Equating to More Than $50 Million in
Gross Discount Ticket Sales for 2008
Testament to the Company's Ability to Generate Strong Ticket
Sales for Show Producers, Artists and Theaters
STUDIO CITY, Calif., Dec. 22, 2008 (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, year-to-date, the Company has sold one million discount tickets to Las Vegas shows, concerts, attractions and sporting events.
Mitch Francis, President and CEO of Tix Corporation, stated, "This is a significant milestone for Tix Corporation as we achieved our 2008 goal of selling one million discount tickets for Las Vegas shows and events, which equates to more than $50 million in gross discount ticket sales. We look forward to expanding our leading position by providing discount tickets nationally with our HalfPriceTickets.com, co-branded with our strategic partner, Costco Wholesale Corporation, which we expect to launch in the first quarter of 2009."
On a year-over-year basis, the number of discount ticket sales to Las Vegas shows, concerts, attractions and sporting events has increased 55%, with commissions and fees earned on gross ticket sales representing 16.9% of total revenue for the nine months to September 30, 2008. These results reflect increased demand for discount tickets, an increase in the average selling price per ticket, as well as the addition of a fifth ticket booth in November of 2007 and a sixth ticket booth in October 2008. In addition to discount show and event tickets, the Company's Ticketing Services subsidiary, Tix4Tonight, also sells half price dinners and discount golf reservations.
"With our six prime Las Vegas discount ticket sales locations, we believe we are very well positioned to benefit from Las Vegas visitors who are seeking more value for their travel dollar," commented Kimberly Simon, Chief Operating Officer. "These results are further evidence of our ability to continue to generate strong ticket sales for show producers, artists and theaters even during these difficult economic times."
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.