Premier Exhibitions lowers 2008 guidance, says CFO to resign, posts Q3 results

Shares of Premier Exhibitions, Inc. (Nasdaq: PRXI) are plunging to a new 52-week low after the developer and provider of tours for exhibitions worldwide lowered its guidance for its full fiscal year and announced the resignation of its CFO. The company also reported third-quarter revenues a shade lower than estimates.

Shares of Premier Exhibitions plummeted 33.68%, or $2.92, to a new 52-week low of $5.75 ahead of the opening. Shares of Premier Exhibitions have been trading in the range of $6.52 to $18.62 for the past 52 weeks.

Premier Exhibitions lowered its EPS guidance for its fiscal 2008 year ending Feb. 29, 2008, on account of increase in non-cash stock-based compensation expenses incurred in the second half of the firm’s fiscal year as part of the expansion of its management team and board of directors. Additionally, the cancellation of one of the company's exhibitions, delays in the opening of several exhibitions, and poorer performance at certain domestic human anatomy exhibitions also served to drag down bottom-line projections.

The company now expects EPS in the range of $0.38 to $0.46 on revenues in the range of $56.9 million to $61 million. This compares with EPS of $0.24 on revenues of $30 million for fiscal 2007. The Thomson mean estimates for EPS and revenue for fiscal 2008 are $0.60 per share and $66.19 million respectively.

The company also reported third-quarter results. For the three months ended Nov. 30, 2007, the small cap booked revenue of $16.7 million, below the $17.57 million four analysts polled by Thomson were on average projecting. The company earned revenue of $7.9 million in the comparable period last year.

Net income was $4.6 million, or $0.14 per share, a penny above the $0.13 four analysts polled by Thomson were on average forecasting. This compares with net income of $2.8 million, or $0.09 per share, for the third quarter last year.

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