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TIX CORPORATION REPORTS FULL YEAR 2019 RESULTS

STUDIO CITY, CA, March 19, 2020 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (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 (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, www.tix4tonight.com, 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 www.tixcorp.com or www.otcmarkets.com.

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