Premier Exhibitions Inc. Auditor Raises 'Going Concern' Doubt
May 29 15
Premier Exhibitions Inc. filed its 10-K on May 29, 2015 for the period ending Feb 28, 2015. In this report its auditor, Cherry, Bekaert & Holland, LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Premier Exhibitions Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Audited Consolidated Earnings Results for the Full Year Ended February 28, 2015
May 28 15
Premier Exhibitions Inc. announced consolidated earnings results for the fourth quarter and audited consolidated earnings results for the full year ended February 28, 2015. For the quarter, the company reported total revenue of $6,875,000 against $6,197,000 a year ago. Loss from operations was $5,202,000 against $1,444,000 a year ago. Loss before income taxes was $6,095,000 against $1,549,000 a year ago. Net loss attributable to shareholders of the company was $5,477,000 against $1,390,000 a year ago. Basic and diluted loss per common share was $1.11 against $0.28 a year ago. Net cash used in operating activities was $672,000 against $481,000 a year ago. Purchases of property and equipment were $3,560,000 against $144,000 a year ago. Adjusted LBITDA, a non-GAAP measure, was $0.9 million, a decrease of $0.3 million from the prior year period.
For the year, the company reported total revenue of $29,390,000 against $29,348,000 a year ago. Loss from operations was $10,487,000 against $751,000 a year ago. Loss before income taxes was $11,693,000 against $941,000 a year ago. Net loss attributable to shareholders of the company was $10,475,000 against $714,000 a year ago. Basic and diluted loss per common share was $2.13 against $0.14 a year ago. Net cash used in operating activities was $1,386,000 against net cash provided by operating activities of $483,000 a year ago. Purchases of property and equipment were $4,001,000 against $3,114,000 a year ago. Adjusted LBITDA, a non-GAAP measure, was $1.9 million, a decrease of $4.2 million from the prior year's results.
Premier Exhibitions Inc. Announces Resignation of Samuel S. Weiser as Executive Chairman and Member of the Board of Directors
Apr 8 15
On April 2, 2015, Premier Exhibitions Inc. entered into a Consulting Agreement (the Consulting Agreement) with Mr. Samuel S. Weiser, the Executive Chairman of the Board. Pursuant to the Consulting Agreement, Mr. Weiser resigned as Executive Chairman and as a member of the company's Board of Directors, effective as of the date of the Consulting Agreement, and agreed to make himself available to provide consulting advice, information regarding historical company transactions, and transition services as and when reasonably requested by the company through September 30, 2015.
Premier Exhibitions, Inc. to Appoint Daoping Bao as Executive Chairman, President and Chief Executive Officer
Apr 2 15
Premier Exhibitions Inc. announced that it has entered into a definitive merger agreement with Dinoking Tech Inc. Up on closing of the transaction, Daoping Bao will become the Executive Chairman, President and Chief Executive Officer of Premier, while DK will become an indirect wholly-owned subsidiary. The transaction, subject to Premier shareholder approval, is expected to be completed in August 2015.