Business
Tix Corporation Reports Second Quarter and First Six Months 2019 Results
Tix Corporation Reports Second Quarter and First Six Months 2019 Results.
About this update from Tix Corporation
[{"type":"text","content":"\nSTUDIO CITY, CA, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the second quarter and first six months ended June 30, 2019.   \n Second Quarter 2019 Business Highlights: REVENUE GROWTH – The Company recorded sequential quarterly and year-over-year revenue growth.  Revenue improved 9% over the first quarter 2019, and 8% over the prior year period.    ADJUSTED EBITDA – Adjusted EBITDA, as defined below, and adjusted for non-routine legal and advisory services for corporate and governance matters, improved to $379,000 as compared to ($132,000) in the prior year period.    NEW VENTURE FOR ONLINE GLOBAL ACTIVITY BOOKING – The Company announced its partnership with Reservations Gateway in forming TixRez, LLC (“TixRez”).  TixRez will provide online booking of activities throughout the world, driven by proprietary software.  This new venture diversifies the Company’s current business that is geographically concentrated in the Las Vegas, Nevada marketplace with a new global online portal. First Six Months 2019 Business Highlights: REVENUE GROWTH - Returned to year-over-year revenue growth.  Revenue improved 6% over the prior year period.    ADJUSTED EBITDA – Adjusted EBITDA, as defined below, and which includes an adjustment for non-routine legal and advisory services for corporate and governance matters, improved to $547,000 as compared to ($606,000) in the prior year period.   OPERATING INCOME GROWTH - Operating income was $34,000 compared to an operating loss of ($1,205,000) in the prior year period.POSITIVE NET INCOME - Net income was $37,000 compared to a net loss of ($1,175,000) in the prior year period.POSITIVE CASH FLOW - Cash flows from operations improved to $147,000, compared to cash used in operations of ($1,172,000) in the prior year period.200% SHARE PRICE GAIN - The Company’s share price has increased approximately 200% this year since reporting the return of the MGM Cirque du Soleil shows and profitable operations.  Tix Corporation’s Chief Executive Officer, Mitch Francis, commented, “We have aggressively addressed the difficult Las Vegas show t...