Tix Corp. is an integrated entertainment company offering discounted and premium ticketing services, strategic merchandising, and the production/promotion of live concert and theatrical events.
The company today announced its board of directors has given the green light for the company to occasionally repurchase up to 1 million shares of its common stock. As of June 15, 2009, Tix had about 32.8 million shares of common stock outstanding. The stock repurchase program will go into effect June 23, 2009, and will run for two years.
“We have been very pleased with the performance of our businesses and are confident in the company’s growth prospects in both the near and longer terms. Our discount ticketing and family-oriented entertainment offerings position us well to continue to benefit from today’s value-oriented consumer,” stated Mitch Francis, Tix CEO. “Our strong balance sheet and the cash generated by our businesses provide the resources to not only evaluate accretive acquisition opportunities, but also to enhance shareholder value through using our cash flow from operations to repurchase shares at what we believe are currently undervalued levels.”
Tix operates in six Las Vegas locations under the brand name Tix4Tonight. The company offers up to 50 percent discounts for various same-day shows, as well as for golf and dining, encouraging consumers in trying economic times.
In addition, the company provides premium concert tickets, as well as theater and sporting event tickets under its Tix4AnyEvent.com brand. It also recently launched Tix4Members.com to cater to closed group discounts through a co-branded Web site with Costco.
According to the press release, as of March 31, 2009, Tix had approximately $10.6 million in cash and no debt.