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Monday, May 29, 2023

Show Closures Trim Tix Corp. Revenue

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.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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