Discount Ticket Seller Increases Income, Earnings

Tix Corp. showed an increase in net income and earnings in the fourth quarter, the company announced. The Studio City discount ticket seller reported on Wednesday net income of $12.7 million (70 cents a share) for the quarter ending Dec. 31 compared with net income of $888,000 (5 cents) in the same period a year earlier. Revenue was flat at $5.9 million. No analysts follow the company. The net income included an income tax benefit adjustment of $11.5 million. Adjusted net income was $1.1 million (6 cents). Tix sells discounted Las Vegas show tickets and dinner reservations from 11 locations. Tix Chief Executive Mitch Francis said successful execution of our strategies led to solid financial results throughout 2015. “Consistent operational performance and cash generation, coupled with confidence in our strategies allowed us to initiate a quarterly dividend program in the first half of 2015, which produced a meaningful dividend yield for our shareholders” said Francis, in a prepared statement. Shares did not trade Wednesday and remained at $2.13 in the over-the-counter market.