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.
