Premier Exhibitions sees fiscal 4Q loss narrow

Premier Exhibitions sees fiscal 4th-quarter loss narrow but revenue drops

Associated Press

NEW YORK (AP) -- Premier Exhibitions Inc., a presenter of touring exhibitions, saw its losses narrow in its fiscal fourth quarter, but revenue dropped because of the impact from Superstorm Sandy.

The company said it lost $1.1 million, or 2 cents per share, in the three-month period ended Feb. 28. That compares with a loss of $2.9 million, or 6 cents per share, during the year-ago period.

Revenue dropped 11.6 percent to $6.7 million in the quarter.

Premier Exhibitions said that Superstorm Sandy, which battered the Northeast and mid-Atlantic states in late October, resulted in the shutdown of its semi-permanent exhibitions at The South Street Seaport locations in New York City.

It said it is seeking semi-permanent space in the Times Square area for the New York exhibits: Bodies.The Exhibition and Titanic: The Experience.

The company reported declines in three different metrics during the quarter. Total exhibition days slipped to 1,150 in the fourth-quarter period from 1,185 in the year-ago period. Average attendance per exhibition day was 399 compared with 483 in the year-ago period. And average ticket prices at semi-permanent, museum and other locations declined 6.8 percent to $14.62 from $15.69.

For the full fiscal year, Premier Exhibitions earned $2 million, or 4 cents per share, on revenue of $39.5 million.

Premier Exhibitions said it will consider financial alternatives including the hire of an investment bank as a proposed sale of artifacts from the Titanic is taking longer than expected.

Shares fell 9.5 percent, or 22 cents, to $2.10 in late-day trading.

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