TIX CORPORATION REPORTS FULL YEAR 2019 RESULTS
STUDIO CITY, CA, March 19, 2020 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the full year ended December 31, 2019.
Full Year 2019 Summary Results:
The Company’s revenues decreased to $12.7 million, or 2%, as compared to $13.0 million in 2018. Operating loss was $1.1 million, as compared to $4.4 million in 2018. The Company’s operating loss was impacted by the decrease in revenues, an increase in legal and professional fees primarily related to governance matters of $741,000, offset by approximately $1.1 million in cost reductions, as compared to 2018. In 2018, our operating loss included an impairment of goodwill charge of $3.1 million, which did not occur in 2019.
Due to the Company’s recent operating losses, and the current disruption to the Company caused by efforts to mitigate the impact of the COVID-19 virus in Las Vegas, as announced earlier this week, the Company’s auditors issued a going concern opinion which is included in the Company’s 2019 annual report.
About Tix Corporation
Tix Corporation (OTCQX:TIXC) provides discount ticketing services. It currently operates nine discount ticket stores in Las Vegas under its Tix4Tonight marquee and its online ticket sales site, , which offer up to a 50 percent discount for shows, concerts, attractions, and tours, as well as discount dining and shopping offers.
Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements that 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 OTC Markets. 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, 2019, can be found on the Company website at or
Investor Contacts:
Steve Handy, CFO, (818)761-1002
| TIX CORPORATION AND SUBSIDIARY | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| December 31, 2019 | December 31, 2018 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash | $ | 2,251,000 | $ | 3,870,000 | |||||||
| Prepaid expenses and other current assets | 212,000 | 381,000 | |||||||||
| Total current assets | 2,463,000 | 4,251,000 | |||||||||
| Property and equipment, net | 123,000 | 186,000 | |||||||||
| Right of use asset, net | 3,086,000 | - | |||||||||
| Other assets: | |||||||||||
| Deferred tax asset | - | 1,653,000 | |||||||||
| Equity investment | - | - | |||||||||
| Deposits and other assets | 487,000 | 215,000 | |||||||||
| Total other assets | 487,000 | 1,868,000 | |||||||||
| Total assets | $ | 6,159,000 | $ | 6,305,000 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable – shows and events | $ | 267,000 | $ | 660,000 | |||||||
| Accounts payable and accrued expenses | 487,000 | 412,000 | |||||||||
| Leases payable, current portion | 1,601,000 | - | |||||||||
| Deferred revenue | 42,000 | 59,000 | |||||||||
| Total current liabilities | 2,397,000 | 1,131,000 | |||||||||
| Leases payable | 1,550,000 | - | |||||||||
| Deferred rent obligations | - | 75,000 | |||||||||
| Total liabilities | 3,947,000 | 1,206,000 | |||||||||
| Commitments and contingencies | |||||||||||
| 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 shares net of 16,644,814 treasury shares issued and outstanding at December 31, 2019 and 2018, respectively | 2,720,000 | 2,720,000 | |||||||||
| Additional paid-in capital | 95,199,000 | 95,113,000 | |||||||||
| Treasury stock at cost | (28,164,000 | ) | (28,164,000 | ) | |||||||
| Accumulated deficit | (67,543,000 | ) | (64,570,000 | ) | |||||||
| Total stockholders’ equity | 2,212,000 | 5,099,000 | |||||||||
| Total liabilities and stockholders’ equity | $ | 6,159,000 | $ | 6,305,000 | |||||||
| TIX CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2019 AND 2018 | |||||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2019 | 2018 | ||||||||||||||||
| Revenues | $ | 12,746,000 | $ | 12,969,000 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Direct costs of revenues | 8,069,000 | 8,319,000 | |||||||||||||||
| Selling, general and administrative expenses | 5,706,000 | 5,759,000 | |||||||||||||||
| Impairment of goodwill | - | 3,120,000 | |||||||||||||||
| Depreciation | 108,000 | 133,000 | |||||||||||||||
| Total costs and expenses | 13,883,000 | 17,331,000 | |||||||||||||||
| Operating loss | (1,137,000 | ) | (4,362,000 | ) | |||||||||||||
| Loss on equity investment | (336,000 | ) | - | ||||||||||||||
| Other income: | |||||||||||||||||
| Interest income | 4,000 | 14,000 | |||||||||||||||
| Loss before provision for income tax expense | (1,469,000 | ) | (4,348,000 | ) | |||||||||||||
| Provision for income tax expense | (1,504,000 | ) | (3,229,000 | ) | |||||||||||||
| Net loss | $ | (2,973,000 | ) | $ | (7,577,000 | ) | |||||||||||
| Net loss per common share – basic and diluted | $ | (0.17 | ) | $ | (0.44 | ) | |||||||||||
| Weighted average common shares outstanding – basic and diluted | 17,342,175 | 17,342,175 | |||||||||||||||
