RMS Titanic, Inc. Announces Profitable Quarterly Results
October 14 2004 - 3:40PM
PR Newswire (US)
RMS Titanic, Inc. Announces Profitable Quarterly Results ATLANTA,
Oct. 14 /PRNewswire-FirstCall/ -- RMS Titanic, Inc. (OTC:SOST)
(BULLETIN BOARD: SOST) has announced the results of its second
quarter and six months ending August 31, 2004. Revenues for the
second quarter rose 221% to $2,381,000 compared to $741,000 for the
same period one year ago. Revenues for the six month period ended
August 31, 2004 increased 76% to $2,772,000 compared to $1,577,000
for the same period one year ago. Net income for the quarter was
$134,000 as compared to a loss of $78,000 from one year ago. For
the six months ended August 31 2004, the net loss increased to
$741,000 from $351,000 from one year ago. The higher revenues and
net income for the current quarter resulted from the five
exhibitions that the Company presented during the 2nd quarter while
presenting its own exhibitions. Previously, the Company was a
licensor of artifacts that allowed a third party to conduct the
Titanic exhibitions. Earnings for the second quarter were $0.01 as
compared to $0.00 one year ago, while losses for the respective six
month periods were $0.04 and $0.02. Mr. Arnie Geller, President and
CEO stated, "We are very pleased to deliver these quarterly results
while the Company transitions from licensor to producer of the
Titanic Exhibitions. We believe this plan of operation will
continue to achieve positive results." RMS Titanic, Inc. is in the
business of touring multiple museum quality exhibitions throughout
the world. The Company has recently developed a new exhibition
enabling the Company to leverage its exhibition related business
relationships and expertise. The Company is the only company
permitted by law to recover objects from the wreck of the Titanic.
The Company was granted salvor-in-possession rights to the wreck of
the Titanic by a United States Federal Court in 1994 and has
conducted seven research and recovery expeditions to the Titanic
wreck site recovering approximately 6000 artifacts. The Company
through their wholly owned subsidiary Premier (UK) Exhibitions
Ltd., now also produces an educational exhibition called "Bodies
Revealed". Certain of the above statements contained in this press
release are forward-looking statements that involve a number of
risks and uncertainties. Such forward-looking statements are within
the meaning of that term in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The Company has based these forward-looking
statements on its current expectations and projections about future
events, based on the information currently available to it. The
forward-looking statements include statements relating to the
Company's anticipated financial performance, business prospects,
new developments, new strategies and similar matters. The following
important factors, in addition to those described in the Company's
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended February 29, 2004,
especially in the Risk Factors and the Management's Discussion and
Analysis sections, and its Quarterly Reports on Form 10-Q and its
Current Reports on Form 8-K (each of which is available upon
request from the Company), may affect the future results of the
Company and cause those results to differ materially from those
expressed in the forward-looking statements; material adverse
changes in the economic conditions in the Company's markets,
including terrorist attacks, competition from others, how much
capital the Company may or may not receive from required
financings, and whether or not, and to what extent, the Company
consummates its planned leases to place exhibitions. We disclaim
any obligation to update these forward- looking statements. RMS
TITANIC INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF
INCOME (Unaudited) Three Months Six Months Periods Ended August 31,
2004 2003 2004 2003
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Revenues 2,381,000 741,000 2,772,000 1,577,000 Direct Cost 978,000
-- 1,268,000 -- General and administrative 1,106,000 731,000
2,051,000 1,695,000 Depreciation and amortization 148,000 58,000
176,000 149,000
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Profit (Loss) from operations 149,000 (81,000) (723,000) (358,000)
Net interest Income (Expense) (15,000) 3,000 (18,000) 7,000 Profit
(Loss) before provision for income taxes 134,000 (78,000) (741,000)
(351,000) Provision for income taxes -- -- -- --
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Net Income (loss) $134,000 $(78,000) $(741,000) $(351,000) Basic
and diluted Loss Per common shares: $.01 $(.00) $(.04) $(.02)
Weighted-average number of common shares outstanding 19,841,431
18,905,547 19,341,391 18,790,047 For additional Information: RMS
Titanic, Inc.: Gerald Couture, CFO, 404-842-2600, Investor
Relations: Investor Awareness Inc: Tony Schor, 847-945-2222, Media
Relations: North Coast Advisors Inc: Craig T. Stewart,
585-218-7371, DATASOURCE: RMS Titanic, Inc. CONTACT: Gerald
Couture, CFO of RMS Titanic, Inc., +1-404-842-2600, or ; or
Investor Relations, Tony Schor of Investor Awareness Inc.,
+1-847-945-2222, or ; or Media Relations, Craig T. Stewart of North
Coast Advisors Inc., +1-585-218-7371, or Web site:
http://www.titanic-online.com/
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