Business
Tix Corporation Reports Fourth Quarter and Full Year 2015 Results
Tix Corporation Reports Fourth Quarter and Full Year 2015 Results.
About this update from Tix Corporation
[{"type":"text","content":"\n \n \n Tix Corporation Reports Fourth Quarter and Full Year 2015 Results\n \n \nTix Corporation Reports Fourth Quarter and Full Year 2015 Results\n \n STUDIO CITY, CA--(Marketwired - Mar 2, 2016) - Tix Corporation (OTCQX: TIXC) \n FULL YEAR 2015 HIGHLIGHTS\n \n \n Net income before deferred tax valuation adjustment increased 27%\n \nAdjusted EBITDA increased 11% to $6.5 million\n \nInitiated a quarterly cash dividend program of $0.05 per share, $0.20 per share annually \n \nDividend yield averaging approximately 9% \n \nWorking capital improved 105% to $5.4 million after paying $2.6 million in cash dividends \n \n \n Tix Corporation (the \"Company\") (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the fourth quarter and full year ended December 31, 2015. \n Tix Corporation's business is operated by its wholly owned subsidiary Tix4Tonight, which sells discount show tickets from eleven locations in Las Vegas. Tix4Tonight obtains its inventory of discount tickets under short-term exclusive and non-exclusive agreements with nearly every Las Vegas show along with numerous attractions and tours. Our discount ticket locations also offer discount dinner reservations at various restaurants surrounding the Las Vegas Strip and downtown. \n Fourth Quarter 2015 Results\n Fourth quarter 2015 revenues of $5,940,000 were comparable with $5,942,000 in the same period a year ago. \n Fourth quarter 2015 direct operating expenses, which includes payroll costs, rents, and utilities, of $2,465,000 were comparable with $2,439,000 for the same period a year ago. Direct operating expenses, as a percentage of revenues, were 41% for both the fourth quarter 2015 and for the same period a year ago. \n Fourth quarter 2015 selling, general and administrative expenses decreased $255,000, or 10%, to $2,178,000 compared with $2,433,000 for the same period a year ago. The decrease in expenses was realized from decreased employee related expenses as compared to the same period a year ago. \n Fourth quarter 2015 income tax benefit was $11,511,000, as compared to an income tax benefit of $20,000 reported for the same period a year ago. During the fourth quarter of 2015, the Company determined, based on various factors including historical results and anticipated future result...