Business
Tix Corporation Reports Third Quarter and First Nine Months 2017 Results
Tix Corporation Reports Third Quarter and First Nine Months 2017 Results.
About this update from Tix Corporation
[{"type":"text","content":"\n\n STUDIO CITY, CA., Nov. 14, 2017 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company” or “Tix”) (OTCQX:TIXC), a leading provider of discount ticketing services, today reported results for the third quarter and first nine months ended September 30, 2017. \n The Company’s third quarter and first nine months 2017 performance continued to feel the impact of increased aggressive competition from online ticket sellers, show producers, and hotel properties.  To mitigate the effects from competition, including the MGM Resorts International (“MGM”) impacts discussed below, the Company recently launched its first ever online platform, introduced new dining and shopping offers, and implemented significant expense reductions.        The Company recently reported that it was notified by MGM of their plan to open their own discount ticket booths on their hotel properties in Las Vegas and restrict the Company’s ability to sell certain Cirque du Soleil (“Cirque”) shows at its Tix4Tonight booths.  MGM effected these changes in mid-to-late September 2017.  Cirque’s Mystère, the Company’s best-selling Cirque show, continue to be offered at its booths.  The new MGM booths sell discount tickets for all shows located within their Las Vegas hotel properties.  All shows located within the MGM Las Vegas hotel properties, including the four Cirque shows withdrawn from our Tix4Tonight booths, are available to purchase on the Company’s online website effective November 1, 2017.  Competition from MGM’s new discount ticket booths could have a material adverse effect on the Company’s future performance. The Company experienced a significant and unusual decline in the volume of tickets sold during the month of October 2017.  While difficult to assess, the Company believes the recent October 1st Las Vegas Strip shooting and to a lesser extent, the opening of MGM booths discussed above, contributed to the decline.    Third Quarter 2017 Results Third quarter 2017 revenues were $4,754,000 as compared with $5,290,000 for the same period a year ago.  Revenues were negatively impacted by increased competition, particularly from online ticket sellers, as compared to the same period a year ...