Premier Exhibitions, Inc. Reports Record Results for Its Third Quarter and Nine Months Ending November 30, 2006
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PRNewswire
9:05 p.m. 01/09/2007
ATLANTA, Jan 09, 2007 /PRNewswire-FirstCall via COMTEX/ -- FOR THE QUARTER: * $7.9 MILLION IN REVENUE * $3.7 MILLION IN INCOME BEFORE TAXES OR $0.12 PER SHARE * $0.08 AND $0.07, BASIC AND DILUTED EPS FOR THE NINE-MONTHS: * $20 MILLION IN REVENUE * $7.7 MILLION IN INCOME BEFORE TAXES OR $0.25 PER SHARE * $0.17 AND $0.15, BASIC AND DILUTED EPS
Premier Exhibitions, Inc. (PRXI) today reported its earnings and results of operations for its third quarter and nine-months ended November 30, 2006. Revenue for the third quarter totaled $7.9 million as compared to $2.8 million in the same prior year period. For the nine-month period, revenue totaled $20 million as compared to $9 million in the prior year period.
In the third quarter net income was $2.2 million, or $0.07 per share as compared to $.09 million, or $0.00 per share, in the same prior year period. Net income for the nine-month period was $4.6 million, or $0.15 per share as compared to $2 million, or $0.08 per share, in the same prior year period.
For comparability to the prior year period, which had no provision for income taxes, the third quarter income before taxes was $3.7 million, or $0.12 per share as compared to $.09 million, or $0.00 per share. Income before taxes for the nine-month period was $7.7 million, or $0.25 per share as compared to $2.0 million, or $0.08 per share, in the same prior year period.
The diluted shares outstanding for the quarter and nine-month period ended November 30, 2006 was 31,881,095 and 30,665,766, respectively. The diluted shares outstanding for the corresponding quarter and nine-month period ended November 30, 2005 was 27,824,242 and 26,760,048, respectively.
Presentation of Additional Information Regarding Net Income, EBITDA and Free Cash Flow
Net Income. Excluding Premier Exhibitions' non-cash provision for income taxes ($1.5 and $3.0 million in the quarter and nine-month period, respectively, and not present in the prior year periods), depreciation and amortization and non-cash option, warrant and stock compensation, net income for the quarter and nine-months ended November 30, 2006 was $4.7 million and $10.2 million, respectively, and EPS was $0.15 and $0.33, respectively. Adjusting net income to exclude non-cash provision for income taxes, depreciation and amortization and non-cash option and warrant based compensation results in a figure which is not a GAAP measure. Premier Exhibitions believes that the provision of such non-GAAP information regarding net income is important to investors and other readers of Premier Exhibitions' financial statements as it provides a useful measure of Premier Exhibitions' liquidity. A table reconciling the non-GAAP information presented above to GAAP follows the financial statements included with this press release.
EBITDA. Premier Exhibitions' EBITDA for the quarter and nine-months ended November 30, 2006 was $3.9 million and $8.6 million, respectively. EBITDA is defined as net income from continuing operations before other income, income taxes, interest and depreciation and amortization. EBITDA does not represent cash flows from operations as defined by GAAP, and should not be considered as either an alternative to net income as an indicator of Premier Exhibitions' operating performance or as an alternative to cash flows as a measure of Premier Exhibitions' liquidity. Nevertheless, Premier Exhibitions believes that providing non-GAAP information regarding EBITDA is important for investors and other readers of Premier Exhibitions' financial statements, as it provides a measure of liquidity. In addition, EBITDA is commonly used as an analytical indicator within the entertainment and exhibitions industries. Because EBITDA is not a measurement determined in accordance with GAAP and is thus susceptible to varying calculations, EBITDA, as presented, may not be directly comparable to other similarly titled measures used by other companies. A table reconciling the non-GAAP information presented above to GAAP follows the financial statements included with this press release.
Free Cash Flow. Premier Exhibitions' Free Cash Flow for the quarter and nine months ended November 30, 2006 was $2.2 million and $3.5 million, respectively. Free Cash Flow is defined as net income plus depreciation and amortization less capital expenditures. Free Cash Flow does not represent cash flows from operations as defined by GAAP, and should not be considered as either an alternative to net income as an indicator of Premier Exhibitions' operating performance or as an alternative to cash flows as a measure of Premier Exhibitions' liquidity. Nevertheless, Premier Exhibitions believes that providing non-GAAP information regarding Free Cash Flow is important for investors and other readers of Premier Exhibitions' financial statements, as it provides a measure of liquidity. Because Free Cash Flow is not a measurement determined in accordance with GAAP and is thus susceptible to varying calculations, Free Cash Flow, as presented, may not be directly comparable to other similarly titled measures used by other companies. A table reconciling the non-GAAP information presented above to GAAP follows the financial statements included with this press release.
Management Conference Call
The conference call will be on Wednesday, January 10, 2007 at 9:00 A.M. EDT. To participate U.S. callers dial: 1 (800) 262-1292 and international callers dial: (00) 1 719 457-2680.
Premier Exhibitions, Inc. is a major provider of museum quality touring exhibitions throughout the world.
