ATLANTA, Oct. 7, 2009 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI), a major developer of touring museum-quality exhibits, today announced financial results for the fiscal year 2010 second quarter ended August 31, 2009:

  * Total revenue decreased 11 percent to $13.4 million in the
    second quarter of fiscal 2010 from $15.1 million in the second
    quarter of fiscal 2009 due to lower Bodies attendance and
    decreased merchandise revenue reflecting the reduction in touring
    Bodies exhibits and the disposition of the merchandise subsidiary.
  * Gross profit increased 14 percent to $8.2 million in the second
    quarter of fiscal 2010 from $7.1 million in the second quarter
    of fiscal 2009.
  * The second quarter of fiscal 2010 GAAP loss of ($0.5) million or
    ($0.02) per share compares with a GAAP profit of $0.9 million
    or $0.03 per share for the second quarter of fiscal 2009.
  * For the second quarter of fiscal 2010, Adjusted EBITDA (a non-GAAP
    measure) was $0.8 million which compares with ($0.2) million in
    the second quarter of fiscal 2009. (1) Reconciled GAAP and
    non-GAAP financial measures are provided in the tables below.
  * The GAAP loss and Adjusted EBITDA for the second quarter of
    fiscal 2010 include $7.5 million of General and Administrative
    expenses as compared with $4.7 million in the 2009 quarter. The
    tables below include a summary of the major components of General
    and Administrative expense for the second quarters of fiscal
    2009 and 2010, and indicate compensation expense excluding stock-
    based compensation decreased 58 percent. While the 2009 quarter
    benefited from a $2.6 million reversal of stock-based compensation
    expense, the 2010 quarter is impacted by items related to the
    restructuring of the business.
  * On August 31, 2009 total cash and marketable securities were
    $10.9 million and currently the Company has approximately $11.9
    million in cash and marketable securities on hand and no debt.
  * Total attendance for the second quarter of fiscal 2010 decreased
    four percent to 1,324,495 compared with 1,374,472 in the second
    quarter of fiscal 2009.
  * Total days of operation for the second quarter of fiscal 2010
    decreased 16 percent to 1,639 compared with 1,953 in the second
    quarter of fiscal 2009.

Chris Davino, Premier Exhibition's Chief Executive Officer stated, "On a sequential quarterly basis, total revenue increased 23 percent, gross profit margin rose to 61 percent from 53 percent in the previous quarter, and our non-GAAP measure adjusted EBITDA improved by over $2 million. While it's still early in the turnaround, the Company is now financially stable, leaner, and is working on a number of initiatives that should bear fruit in coming quarters. These new initiatives include sponsorship opportunities, the redesign and rebranding of certain exhibits, and new partnerships with key third parties. We expect to make several announcements about these new initiatives in the coming weeks and months."

2Q10 Conference Call Information

Company management will host its second quarter fiscal 2010 conference call on October 8, 2009 at 8:00 a.m. (EDT). Interested parties can access the call by dialing 1 (877) 874-1570 in the U.S. and 1 (719) 325-4839 internationally. Callers should reference confirmation code 5123143. A transcript of the conference call will be made available on the Company's website: www.prxi.com.

 (1) Adjusted EBITDA
 See Table 4 below for reconciliations of Adjusted EBITDA to
 GAAP Net income (loss).

This press release contains certain financial measures that are not prepared in accordance with GAAP (generally accepted accounting principles in the U.S.). Such financial measures are referred to herein as "non-GAAP" and are presented in this press release in accordance with Regulation G as promulgated by the Securities and Exchange Commission. A reconciliation of each such non-GAAP measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes each such non-GAAP financial measure provides useful information to investors, is provided below.

Adjusted EBITDA is a non-GAAP financial measure that the Company defines as earnings before certain unusual and/or non-cash charges, depreciation and amortization, loss (gain) on sale of operating assets, impairment of intangible assets and goodwill, and non-cash compensation expense. The Company uses Adjusted EBITDA to evaluate the performance of its operating segments. The Company believes that information about Adjusted EBITDA assists investors by allowing them to evaluate changes in the operating results of the Company's portfolio of businesses separate from non-operational factors that affect net income, thus providing insights into both operations and the other factors that affect reported results. Adjusted EBITDA is not calculated or presented in accordance with GAAP. A limitation on the use of Adjusted EBITDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue in the Company's business. Accordingly, Adjusted EBITDA should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies. Therefore, Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies.

About Premier Exhibitions

Premier Exhibitions, Inc. (Nasdaq:PRXI) develops and tours museum quality exhibitions. Presently the Company operates and/or presents and promotes three different types of exhibitions:

  * "Titanic: The Artifact Exhibition," "Titanic Aquatic"
    and "Titanic: Treasures from the Deep;"
  * "Bodies.The Exhibition," and "Bodies Revealed;"
  * "Dialog in the Dark".

Additional information about Premier Exhibitions is available at www.prxi.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Premier Exhibitions, Inc. may differ materially from those anticipated. Although Premier Exhibitions believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Premier Exhibitions can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate.

In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Premier Exhibitions that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties.