Business
Tix Corporation Reports Positive First Quarter 2019 Results
Tix Corporation Reports Positive First Quarter 2019 Results.
About this update from Tix Corporation
[{"type":"text","content":"\nSTUDIO CITY, CA, May 08, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the first quarter ended March 31, 2019.\n First Quarter 2019 Business Highlights: REVENUE GROWTH - Returned to year-over-year revenue growth.  Revenue improved 3% over the prior year period.OPERATING INCOME GROWTH - Operating income was $97,000 compared to an operating loss of ($721,000) in the prior year period.POSITIVE NET INCOME - Net income was $50,000 compared to a net loss of ($717,000) in the prior year period.POSITIVE CASH FLOW - Cash flows from operations improved to $137,000, compared to cash used in operations of ($639,000) in the prior year period. Tix Corporation’s Chief Executive Officer, Mitch Francis, commented, “We have aggressively addressed the difficult Las Vegas show ticket market conditions experienced over the past two years.  We developed a new agreement with MGM Resorts and Cirque du Soleil; increased service fees; and we effected significant operating cost savings.  As a result, we are proud to report a return to year-over-year revenue; positive cash flow; and have maintained cash reserves with no debt.” Mr. Francis continued, “We anticipate these efforts will lead to improved operating results throughout 2019.  However, activist stockholder, Haren Bhakta of HSB Capital Partners continues to pursue his own personal agenda to the detriment of the Company and its stockholders. As he has done in the past two years or so, he continues to force the Company to spend enormous management time and resources and hundreds of thousands of dollars (primarily in legal fees over the past two years) in responding to his consistent attacks on management, directors and employees and his constant threats regarding his desire to control the Company.  Such distractions and expenses may well adversely affect our future results and diminish the positive results described above. Mr. Bhakta has no background in any facet of the ticket business; no background in Las Vegas entertainment; no background as an officer or director of a publicly traded company; and no other experience or qualification that is relevant to Tix and its business.  We urge Tix stockholders to ignore any communications...