Business
Tix Corporation Reports Second Quarter and First Six Months 2020 Results, Director Changes, and Litigation
Tix Corporation Reports Second Quarter and First Six Months 2020 Results, Director Changes, and Litigation.
About this update from Tix Corporation
[{"type":"text","content":"\n LAS VEGAS, July 16, 2020 (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, 2020. The Company also reported recent director changes, and litigation. The Current Las Vegas Marketplace: Our Tix4Tonight business is located in Las Vegas where we sell shows, attractions, tours, and dining from our nine ticket booths that are strategically located on the Strip. As previously announced, due to efforts to mitigate the impact of COVID-19, virtually all Las Vegas entertainment, restaurants, bars, and major hotel properties temporarily closed on our about the week of March 16, 2020. While hotel properties have recently reopened, shows, attractions, tours, and most dining have remained closed. With the closure of entertainment on the Las Vegas Strip, and therefore the cessation of revenue for our business, we effected a layoff of the majority of our employees, closed our ticket booths, and continue to significantly reduce our operating costs. The Company’s second quarter and first six months of 2020 financial results were significantly impacted by the closure of entertainment on the Las Vegas Strip due to COVID-19. We will continually monitor the Las Vegas marketplace to determine when and if we will be able to commence operations again. We intend to issue updated press releases as the COVID-19 situation, and its impact on entertainment and dining becomes clear. We plan to seek additional available disaster assistance, as well as other forms of financing to help with liquidity during this disruption to our business.  Financial Summary Results: With the closure of entertainment on the Las Vegas Strip due to COVID-19, and therefore the cessation of revenue for our business, the Company’s generated no revenues in the second quarter of 2020, and first six months 2020 revenues decreased to $1,957,000, or 70%, as compared to $6,567,000 in the first six months of 2019. Our second quarter 2020 net loss was $1,318,000, as compared to a $13,000 net loss in the second quarter 2019. Our first six months 2020 net loss was $2,245,000, as compared to a $37,000 net income in the first six months of 2019.  Beginning in April 2020, and due to the impact on our business relate...