Tix Corp. [OTCBB: TIXC] stock surged more than 17 percent Monday to close at $4.60 per share after the company announced that its Tix4Tonight division in Las Vegas recorded its best year ever by doubling its revenues for the fiscal year ended December 31, 2006, to $5.38 million.
The 100 percent increase in revenues, up from $2.69 million in 2005, was the result of the company selling 573,597 tickets to Las Vegas events over the course of the year, up from 319,238 in 2005. Gross sales value for the tickets sold was $23,182,794 for the year, more than double the value of $10,295,287 in 2005. The average ticket price also increased to $36.38 in 2006, up from $28.25 in the previous year….
Tix Corp. is aggressively looking to boost its standing in the secondary ticket market, so news that it was the ever year for the Tix4Tonight division comes at a great time. The company has been busy the past several months with two acquisitions, the December nonbinding agreement to buy Event Merchandising for $24 million, and last month the acquisition of Cleveland broker AnyEvent.com for a total of $1.4 million.
“We are gratified to be able to report such significant increases in our business results for the past year,” CEO Mitch Francis said in a prepared statement. “We look forward to continuing this growth which we hope to accomplish through enhancement of our current product lines and expansion into new related directions such as our entry into selling premium tickets on a national level via our recent acquisition, AnyEvent.com.’”
