Business
Tix Corporation Reports Fourth Quarter and Full Year 2016 Results
Tix Corporation Reports Fourth Quarter and Full Year 2016 Results.
About this update from Tix Corporation
[{"type":"text","content":"\nSTUDIO CITY, CA, Feb. 21, 2017 (GLOBE NEWSWIRE) -- 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, 2016.  \nMitch Francis, Chief Executive Officer of the Company, stated, “Our fourth quarter and full year 2016 performance continued to be negatively impacted by an unusual and significant number of permanent show closures underscoring a shift in Las Vegas entertainment aimed at serving the changing consumer interests and demographics.  This shift in the marketplace has led to increased aggressive marketing to Las Vegas tourists from online ticket brokers, show producers and hotel properties. We believe that with the agreement we recently announced with Expedia Local Expert, the recent launch of our first ever online offerings to Expedia brands’ (Expedia, Travelocity, Orbitz and Hotels.com) customers who can now purchase discounted show and dining packages in advance of their arrival to Las Vegas, and the recent addition of Expedia hotel room inventory on our Tix4Tonight.com website, as well as other planned initiatives, we have the right strategy in place to position ourselves within our changing market as we head into 2017,” concluded Mr. Francis.Fourth Quarter 2016 ResultsFourth quarter 2016 revenues were $5,335,000 as compared with $5,940,000 in the same period a year ago.  Revenues were negatively impacted by decreased consumer demand for show tickets in the Las Vegas marketplace, the recent unusual permanent closure of several shows including a Cirque du Soleil show for which we had significant sales in the prior year, and increased aggressive marketing from online ticket brokers, show producers and hotel properties.  Fourth quarter 2016 direct operating expenses, which includes payroll costs, rents, utilities and third party commission and fees, decreased to $2,356,000 as compared with $2,465,000 for the same period a year ago.  The decrease in expenses was primarily related to one less location in operation during the fourth quarter 2016 as compared with the same period a year ago.       Fourth quarter 2016 selling, general and administrative expenses decreased to $2,100,000 as compared with $2,178...