The loss of three Las Vegas shows and the closure of one of its discount ticket kiosks contributed to lower third quarter revenue for Tix Corp.
The Studio City-based seller of discounted tickets reported net income of $768,000 (3 cents a share) compared with $647,000 (3 cents) in the same period a year earlier. Revenue dropped 10 percent to $6.4 million.
A decrease in ticket sales at Tix’s Las Vegas kiosks was attributed to less spending by visitors, the closing of three Vegas shows without comparable replacements, and a construction project on the Las Vegas strip that resulted in the closure of a kiosk, said Chief Executive Mitch Francis.
The company had been notified that another kiosk, which generated 17 percent of sales this year, will close early next year due to a hotel renovation project, Francis added.
“In response, we are pursuing strong replacement locations that will hopefully open in the middle to end of 2013,” said Francis, in a prepared statement. “We expect these new locations will return us back to continued revenue growth.”
Shares lost 7 cents, or more than 5 percent, to close at $1.21 in over-the-counter trading.