RMS Titanic, Inc. Announces Record Revenues For Its Second Fiscal Quarter
NEW YORK, Oct. 20 /PRNewswire/ -- RMS Titanic, Inc. (OTC Bulletin Board: SOST - news), today reported net income of $1,237,809, or $.08 per share, on record revenues of $4,642,799 for the second fiscal quarter period ended August 31. Net income for the quarter rose 52% from $815,477, or $.05 per share in the year ago period, and revenues increased 324% from $1,094,816 in the Company's second fiscal quarter ended August 31, 1997.
For the six months ended August 31, 1998, RMS Titanic, Inc. reported record net income of $2.58 million, or $.16 per share, on record revenues of $7.2 million. Net income for the six month period increased 195% from $873,043, or $.05 per share, in the comparable year ago period. Revenues increased 380% from $1.5 million during the comparable six month period.
George Tulloch, President of the RMS Titanic, Inc., said, ''We are very pleased with the company's financial performance for both the second quarter and the first six months of our 1999 fiscal year. Several milestones were achieved in the second quarter. By licensing the audio-visual and other rights to the 1998 Titanic Expedition, the Company was able to generate additional revenues of approximately $3.35 million. The expedition team successfully recovered the '20-Ton Big Piece,' which is currently on display at our Boston Exhibition, and digitally photographed the stern section of the wreck. In addition, we recovered many unique artifacts, including a gangway D-Deck door weighing more than half a ton. The increase in revenues and earnings reflects the continued strength and success of our Company's exhibition program, as well as our commitment to expand the size and scope of our Titanic merchandise line.''
Currently, RMS Titanic, Inc. has exhibitions of Titanic artifacts presented concurrently in Boston, Massachusetts; Japan; and Long Beach, California (located at the Queen Mary).
''The vast degree of public interest in our activities has been demonstrated by the blockbuster success of our exhibitions. To date, over 3.5 million visitors have attended our venues, which reflects the worldwide market potential for the Exhibition program of our Titanic artifacts.''
''We have worked diligently to improve our financial position as our balance sheet has continued to strengthen and shareholders' equity has increased consecutively for the past six quarters. As of August 31, 1998, Stockholders' Equity improved to approximately $10 million.''
''We are dedicated to continually increasing revenues and profits while positioning RMS Titanic, Inc. to take advantage of all available marketing opportunities both domestically and internationally over the coming year. During the second quarter, RMS Titanic invested in the acquisition of exhibitry for its United States exhibition tour. By making this investment, the Company expects to reduce its future exhibition financial outlays, therefore increasing its revenues.''
''In addition to presenting our next United States exhibition in St. Paul, Minnesota from January 1, 1999 through April 30, 1999 and plans to present our next European exhibit in Zurich, Switzerland for six months beginning November 10, 1998, the Company is currently in negotiations for several new exhibition locations which we expect to announce over the coming months.''
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 1998, 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, as detailed in the Company's Securities and Exchange Commission filings, 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 exhibition plans. 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 or Hayden, Buczek & Associates, Inc. at (843)-272-4653.
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