Business
Tix Corporation Reports Third Quarter and First Nine Months 2013 Results
Tix Corporation Reports Third Quarter and First Nine Months 2013 Results.
About this update from Tix Corporation
[{"type":"text","content":"\n \n \n Tix Corporation Reports Third Quarter and First Nine Months 2013 Results\n \n \nTix Corporation Reports Third Quarter and First Nine Months 2013 Results\n \n STUDIO CITY, CA--(Marketwired - Nov 12, 2013) - Tix Corporation (the \"Company\") (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the third quarter and first nine months ended September 30, 2013.\n Tix Corporation's business is operated by its wholly owned subsidiary Tix4Tonight, which sells discount show tickets from eleven locations in Las Vegas. Tix4Tonight obtains its inventory of discount tickets under short-term exclusive and non-exclusive agreements with nearly every Las Vegas show along with numerous attractions and tours. The majority of our discount ticket locations also offer discount dinner reservations at various restaurants surrounding the Las Vegas Strip and downtown. \n Three Months Ended September 30, 2013 and 2012\n Third quarter 2013 revenues decreased 9% to $5.8 million compared with $6.4 million for the same period a year ago. The decline in revenues of $603,000 was caused by large scale construction and renovation projects on the Las Vegas Strip requiring us to close two of our discount ticket locations; one in April 2012 and another in February 2013. This decline in revenues was offset by the opening of two new discount ticket locations; one in July 2013 and another in August 2013. Revenues were also negatively impacted by the continued general decrease in consumer spending in Las Vegas.\n Third quarter 2013 direct operating expenses decreased 4% to $2.4 million compared with $2.5 million for the same period a year ago. Included in these expenses are payroll costs, rents, and utilities. The decrease in expense of $98,000 was due to $36,000 in reduced rents and utilities expense and $14,000 in decreased payroll costs realized in connection with the changes in discount ticket locations during the period as discussed above, and $48,000 in reduced rents at one of our discount ticket locations that took effect on August 1, 2012. \n Third quarter 2013 selling, general and administrative expenses were $2.3 million compared with $2.8 million for the same period a year ago. Included in these expenses are $377,000 of aggregate expenses during the third quarter of 2013 ...