Tag Archives: Premiere Exhibitions

Sunday Musings

Titanic mural at Newtownards Road and Dee Street in Belfast, NI.
(Andy Welsh,http://www.flickr.com/photos/wallrevolution/68715920/)

With summer now in the rear view mirror, autumn is coming up soon. Many stores have already put out Halloween candy and a few costumes. One grocery store nearby has started making pumpkin pies and put out whole pumpkins for sale. But who puts out pumpkins in September? No one that I know of. A few commercials with Halloween themes are starting to appear as well. And of course we are starting to see just the usual beginnings of “true” ghost stories starting to appear.

Autumn is usually the transition from Summer towards Winter. The days get shorter and the nights longer. Temperatures start to drop in most areas but not always. The San Francisco Bay Area usually has its long awaited summer. Most of the year the temperatures along the coast are in the 60’s to low 70’s Fahrenheit and often cooler due to the marine layer. But in September and October, heat arrives from the interior. The wind shifts to off shore and temperatures usually soar sometimes with record breaking days. Usually it lasts just a few days at a stretch but it can be quite miserable with all the concrete radiating heat in downtown Oakland, San Francisco, and San Jose. Most homes do not have air conditioning. We wait anxiously for the fog to return and rejoice when it brings the cooling we so desperately want. But it creates spectacularly bright days which is great for sightseeing. Beaches that normally are only visited by people walking their dogs or surfers become popular spots. Just remember that sand can be hot as well!

Of course the big news for Titanic buffs is the bankruptcy of Premier Exhibitions and the impending sale of the artifacts. The best news would be for the collection to stay in the U.S. or Britain conserved by a museum (or group of them). Hard to see how it will play out but the big money is on the Chinese to purchase it. Of course they will swear up and down they will keep it all together and in the court’s jurisdiction. I suspect though that little by little it will go over to that new theme park in China where a Titanic replica is being built. What Clive Palmer could not pull off they are doing quite handily. From all accounts, it will be quite a sight to behold.

Going over to You Tube you will find all kinds of videos about Titanic. Some are trailers or clips from the various Titanic movies. Others purport to present shocking new evidence of how it really sank. Some of the more reliable ones are from reputable sources like the History Channel, BBC and others. Then sometimes you come across one that makes you stop and enjoy. My Heart Will Go On has become an international standard from that movie and for Celine Dion her most famous song. Here is a lovely rendition of that song on a violin.


Premiere Exhibitions Reports Lower Earnings In First Quarter Report

falling revenuesPremiere Exhibitions, which owns RMS Titanic Inc, recently announced its earnings for the first fiscal quarter of 2015 saw revenue decrease by 16.2% compared with first quarter last year. According to the press release:

Total revenue decreased 16.2% to $7.5 million compared to $8.9 million in the first quarter of fiscal 2014. Exhibition revenue was negatively impacted by a decrease in admissions revenue as a result of fewer touring exhibitions achieving profit share participation despite comparable average attendance per day. This was only partially offset by higher non-refundable license fees. Merchandise revenue was negatively impacted by a decrease in total attendance for semi-permanent and partnered exhibitions along with a decline in average retail sales per attendee.

Average attendance per exhibition day fell by 9.4% to 462 compared to same quarter last year with 510. They had more exhibition days during the quarter compared to last year. Some costs went down due to lower compensation costs.

So what does it all mean? Well Michael Little the interim president writes:

Our top-line performance reflects weaker demand for Titanic and Bodies in established venues such as Las Vegas and Orlando, lower average ticket prices across all semi-permanent locations, along with fewer of our domestic touring partnered exhibitions achieving profit share participation. These factors led to admission and merchandise sales declines that were only partially offset by higher license fees for rented exhibitions touring internationally. The year over year decrease in total revenues, coupled with rising exhibition costs, yielded a reduction in adjusted EBITDA and a net loss for the Company during the three-month period.

So things are not rosy over at Premiere. Fewer people are going to their exhibitions which translates into fewer merchandise sales. As for the Titanic artifacts collection, the official line is “Premier continues to explore strategic alternatives in conjunction with J.P. Morgan, however, there is nothing definitive to announce at the present time. In addition, the Company expects its independent appraisers to complete new appraisals of the entire Titanic collection, including all the artifacts and intellectual property obtained and developed subsequent to the last appraisal in 2009, over the next month.”

The nugget here is a new appraisal is being undertaken but not just of the Titanic artifacts but the intellectual property developed as part of this collection. That tells me they are trying to sweeten the pot. They will not only get the entire Titanic collection but all the other proprietary materials as well. It also makes sense if you are asking big money people to pony up millions of dollars.

Source: Premier Exhibitions Reports First Quarter Fiscal 2015 Results(15 Jul 2014,Marketwatch-Press Release)

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Whatever Happened To….RMS Carpathia?

RMS Carpathia (date unknown) Image: public domain
RMS Carpathia (date unknown)
Image: public domain

I got a note asking what happened to RMS Carpathia, the Titanic rescue ship, after 1912.

RMS Carpathia was a Cunard line transoceanic passenger liner and primarily made runs between New York, Gibraltar, Genoa, Naples, Trieste, and Fiume. During World War I she retained doing commercial runs but did carry both Canadian and American troops to Europe.

On 17 Jul 1918, she was sunk by a German U-Boat in the Celtic Sea. Three torpedoes were fired and one hit the port side and the other the engine room killing two firemen and three trimmers. A third torpedo hit as they were lowering lifeboats. All 57 passengers and 218 surviving crew members got off in lifeboats. The German submarine did surface and threatened the lifeboats. Fortunately the HMS Snowdrop arrived on scene and drove it away and rescued the survivors.

The wreck was thought located in 1999 by team headed up by Graham Jessop on an expedition sponsored by National Underwater and Marine Agency (NUMA). However that proved to be the liner Isis that sank in 1936. Noted author Clive Cussler announced in 2000 that his organization (NUMA-the fictional agency in many of his books that Dirk Pitt works for) had found the wreck at a depth of 500 feet and upright on the seabed. The wreck is now owned by Premier Exhibitions, the same group that also owns RMS Titanic, Inc which obtained salvage rights to Titanic. The company has recovered artifacts from the wreck for display in the Rescue Gallery in its Titanic:The Artifact Exhibition.

Source(s):
1. RMS Carpathia (Wikipedia)
2. Press Release:Artifacts From Titanic’s Rescue Ship, Carpathia, to Make World Debut at the Science Museum of Minnesota(9 April 2009, 4-traders.com)
3. Cunard Line: Carpathia (Encyclopedia Titanica)

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Titanic Exhibition Opens Saturday In South Florida

South Florida Science Center & Aquarium
Photo: WIkipedia

Titanic:The Artifact Exhibition will open at the South Florida Science Center & Aquarium in West Palm Beach on 16 Nov. The exhibit will run till 20 April 2014. For hours and ticket prices go to sfsciencecenter.org. As always plan ahead as tickets often sell out fast at these exhibitions.

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Water Sinks Titanic Again….First in Belfast, then England, and now Las Vegas

Photo: Tom Anstey(Twitter)

Yesterday I noted that there was chatter on the Internet about a Titanic exhibition that was shut down by water damage. A sign was posted saying the exhibit was closed but failed to disclose the location. I have yet to see a full picture that shows not only the door it was on but can show exactly what building it is attached to. I have seen one picture, actually one that seems to accompany the water sign, that seems to indicate it might be the Luxor Las Vegas. Right now Titanic:The Artifact Exhibition is there and the picture also just catches the name Bodies. Bodies, another Premiere exhibition, is also at the Luxor as well. Earlier speculation is that it was either in Belfast or England.

UPI now has a story in its odd section that seems to confirm the Las Vegas angle. UPI reports “It was like 1912 all over again as a Las Vegas exhibition dedicated to displaying artifacts from the Titanic was closed due to water damage.Titanic: The Artifact Exhibition was taking place at the Luxor Hotel Casino in Las Vegas when the following sign appeared: “Titanic the Artifact exhibition is currently closed due to water damage.”

However it seems they are just relying on Tweets and blog postings. I have yet to see any concrete proof that the Titanic exhibit in Las Vegas has been shut down. I took a look at the Luxor site and then clicked on the purchase tickets section. That connects to Ticketmaster which shows tickets available for the Titanic exhibit 7 November on. There is no notice of closure. I looked at the official Luxor tweets and found no mention of the exhibit being closed either.

Now if someone out there can state exactly the date, time and place this occurred, please drop me a note here at Titanic News Channel. I suspect this is looking to be a gag since we cannot seem to find hard evidence this actually occurred. I will update when I have more information.

Source: Titanic Exhibition In Las Vegas Closed After Suffering Water Damage(6 Nov 2013,UPI)

Titanic News For 5 Nov 2013

trials2
Photo courtesy George Behe

1. Luggage Belonging To Survivor Of Titanic And Rohilla Disasters Resurfaces(4 Nov 2013,Northern Echo)
A museum planning to mark the centenary of the sinking of the hospital ship Rohilla off the North Yorkshire coast has stumbled across luggage belonging to one of its passengers – who also survived the sinking of the Titanic. Mary Roberts amazingly survived both the sinking of the Titanic in 1912 and the Rohilla, which sank heavy seas and gales off Whitby on October 30, 1914. Now a trunk belonging to the resilient seafarer has come into the possession of Whitby Lifeboat Museum, which is to mark the centenary of the Rohilla disaster next year. Amazingly, the trunk – presumed lost long ago to the North Sea – still has faded card luggage labels glued on, bearing the names Mary Roberts and SS Rohilla.

2.  Titanic Lives On Through Louisville Artist’s Work(3 Nov 2013,CantonRep.com)
In the 101 years hence, the doomed ship has continued to fascinate people such as Douglas Girton. The self-taught artist from Louisville estimates that he has drawn “thousands” of detailed pencil and watercolor images of the ship, and its artifacts.  “It’s putting the story of the Titanic on paper,” he said. “One thousand five-hundred and twelve lives perished that night. There are 1,1523 stories to be told.” Girton said his interest in the Titanic was piqued in the third grade, when he saw a cover of the late Walter Lord’s 1955 bestseller, ” A Night to Remember.”

3. Titanic Sails Again (2 Nov 2013,DeSoto Times Today)
The elegance and manners of a long-past era came to life on Friday in the activity room of Pleasant Hill Elementary School in Olive Branch as third grade language arts students had a formal lunch in a re-creation of the dining room of the Titanic. The youngsters entered the room on a red carpet and were greeted by “waiters” with towels over their arms. They were directed to three long rows of tables and a captain’s table that had white table cloths and decorations. Their lunches were waiting for them on the tables. The students were organized in boy-girl, boy-girl sets and the boys pulled out the chairs and seated the ladies. It was the culmination of a study unit on the Titanic, which involved reading, research and a lot of other activities, said teacher Carol Smith, who had the lead on the unit, one of six units being covered in language arts classes this year.

4. Model Of ‘Ship Of Dreams’ Centerpiece Of Titanic Family Evening (2 Nov 2013, HeraldMailmedia.com)
Little was willing to exhibit the model at the museum. But first, Byers said, they would need to knock out a wall in the Hagerstown facility to accommodate the massive, intricate structure. Today, the model is on display at Discovery Station, along with numerous related artifacts and a full-scale third-class cabin. Byers said the extensive and still-growing display has become “a major attraction for our museum.” On Saturday, the museum honored Little for his contribution at Titanic Family Evening at Discovery Station.

water pail5. True or not? Various internet postings report that the Titanic exhibition at the Luxor in Las Vegas was recently shut down by water damage. The sign posted states: Attention. Titanic The Artifact Exhibition is closed due to water damage. Our Apologies For Any Inconvenience. Now strangely when I tried to track down the source, there were not any local news articles but either blog postings or reporting of the blog postings.  A quick search for actual news reporting shows nothing recently about the Luxor Titanic exhibit closing for water damage. That does not mean it did not occur, it just did not get any reporting. Some said it was in Belfast, then it was changed to possibly the Luxor in Las Vegas. So far I have not found any confirmation of this yet.  So until we have a bit more proof I put this into the Not Proven category.


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Premier Exhibitions Stock Downgraded To Sell By TheStreet

graph downAnalysts at TheStreet has downgraded its rating from hold to sell. According to the analysis, the reasons for the downgrade are:

  • The company has significantly underperformed in net income in the same quarter a year ago. Net income decreased by 102.3% compared to same quarter a year ago.
  • Operating cash flow has decreased.
  • Stock performance is bad. It tumbled 33.49% and company’s earnings per share are down.
  • Return on equity has only slightly improved from same quarter last year. While that is good, its return on equity trails that of others in the same industry.
  • Gross profit margin is still high at 51.21% but still shows a decrease from last year at the same period.

The stock(PRXI) closed down today (14 Oct 2013) at $1.36.

Source: Premiere Exbitions Inc Stock Downgraded (13 Oct 2013, TheStreet)

Premiere Exhibitions:It’s Official-Deal To Sell Artifacts Terminated

For Sale by Owner Sign
Wikipedia

In its most recent financial report, Premiere Exhibitions announced the following:

While both parties have worked diligently to finalize a transaction to transfer the Titanic assets, the Company terminated the non-binding LOI with the Hampton Roads consortium effective today. Mr. Weiser stated, “We always believed that Hampton Roads was an ideal location for the permanent home of the collection and the proposed transaction met our criteria of price, court satisfaction and tax efficiency. However, this group has failed to secure sufficient financing so we believe the Company needs to focus on pursuing alternatives to effect a sale of these assets for the benefit of shareholders. From the Company’s perspective, we view the termination of the LOI not as the end but as a new beginning for the process; one that will get us closer towards finalizing this in a manner that fulfills our shareholders’ expectations and satisfies the requirements of the court.”

The actual names behind this consortium has never been reported but the Virginian-Pilot reports that at one time The Mariners’ Museum in Newport News had been negotiating but could not raise the money.

Premiere also announced its second-quarter revenue was done by 42% from the same period last year. Gross profit dropped by half to $4 million compared to $8.2 million a year ago. Hurricane Sandy hurt when it forced closure of Manhattan Titanic along with more money being spent elsewhere on the 100th anniversary of Titanic sinking.

Sources:
1. Deal For Titanic Artifacts Terminated(10 Oct 2013,Virginian-Pilot)
2.Premier Exhibitions Reports Second Quarter Fiscal 2014 Results(9 Oct 2013,Global Newswire-press release)

Sunday Titanic Newswrap

Photo courtesy George Behe
Photo courtesy George Behe

1. Crain’s Detroit Business examines the possible sale of the Titanic artifacts and who might be in the running to buy it. Candidates are Mariners’ Museum in Newport News, VA; Titanic Belfast museum (Belfast, N.I), and the Luxor Hotel in Las Vegas along with some very wealthy individuals. I would add, considering the interest of bringing Titanic II to UAE, that wealthy business people from there are also interested. Some might scoff at that but remember they have lots of money to spend and are tightly connected to their government (in some cases, they are actually in it). Having genuine Titanic artifacts on display would be a huge tourist draw.

A good portion of the article is divided between what the valuation might be for shareholders and a examination of Mark Sellers III, who took control of Premiere some years ago after getting frustrated with it’s then leadership. Sellers tells Crain’s he is in no rush to sell quick but admits there is pressure to do so. You think? Look at how much time has passed since the salvage award came down till now. At first it seemed like things might be proceeding towards a sale and then it just stopped. This year we finally learned this mysterious consortium that signed a non-binding letter of intent could not get the money. Shareholders thought they would be reaping benefits right now and have not. Sooner or later patience will run out if Seller’s cannot get the sale done. I see lawsuits and demands for transparency about the sale coming soon if nothing happens in six months.

Source: Buyer Sought For Titanic Artifacts; One Estimate: $189 Million(11 Aug 2013,Crain’s Detroit Business)

2. You learn of people finding something spectacular in garage sales or scrap yards, but this is the first I think for a Titanic plaque. Doug Turner spotted something dusty and dirty with “Titanic” on it. He bought it for $138 and cleaned it up. Turns out it is a memorial plaque for Titanic’s musicians. He found after checking it out online that it was really one of one. A photo he saw of it in a Titanic book said its whereabouts were unknown. It was was last seen in 1982.That is when he learned it was something really special–a genuine Titanic artifact of that time. Turner, who is in law enforcement, is making sure it cannot be stolen by Titanic fortune seekers. As to its worth, he has no idea but one can fairly guess since it is one of a kind it would fetch a very high price at a Titanic auction. For now he is not interested in selling it. It is currently on loan to Titanic Experience in Orlando where it will be shown next week.

Sources:
1. Titanic Artifact Found In Naples Scrapyard(9 Aug 2013,WFTX-TV)

2. Plaque With Ties To The Titanic Ends Up In Naples Scrap Yard(9 Aug 2013,WINK)

3. The Titanic exhibit in St.Claire, MI which ended on 27 Jul had 4,2000 visitors and brought in $75,000 for the  St. Clair Endowment Fund. The exhibit focused on the engineering behind the construction and included an18 foot long model of the ship done by Gary Kohs. His model has won praise for its accuracy. Kohs began designing the model in 1997 and completed in 2002. According to Randy Maiers, president of the endowment fund, they had people from all over the country came to the exhibit at the Moore Boathouse.

Source:Titanic Exhibit Money Goes To St. Clair Fund(7 Aug 2013,Times Herald)

Titanic Salvage Sale Appears Either Dead Or Looking For New Buyer

On 28 May, Premier Exhibitions put out its Full Year and Fourth Quarter 2013 Results. For Sale by Owner SignDeep down in the statement was the following:

Update on Titanic Monetization

As previously communicated, on October 15, 2012, the Company entered into a non-binding letter of intent with an entity representing a group of individuals (the “Consortium”) working to effect a purchase of the stock of RMS Titanic, Inc. Since entering into the LOI, Premier has been negotiating exclusively with this group. The entity with whom the Company is negotiating has been soliciting federal, state, and local government entities, as well as philanthropic contributions, to build support to go public with a broader campaign to secure capital necessary to complete a transaction. They continue to request confidentiality until they feel comfortable that there is sufficient support to go public with the project.

Due to the complexity of the transaction and the many elements that are necessary for consummation, the process has taken longer that Premier had hoped. While the Company continues discussions with this group, Premier also recognizes the uncertainty of their completing a transaction and obtaining funding commitments. The Board is therefore considering the full range of strategic and financial alternatives in this regard, which likely will include retaining an investment bank, and will pursue possible paths in parallel.

The complexity of these assets, and the need to comply with the underlying court orders, require that any transaction or arrangement be more carefully structured and executed than a typical transaction. Timing is certainly a factor, but it is not the only factor. The Board and management, together, remain committed to maximizing shareholder value.

This confirms some speculation about who this consortium might be, a group of investors trying to raise capital both with taxpayer money (that is where government money comes from) and private investors (rich people with lots of money like that guy with the hoodie who heads up a social network). You can guess the problem with raising this capital. Not only is the price astronomical, it comes with a major constraint: it stays under U.S. federal court jurisdiction because you are not allowed to sell off any portion of the collection. That means the court will be over your shoulder all the time wanting reports and details of the collection from what is being stored, how it is being carefully preserved, and when it is on display.

So the upshot of it is this: Premiere is formally notifying that they are looking for other interested parties. This may be the reason, according to Seeking Alpha that Premiere’s stock price has dropped. It dropped from $2.30 to $2.10 ion 28 May and dropped much further since. Premiere might consider appealing the judge’s decision to a higher court. And it is entirely possible down the road one of two things happening: the entire collection being shuttered until resolved or the U.S. government seizing it as a national/international treasure under some obscure international treaty or possibly use a congressional resolution passed years ago as the pretext.

Sources:

1. Failed Titanic Sale Won’t Sink Premier Exhibitions(18 June 2013,Seeking Alpha)

2. Premier Exhibitions Reports Full Year and Fourth Quarter 2013 Results (28 May 2013, Global Newswire-Press Release)