Premier Exhibitions Inc. (PRXI, Financial) filed Quarterly Report for the period ended 2010-05-31.
Premier Exhibitions Inc. has a market cap of $57.3 million; its shares were traded at around $1.2 with and P/S ratio of 1.4. PRXI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Merchandise and other revenue decreased approximately $0.3 million or 23.8% to $0.8 million during the quarter ended May 31, 2010 as compared to the quarter ended May 31, 2009.
Cost of revenue. Our total cost of sales of $6.3 million, which consists of exhibition costs, including marketing expenses, and cost of merchandise sold, increased by $1.2 million or 22.9% for our first quarter ended May 31, 2010 as compared to our first quarter ended May 31, 2009.
Our exhibition costs increased by $1.2 million or 25.1% to $6.1 million for our first quarter this year as compared to the same quarter in fiscal year 2009. Our exhibition costs as a percentage of revenue was 59.8% for the three months ending May 31, 2010 compared to 49.6% for the same period last year. Marketing expense increased by $1.5 million as the Company curtailed marketing in the prior year quarter due to working capital constraints.
Our general and administrative expenses of $4.9 million decreased $2.4 million or approximately 32.7% during the quarter ended May 31, 2010 as compared to the quarter ended May 31, 2009. The decrease in general and administrative expenses is primarily attributable to lower litigation and settlement expense, paid license fees for non-touring exhibitions and lower compensation expense.
(Provision for) benefit from income taxes. We recorded income tax expense of $.01 million for the three months ended May 31, 2010 at an effective rate of 0.8% versus a tax benefit of $1.9 million at an effective rate of 25% for the same period in the prior year. The change in the effective rate is primarily due to the effect of the valuation allowance applied against substantially all net deferred tax assets in the fourth quarter of fiscal 2010 and the first quarter of fiscal 2011 that resulted in the non-recognition of tax benefits in the U.S. tax jurisdiction.
Read the The complete Report
Premier Exhibitions Inc. has a market cap of $57.3 million; its shares were traded at around $1.2 with and P/S ratio of 1.4. PRXI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Revenue. During the quarter ended May 31, 2010, our revenue increased by $0.1 million or 1% to $11.1 million primarily attributable to an increase in exhibition revenue of $0.4 million. Management was able to maintain a stable revenue stream while taking the Company in a new strategic direction of performing more self operated shows. This offers the potential for a greater revenue stream, but also exposes the Company to potential fluctuations in attendance as witnessed in the first fiscal quarter 2011. Attendance decreased to 753,875 for the three months ended May 31, 2010 compared to 1,188,219 for the same three month period ended May 31, 2009. Total exhibition days which is the total number of days in which our venues were open to the public, decreased to 1,314 for the three months ended May 31, 2010 compared to 1,624 for the same three months ended May 31, 2009. The decrease in operating days relates to management's decision to reduce the touring capacity of Bodies and eliminate the Star Trek Exhibition in fiscal 2010. Average daily attendance declined as well, but was partially offset by higher average ticket prices.Merchandise and other revenue decreased approximately $0.3 million or 23.8% to $0.8 million during the quarter ended May 31, 2010 as compared to the quarter ended May 31, 2009.
Cost of revenue. Our total cost of sales of $6.3 million, which consists of exhibition costs, including marketing expenses, and cost of merchandise sold, increased by $1.2 million or 22.9% for our first quarter ended May 31, 2010 as compared to our first quarter ended May 31, 2009.
Our exhibition costs increased by $1.2 million or 25.1% to $6.1 million for our first quarter this year as compared to the same quarter in fiscal year 2009. Our exhibition costs as a percentage of revenue was 59.8% for the three months ending May 31, 2010 compared to 49.6% for the same period last year. Marketing expense increased by $1.5 million as the Company curtailed marketing in the prior year quarter due to working capital constraints.
Our general and administrative expenses of $4.9 million decreased $2.4 million or approximately 32.7% during the quarter ended May 31, 2010 as compared to the quarter ended May 31, 2009. The decrease in general and administrative expenses is primarily attributable to lower litigation and settlement expense, paid license fees for non-touring exhibitions and lower compensation expense.
(Provision for) benefit from income taxes. We recorded income tax expense of $.01 million for the three months ended May 31, 2010 at an effective rate of 0.8% versus a tax benefit of $1.9 million at an effective rate of 25% for the same period in the prior year. The change in the effective rate is primarily due to the effect of the valuation allowance applied against substantially all net deferred tax assets in the fourth quarter of fiscal 2010 and the first quarter of fiscal 2011 that resulted in the non-recognition of tax benefits in the U.S. tax jurisdiction.
Read the The complete Report
