Earnings were announced almost 3 weeks ago!!!!!
NEW YORK, June 29 /PRNewswire/ -- RMS Titanic, Inc. (OTC Bulletin Board: SOST), the
only company permitted by law to recover objects from the wreck the wreck of the Titanic, or to
film or photograph the Titanic wreck, announces record net income of $3,367,437, or $.21 per
share, on revenues of $4,658,270 for the fiscal year ended February 28, 1998. Net income for the
year rose 2,038% from $157,534 a year earlier, and revenues increased approximately 274%
from $1,246,564 for the Company's fiscal year ended February 28, 1997. Total assets increased
26% to $10.079 from $8.005 million and total liabilities decreased 33% from $3.942 million in
1997 to $2.642 million on February 28, 1998. Shareholders, equity increased 83% to $7.437
million on February 28, 1998, up from $3.942 million a year ago.
George Tulloch, President of the RMS Titanic, Inc., said, "The record earnings and revenue
attained during our 1998 fiscal year reflect the strength of our Company's exhibition program and
were a penny better than our previously released estimated earnings. As a public company
dedicated to preserving history by keeping our Titanic artifacts together as a collection for public
exhibition, without sale to private collectors, the Company's 1998 fiscal year marked the first time
that major exhibitions of our Titanic artifacts were presented. By forming strategic relationships with
the parties who hosted our exhibitions, the Company was able to maximize its net profit margins
while minimizing the Company's capital risks. Approximately $4,150,000, or approximately
eighty-nine percent (89%), of the Company's revenue for its 1998 fiscal year were derived from
exhibition activities. The vast degree of public interest in our activities was demonstrated by the
blockbuster success of our exhibition in Memphis, Tennessee between April 4, 1997 and
September 30, 1997, which recorded an attendance of 635,000 visitors. This success has now
been exceeded by the record-setting attendance of approximately 830,000 visitors to the exhibition
of our artifacts at the Florida International Museum in St. Petersburg, Florida between November
15, 1997 and May 31, 1998."
Mr. Tulloch added, "As we move forward in our efforts to finalize plans for our 1998 expedition to
the Titanic wreck site our next major exhibition of Titanic artifacts will open in Boston,
Massachusetts on July 1, 1998 and will be presented until November 1, 1998." Additionally, an
exhibition of another collection of the Company's Titanic artifacts will tour to six venues in Japan for
approximately one year commencing on or about July 20, 1998. A third collection of the
Company's Titanic artifacts are presently exhibited in Hamburg, Germany, where over 850,000
visitors have attended to date.
Formed in 1987, RMS Titanic, Inc. was granted salvor-in-possession rights to the wreck of the
Titanic by a United States Federal Court order in 1994, reconfirmed again in 1996. The court
award includes the exclusive rights to own all of the objects recovered from the Titanic wreck site
and the exclusive rights to photograph Titanic. During the years 1996, 1994, 1993 and 1987,
research and recovery expeditions conducted by RMS Titanic, Inc. have recovered approximately
5,000 artifacts from the Titanic wreck site. For more information about the Company, visit the
RMS Titanic, Inc. web site at titanic-online.com.
In addition to historical information contained in this press release, certain matters discussed above
are "forward-looking statements" intended to qualify for the safe harbors from liability established
by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such because the context of the statement will include words such as the
Company "believes," "anticipates," "expects," or words of similar import. Similarly, statements that
describe the company's future plans, objectives or goals are also forward-looking statements. All of
these forward-looking statements are subject to certain risks and uncertainties which may cause
actual results to differ materially from those currently anticipated, including, but not limited to,
possible delays in implementation of the Company's future expedition and exhibition plans, or
difficulties that may be encountered in successfully consummating a license for audio-visual rights to
the planned 1998 expedition. Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating the forward-looking statements. The forward-looking
statements made herein are only made as of the date of this press release and the Company
undertakes no obligation to publicly update such forward-looking statements to reflect subsequent
events or circumstances.
Shares of RMS Titanic, Inc. are publicly traded on the OTC Bulletin Board under the symbol
"SOST".
For further information about the RMS Titanic, Inc. please contact George Tulloch at
(212)-558-6300. The contact for Investor Relations for the RMS Titanic, Inc. is Matt Hayden or
Vince Buczek at (843)-272-4653.
RMS TITANIC, INC.
CONSOLIDATED STATEMENTS (AUDITED) OF OPERATIONS
Fiscal Years Ended
February 28,
1998 1997
Revenue:
Exhibitions and related merchandise sales $ 4,151,912 $ 116,019
Licensing fees 114,708 860,000
Sponsorship fees -- 150,000
Merchandise, books and other 224,676 26,391
Sale of coal 146,974 94,154
Total Revenue 4,658,270 1,246,564
Expenses:
Cost of coal sold 14,000 8,010
General & administrative 1,176,373 1,071,460
Depreciation & amortization 23,171 8,703
Total Expenses 1,213,544 1,088,173
Income from operations 3,444,726 158,391
Other income (expense) - net 72,711 (857)
Income (loss) before 3,517,437 157,534
provision for income taxes
Provision for income taxes 150,000 --
Net Income (loss) $ 3,367,437 $ 157,534
Basic income (loss) per common share .21 .01
Weighted average number of
share outstanding 16,181,868 16,141,950
Selected Balance Sheet Data (Audited)
Total Current Assets $ 1,686,877 $ 232,869
Total Assets 10,078,696 8,005,384
Total Current Liabilities 2,642,103 3,941,978
Stockholders' Equity 7,436,593 4,063,406
Total Liabilities &
Stockholders' Equity 10,078,696 8,005,384
SOURCE RMS Titanic, Inc.
CONTACT: George Tulloch, RMS Titanic, Inc., 212-558-6300 or Investor: Matt Hayden or
Vince Buczek, 843-272-4653, for RMS Titanic, Inc.
Quote for referenced ticker symbols: SOST
c 1998, PR Newswire |
