Premier Exhibitions narrows loss in fiscal 1Q

ATLANTA

Premier Exhibitions Inc. late Thursday reported that it narrowed its loss in the fiscal first quarter as it cut costs and boosted revenue.

Premier posted a loss of $1.5 million, or 3 cents per share, for the quarter ended May 31. That compares with a loss of $5.8 million, or 20 cents per share, in the same quarter of the prior year. Revenue, however, grew to $11.1 million from $10.9 million.

The company said it had fewer exhibitions and attendance at those events were down. However it reduced its operating expenses by more than 50 percent.

In the latest quarter, Premier recorded general and administrative expenses of $4.9 million, compared with $7.3 million in the year-ago period. The year-ago quarter also included an impairment charge of $4.5 million.

Shares of Premier were unchanged at $1.20 Friday afternoon.