Business
Tix Corporation Reports Full Year 2018 Results
Tix Corporation Reports Full Year 2018 Results.
About this update from Tix Corporation
[{"type":"text","content":"\nSTUDIO CITY, CA, March 26, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the full year ended December 31, 2018.   \n Full Year 2018 Business Highlights: CIRQUE DU SOLEIL, THE PREMIER ENTERTAINMENT OFFERING IN LAS VEGAS, IS BACK AT TIX4TONIGHT. On December 2, 2018, the Company’s Tix4Tonight Las Vegas booths resumed selling MGM Resorts resident Cirque du Soleil shows, which for a period had only been offered on the Company’s website.FOURTH QUARTER 2018 OPERATING INCOME, EXCLUDING A ONE-TIME NON-CASH GOODWILL IMPAIRMENT CHARGE, RETURNED TO POSITIVE AS DID CASH FLOWS FROM OPERATIONS. Q4 2018 saw the Company return to positive cash flows from operations as a result of the successful execution of its growth and cost reduction initiatives. This achievement occurred prior to Tix4Tonight’s resumption of selling tickets for the Cirque shows. Fourth quarter 2018 operating income, after adjusting for a one-time non-cash goodwill impairment charge, was $250,000 and cash flows from operations were $142,000 during the fourth quarter of 2018.  Tix Corporation’s Chief Executive Officer, Mitch Francis, commented, “Fiscal year 2018 was a highly unusual year for us in that for almost the entire year, we couldn’t offer certain Cirque du Soleil tickets from our multiple retail locations on the Las Vegas Strip.  As previously discussed, MGM Resorts and Cirque du Soleil began in November 2017 to withhold certain Cirque du Soleil show tickets from our retail booths while at the same time, constructing and operating competing booths on MGM Resorts’ properties.  The impact from these events, as well as a general continued decline in interest for shows in Las Vegas, hurt our financial results. We implemented significant cost reductions throughout this year, leading to a return to quarterly operating income and positive cash flows from operations in the fourth quarter of 2018, excluding a one-time non-cash goodwill impairment charge.  With our recently announced new agreement with MGM Resorts and Cirque du Soleil, we are once again selling Cirque du Soleil show tickets, as well as MGM Resorts headliners, at our retail booths, which we anticipate will lead to im...