Tix Corp. narrowed its net loss in the fourth quarter helped by a strong showing from its live entertainment division.
The Studio City-based discount ticket seller, merchandiser and live event producer reported a net loss of $1.3 million, or $0.04 per diluted share, on revenues of $25.7 million for the quarter ending Dec. 31. For the same period in 2008, the company reported a net loss of $33 million, or $1.02 per diluted share, on revenues of $20.7 million.
The live entertainment division brought in the most revenue for the company with $19.1 million. The Tix4Tonight discount ticket division brought in $4.9 million, and the exhibit merchandising arm brought in $1.7 million in revenues.
In 2009, Tix opened two additional discount ticket locations in Las Vegas and bought out competitor All Access entertainment with five locations in Vegas.
With those new locations selling discounted tickets for Vegas shows, Tix anticipated hitting $100 million in gross sales in 2010, said CEO Mitch Francis.
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