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Financials : Banks | Mid Cap GrowthCompany profile

Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services. Signature Securities Group Corporation, a subsidiary of Bank, is a licensed broker-dealer, investment advisor offering investment, brokerage, asset management and insurance products and services. The Commercial Banking segment consists of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities. The Specialty Finance segment consists of financing and leasing products, including equipment, transportation, taxi medallion, commercial marine, commercial vehicle, municipal and national franchise financing and/or leasing.

Closing Price
$130.43
Day's Change
-0.72 (-0.55%)
Bid
--
Ask
--
B/A Size
--
Day's High
132.13
Day's Low
129.95
Volume
(Light)
Volume:
248,258
10-day average volume:
358,093
248,258

Tix Corporation Reports Second Quarter and First Six Months 2017 Results

8:00 am ET July 18, 2017 (Globe Newswire) Print

Tix Corporation (the "Company" or "Tix") (OTCQX:TIXC), a leading provider of discount ticketing services, today reported results for the second quarter and first six months ended June 30, 2017.

The Company's second quarter financial performance improved over the preceding quarter even though the Company continued to feel the significant impact of increased aggressive competition from online and mobile ticket sellers, show producers, and hotel properties.

The Company was recently notified by MGM Resorts International ("MGM") of their plan to open their own discount ticket booths soon within their hotel properties in Las Vegas. Further, they will terminate sales of their Cirque du Soleil ("Cirque") shows at the Company's Tix4Tonight booths. The new MGM booths will also sell discount tickets for all shows located within their Las Vegas hotel properties, although those shows will most likely not discontinue sales at the Tix4Tonight booths. Cirque and MGM are partners on four of the five Cirque shows the Company currently sells, which represent approximately 15% of the Company's total ticket sales. The MGM/Cirque partnership does not include Cirque's Mystere, the Company's best-selling Cirque show, which the Company anticipates will continue to be offered at its booths. The Company is in discussions with MGM and Cirque to sell their tickets through the Company's new online and mobile platforms (discussed below). Competition from MGM's new discount ticket booths, coupled with the removal of the four Cirque shows from our inventory may materially negatively impact the Company's future performance.

The Company is close to commencing new growth initiatives including selling tickets in advance and same-day via online and mobile devices at a slightly higher sales price than at its booths. The Company is rolling out an improved discount dining program and its first ever discount shopping offer. The Company has also created a new project to market its discount inventories to Expedia brand customers prior to their arrival in Las Vegas under its Expedia Local Expert partnership that is anticipated to commence this year.

The Company is hopeful that these new growth initiatives will mitigate the effects from competition and the MGM impacts discussed above and return it to revenue growth.

Second Quarter 2017 Results

Second quarter 2017 revenues decreased to $4,761,000 as compared with $5,312,000 for the same period a year ago. Revenues were negatively impacted by last year's significant number of permanent show closures and increased competition, particularly from online and mobile ticket sellers as compared to the same period a year ago.

Second quarter 2017 direct operating expenses, which includes payroll costs, rents, utilities and third party commission and fees, decreased to $2,356,000 as compared with $2,552,000 for the same period a year ago. The decrease in direct operating expenses was primarily the result of one less location in operation during this period as compared with the same period a year ago.

Second quarter 2017 selling, general and administrative expenses increased to $1,859,000 as compared with $1,834,000 for the same period a year ago.

Second quarter 2017 net income decreased to $333,000, or $0.02 per diluted common share, as compared with a net income of $530,000, or $0.03 per diluted common share reported for the same period a year ago.

First Six Months 2017 Results

First six months 2017 revenues decreased to $9,085,000 as compared with $10,729,000 for the same period a year ago. Revenues were negatively impacted by last year's significant number of permanent show closures and increased competition, particularly from online and mobile ticket sellers as compared to the same period a year ago.

First six months 2017 direct operating expenses decreased to $4,795,000 as compared with $5,147,000 for the same period a year ago. The decrease in direct operating expenses was primarily the result of one less location in operation during this period as compared with the same period a year ago.

First six months 2017 selling, general and administrative expenses were $3,763,000 as compared with $3,778,000 for the same period a year ago.

First six months 2017 net income decreased to $275,000, or $0.02 per diluted common share, as compared with a net income of $1,018,000, or $0.06 per diluted common share reported for the same period a year ago.

About Tix Corporation

Tix Corporation (OTCQX:TIXC) provides discount ticketing services. It currently operates ten discount ticket stores in Las Vegas under its Tix4Tonight marquee, which offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. Tix4Tonight also serves as the Official Las Vegas Guest Services Partner for Expedia and its other brands. The co-branded Expedia Local Expert service provides both pre-arrival concierge-type services and in-market concierge-type desk services and related customer service support at physical locations in Las Vegas, featuring Tix4Tonight's inventory of discount show and attraction tickets, along with discount dining reservations.

Stockholder Rights Agreement

On January 2, 2014, the Company announced that its Board of Directors adopted an amendment of the Company's Stockholder Rights Agreement (the "Rights Agreement") to protect the interests of all Company stockholders by lowering the beneficial ownership threshold to a level that could help preserve the value of the Federal Net Operating Loss Carry Forwards ("NOLs"). The Company's ability to use the NOLs would be substantially limited if there were an "ownership change" as defined under Section 382 of the U.S. Internal Revenue Code and related U.S. Treasury regulations ("Section 382"). In general, an "ownership change" would occur under Section 382 if the Company's "5-percent shareholders," as defined under Section 382, collectively increase their ownership in the Company by more than 50 percentage points over a rolling three-year period.

Under the terms of the amended and restated Rights Agreement, subject to certain exceptions, in the event a person or group, without Board approval, acquires beneficial ownership of 4.95% or more of the outstanding Common Stock or announces a tender or exchange offer which would result in such person or group's beneficial ownership of 4.95% or more of the outstanding Common Stock (a "Triggering Stockholder"), then all stockholders of the Company (other than the Triggering Stockholder) will be entitled to acquire shares of Common Stock at a 50% discount (a "Dilution Event").

A person or group that owns 4.95% or more of the outstanding Common Stock at the time of the adoption of the amended and restated Rights Agreement (an "Existing Major Stockholder") will not trigger a Dilution Event. However, a Dilution Event will be triggered if an Existing Major Stockholder, without Board approval, acquires any additional shares of Common Stock.

The 4.95% beneficial ownership threshold under the amended and restated Rights Agreement will remain applicable until March 31, 2021, or earlier, if the Board determines that the reduced threshold is no longer necessary for the preservation of the NOLs.

The foregoing description of the amended and restated Rights Agreement is qualified in its entirety by reference to the full text of the amended and restated Rights Agreement, a copy of which is available on the Company's website.

Safe Harbor Statement

Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements about our future revenues and financial position. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's filings with the OTCQX. The Company assumes no obligation to update these forward-looking statements. A copy of the Company's reports for the twelve months ended December 31, 2016 can be found on the Company website at www.tixcorp.com or at www.otcmarkets.com.

TIX CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                             June 30, 2017       December 31, 2016
                                                                             (Unaudited)
Assets
Current assets:
Cash                                                                    $    5,028,000      $    7,336,000
Accounts receivable                                                          38,000              36,000
Prepaid expenses and other current assets                                    358,000             131,000
Total current assets                                                         5,424,000           7,503,000
Property and equipment, net                                                  176,000             264,000
Other assets:
Goodwill                                                                     3,120,000           3,120,000
Deferred tax asset                                                           10,209,000          10,508,000
Deposits and other assets                                                    61,000              61,000
Total other assets                                                           13,390,000          13,689,000
Total assets                                                            $    18,990,000     $    21,456,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable - shows and events                                     $    858,000        $    1,097,000
Accounts payable and accrued expenses                                        448,000             1,090,000
Deferred revenue                                                             55,000              44,000
Note payable - short term and net of discount                                188,000             200,000
Total current liabilities                                                    1,549,000           2,431,000
Deferred rent obligations                                                    19,000              28,000
Note payable - net of current portion and discount                           -                   176,000
Total liabilities                                                            1,568,000           2,635,000
Stockholders' equity:
Preferred stock, $.01 par value; 500,000 shares authorized; none issued                          -
Common stock, $.08 par value; 100,000,000 shares authorized; 17,342,175      2,720,000           2,720,000
shares net of 16,644,814 treasury shares, and 17,349,583 shares net of
16,637,406 treasury shares issued and outstanding at
June 30, 2017 and December 31, 2016, respectively
Additional paid-in capital                                                   94,897,000          94,655,000
Cost of stock held in treasury                                               (28,164,000 )       (28,154,000 )
Accumulated deficit                                                          (52,031,000 )       (50,400,000 )
Total stockholders' equity                                                   17,422,000          18,821,000
Total liabilities and stockholders' equity                              $    18,990,000     $    21,456,000
TIX CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
                                                               Three Months Ended June 30,
                                                               2017           2016
                                                               (Unaudited)    (Unaudited)
Revenues                                                  $    4,761,000    $ 5,312,000
Operating expenses:
Direct costs of revenues                                       2,356,000      2,552,000
Selling, general and administrative expenses                   1,859,000      1,834,000
Depreciation and amortization                                  38,000         117,000
Total operating expenses                                       4,253,000      4,503,000
Operating income                                               508,000        809,000
Other expense:
Interest expense                                               4,000          6,000
Other expense , net                                            4,000          6,000
Income before provision for income taxes                       504,000        803,000
Provision for income taxes                                     171,000        273,000
Net income                                                $    333,000      $ 530,000
Net income per common share
Net income per common share - basic                       $    0.02         $ 0.03
Net income per common share - diluted                     $    0.02         $ 0.03
Weighted average common shares outstanding - basic             17,342,175     17,292,304
Weighted average common shares outstanding - diluted           17,342,175     18,094,901
TIX CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
                                                               Six Months Ended June 30,
                                                               2017           2016
                                                               (Unaudited)    (Unaudited)
Revenues                                                  $    9,085,000    $ 10,729,000
Operating expenses:
Direct costs of revenues                                       4,795,000      5,147,000
Selling, general and administrative expenses                   3,763,000      3,778,000
Depreciation and amortization                                  100,000        250,000
Total operating expenses                                       8,658,000      9,175,000
Operating income                                               427,000        1,554,000
Other expense:
Interest expense                                               10,000         11,000
Other expense, net                                             10,000         11,000
Income before provision for income taxes                       417,000        1,543,000
Provision for income taxes                                     142,000        525,000
Net income                                                $    275,000      $ 1,018,000
Net income per common share
Net income per common share - basic                       $    0.02         $ 0.06
Net income per common share - diluted                     $    0.02         $ 0.06
Weighted average common shares outstanding - basic             17,348,184     17,316,362
Weighted average common shares outstanding - diluted           17,376,904     18,079,631
TIX CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
                                                                             Six Months Ended June 30,
                                                                             2017               2016
                                                                             (Unaudited)        (Unaudited)
Cash flows from operating activities:
Net income                                                              $    275,000       $    1,018,000
Adjustments to reconcile net income to net cash (used in) provided by
operating activities:
Imputed interest                                                             12,000             12,000
Depreciation                                                                 100,000            234,000
Amortization of intangible assets                                            -                  17,000
Stock based compensation                                                     242,000            195,000
Deferred tax asset                                                           299,000            454,000
(Increase) decrease in:
Accounts receivable                                                          (2,000     )       7,000
Prepaid expenses and other assets                                            (227,000   )       (114,000   )
Increase (decrease) in:
Accounts payable - shows and events                                          (239,000   )       (299,000   )
Accounts payable and accrued expenses                                        (642,000   )       (693,000   )
Deferred revenue                                                             11,000             4,000
Deferred rent obligations                                                    (9,000     )       (17,000    )
Net cash (used in) provided by operating activities                          (180,000   )       818,000
Cash flows from investing activities:
Purchases of property and equipment                                          (12,000    )       (29,000    )
Net cash used in investing activities                                        (12,000    )       (29,000    )
Cash flows from financing activities:
Cash received on exercise of stock options                                   -                  42,000
Dividends paid                                                               (1,906,000 )       (1,817,000 )
Payment on note payable                                                      (200,000   )       (200,000   )
Cost of treasury stock                                                       (10,000    )       (39,000    )
Net cash used in financing activities                                        (2,116,000 )       (2,014,000 )
Net decrease in cash                                                         (2,308,000 )       (1,225,000 )
Cash, beginning of period                                                    7,336,000          7,921,000
Cash, end of period                                                     $    5,028,000     $    6,696,000
Investor Contacts:

Steve Handy, CFO, (818)761-1002

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