when compared to the quarter of the prior fiscal year. The Net Income in the fourth quarter and the full year included the application of a benefit, or reduction of the Companies tax liability of $2,100,000. The Companies income from operations for the fourth quarter was $783,000.

For the fiscal year ended February 28, 2006, revenues increased 90% from $6,857,000 to $13,041,000, and net income increased to $4,948,000 or $0.18 per fully diluted share, from a loss of ($1,475,000) or ($0.07) per diluted share, when compared to the prior fiscal year. For complete details on the Companies entire financial statements, they will be available through public access to S.E.C. filings, or upon request though the Companies Investor Relations Contact.

Conference Call Details

Premier Exhibitions, Inc. will hold a conference call on Thursday, June 1, 2006 at 11:00 a.m. EDT. To participate in the conference call U.S. Participants should dial: (800)-458-9009 and International callers should dial: 00-1-719-457-2623.

About Premier Exhibitions, Inc.

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

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company has based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. The forward-looking statements include statements relating to the Company's anticipated financial performance, business prospects, new developments, new strategies and similar matters. The following important factors, in addition to those described in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended February 28, 2006, especially in the Risk Factors and the Management's Discussion and Analysis sections, and its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K (each of which is available upon request from the Company), may affect the future results of the Company and cause those results to differ materially from those expressed in the forward-looking statements; material adverse changes in the economic conditions in the Company's markets, including terrorist attacks, competition from others, how much capital the Company may or may not receive from required financings, and whether or not, and to what extent, the Company consummates its planned leases to place exhibitions. We disclaim any obligation to update these forward- looking statements.

For additional Information:
Investor Relations
North Coast Advisors Inc:
Craig T. Stewart [phone]
[e-mail]

Media Inquiries at Premier Exhibitions, Inc:
Katherine Morgenstern 404-842-2600
[e-mail]



Premier Exhibitions, Inc. and Subsidiaries
Consolidated Statements of Operations

Quarter Ended Year Ended
February 28, February 28,
2005 2006 2005 2006
Revenue:
Exhibition revenues $1,275,000 $3,678,000 $6,320,000 $12,217,000
Merchandise and other 376,000 311,000 507,000 722,000
Sale of coal 2,000 14,000 30,000 102,000
Total revenue 1,653,000 4,003,000 6,857,000 13,041,000

Expenses:
General and
administrative 1,103,000 2,543,000 4,397,000 6,620,000
Depreciation and
amortization 70,000 307,000 378,000 911,000
Exhibition costs 851,000 355,000 2,891,000 2,672,000
Cost of merchandise
sold 233,000 81,000 257,000 102,000
Cost of coal sold 2,000 1,000 9,000 10,000
Litigation settlement - - - -
Loss on sale of fixed
assets 356,000 - 356,000 84,000
Total expenses 2,615,000 3,287,000 8,288,000 10,399,000

Income (loss) from
operations (962,000) 716,000 (1,431,000) 2,642,000
-
Other income and
expenses: -
Interest income 1,000 49,000 2,000 85,000
Interest expense (13,000) 18,000 (46,000) (47,000)
Other income - - - 168,000
Total other income and
expenses (12,000) 67,000 (44,000) 206,000
-
Income (loss) before
provision for income
taxes (974,000) 783,000 (1,475,000) 2,848,000
- -
Provision (benefit) for
income taxes - (2,100,000) - (2,100,000)
- -
Net income (loss) $(974,000) $2,883,000 $(1,475,000) $4,948,000

Net income (loss) per
share:
Basic income (loss)
per common share $(0.05) $0.11 $(0.07) $0.21
Diluted income (loss)
per common share $(0.05) $0.10 $(0.07) $0.18

Shares used in basic per
share calculations 20,818,898 26,132,581 20,818,898 24,081,186
Shares used in diluted
per share calculations 20,818,898 30,211,980 20,818,898 28,230,491

SOURCE Premier Exhibitions, Inc.

Investor Relations: Craig T. Stewart of North Coast Advisors Inc, [phone],
[e-mail]; or Media: Katherine Morgenstern of Premier Exhibitions, Inc.
[phone], [e-mail]

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