Company Plans on Expanding Into Additional Ticket Booth
Locations During the Latter Half of 2008
Gross Ticket Sales For July and August Increased Approximately
80% and 68% Respectively Year-Over-Year
Total Discount Dinner Reservations Booked For July and August
Increased Approximately 126% and 100% Respectively Year-Over-Year
STUDIO CITY, Calif., Sept. 10, 2008 (GLOBE NEWSWIRE) -- Tix Corporation (Nasdaq:TIXC), a leading integrated entertainment company providing ticketing services, event merchandising and concert and theatrical productions, today provided gross ticket sales data for the months of July and August of 2008 as testament to the strength of its uniquely successful business model. The Company's Ticketing Services segment, Tix4Tonight, offers Las Vegas visitors heavily discounted tickets for shows, attractions and dinner reservations. Commissions and fees earned on gross ticket sales represented approximately 16% of total revenue in the first six months of 2008 and contributed $2.2 million in operating income.
During the months of July and August 2008, total gross ticket sales increased approximately 80% and 68% respectively year-over-year, and 69% year to date due to the addition of a fifth ticket booth in November 2007 as well as organic growth. Gross ticket sales for the two months exceeded $9.5 million, setting new records as the two best months in the Company's nearly six-year history. Additionally, discount dinner reservations booked by the Company increased approximately 126% and 100% respectively year-over-year, and 144% year to date with approximately 23,000 dinner reservations each month in July and August 2008.
The Company's Exhibit Merchandising and Live Entertainment segments are expected to perform better in the third quarter on an operating basis compared to the second quarter.
"In contrast to other segments of the Las Vegas economy that are being adversely affected by slower consumer spending, our Las Vegas discount ticketing and dinner business is performing very well as more and more visitors seek value," stated Mitch Francis, Chief Executive Officer. "We are currently in negotiations for additional ticket booth locations in Las Vegas to satisfy the current and longer-term demand we believe exists in this market. In parallel, we continue to work towards the launch of our online ticketing service, which will extend our discount ticketing network nationwide."
About TIX Corporation
Tix Corporation is an integrated entertainment company providing ticketing services, event merchandising and concert and theatrical productions. It currently operates five 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 products 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 branding, product merchandise development and sales activities related to museum exhibitions and other events -- including the King Tutankhamen 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 concert and live theatrical promotion and production of events 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.