This week was a rough one for Tix Corp. stock, which trades under the symbol TIXC.
On Monday, November 16, the stock closed at $3.10 per share, but by Friday, November 20, the stock had dropped a whooping 43 percent to close at just $1.77. Much of the decline happened Wednesday and Thursday, as internet message boards lit up with worries about the company’s future.
The huge drop led Tix Corp. Chairman and CEO Mitch Francis to issue a statement to reassure shareholders that the company remained strong. Tix Corp. also announced it was expanding with an eighth Las Vegas Tix4Tonight discount ticket outlet location.
“As a matter of policy, the Company generally does not address trading trends of its stock,” Francis said in the statement. “However, given the recent unprecedented stock price decline and shareholder inquiries we thought it appropriate to communicate to our shareholders.”
He continued, “The fundamentals of our business remain unchanged. We continue to believe that we have a strong fourth quarter ahead of us in light of the strong line up of classical and new productions, most notably among them the recently launched ‘101 Dalmatians – The Musical.’ We also anticipate synergies from our integrated business model.
“Our financial position remains strong with cash balances and no debt.”
While their stocks also dropped this week, shares of Ticketmaster Entertainment and Live Nation fell only single digits for the period, at about 6 percent and 7 percent, respectively.
Ticketmaster’s stock, which trades under the symbol TKTM, closed at $10.66 on Friday, while Live Nation’s stock, which trades under the symbol LYV, closed at $7.37. Click here to see the tickers for each company.