Marshall, this ship is leaving port!
Wednesday October 22 9:00 AM EDT
Company Press Release
RMS Titanic, Inc. Announces Second Quarter Earnings of
$815,744, EPS of $.05; Expects Third Quarter Revenue
From Exhibitions to be a Minimum of $1.1 Million And
EPS of $.05 For The Third Quarter
NEW YORK CITY, Oct. 22 /PRNewswire/ -- RMS Titanic, Inc. (OTC Bulletin Board: SOST)announced that its net income for the second quarter of its 1998 fiscal year amounted to $815,744,or $.05 a share, on revenues of $1,094,816. The Company expects revenue for its third quarter,
ending November 30, 1997, to be a minimum of $1.1 million, with earnings per share expected to be a minimum of $.05 per share for the third quarter. Second and third quarter revenues have derived and will derive principally from exhibitions of the Company's Titanic artifacts in Memphis,Tennessee and Hamburg, Germany. During the second quarter, the Company had revenue of approximately $752,000 from the Memphis exhibition and approximately $230,000 from the Hamburg exhibition. The Company expects revenue of a minimum of $941,000 from the Memphis
exhibition during its third Quarter. The exhibition of approximately 300 artifacts recovered by the Company from the Titanic wreck site in Memphis closed on September 30, 1997 and will be presented in St. Petersburg, Florida from November 15, 1997 through May 15, 1998.
During the second quarter of its prior fiscal year, the Company had net income of $727,513 on revenues of $1,033,182 derived primarily from licensing and other fees related to its 1996 expedition to the Titanic Wreck site. The Company did not have revenue from exhibitions during the second quarter of its 1997 fiscal year.
RMS Titanic, Inc. has been declared salvor-in-possession and is sole and exclusive owner of items recovered from the Titanic, and has been awarded the exclusive rights to photograph and film the wreck. Formed in 1987, the Company's mission is to obtain oceanographic material, scientific data and recover artifacts for education, historical verification and public, awareness. The Company is committed to keeping the Titanic artifacts together as a collection for public exhibition, without sale to private collectors. For further information about the Company, visit its web site athttp://www.titanic-online.com.
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