Premier Exhibitions has $10M annual loss
Atlanta Business Chronicle
Premier Exhibitions Inc. sank to a loss in fiscal 2009, due to a decrease in revenue, higher cost of sales and general and administrative expenses, as well as higher depreciation and amortization.
The Atlanta-based developer of touring museum-quality exhibits had a net loss of $10 million and a loss per share of 34 cents, compared with net income of $12.3 million and earnings of 37 cents a share in fiscal 2008. Revenue dropped 12.3 percent to $54 million
The company's attendance levels at exhibitions declined due to the company's inability to locate and open new profitable exhibition venues and the impact of current economic conditions that significantly reduced consumer discretionary spending. The company puts on the “Bodies: The Exhibition,” “Dialog in the Dark” “Titanic Aquatic” exhibitions.
It’s been a rocky year for the company. In early 2009, its largest shareholder Sellers Capital LLC ousted CEO Arnie Geller after putting the company through a hostile takeover. In May 2008, it reached a settlement with the Attorney General of the State of New York over its controversial "Bodies... The Exhibition" and allegations the cadavers used in the exhibit came from executed and or tortured Chinese prisoners.
Premier Exhibitions (NASDAQ: PRXI) also reported Thursday it inked an agreement to get $12 million in financing from Sellers Capital Master Fund Ltd.
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