premier exhibitions inc (PRXI) Key Developments
Premier Exhibitions Inc. Amends Bylaws
Aug 29 14
On August 27, 2014, the Board of Premier Exhibitions Inc. amended the Bylaws of the Company, effective immediately, to provide that the Board shall consist of three or more directors as determined from time to time by resolution of the Board. On the same day, the Board reduced the size of the Board to five directors.
Premier Exhibitions Announces Board of Director Changes
Aug 29 14
Premier Exhibitions Inc. announced changes to the company's Board of Directors. On August 25, 2014, William M. Adams, Ronald C. Bernard, and Bruce Steinberg resigned as directors effective immediately. On the same day, Jack H. Jacobs and Rick Kraniak were appointed to the Board of Directors of the company. Mr. Jacobs currently serves as a director of Paragon Technologies Inc. and has served on a number of other public company boards. Mr. Kraniak through RK Consulting, currently serves as an advisor to Cavendish Global, a privately held company in the financial services industry, and Discount Coupons Corporation, a marketing company. On August 28, 2014, the board appointed Mr. Samuel S. Weiser as the Executive Chairman of the Company. Mr. Weiser is currently a director of the Company and will continue to serve in that capacity. He will be responsible for overseeing the execution of the Company's strategic plan including securing growth capital for the Company, coordinating strategic initiatives with the Company's financial advisors and executing a plan to monetize the Company's Titanic assets. Mr. Weiser succeeds Mark Sellers as the Company's Chairman. Mr. Sellers will remain a director of the company.
Premier Exhibitions Receives Non-Compliance Notice From NASDAQ
Aug 29 14
On August 25, 2014, William M. Adams, Ronald C. Bernard, and Bruce Steinberg resigned as directors of Premier Exhibitions, Inc., effective immediately. On the same day, Jack H. Jacobs and Rick Kraniak were appointed to the Board of Directors of the Company (Board). Messrs. Jacobs and Kraniak are “independent” directors pursuant to the listing standards of the NASDAQ Stock Market and have been appointed to the Audit Committee of the Board. Mr. Jacobs qualifies as an “audit committee financial expert” and will chair the Audit Committee. Following the foregoing changes to the composition of the Board, the Company’s Audit Committee currently consists of two members. As a result, on August 29, 2014, the Company notified the NASDAQ Stock Market LLC that the Company is currently not in compliance with the NASDAQ Listing Rule 5605(c)(2)(A), which requires that the audit committee of a listed company be composed of at least three independent directors. The Company is currently relying on a 180-day cure period provided by the NASDAQ Listing Rule 5605(c)(4) and expects to add an additional director to the Board in the near term in order to have the Audit Committee composed of three independent directors.
Premier Exhibitions Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 31, 2014
Jul 15 14
Premier Exhibitions Inc. announced unaudited consolidated earnings results for the first quarter ended May 31, 2014. For the quarter, the company reported total revenue was $7.49 million against $8.94 million a year ago. Loss from operations was $1.36 million against profit of $1.26 million a year ago. Loss before income taxes was $1.36 million against profit of $1.12 million a year ago. Net loss attributable to shareholders of the company was $1.21 million against profit of $0.971 million a year ago. Diluted loss per share was $0.02 against profit of $0.02 a year ago. Net cash provided by operating activities was $1.12 million against $0.922 a year ago. Purchases of property and equipment were $0.370 million against $0.301 million a year ago. Adjusted LBITDA was $0.134 million against adjusted EBITDA of $2.29 million a year ago.
Update On Premier Exhibitions' Strategic Review Process
Jul 15 14
Premier Exhibitions Inc. (NasdaqGM:PRXI) continues to explore strategic alternatives in conjunction with J.P. Morgan Chase & Co. (NYSE:JPM), however, there is nothing definitive to announce at the present time.