Premier Exhibitions CFO resigns
Atlanta Business Chronicle
Premier Exhibitions Inc. Chief Financial Officer Harold W. Ingalls resigned Jan. 10, according to a Securities and Exchange filing Tuesday.
In November 2008, Ingalls told the embattled company he planned to step down. HI employment agreement gives him the continuation of his salary and benefits for one year.
Atlanta-based Premier Exhibitions (NASDAQ: PRXI) saw its revenues dive 20 percent in the third quarter as attendance to many of its shows faltered. Premier reported a net loss of $1.8 million in the quarter ended Nov. 30, compared to a profit of $2.7 million during the same quarter in 2007. Its revenues for the quarter fell to $13.5 million from $16.7 million.
The company mired in a shareholder fight with shareholder Sellers Capital LLC for control of the company. Chicago-based Sellers Capital LLC, which owns a 16 percent stake in Premier Exhibitions Inc., wants Premier founder and CEO Arnie Geller out and it’s forcing a vote among shareholders to appoint four new members to the company’s board at its 2009 annual meeting.
In addition to Titanic Aquatic, which is now at the Georgia Aquarium, Premier stages the controversial Bodies: The Exhibition as well as Dialog in the Dark.
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