Company Achieves 66% Y-O-Y Increase in Discount Show Ticket Sales
and 65% Increase Y-O-Y in Discount Dinner Reservation Sales for the
First Quarter
Results Exhibit Strength in the Company's Value Proposition to
Consumers
STUDIO CITY, Calif., April 20, 2009 (GLOBE NEWSWIRE) -- Tix Corporation (Nasdaq:TIXC), a leading integrated entertainment company providing discount and premium ticketing services, event and branded merchandising, and production/promotion of live concert and theatrical events, today announced that its Las Vegas operations achieved record quarterly sales.
"Our Las Vegas discount ticketing business continues to make strong gains despite the challenging economic environment. We achieved excellent growth, with total gross discount show ticket sales, commissions and fees increasing 66% year-over-year to $17.6 million in the first quarter of 2009," stated Mitch Francis, President and CEO of Tix Corporation. "We believe our core businesses of Discount Ticketing, Live Entertainment and Exhibit Merchandising position us well to benefit from consumers who are value conscious and looking for entertainment options. Further evidence of a shift to value is the growth in our discount dinner reservations, where we achieved growth in total gross sales of 65% over the first quarter of 2008."
During the first quarter, the Company sold over 300,000 discount tickets to Las Vegas shows, concerts, attractions and sporting events, representing growth of over 43% year-over-year. On a same store basis, excluding the sixth location that opened in October 2008, gross discount tickets sales to Las Vegas shows, concerts, attractions and sporting events have increased 38%. The number of discount dinner reservations sold increased 66% year-over-year to 81,669 in the first quarter, with gross same store dinner reservation sales up 35% year-over-year.
"We believe these results illustrate our ability to generate strong ticket sales and set the stage for national expansion with more new and exciting online ticketing opportunities," commented Kimberly Simon, Chief Operating Officer.
About Tix Corporation
Tix Corporation is an integrated entertainment company providing discount and premium ticketing services, event and branded merchandising, and production/promotion of live concert and theatrical events. It currently operates six prime locations in Las Vegas under the Tix4Tonight marquee -- offering up to a 50 percent discount for same-day shows, concerts, attractions and sporting events. It also offers discount reservations for golf and dining at its sales locations in Las Vegas. The Company also offers premium tickets to concerts, theater and sporting events throughout the United States under its Tix4AnyEvent.com brand. Its Exhibit Merchandising operation is engaged in branded merchandise development and sales activities related to museum exhibitions and other events -- including the King Tutankhamun and Real Pirates tours, selling themed souvenir memorabilia and collector's items in specialty stores in conjunction with the specific events and venues. The Company's newest division, Tix Productions, is dedicated to live concert and theatrical promotion and production throughout the United States, Canada and Europe and operates under the banners of its recent acquisitions, Magic Arts and Entertainment and NewSpace Entertainment.
Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's various filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements.