0001171843-15-005542.txt : 20151015 0001171843-15-005542.hdr.sgml : 20151015 20151015080139 ACCESSION NUMBER: 0001171843-15-005542 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150831 FILED AS OF DATE: 20151015 DATE AS OF CHANGE: 20151015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PREMIER EXHIBITIONS, INC. CENTRAL INDEX KEY: 0000796764 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 201424922 STATE OF INCORPORATION: FL FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24452 FILM NUMBER: 151159216 BUSINESS ADDRESS: STREET 1: 3340 PEACHTREE ROAD NE STREET 2: SUITE 900 CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: 404-842-2600 MAIL ADDRESS: STREET 1: 3340 PEACHTREE ROAD NE STREET 2: SUITE 900 CITY: ATLANTA STATE: GA ZIP: 30326 FORMER COMPANY: FORMER CONFORMED NAME: RMS TITANIC INC DATE OF NAME CHANGE: 20010404 FORMER COMPANY: FORMER CONFORMED NAME: FIRST RESPONSE MEDICAL INC /FL/ DATE OF NAME CHANGE: 20010404 FORMER COMPANY: FORMER CONFORMED NAME: CIP HOLDINGS INC DATE OF NAME CHANGE: 19930302 10-Q 1 gff10q_101515p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2015

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-24452

PREMIER EXHIBITIONS, INC.

(Exact name of registrant as specified in its charter)

Florida		20-1424922
(State or other jurisdiction of		(Address of principal executive offices)
incorporation or organization)


3340 Peachtree Road, NE, Suite 900, Atlanta, GA		30326
(Address of principal executive offices)		(Zip Code)

	(404) 842-2600
	(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☐	Smaller reporting company ☒
	(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant's common stock on October 13, 2015 was 4,917,222.

PREMIER EXHIBITIONS, INC. AND SUBSIDIARIES

QUARTERLY PERIOD ENDED AUGUST 31, 2015

TABLE OF CONTENTS

Page No.

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19

Item 4.	Controls and Procedures	37

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40

Item 6.	Exhibits	40

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Premier Exhibitions, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share data)

	August 31, 2015 (Unaudited)			February 28, 2015
ASSETS

Current assets:
Cash and cash equivalents	$	1,606		$	4,798
Accounts receivable, net of allowance for doubtful accounts of $220		886			1,417
Merchandise inventory, net of reserve of $45 and $25, respectively		997			1,127
Income taxes receivable		9			49
Prepaid expenses		2,963			2,684
Other current assets		556			459
Total current assets		7,017			10,534

Artifacts owned, at cost		2,872			2,881
Salvor's lien		1			1
Property and equipment, net of accumulated depreciation of $24,756 and $22,766, respectively		21,096			11,503
Exhibition licenses, net of accumulated amortization of $5,293 and $6,069, respectively		1,493			1,629
Film, gaming and other application assets, net of accumulated amortization of $2,038 and $1,726, respectively		1,295			1,608
Deferred financing costs, net of accumulated amortization of $383 and $318, respectively		-			65
Future rights fees, net of accumulated amortization of $3,634 and $3,551, respectively		746			829
Construction deposit		-			134
Lease incentive		-			5,899
Restricted cash		68			426
Restricted securities		801			801
Deferred income taxes		60			60
Long-term exhibition costs		200			261
Subrogation rights		250			250
Total Assets	$	35,899		$	36,881

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable and accrued liabilities	$	5,788		$	4,782
Deferred rent		-			668
Deferred revenue		2,014			2,901
Deferred income taxes		60			60
Current portion of capital lease obligations		62			31
Current portion of royalty payable, net of discount of $3 and $48, respectively		294			413
Current portion of notes payable, net of discount of $3 and $10, respectively		13,696			8,190
Total current liabilities		21,914			17,045

Long-Term liabilities:
Lease abandonment		785			997
Deferred rent		9,048			8,867
Long-term portion of capital lease obligations		258			32
Long-term portion of royalty payable, net of discount of $48		207			301
Total long-term liabilities		10,298			10,197

Commitment and Contingencies

Shareholders' equity:
Common stock; $.0001 par value; authorized 65,000,000 shares; issued 4,917,423 and 4,916,644 shares, respectively; outstanding 4,917,222 and 4,916,443 shares, respectively		1			1
Additional paid-in capital		54,157			54,104
Accumulated deficit		(51,478	)		(46,105	)
Accumulated other comprehensive loss		(13	)		(13	)
Less treasury stock, at cost; 201 shares		(1	)		(1	)
Equity Attributable to Shareholders of Premier Exhibitions, Inc.		2,666			7,986
Equity Attributable to Non-controlling interest		1,021			1,653
Total liabilities and shareholders' equity	$	35,899		$	36,881

The accompanying notes are an integral part of the condensed consolidated financial statements.

Premier Exhibitions, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)

	Three Months Ended August 31,						Six Months Ended August 31,
	2015			2014			2015			2014
Revenue:
Exhibition revenue	$	5,489		$	6,755		$	11,402		$	12,763
Merchandise revenue		1,218			1,409			2,490			2,754
Management fee		32			133			66			271
Licensing fee		-			-			30			-
Total revenue		6,739			8,297			13,988			15,788

Cost of revenue:
Exhibition costs		5,283			4,687			10,254			8,508
Cost of merchandise sold		373			583			911			1,169
Total cost of revenue (exclusive of depreciation and amortization shown separately below)		5,656			5,270			11,165			9,677

Gross profit		1,083			3,027			2,823			6,111

Operating expenses:
General and administrative		2,649			3,735			5,515			7,030
Depreciation and amortization		1,483			1,149			2,521			2,300
Gain on disposal of assets		(33	)		-			(33	)		(4	)
Total operating expenses		4,099			4,884			8,003			9,326

Loss from operations		(3,016	)		(1,857	)		(5,180	)		(3,215	)

Interest expense		(444	)		(21	)		(819	)		(44	)
Other income/(expense)		-			20			(6	)		38

Loss before income taxes		(3,460	)		(1,858	)		(6,005	)		(3,221	)

Income tax expense		-			-			-			-

Net loss		(3,460	)		(1,858	)		(6,005	)		(3,221	)
Less: Net loss attributable to non-controlling interest		364			205			632			356
Net loss attributable to the shareholders of Premier Exhibitions, Inc.	$	(3,096	)	$	(1,653	)	$	(5,373	)	$	(2,865	)

Net loss per share:
Basic loss per common share	$	(0.63	)	$	(0.34	)	$	(1.09	)	$	(0.58	)
Diluted loss per common share	$	(0.63	)	$	(0.34	)	$	(1.09	)	$	(0.58	)

Shares used in basic per share calculations		4,917,222			4,907,343			4,917,154			4,906,892
Shares used in diluted per share calculations		4,917,222			4,907,343			4,917,154			4,906,892

Comprehensive loss	$	(3,096	)	$	(1,653	)	$	(5,373	)	$	(2,865	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

Premier Exhibitions, Inc.

Condensed Consolidated Statements of Cash Flow

(in thousands)

(unaudited)

	Six Months Ended August 31,
	2015			2014
Cash flows from operating activities:
Net loss	$	(6,005	)	$	(3,221	)

Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Depreciation and amortization		2,521			2,300
Lease abandonment		(212	)		(231	)
Gain on disposal of assets		(33	)		(4	)
Stock-based compensation		53			218
Allowance for doubtful accounts		-			16
Amortization of deferred financing costs		65			-
Write-off of deferred financing costs		-			100
Write-off of assets		16			-
Amortization of debt discount		51			41
Changes in operating assets and liabilities:
Decrease in accounts receivable		437			263
Decrease in merchandise inventory, net of reserve		130			54
Increase in prepaid expenses		(381	)		(202	)
Increase in other current assets		(97	)		(64	)
Decrease in income taxes receivable		40			207
Increase in other receivables		-			(16	)
(Increase)/decrease in restricted cash		358			(149	)
Decrease in long-term development costs		147			23
Increase in accounts payable and accrued liabilities		1,006			1,618
Increase/(decrease) in deferred rent		(487	)		538
Increase/(decrease) in deferred revenue		(887	)		285
Total adjustments		2,727			4,997
Net cash provided by/(used in) operating activities		(3,278	)		1,776

Cash flows from investing activities:
Purchases of property and equipment		(5,259	)		(393	)
Proceeds from disposal of assets		33			4
Purchase of restricted certificate of deposit		-			(800	)
Redemption of certificates of deposit		-			201
Decrease in artifacts		9			11
Net cash used in investing activities		(5,217	)		(977	)

Cash flows from financing activities:
Proceeds from short-term notes payable		5,500			-
Payments on capital lease obligations		(33	)		(17	)
Deferred financing costs		-			(100	)
Payments on royalty payable		(164	)		-
Payments on notes payable		-			(220	)
Net cash provided by/(used in) financing activities		5,303			(337	)

Effects of exchange rate changes on cash and cash equivalents		-			-

Net increase/(decrease) in cash and cash equivalents		(3,192	)		462
Cash and cash equivalents at beginning of period		4,798			3,434
Cash and cash equivalents at end of period	$	1,606		$	3,896

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	583		$	11
Cash received during the period for taxes	$	40		$	208
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment under capital leases	$	290		$	-
Non-cash refinancing of notes payable	$	8,000		$	-
Net assets recognized from execution of royalty agreement	$	-		$	31
Non-cash payment on royalty payable	$	94		$	-
Non-cash purchase of property and equipment using lease incentive and construction deposit	$	6,033		$	-

The accompanying notes are an integral part of the condensed consolidated financial statements.

PREMIER EXHIBITIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Background and Basis of Presentation

Description of Business

Premier Exhibitions, Inc. and subsidiaries (the “Company” or “Premier”) are in the business of presenting to the public museum-quality touring exhibitions around the world. Since our establishment, we have developed, deployed, and operated unique exhibition products that are presented to the public in exhibition centers, museums, and non-traditional venues. Income from exhibitions is generated primarily through ticket sales, third-party licensing, sponsorships and merchandise sales.

Titanic Ventures Limited Partnership (“TVLP”), a Connecticut limited partnership, was formed in 1987 for the purposes of exploring the wreck of the R.M.S. Titanic and its surrounding oceanic areas. In May of 1993, RMS Titanic, Inc. (“RMST”) entered into a reverse merger under which RMST acquired all of the assets and assumed all of the liabilities of TVLP and TVLP became a shareholder of RMST. In October of 2004, we reorganized and Premier Exhibitions, Inc. became the parent company of RMST and RMST became a wholly-owned subsidiary. Additional wholly-owned subsidiaries were established in order to operate the various domestic and international exhibitions of the Company.

Our exhibitions regularly tour outside the United States of America (“U.S.”). Approximately 8% of our revenues for the three months ended August 31, 2015 compared with 13% for the three months ended August 31, 2014 resulted from exhibition activities outside the U.S. Approximately 8% of our revenues for the six months ended August 31, 2015 compared with 12% for the six months ended August 31, 2014 resulted from exhibition activities outside the U.S. Many of our financial arrangements with our international trade partners are based upon the U.S. dollar which limits the Company’s exposure to the risk of currency fluctuations between the U.S. dollar and the currencies of the countries in which our exhibitions are touring.

Corporate Structure

Our business has been divided into an exhibition management division and a content division. The content division is the Company’s existing subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, in addition to all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship.

We also formed a new entity, Premier Exhibition Management LLC (“PEM”), in September 2011, to manage all of the Company’s exhibition management (exhibition division). This currently includes the operation and management of our “Bodies,” “Titanic” (pursuant to an intercompany agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” and “Saturday Night Live,” exhibitions. PEM also pursues “fee for service” arrangements to manage exhibitions based on content owned or controlled by third parties.

On April 20, 2012, PEM and its wholly-owned subsidiary, PEM Newco, LLC (“Newco”), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC (“AEI”). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The acquired assets include rights agreements with the owners of the artifacts and intellectual property comprising the exhibitions, museum/venue agreements for existing exhibition venues, sponsorship agreements, a warehouse lease and an office lease. In addition, the acquired assets include intellectual property related to proposed future exhibitions that the Company may further develop and produce, including the exhibit “One Day in Pompeii”, which was being toured by the Company during the first quarter of fiscal 2016. The Company will operate any such additional properties through its exhibition management subsidiary. Subsequent to the asset purchase, Newco changed its name to Arts and Exhibitions International, LLC.

On July 12, 2012, the Company purchased substantially all of the assets of Exhibit Merchandising, LLC for $125 thousand. As part of the acquisition of the assets of Exhibit Merchandising, LLC, we obtained the rights to sell all merchandise related to “Tutankhamun and the Golden Age of the Pharaohs”, “Cleopatra: The Exhibition” and “Real Pirates”. These merchandising rights are operated under our Premier Merchandising, LLC subsidiary.

The restructuring of the Company and changes in its management, reflect that Premier has two operating segments – Exhibition Management (PEM) and Content Management (RMST).

Basis of Presentation

When we use the terms “Premier,” “Company,” “we,” “us” and “our,” we mean Premier Exhibitions, Inc., a Florida corporation, and its subsidiaries. We have prepared the accompanying unaudited condensed consolidated financial statements and unaudited notes to condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) regarding interim financial reporting. Accordingly, they do not contain all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of August 31, 2015, our results of operations for the three and six months ended August 31, 2015 and 2014 and cash flows for the six months ended August 31, 2015 and 2014. The data in the consolidated balance sheet as of February 28, 2015 was derived from our audited consolidated balance sheet as of February 28, 2015, as presented in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. The unaudited condensed consolidated financial statements include the accounts of Premier and its subsidiaries after the elimination of all significant intercompany accounts and transactions. Our operating results for the three and six months ended August 31, 2015 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending February 28, 2016 (“fiscal 2016”).

Significant Accounting Policies

For a description of significant accounting policies, see the Summary of Significant Accounting Policies footnote to the Financial Statements included in the Company’s 2015 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since the filing of the Company’s 2015 Annual Report on Form 10-K.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates.

Recent Accounting Pronouncements

Recently Issued

Revenue from Contracts with Customers Update 2014-09 (ASU 2014-09)

In May of 2014, FASB issued Accounting Standards Update No. 2014-09 that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015 ASU No. 2015-14 was issued and delays implementation as noted below. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective for periods beginning after December 15, 2017. Early adoption is permitted for periods beginning after December 15, 2016. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.

Preparation of Financial Statements - Going Concern Update 2014-15 (ASU 2014-15)

In August 2014, FASB issued Accounting Standards Update No. 2014-15, “Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, “Presentation of Financial Statements - Liquidation Basis of Accounting.” Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.

Loss Per Share Data

Basic per share amounts exclude dilution and are computed using the weighted average number of common shares outstanding for the period. Diluted per share amounts reflect the potential reduction in earnings per share that could occur if equity based awards were exercised or converted into common stock, unless the effects are anti-dilutive (i.e., the exercise price is greater than the average market price of the common shares). Potential common shares are determined using the treasury stock method and include common shares issuable upon exercise of outstanding stock options and warrants.

The following table sets forth the computation of basic and diluted net loss per share.

	Three Months Ended August 31,						Six Months Ended August 31,
	2015			2014			2015			2014

Numerator:
Net loss attributable to shareholders (in thousands)	$	(3,096	)	$	(1,653	)	$	(5,373	)	$	(2,865	)

Denominator:
Basic weighted-average shares outstanding		4,917,222			4,907,343			4,917,154			4,906,892
Effect of dilutive stock options and warrants		-			-			-			-
Diluted weighted-average shares outstanding		4,917,222			4,907,343			4,917,154			4,906,892

Net loss per share:
Basic	$	(0.63	)	$	(0.34	)	$	(1.09	)	$	(0.58	)
Diluted	$	(0.63	)	$	(0.34	)	$	(1.09	)	$	(0.58	)

Equity based awards are not included in the per share computation because the option exercise price was greater than the average market price of the common share. The number of shares excluded for the three and six months ended August 31, 2015 and 2014 was 91,167.

Note 3.

Notes Payable, Royalty Payable, and Capital Lease Obligations

Notes Payable

On October 17, 2011, the Company entered into an asset purchase agreement (the “Agreement”) to purchase the assets of a Titanic-themed exhibition (Titanic: The Experience or “TTE”) in Orlando, Florida, from Worldwide Licensing & Merchandising, Inc. and its shareholder, G. Michael Harris (together, “Worldwide”). Pursuant to the Agreement, the Company purchased the assets of the Orlando exhibition from Worldwide in an installment sale. The Company agreed to pay Worldwide directly a total of $800 thousand over a two-year period, and also agreed to assume rental and other arrearages owed by Worldwide, totaling $720 thousand, which the Company will pay over a four-year period. Based upon an interest rate of 7.6% the net present value of these payments was approximately $1,377 thousand as of the date of the transaction.

As of August 31, 2015, the short-term portion of the note payable was $196 thousand and relates to rental and other arrearages payable on behalf of Worldwide. The final payment on this note payable is due in December 2015.

On September 30, 2014, Premier Exhibitions, Inc. entered into a Secured Promissory Note and Guarantee with each of two affiliates of Pentwater Capital Management LP. Together the Notes provided for a loan to the Company in the aggregate amount of $8.0 million. The Notes provided for the payment by the Company of interest on a monthly basis at the rate of 12.0% per annum, and the Notes matured on March 31, 2015. The Notes required the Company to pay a closing fee to the Pentwater affiliates in the aggregate amount of 3% of the loan amount and the fees and expenses incurred by the Pentwater affiliates in connection with the negotiation and execution of the Notes. Deferred financing cost related to this loan totaled $383 thousand and were fully amortized during the first fiscal quarter of 2016.

The Notes were guaranteed by each of RMST, PEM, Arts and Exhibitions International LLC, and Premier Merchandising, LLC, all of which are subsidiaries of the Company.

The Notes were secured by substantially all of the assets of the Company and the subsidiary guarantors, including the stock of each of the subsidiary guarantors. The security interest did not apply to the Titanic assets held by RMST, but applied to all revenues, contracts and agreements lawfully arising out of the Titanic assets.

The lenders’ exercise of rights and remedies with respect to the stock of RMST and any revenues, contracts and agreements lawfully arising out of the Titanic assets were expressly governed by and subject to the terms and conditions of the applicable court orders governing the ownership of the Titanic assets by RMST, which included (i) the Opinion issued by the United States District Court for the Eastern District of Virginia with respect to Action No. 2:93cv902, dated as of August 12, 2010; (ii) the Order issued by the United State District Court for the Eastern District of Virginia with respect to Action No. 2:93cv902, dated as of August 15, 2011; (iii) the Revised Covenants and Conditions for the Future Disposition of Objects Recovered from the R.M.S. Titanic by RMST pursuant to an in-specie salvage award granted by the United States District Court for the Eastern District of Virginia, dated as of August 15, 2011; and (iv) the Process Verbal, issued on October 12, 1993 by the Maritime Affairs Administrator for the Ministry of Equipment Transportation and Tourism, French Republic to Titanic Ventures Limited Partnership.

On April 2, 2015, the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) whereby it will combine with Dinoking Tech Inc. (“DK”). In addition, on April 2, 2015, an investor group agreed to provide up to $13.5 million in convertible debt funding to Premier to repay $8 million of existing debt and $5.5 million for corporate purposes, including the completion of the development of “Saturday Night Live: The Exhibition” and “Premier Exhibitions 5^thAvenue,” the Company’s state-of-the-art exhibition and special events center located in New York City. As of August 31, 2015, the investor group had assumed and repaid the $8.0 million Pentwater note and had provided an additional $5.5 million in funding. The entire $13.5 million is included in short-term notes payable. The $5.5 million was used to continue funding improvements on the building at 417 Fifth Avenue and to complete our “Saturday Night Live: The Exhibition.” The Notes provide for the payment by the Company of interest on a monthly basis at the rate of 12.0% per annum and carry the same guarantees and collateral as the Pentwater loans noted above. See Note 6. Liquidity and Capital Resources for further discussion of this note payable.

Royalty Payable

On April 20, 2012, PEM and PEM Newco, LLC, both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of AEI. The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The Company issued a non-recourse non-interest bearing note as part of this transaction. The book value of the note was recorded based upon the expected future cash flows of the exhibitions and discounted to its net present value at an imputed interest rate of 7.0%.

In March 2014, the Company paid $300 thousand and purchased the tangible assets that were required to be returned to AEG Live, LLC at the end of the purchase agreement.

On April 17, 2014, PEM and AEG terminated the Promissory Note. As part of the termination of the Promissory Note, PEM and AEG entered into a revenue payment agreement (the “Revenue Payment Agreement”) providing for modified future payments to AEG with respect to bookings of acquired exhibitions. Pursuant to the Revenue Payment Agreement, going forward PEM will make royalty payments to AEG equal to (a) 90% of net revenues from future bookings and (b) 20% of the net revenues from proposed exhibitions acquired from AEG that are ultimately developed and presented. “Net Revenues” are determined after deduction by PEM of the direct expenses of operating the exhibitions. Pursuant to the Revenue Payment Agreement, AEG will pay to PEM a management fee of 10% of gross revenues (after deducting any booking fees) for each calendar year thereafter; provided that the management fee shall not be less than the following minimum fees: $500,000 in calendar year 2014; and $125,000 in calendar years 2015 and 2016.

We considered the accounting guidance in ASC 805, 405, and 470 when evaluating the accounting for the note cancellation and execution of the revenue payment agreement. We note that there was no substantive modification of the obligations under the Note that were made in connection with the cancellation of the Note and the execution of the revenue payment agreement. Accordingly, we do not believe the note was settled and therefore the royalty obligation will continue to be remeasured each period until it is ultimately settled.

Beginning in the first fiscal quarter of 2015, revenues, expenses, assets, and liabilities related to these exhibitions are recorded on a gross reporting basis in the Company’s consolidated financial statements since we are now the primary obligor under these agreements, are fulfilling the customer agreements with assets that the Company has all rights and title to, rather than acting in a management capacity as it was prior to the amendment, have latitude to determine pricing and retain future profits from the arrangement with customers, and retain the credit risk with customers. The majority of the assets and liabilities added as a result of this are restricted cash and deferred revenue.

During the fourth quarter of fiscal 2015, the Company, using Level 3 inputs based upon FASB ASC 820, updated the expected future cash flows of the exhibitions and discounted the cash flows at 12.0% to estimate the future payment to AEG Live, LLC based upon the revenue payment agreement. As a result of this review, the royalty payable was reduced by $338 thousand to reflect the updated estimated future payments under the revenue payment agreement. The significant unobservable inputs used in the fair value measurement are forecasts of expected future annual cash flows as developed by the Company's management. Significant increases or decreases in these unobservable inputs in isolation would likely result in a significantly higher or lower fair value measurement. In addition, we evaluated the Company’s future rights fees as part of this update and determined that the future rights fees were impaired by $2.7 million.

As of August 31, 2015, the short-term portion of the royalty payable was $294 thousand and the long-term portion was $207 thousand.

Capital Lease Obligations

The Company leases certain computer and security equipment under capital leases. During the first quarter of fiscal 2016, the Company entered into capital leases for $290 thousand. As of August 31, 2015, the balance sheet reflects the short-term portion of capital lease obligations of $62 thousand and the long-term portion of $258 thousand.

Note 4.

Legal Proceedings and Contingencies

Status of Salvor-in-Possession and Interim Salvage Award Proceedings

The Company has been party to a salvage case titled RMS Titanic, Inc. v. The Wrecked and Abandoned Vessel, et al., in rem for over 20 years. The Company has served as sole salvor-in-possession of the Titanic wreck site since 1994. On August 12, 2010, the U. S. District Court for the Eastern District of Virginia (the “District Court”) issued an opinion granting a salvage award to RMST based upon the Company’s work in recovering and conserving over three thousand artifacts from the wreck of Titanic during its expeditions conducted in 1993, 1994, 1996, 1998, 2000, and 2004 (the “Post 1987 Artifacts”). The Company was awarded 100 percent of the fair market value of the artifacts, which the District Court set at approximately $110 million. The District Court reserved the right to determine whether to pay the Company a cash award from proceeds derived from a judicial sale, or in the alternative, to issue the Company an in-specie award of title to the artifacts with certain covenants and conditions which would govern their maintenance and future disposition.

On August 15, 2011, the District Court granted an in-specie award of title to the artifacts to RMST for the Post 1987 Artifacts. Title to the Post 1987 Artifacts comes with certain covenants and conditions drafted and negotiated by the Company and the United States Government. These covenants and conditions govern the maintenance and future disposition of the artifacts. These covenants and conditions include the following:

•

The approximately 2,000 “1987 Artifacts” and the approximately 3,500 “Post 1987 Artifacts” must be maintained as a single collection;

•

The combined collections can only be sold together, in their entirety, and any purchaser of the collections would be subject to the same conditions applicable to RMST and the purchase subject to court approval; and

•

RMST must comply with provisions that guarantee the long-term protection of all of the artifacts. These provisions include the creation by RMST of a reserve fund (the “Reserve Fund”). The Reserve Fund is irrevocably pledged to and held for the exclusive purpose of providing a performance guarantee for the maintenance and preservation of the Titanic collection for the public interest. The Company will pay into the Reserve Fund a minimum of twenty five thousand dollars ($25 thousand) for each future fiscal quarter until the corpus of such Reserve Fund equals five million dollars ($5 million). Though not required under the covenants and conditions, the Company may make additional payments into the Reserve Fund as it deems appropriate, consistent with its prior representations to the Court and sound fiscal operations. The Company established the Reserve Fund and funded it with $25 thousand during November 2011 and continues to make quarterly $25 thousand payments. The balance in the Reserve Fund as of August 31, 2015 is $408 thousand, including interest income.

During these proceedings, on July 2, 2004, the District Court also rendered an opinion and order in which it held that it would not recognize a 1993 Proces-Verbal, pursuant to which the government of France granted RMST title to all artifacts recovered from the wreck site during the 1987 expedition (the “1987 Artifacts”). RMST appealed the July 2, 2004 District Court order to the Appellate Court. On January 31, 2006, the Appellate Court reversed the lower court’s decision to invalidate the 1993 Proces-Verbal, pursuant to which the government of France granted RMST title to all artifacts recovered from the wreck site during the 1987 expedition. As a result, the Appellate Court tacitly reconfirmed that RMST owns the approximately 2,000 artifacts recovered during the 1987 expedition. These artifacts were not part of the August 2011 award, but are now subject to certain of the covenants and conditions agreed to by the Company.

Status of International Treaty Concerning the Titanic Wreck

The U.S. Department of State (the “State Department”) and the National Oceanic and Atmospheric Administration of the U.S. Department of Commerce (“NOAA”) are working together to implement an international treaty (the “Treaty”) with the governments of the United Kingdom, France and Canada concerning the Titanic wreck site. If implemented in this country, the Treaty could affect the manner in which the District Court monitors the Company’s salvor-in-possession rights to the Titanic. These rights include the exclusive right to recover artifacts from the wreck site, claim possession of and perhaps title to artifacts recovered from the site, and display recovered artifacts. Years ago the Company voiced objections to the State Department regarding the participation of the U.S. in efforts to reach an agreement governing salvage activities with respect to the Titanic. The proposed Treaty, as drafted, did not recognize the Company’s existing salvor-in-possession rights to the Titanic. The United Kingdom signed the Treaty in November 2003, and the U.S. signed the Treaty in June 2004. For the Treaty to take effect, the U.S. must enact implementing legislation. As no implementing legislation has been passed, the Treaty currently has no binding legal effect.

In August 2011, the State Department and NOAA resubmitted draft legislation to Congress. Since that time, RMST has worked with the U.S. Government to develop a number of textual modifications to this proposed implementing legislation to address the Company’s concerns. The proposed legislation has not passed and presently appears to be stalled.

Other Litigation

On December 17, 2014, the Company filed suit against James Beckmann and his company, Image Quest Worldwide, Inc., in the District Court of Clark County, Nevada. The suit alleges that Image Quest Worldwide breached its July 19, 2010, sublease with the Company with respect to certain space at the Luxor Hotel and Casino. As an inducement to the Company to execute the sublease, James Beckman, the principal of Image Quest Worldwide, Inc., signed a personal guarantee which is enforceable if Image Quest fails to satisfy its obligations under the Sublease. The suit alleges that Image Quest failed to pay over $1.4 million in payments required under the Sublease. On April 24, 2015, Mr. Beckmann and Image Quest Worldwide answered the suit and filed a counterclaim against the Company for fraudulent inducement, alleging that the Company interfered with their right under the sublease to utilize the box-office to sell tickets to their exhibition. Mr. Beckmann and Image Quest Worldwide seek damages in excess of $10 thousand. The Company cannot currently determine whether Image Quest Worldwide, Inc. or Mr. Beckman have sufficient funds to pay some or all of the outstanding debt, and the outcome of the Company’s claims and the counterclaim are not readily determinable at this time.

On December 7, 2014, Cyrus Milanian and Faan Qin filed suit against the Company in the United States District Court for the Northern District of Georgia, Atlanta Division, alleging that the Company infringed their trademark. The plaintiffs seek damages in excess of $1 million. These plaintiffs have previously filed a number of similar nuisance actions against the Company, all of which have been dismissed at early stages. The lawsuit is in its early stages and the Company cannot predict the outcome of the case.

From time to time the Company is or may become involved in other legal proceedings that result from the operation of its exhibitions and business.

Settled Litigation

In April 2011, the Company filed suit in the U.S. District Court for the Northern District of Georgia against Serge Grimaux and his companies, including Serge Grimaux Presents, Inc. and 9104-5773 Quebec, Inc. The suit alleges that Grimaux failed to pay over $800 thousand due and owing the Company under a series of license agreements pursuant to which Mr. Grimaux and his entities presented the Company’s Titanic and human anatomy exhibitions in venues throughout Canada. The Company settled this litigation on November 10, 2011 for $375 thousand. As of August 31, 2015 a receivable of $6 thousand, net of allowance for doubtful accounts of $215 thousand, is included in the Company’s accounts receivable.

On February 26, 2013, the Company filed suit in the U.S. District Court for the Northern District of Georgia, Atlanta Division against Thomas Zaller and his companies, Imagine Exhibitions, Inc. and Imagine Exhibitions, PTE, LTD. Mr. Zaller is a former executive of the Company. The suit alleged that Mr. Zaller and his companies fraudulently obtained certain of the Company’s confidential and proprietary intellectual property related to the design of its Titanic exhibitions, and unlawfully used that intellectual property in the development of their own competing Titanic exhibition, which was initially presented at the Venetian Macau, and then marketed around the world. In the suit, the Company brought claims against Mr. Zaller personally for conversion, breach of contract, and misappropriation of trade secrets under Georgia law. The Company also brought claims against Mr. Zaller and his companies for unjust enrichment, fraud, fraudulent inducement, and trade dress violations under the Lanham Act. The Company sued for unspecified damages.

On April 22, 2013, Kingsmen Exhibits PTE, Ltd. filed suit against the Company in the High Court of the Republic of Singapore. This suit followed extensive correspondence between the Company and the Kingsmen companies regarding the allegations of wrongdoing by the Kingsmen companies, along with their partners Thomas Zaller and his companies. Kingsmen sought a judgment declaring that they did not violate the Singapore Copyright Act and the Singapore Trademark Act and prohibiting the Company from continuing to make claims that Kingsmen infringed the Company’s copyrights and trademarks. Kingsmen also sought unspecified damages from the Company related to actions taken by the Company to protect its confidential and proprietary intellectual property. On December 18, 2013, the Company filed a counterclaim against Kingsmen Exhibits PTE, Ltd. in that lawsuit. In the counterclaim, the Company alleged that Kingsmen unlawfully competed against the Company in the development and operation of its competing Titanic exhibition. Specifically, the Company alleged that Kingsmen infringed on its copyrights by unlawfully obtaining and using the Company’s design files to build its exhibitions. The Company sought to enjoin Kingsmen from continuing to infringe on its rights, and for unspecified damages related to the infringement.

On December 2, 2014, the Company entered into a Full and General Mutual Release, Settlement and Confidentiality Agreement (the “Agreement”) with Thomas Zaller, Imagine Exhibitions, Inc., Imagine Exhibitions, Inc., Imagine Exhibitions PTE, Ltd., and TZ, Inc. (collectively, the “Zaller Parties”), and Kingsmen Exhibits PTE, Ltd and Kingsmen Creative, Ltd (collectively the “Kingsmen Parties”). The Agreement settled the litigation between the Company and the Zaller Parties in the United States District Court for the Northern District of Georgia, Atlanta Division, and between the Company and the Kingsmen Parties in the High Court of the Republic of Singapore.

The Agreement required the Zaller Parties to collectively pay the Company $725 thousand on or before December 4, 2014. This amount was received on December 4, 2014. The Agreement stipulated that the Zaller Parties and the Kingsmen Parties denied any admission of fault or liability to the Company. Under the Agreement, the Zaller Parties also agreed not to stage a Titanic exhibition in the United States or Canada for a period of thirty six months or in Western Europe (defined as the United Kingdom, Ireland, France, Germany, Italy, Switzerland, Spain, Portugal, Sweden, Denmark and Norway) for a period of twenty four months.

On February 14, 2014, SeaVentures, Ltd. filed suit against the Company in the Circuit Court for the Ninth Judicial District of Orange County, Florida. The suit alleged that the Company breached a license agreement with SeaVentures under which the Company was required to present certain joint exhibitions containing both Titanic artifacts and artifacts recovered from the RMS Carpathia owned by SeaVentures. SeaVentures sought $743 thousand, plus interest and costs.

On April 3, 2015, RMST and the Company entered into a Full and General Mutual Release, Settlement and Confidentiality Agreement with SeaVentures which settled the litigation. Under the settlement, the Company agreed to pay SeaVentures $425 thousand, as follows: $75 thousand on or before April 10, 2015, $100 thousand on or before March 1, 2016; $100 thousand on or before March 1, 2017; and $150 thousand on or before March 1, 2018. In addition, the Company agreed to stage at least two joint exhibitions presenting Carpathia and Titanic artifacts within 24 months from the date of execution of the Agreement. The Company will pay SeaVentures a portion of the net revenues from those joint exhibitions or a per ticket fee, depending on the location of the joint exhibition. In fiscal year 2015, the Company recorded a liability for this settlement of $344 thousand, net of an $81 thousand discount at 12%, to reflect the present value of the future payments. The balance as of August 31, 2015 is $287 thousand.

Legal Proceedings

The Company is currently involved in certain legal proceedings. To the extent that a loss related to a contingency is reasonably estimable and probable, the Company accrues an estimate of that loss. Because of the uncertainties related to both the amount and range of loss on certain pending litigation, the Company may be unable to make a reasonable estimate of the liability that could result from an unfavorable outcome of such litigation. As information becomes available, the Company assesses any potential liability related to pending litigation and makes or, if necessary, revises its estimates. Such revisions to estimates of potential liability could materially impact the Company’s results of operations and financial position.

The Company believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable losses and that the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial condition.

Revenue and Sales and Use Tax Examinations

As of August 31, 2015, the Internal Revenue Service (“IRS”) has completed examination of the Company’s federal tax returns for the fiscal years ended February 28 (29), 2010, 2009, 2008 and 2007, with no significant adjustments required. The tax years February 28 (29), 2011-2014 remain open to IRS examination. On May 1, 2015 the Company received notice from the IRS that the Company’s tax return for the fiscal year ended February 28, 2013 had been selected for examination. On July 2, 2015 the Company received notice from the IRS that the tax return of Premier Exhibition Management, LLC for the fiscal year ended February 28, 2013 had been selected for examination. The examinations began in the second fiscal quarter of 2016. In addition to the review by the IRS, the Company is, at times, under review by various state revenue authorities.

As of May 8, 2014, the State of New York completed its most recent examination of the Company’s sales and use tax returns for its operations in the State of New York for all periods through May 31, 2012. The State of New York assessed additional sales and use tax of approximately $374,000 as it relates to the Company’s presentation of its Bodies exhibition at the South Street Seaport during this time period. This amount has been accrued in the Company’s consolidated financial statements. The Company has appealed this assessment on the grounds that the license agreement which governs the human anatomy specimens is not subject to sales and use tax. The Company has requested a hearing before an administrative tax tribunal.

5. Segment Information

The Company has two reportable segments - Exhibition Management and RMS Titanic. The Exhibition Management segment involves the management of all of the Company’s exhibition operations, including the operation and management of Premier’s “Bodies,” “Titanic” (through an inter-company agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” “Saturday Night Live,” and “Pompeii” (closed May 25, 2015) exhibitions. The exhibition management division also includes our exhibition merchandising business, conducted under the Company’s wholly-owned subsidiary, Premier Merchandising, LLC. The RMS Titanic segment manages the Company’s rights to the Titanic assets, including title to all of the recovered artifacts in the Company’s possession and all of the intellectual property (video, photos, maps, etc.) related to the recovery of the artifacts and research of the ship. In addition, the RMS Titanic segment manages the Company’s responsibilities as salvor-in-possession of the Titanic wreck site.

Revenue derived from exhibitions presented outside of the U.S. was $548 thousand and $1.1 million for the three months ended August 31, 2015 and 2014, respectively, and $1.1 million and $1.8 million for the six months ended August 31, 2015 and 2014, respectively. The Company’s foreign exhibitions are all touring. As such, the concentration of foreign income in any period is fluid and changes as exhibitions are moved, normally every four to six months.

All reported revenues were derived from external customers, with the exception of $301 thousand and $593 thousand reported for the RMS Titanic segment for the three months and six months ended August 31, 2015, respectively, and $316 thousand and $627 thousand for the three months and six months ended August 31, 2014, respectively. This revenue represents a royalty fee paid by the Exhibition Management segment for the use of Titanic assets in its exhibits, and is reflected as a corresponding cost of revenue in the Exhibition Management segment. Revenue earned and expenses charged between segments are eliminated in consolidation.

Certain corporate expenses are allocated based on intercompany agreements between PRXI, PEM and RMST for shared services.

The following tables reflect the condensed consolidated statements of operations for the three and six months ended August 31, 2015 and 2014 by segment (in thousands):

	Three Months Ended August 31, 2015
	(In thousands)

	Exhibition Management			RMS Titanic		Elimination			Total
Revenue	$	6,739		$	301	$	(301	)	$	6,739
Cost of revenue (exclusive of depreciation and amortization)		5,957			-		(301	)		5,656
Gross profit		782			301		-			1,083
Operating expenses:
General and administrative		2,402			247		-			2,649
Depreciation and amortization		1,483			-		-			1,483
Gain on disposal of assets		(33	)		-		-			(33	)
Total Operating expenses		3,852			247		-			4,099
Income/(loss) from operations		(3,070	)		54		-			(3,016	)
Other expense		(444	)		-					(444	)
Income/(loss) before income tax		(3,514	)		54		-			(3,460	)
Income tax expense		-			-		-			-
Net income/(loss)		(3,514	)		54		-			(3,460	)
Less: Net loss attributable to non-controlling interest		364			-		-			364
Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.	$	(3,150	)	$	54	$	-		$	(3,096	)

	Three Months Ended August 31, 2014
	(In thousands)

	Exhibition Management			RMS Titanic			Elimination			Total
Revenue	$	8,297		$	316		$	(316	)	$	8,297
Cost of revenue (exclusive of depreciation and amortization)		5,586			-			(316	)		5,270
Gross profit		2,711			316			-			3,027
Operating expenses:
General and administrative		3,398			337						3,735
Depreciation and amortization		1,149			-						1,149
Total Operating expenses		4,547			337			-			4,884
Loss from operations		(1,836	)		(21	)		-			(1,857	)
Other expense		(1	)		-			-			(1	)
Loss before income tax		(1,837	)		(21	)		-			(1,858	)
Income tax expense		-			-			-			-
Net loss		(1,837	)		(21	)		-			(1,858	)
Less: Net loss attributable to non-controlling interest		205			-			-			205
Net loss attributable to the shareholders of Premier Exhibitions, Inc.	$	(1,632	)	$	(21	)	$	-		$	(1,653	)

	Six Months Ended August 31, 2015
	(In thousands)

	Exhibition Management			RMS Titanic		Elimination			Total
Revenue	$	13,988		$	593	$	(593	)	$	13,988
Cost of revenue (exclusive of depreciation and amortization)		11,758			-		(593	)		11,165
Gross profit		2,230			593		-			2,823
Operating expenses:
General and administrative		5,009			506		-			5,515
Depreciation and amortization		2,521			-		-			2,521
Gain on disposal of assets		(33	)		-		-			(33	)
Total Operating expenses		7,497			506		-			8,003
Income/(loss) from operations		(5,267	)		87		-			(5,180	)
Other expense		(825	)		-		-			(825	)
Income/(loss) before income tax		(6,092	)		87		-			(6,005	)
Income tax expense		-			-		-			-
Net income/(loss)		(6,092	)		87		-			(6,005	)
Less: Net loss attributable to non-controlling interest		632			-		-			632
Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.	$	(5,460	)	$	87	$	-		$	(5,373	)

	Six Months Ended August 31, 2014
	(In thousands)

	Exhibition Management			RMS Titanic			Elimination			Total
Revenue	$	15,788		$	627		$	(627	)	$	15,788
Cost of revenue (exclusive of depreciation and amortization)		10,304			-			(627	)		9,677
Gross profit		5,484			627			-			6,111
Operating expenses:
General and administrative		6,396			634			-			7,030
Depreciation and amortization		2,300			-			-			2,300
Gain on disposal of property and equipment		(4	)		-			-			(4	)
Total Operating expenses		8,692			634			-			9,326
Loss from operations		(3,208	)		(7	)		-			(3,215	)
Other expense		(6	)		-			-			(6	)
Loss before income tax		(3,214	)		(7	)		-			(3,221	)
Income tax expense		-			-			-			-
Net loss		(3,214	)		(7	)		-			(3,221	)
Less: Net loss attributable to non-controlling interest		356			-			-			356
Net loss attributable to the shareholders of Premier Exhibitions, Inc.	$	(2,858	)	$	(7	)	$	-		$	(2,865	)

The assets in the Exhibition Management segment include exhibitry, leasehold improvements, venue license agreements, and other assets necessary for operation of the Company’s exhibitions and its merchandising division. The RMS Titanic segment contains all of the Titanic assets (other than the Orlando “Titanic: The Experience” exhibition and certain Titanic exhibition venue license agreements entered into by PEM), including title to all of the recovered artifacts in the Company’s possession and all related intellectual property (video, photos, maps, etc.). The Company’s assets by segment are reflected in the following table (in thousands):

	As of
	August 31, 2015		February 28, 2015
Exhibition Management	$	30,654	$	31,203
RMS Titanic		5,162		5,536
Corporate and unallocated		83		142
Total assets	$	35,899	$	36,881

Expenditures for additions to long-lived assets by segment for the six months ended August 31, 2015 and 2014, respectively, are reflected in the table below (in thousands):

	Six Months Ended August 31,
	2015		2014

Exhibition Management	$	5,259	$	393
RMS Titanic		-		-
Total capital expenditures	$	5,259	$	393

Note 6. Liquidity and Capital Resources

The Company’s operations in the recent past have been financed primarily through cash flow from operations, existing cash and, in fiscal 2015, the Pentwater Capital Management LP notes payable and, in fiscal 2016, convertible debt financing in connection with the merger agreement discussed below. The Company has incurred net losses for the majority of the past several years. Moving forward, the Company expects to have significant cash outflows in the near term based on the New York City lease, leasehold improvements of the leased space and new content development.

On September 30, 2014, the Company entered into a short-term Secured Promissory Note and Guarantee with each of two affiliates of Pentwater Capital Management LP. Together the Notes provided for a loan to the Company in the aggregate amount of $8.0 million. The Notes provided for the payment by the Company of interest on a monthly basis at the rate of 12% per annum, and the Notes matured and were required to be repaid in full on March 31, 2015.

Because the Notes matured and had to be paid in full on March 31, 2015, the Company had to obtain replacement financing for the Notes or negotiate an extension or forbearance with the Pentwater affiliates by that date. The Company considered a number of potential transactions that would provide replacement capital for the Company, including a financing transaction with one or more potential strategic partners, a private placement of equity securities, and a private placement of convertible promissory notes, including potentially to some of the Company’s existing shareholders.

On April 2, 2015 the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) whereby it plans to combine with Dinoking Tech Inc. (“DK”). Under the Merger Agreement, the DK shareholders will be entitled to up to 24% of the fully diluted ownership of the Company for all of the issued and outstanding shares of DK. In addition, an investor group has agreed to provide up to $13.5 million in convertible debt funding to Premier to repay $8 million of existing debt and $5.5 million for corporate purposes including the completion of the development of “Saturday Night Live: The Exhibition” and “Premier Exhibitions 5^thAvenue,” the Company’s state-of-the-art exhibition and special events center located in New York City. As of August 31, 2015, the investor group had provided the entire $13.5 million of funding. Upon closing of the merger transaction, the debt will be convertible into shares of the Company based on a price of $4.48 per share, if the conversion is approved by shareholders. The Company used this funding to retire the debt owed to Pentwater Capital, to continue funding improvements on the building at 417 Fifth Avenue, and to complete our “Saturday Night Live” exhibition. The transaction has been approved by the Board of Directors of Premier. Premier’s principal shareholder, Sellers Capital, LLC, and the directors and officers of the Company have entered into agreements to vote in favor of the transaction. The completion of the transaction is subject to Premier shareholder approval among other customary closing conditions. The shareholder meeting to approve the transaction is expected to be held on October 29, 2015. The merger is expected to be completed on October 29, 2015.

While the Company recently repaid a loan of $8.0 million, the Company will have to repay $13.5 million received in convertible debt funding if the merger transaction does not close. As a result, the Company will have to refinance the debt or obtain funds to repay the debt in full if that occurs. In addition, if the merger transaction is terminated under certain conditions the Company would be required to pay a $1 million breakup fee to DK. The Company could be capital constrained and unable to fulfill the terms of this and other agreements if its access to capital sources does not improve in the near term.

If the Merger Agreement transactions are not approved by shareholders, or additional financing is not obtained, the Company may have to seek the protection of the U.S. bankruptcy laws and/or cease operating as a going concern. In addition, if the Company does not meet its payment obligations to third parties as they come due, the Company may be subject to an involuntary bankruptcy proceeding or other litigation claims, which it would likely not have the resources to defend.

If the Company makes a bankruptcy filing, is subject to an involuntary bankruptcy filing, or is otherwise unable to continue as a going concern, the Company may be required to liquidate its assets and may receive less than the value at which those assets are carried on its financial statements, and it is likely that shareholders will lose all or a part of their investments. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company’s cash balance as of August 31, 2015 was $1.6 million and accounts payable and accrued liabilities were $5.8 million. In addition, the Company has a working capital deficit of $1.4 million excluding the convertible debt of $13.5 million, which is included in the short term portion of note payable on the balance sheet. Management believes that through management of its cash flow and payment obligations the Company should reach the expected merger date of October 29, 2015 without the need for incremental financing. However, post-merger management believes that the Company will need up to $5.0 million of additional capital to fund ongoing operations and to bring accounts payable and accrued liabilities current. This amount should be sufficient to return the Company to at least break-even operations in the near term, assuming that management’s plan of operations is achieved.

The Company is currently exploring options to solve the liquidity situation, including additional debt or equity financing from DK, the related financing group or other sources.

Note 7. Merger Agreement

See Note 6. Liquidity and Capital Resources regarding the Merger Agreement with DK entered into on April 2, 2015.

Upon the closing of the transaction, we expect that the DK shareholders and the investor group will hold 47.0% of the outstanding Premier voting shares, subject to additional contingent payments, and the right to nominate four out of seven board members. Mr. Bao will become the Executive Chairman, President and Chief Executive Officer of Premier while DK will become an indirect wholly-owned subsidiary.

If this merger is consummated, the Company’s net operating loss carryforwards may be significantly limited under Section 382 of the Internal Revenue Code. The limitation imposed by Section 382 of the Internal Revenue Code would place an annual limitation on the amount of the NOL carry forwards that can be utilized. The Company has not performed any analysis of whether or not there has been a cumulative change in ownership of greater than 50%. If this analysis were to be completed and it was determined that there has been a change in ownership, the amount of the NOL carryforwards available may be reduced significantly. However, since the valuation allowance fully reserves for all available carry forwards, the effect of the reduction would be offset by a reduction in the valuation allowance. Thus, the resolution of this matter would have no effect on the reported assets, liabilities, revenues, and expenses for the periods presented.

Note 8. Consulting Agreement with Samuel S. Weiser

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “will,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to revenue growth, improvements to margin and earnings per share growth, funding, consummation and integration of acquisitions, mergers and other significant transactions, and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, such statements are dependent upon, and can be influenced by, a number of external variables over which management has little or no control, including but not limited to, general economic conditions, public tastes and demand, competition, the availability of venues, the results of certain legal matters described herein, governmental regulation, cybersecurity breaches, and the efforts of co-sponsors and joint venture participants. As a result, caution should be taken not to place undue reliance on any such forward-looking statements. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the performance that is ultimately achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements.

In this report, the terms “Premier Exhibitions, Inc.,” the “Company,” “Premier”, “we,” “us,” and “our” mean Premier Exhibitions, Inc., a Florida corporation, and its subsidiaries. The condensed consolidated financial statements include the accounts of Premier, its wholly-owned subsidiaries after the elimination of all significant intercompany accounts and transactions, and its consolidated joint venture.

You are urged to read the risk factors included in this report and described in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015 (“fiscal 2015”), as filed with the SEC. Except as required by law, we undertake no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available. The following discussion should be read in conjunction with the unaudited condensed financial statements and notes appearing elsewhere herein and our Annual Report on Form 10-K for our fiscal year ended February 28, 2015.

The principal executive offices of Premier Exhibitions, Inc. and its subsidiaries are located at 3340 Peachtree Road, NE, Suite 900, Atlanta, Georgia 30326, and the Company’s telephone number is (404) 842-2600. The Company is a Florida corporation and maintains websites located at www.premierexhibitions.com, www.snltheexhibition.com, www.thetitanicstore.com, www.thekingtutstore.com, www.bodiestheexhibitionstore.com and www.thesnlstore.com. Information on Premier’s websites is not part of this report.

Overview

Premier Exhibitions, Inc. and subsidiaries are in the business of presenting to the public museum-quality touring exhibitions around the world. Since our establishment, we have developed, deployed, and operated unique exhibition products that are presented to the public in exhibition centers, museums, and non-traditional venues. Income from exhibitions is generated primarily through ticket sales, third-party licensing, sponsorships and merchandise sales.

Our business has been divided into an exhibition management division and a content division. The content division is the Company’s subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, as well as all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship.

The exhibition management division includes our exhibition operations and merchandising operations. We formed the entity Premier Exhibition Management LLC (“PEM”), in September 2011 to manage all of the Company’s exhibition operations. This currently includes the operation and management of our “Bodies,” “Titanic” (pursuant to an intercompany agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” and “Saturday Night Live,” exhibitions. PEM also pursues “fee for service” arrangements to manage exhibitions based on content owned or controlled by third parties. On April 20, 2012, PEM and its wholly-owned subsidiary, PEM Newco, LLC (“Newco”), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC. Subsequent to the asset purchase, Newco changed its name to “Arts and Exhibitions International, LLC” (“AEI”). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates.” The acquired assets include rights agreements with the owners of the artifacts and intellectual property comprising the exhibitions, museum/venue agreements for existing exhibition venues, sponsorship agreements, a warehouse lease and an office lease. In addition, the acquired assets include intellectual property related to proposed future exhibitions that the Company may further develop and produce, including the exhibit “One Day in Pompeii,” which was being toured by the Company during the first quarter of fiscal 2016. The Company will operate any such additional properties through its exhibition management subsidiary. As part of the purchase price for the assets of AEI, 10% of the ownership interest in Premier Exhibition Management LLC was transferred to AEG Live LLC. This ownership interest is reported as a "non-controlling interest" in our financial statements, and the financials of Premier Exhibition Management LLC are reported on a consolidated basis.

The exhibition management division also includes our exhibition merchandising business, conducted under the Company’s wholly-owned subsidiary, Premier Merchandising, LLC. This entity has purchased the merchandise rights related to the AEI exhibition properties, and also pursues other exhibition merchandising opportunities.

The restructuring of the Company and changes in its management, reflect that Premier has two operating segments – Exhibition Management (PEM) and Content Management (RMST).

At the close of business on February 27, 2015, we effected a 1 for 10 reverse stock split of our issued common stock. Except for any changes as a result of the treatment of fractional shares, each shareholder holds the same percentage of our common stock outstanding immediately after the reverse stock split as such shareholder held immediately prior to the reverse stock split. The reverse stock split did not affect the number of shares of common stock authorized in the Articles of Incorporation, which is 65,000,000. Because the number of shares of authorized common stock was not affected, the effect of the reverse stock split was to increase the authorized, but unissued, shares of common stock.

On April 2, 2015, we announced that we had entered into a definitive merger agreement (“Merger Agreement”) whereby Premier will combine with Dinoking Tech Inc. (“DK”). Under the Merger Agreement, the DK shareholders will be entitled to up to 24% of the fully diluted ownership of Premier for all of the issued and outstanding shares of DK. In addition, an investor group has agreed to provide up to $13.5 million in convertible debt funding to Premier to repay $8 million of existing debt and $5.5 million for general corporate purposes, including the completion of the development of “Saturday Night Live: The Exhibition” and “Premier Exhibitions 5^thAvenue,” the Company’s state-of-the-art exhibition and special events center located in New York City. As of August 31, 2015, the investor group had provided the entire $13.5 million of this funding. Upon closing of the merger transaction, the debt will be convertible into shares of the Company based on a price of $4.48 per share, if the conversion is approved by shareholders. We used this funding to retire the debt owed to Pentwater Capital, to continue funding improvements on the building at 417 Fifth Avenue, and to complete our “Saturday Night Live” exhibition. The transaction has been approved by the Board of Directors of Premier. Premier’s principal shareholder, Sellers Capital, LLC, and the directors and officers of the Company have entered into agreements to vote in favor of the transaction. The completion of the transaction is subject to Premier shareholder approval among other customary closing conditions. The shareholder meeting to approve the transaction is expected to be held on October 29, 2015. The merger is expected to be completed on October 29, 2015.

Under the terms of the Merger Agreement, Premier will acquire all outstanding shares of DK, of which Daoping Bao is the principal shareholder, for a total consideration of $6.4 million payable in Premier shares or shares exchangeable for Premier shares at transaction close. Premier has also agreed to future contingent payments to the DK shareholders of up to $8.6 million payable in either cash or stock if certain milestones are reached.

Upon the closing of the transaction, we expect that the DK shareholders and the investor group will hold 47% of the outstanding Premier voting shares, subject to additional contingent payments, and the right to nominate four out of seven board members. Mr. Bao will become the Executive Chairman, President and Chief Executive Officer of Premier while DK will become an indirect wholly-owned subsidiary.

DK, based in Richmond, British Columbia, Canada, is the holding company of Dinosaurs Unearthed, an industry-leading traveling exhibition company with a range of indoor and outdoor exhibition experiences designed to engage and entertain audiences. Current exhibitions include Dinosaurs Alive!, Dinosaurs Unearthed, Extreme Dinosaurs, Xtreme BUGS!, and, launched in June 2015 in Australia, Creatures of the Deep.

As of August 31, 2015, our portfolio of exhibitions contains the following:

	August 31, 2015
	Stationary		Touring		Total
Exhibitions owned or leased:
"Bodies…The Exhibition" and "Bodies Revealed"		3		4		7
"Titanic: The Artifact Exhibition" and "Titanic: The Experience"		3		5		8
"Real Pirates"		-		2		2
"The Discovery of King Tut"		-		1		1
"Saturday Night Live: The Exhibition"		1		-		1
Total Exhibitions		7		12		19

Our touring exhibitions usually span four to six months. As of August 31, 2015, our stationary exhibitions, which are longer-term exhibitions, are located in Las Vegas, Nevada, Orlando, Florida, Buena Park, California, New York City, New York, and Atlanta, Georgia. Our New York City location opened on May 30, 2015.

In addition to developing new content for future exhibitions, we continually evaluate our touring capacity and may expand or contract to suit the addressable market for our content.

We first became known for our Titanic exhibitions which present the story of the ill-fated ocean liner, the R.M.S. Titanic (the “Titanic”). The Titanic has captivated the imaginations of millions of people throughout the world since 1912 when she struck an iceberg and sank in the North Atlantic on her maiden voyage approximately 400 miles off the coast of Newfoundland. More than 1,500 of the 2,228 lives on board the Titanic were lost.

We own approximately 5,500 Titanic artifacts recovered from the wreck site 2½ miles below the ocean’s surface which we have the right to present at our exhibitions. In 1994, a federal district court declared us salvor-in-possession of the Titanic wreck and wreck site, and, as such, we have the exclusive right to recover additional objects from the Titanic wreck site. Through our explorations, we have obtained and are in possession of the largest collection of data, information, images and cultural materials associated with the Titanic shipwreck. We believe that our salvor-in-possession status puts us in the best position to provide for the archaeological, scientific and educational interpretation, public awareness, historical conservation and stewardship of the Titanic shipwreck. As of August 31, 2015, we had the ability to present eight concurrent Titanic exhibitions. Management continues to explore ways to expand the Titanic model beyond the exhibition business to broaden the Company’s reach.

In 2004, we diversified our exhibitions beyond the Titanic and into human anatomy by acquiring licenses that give us rights to present exhibitions of human anatomy sets, each of which contains a collection of whole human body specimens plus single human organs and body parts. As of August 31, 2015, we had the ability to present seven concurrent human anatomy exhibitions.

During the past several years the Company has continued to diversify its exhibition content to expand beyond our “Titanic” and “Bodies” exhibitions.

Exhibitions

“Titanic: The Artifact Exhibition” and “Titanic: The Experience”

By featuring the artifacts recovered from the wreck site, our exhibitions tell the Titanic’s story from construction through her sinking and discovery as well as the Company’s efforts to preserve the wreck site and conserve recovered artifacts. The artifacts are placed in historically correct re-creations of the significant rooms onboard the ship and are illuminated by moving stories of her passengers and crew. The Company has supplemented the exhibitions with assets generated during the 2010 Titanic expedition such as 3D exhibitry and film. The Company’s attendance to its Titanic exhibitions is over 23 million visitors at venues in North America, South America, Asia, Europe and Australia. During the three months ended August 31, 2015, five separate “Titanic” exhibitions were presented at six venues.

Consistent with the Company’s desire to increase its number of permanent exhibitions, on October 17, 2011, the Company purchased the assets of a Titanic-themed exhibition (“Titanic: The Experience” or “TTE”) in Orlando, Florida. Through this acquisition, the Company now has a presence in the large Orlando tourist market. The Company has supplemented the acquired exhibitry with authentic Titanic artifacts from our existing collections and also by including assets generated during the 2010 Titanic expedition such as 3D exhibitry and film.

“Bodies...The Exhibition” and “Bodies Revealed”

We presently have the right to display multiple human anatomy sets, each of which contains a collection of whole human body specimens plus single human organs and body parts, which are known as “Bodies Revealed” and “Bodies...The Exhibition.” We secured the rights to produce these two types of human anatomy exhibitions through separate exhibition agreements. During the three months ended August 31, 2015, four separate “Bodies” exhibitions were presented at four venues.

These specimens are assembled into anatomy-based exhibitions featuring preserved human bodies, organs and body parts to offer the public an opportunity to view the intricacies and complexities of the human body. The exhibitions include displays of dissected human bodies which are permanently preserved through a process called polymer preservation, also known as plastination. In essence, the bodies are drained of all fat and fluids, which are replaced with polymers such as silicone rubber, epoxy and polyester. This preserves the flesh and maintains its natural look. Skin from the bodies is removed, or partially removed, to reveal musculoskeletal, nervous, circulatory, and reproductive or digestive systems. The full body specimens are complimented by presentation cases of related individual organs and body parts, both healthy and diseased, that provide a detailed look into the elements that comprise each system of the body. Using more than 200 specimens, each exhibition follows a systems-based approach to human anatomy which examines the skeletal, muscular, nervous, digestive, respiratory, circulatory, urinary, integumentary (skin, sweat glands, hair, and nails), and reproductive systems.

Our full-body specimens and individual organs were obtained through plastination facilities mostly in China. The full body specimens are persons who lived in China and died from natural causes. Most of the bodies were unclaimed at death and were ultimately delivered to medical schools for education and research. Where known, information about the identities, medical history and causes of death is kept strictly confidential. China has a large and highly competent group of anatomists and dissectors, who are essential to properly preparing these specimens for exhibition and educational purposes. In a number of cases, our medical director has been able to identify medical problems that were present in certain organs and, where appropriate, those organs were clearly labeled in the exhibitions. For example, an emphysema-diseased lung is displayed and identified, giving the visitors a visual understanding of the effects of the disease.

“Saturday Night Live: The Exhibition”

“Saturday Night Live: The Exhibition” tells the story of the late night comedy sensation and pop cultural phenomenon that re-branded and transformed American television. The exhibition takes visitors through the show’s tight weekly section and its 40-year history. Visitors can get a behind the scene glimpse and meet SNL’s key players, past and present, through a mix of artifacts, theatrical scenic elements, props, video, multimedia presentations and photographs. This exhibition opened at our New York City location on May 30, 2015.

“Real Pirates”

“Real Pirates” tells the compelling story of the Whydah, the first authenticated pirate shipwreck in U.S. waters, and the stories of the diverse people whose lives converged on the vessel. Sunk in a fierce storm off the coast of Cape Cod, Massachusetts in April 1717, the Whydah was located in 1984 by underwater explorer Barry Clifford.

The exhibition features more than 200 authentic items recovered from the Whydah – real treasure last touched by real pirates. Ranging from cannons and coins and from the massive ship’s bell to personal items that the pirates wore, visitors are given an unprecedented glimpse into unique economic, political and social circumstances of the early 18th-century Caribbean.

We obtained the right to manage this exhibition as part of the AEG Live, LLC transaction. Effective November 13, 2012, the Company signed a binding letter of intent with Barry Clifford to develop and present a second “Real Pirates” exhibition, which the Company began touring in March 2013. During the three months ended August 31, 2015, we presented one separate “Real Pirates” exhibition at one venue.

“The Discovery of King Tut”

During the fourth fiscal quarter of 2014, the Company entered into a license agreement with Semmel Concerts GmbH, a German entity, (“Semmel”) to present an exhibition based on King Tutankhamun. The term of the agreement is five years from the opening date of the exhibition. The exhibition, titled “The Discovery of King Tut,” uses high quality artistic and scientific reproductions of artifacts found in the tomb of King Tutankhamun to recreate the moment of Howard Carter's discovery of the lost tomb. This exhibition opened at Union Station in Kansas City on April 4, 2014. During the three months ended August 31, 2015, we presented one “King Tut” exhibition at one venue.

New Content

We continue to pursue new content opportunities. To mitigate the risk associated with building an exhibition and then attempting to book the exhibition after incurring the capital expenditure, we have begun optioning new content opportunities to assess market demand and evaluate the expected return on the investment based on that market assessment. We have signed an exhibit promoter agreement to present an exhibition featuring characters from the Ice Age movie franchise licensed from 20^th Century Fox.

Discontinued Exhibitions

“Extreme Dinosaurs”

During the fourth fiscal quarter of 2014, the Company entered into a license agreement with Dinosaurs Unearthed Corporation to present an animatronic exhibition based on dinosaurs. The term of the agreement was approximately nine months from the opening date of the exhibition. The exhibition, titled “Extreme Dinosaurs,” featured some of the newest dinosaur discoveries from the ‘Golden Age’ of paleontology, and explored why scientists believe these dinosaurs may have had such bizarre features like horns, plates, frills and feathers. This exhibition opened at Atlantic Station in Atlanta on March 29, 2014 and closed on January 4, 2015.

“Pompeii: One Day in Pompeii”

During the third fiscal quarter of 2014, we, in partnership with the Italian Superintendence for Archaeological Heritage of Naples and Pompeii (SANP), developed a new exhibition on the story of Pompeii that featured over 150 authentic artifacts on loan from the Naples National Archaeological Museum.

The exhibition offered visitors a rare look at some of the most valuable artifacts recovered from the debris of the city of Pompeii, many of which were making their North American debut. The opportunity to present this exhibition was acquired as part of the AEG Live, LLC transaction. This exhibition was closed on May 25, 2015, and the artifacts were returned to Italy.

Titanic Expeditions

In August 1987, TVLP contracted with the Institute of France for the Research and Exploration of the Sea (“IFREMER”) to conduct an expedition and dive to the wreck of the Titanic. Approximately 2,000 objects were recovered and 140 hours of video tape footage and an estimated seven thousand still photographs were taken during the course of the 32 dives in that original expedition.

We completed additional expeditions to the wreck of the Titanic in 1994, 1996, 1998, 2000 and 2004 recovering approximately 3,500 additional artifacts and additional video tape footage and still photographs. With the depth of the Titanic wreck approximately two and one-half miles below the surface of the North Atlantic Ocean, our ability to conduct expeditions to the Titanic has been subject to the availability of necessary research and recovery vessels and equipment for chartering by us from June to September, which is the “open weather window” for such activities.

2010 Expedition to Titanic Wreck Site

During August and September 2010, our wholly-owned subsidiary RMST, as salvor-in-possession of the RMS Titanic (the “Titanic”) and its wreck site, conducted an expedition to the Titanic wreck site. RMST brought together an alliance of the world’s leading archaeologists, oceanographers and scientists together with U.S. governmental agencies to join RMST in the 2010 expedition to the wreck site and the post-expedition scientific study. This alliance included the Woods Hole Oceanographic Institution (“WHOI”), the Institute of Nautical Archaeology (“INA”), the National Oceanic Atmospheric Administration’s Office of the National Marine Sanctuaries (“NOAA/ONMS”), The National Park Service’s Submerged Resources Center (“NPS”) and the Waitt Institute. Never before had all of these entities partnered to work together on one project. While all of these parties worked together to participate in the expedition, RMST has sole legal ownership of the film footage, data, and other assets generated from the expedition.

While the general purpose of the expedition was to collect and interpret archeological and scientific data utilizing state-of-the-art high definition 2D and 3D cameras and sonar scanning equipment, the Company also planned and executed the expedition in order to create digital assets for commercial purposes, including a 2D documentary that was aired by a major cable network in April 2012, a separate HD3D film featuring a tour of the bow and stern sections of the ship that is now being distributed, and assets to be utilized in enhancing the Titanic exhibitions, as well as other applications. The collected data will also provide the basis for an archaeological site plan, and ultimately a long-term management plan for the Titanic wreck site.

Science, Archaeology and Conservation Related to the Titanic and Titanic Artifacts

In addition to being important to our exhibition business, the Titanic is an important archaeological, historical and cultural site. In addition to the alliance brought together for the 2010 expedition described above, we have long standing relationships with several other archaeologists and conservators for services to aid in stewardship of the Titanic wreck site. Upon recovery from the Titanic wreck site, artifacts are in varying states of deterioration. Having been submerged in the ocean for almost 100 years, artifacts have been subjected to the corrosive effects of seawater. The conservation of all artifacts recovered from the wreck site of the Titanic is an extensive process that employs many techniques in order to stabilize them for display in our exhibitions. We also own and maintain an extensive database, together with digital and photographic archives, that establish, with certainty, the origin of the artifacts.

Merchandising

We earn revenue from the sale of exclusively sourced merchandise, such as apparel, posters, gifts and Titanic-related jewelry (some of which utilizes coal we have recovered from the shipwreck). In addition, we also publish exhibition catalogs and provide ancillary services such as audio tours and visitor exhibition themed photographs, which are sold at our exhibition gift shops. We intend to continue to focus on merchandising activities, including increasing our “self-run” retail model, at all our exhibition locations to increase revenue per attendee and our margins on these sales.

Information Regarding Exhibitions Outside the United States

Results of Operations

The Quarter Ended August 31, 2015 Compared to the Quarter Ended August 31, 2014

An analysis of our condensed consolidated statements of operations for the quarter ended August 31, 2015 and 2014, with percent changes, follows:

	Analysis of Condensed Consolidated Statements of Operations
	Three Months Ended						Percent Change
	August 31, 2015			August 31, 2014			2015 vs. 2014
	(In thousands except percentages and per share data)

Revenue	$	6,739		$	8,297			(18.8	)%
Cost of revenue (exclusive of depreciation and amortization)		5,656			5,270			7.3	%
Gross profit		1,083			3,027			(64.2	)%
Gross profit as a percent of revenue		16.1	%		36.5	%

Operating expenses		4,099			4,884			(16.1	)%
Loss from operations		(3,016	)		(1,857	)		62.4	%

Other expenses		(444	)		(1	)		44,300.0	%
Loss before income tax		(3,460	)		(1,858	)		86.2	%
Income tax expense		-			-			N/A
Effective tax rate		0.0	%		0.0	%
Net loss		(3,460	)		(1,858	)		86.2	%
Less: Net loss attributable to non-controlling interest		364			205			77.6	%
Net loss attributable to the shareholders of Premier Exhibitions, Inc.	$	(3,096	)	$	(1,653	)		87.3	%

Net loss per share:
Basic loss per share	$	(0.63	)	$	(0.34	)
Diluted net loss per share	$	(0.63	)	$	(0.34	)

Revenue. During the quarter ended August 31, 2015, total revenue decreased $1.6 million, or 18.8% to $6.7 million as reflected in the following table.

	Revenue (in thousands)
	Three Months Ended August 31,
	2015		2014
Exhibition Revenue
Admissions revenue	$	4,662	$	5,157
Non-refundable license fees for current exhibitions		827		1,598
Total Exhibition revenue		5,489		6,755
Merchandise revenue		1,218		1,409
Management fee		32		133
Total Revenue	$	6,739	$	8,297

Key Non-financial Measurements
Total number of exhibitions presented		13		18
Semi-permanent exhibitions presented		7		6
Partnered exhibitions presented		3		6
Exhibitions rented to promoters or museums		3		6
Total operating days for semi-permanent, partner and rented exhibitions		1,076		1,503
Total attendance for semi-permanent and partner presented exhibitions (in 000's)		332		544
Average attendance per day for semi-permanent and partnered exhibitions presented		366		499
Average ticket price for semi-permanent and partnered exhibitions presented	$	16.10	$	16.79
Average retail per attendee for semi-permanent and partnered exhibitions presented	$	3.75	$	2.71

Semi permanent exhibitions:
Total operating days		644		550
Total attendance (in 000's)		205		189
Average attendance per day		319		344
Average ticket price	$	22.20	$	21.40
Average retail per attendee	$	4.34	$	3.86

Exhibition revenue decreased by $1.3 million to $5.5 million primarily due to a decrease in partnered exhibitions and exhibitions rented to promoters or museums in the second quarter of fiscal 2016.

With 13 exhibits presented, the Company experienced a decrease in attendance from 544 thousand in the second fiscal quarter of 2015 to 332 thousand in the second fiscal quarter of 2016. We attribute this decrease in attendance to fewer exhibitions being presented in the second fiscal quarter of 2016 and the closing of our Pompeii exhibition in May 2015. Revenue from self-run exhibitions was 80.1% of total revenue in the second quarter of fiscal 2016, compared to 57.0% of revenue for the second quarter of fiscal 2015.

Merchandise revenue decreased $191 thousand to $1.2 million for the quarter ended August 31, 2015. Merchandise revenue decreased due to fewer exhibitions presented in the second quarter of fiscal 2016 offset partially by an increase in average retail per attendee.

Cost of revenue. During the quarter ended August 31, 2015, total cost of revenue increased by $386 thousand, or 7.3%, to $5.7 million compared to the same period last year, as reflected in the following table.

	Cost of Revenue
	(in thousands, except percentages)
	Three Months Ended						Percent Change
	August 31, 2015			August 31, 2014			2015 vs. 2014
Exhibition costs
Production	$	382		$	106			260.4	%
Operating Expenses		3,339			3,344			(0.1	)%
Marketing		1,562			1,237			26.3	%
		5,283			4,687			12.7	%
Exhibition expense as percent of exhibition revenue		96.2	%		69.4	%

Cost of merchandise		373			583			(36.0	)%
Cost of merchandise as percent of merchandise revenue		30.6	%		41.4	%

Total	$	5,656		$	5,270			7.3	%
Cost of revenue as a percent of total revenue		83.9	%		63.5	%

Exhibition expense increased from 69.4% of exhibition revenue in the second quarter of 2015 to 96.2% in the second quarter of fiscal 2016 primarily due to an increase in production and marketing expenses related to our New York City location.

Cost of merchandise as a percent of merchandise revenue decreased from 41.4% in the second quarter of fiscal 2015 to 30.6% in the second quarter of fiscal 2016 primarily due to lower retail labor cost since the Company ran fewer merchandise shops in the current year.

The decrease in revenue and increase in costs of revenues resulted in a decrease in our gross profit from $3.0 million or 36.5% during the quarter ended August 31, 2014 to $1.1 million or 16.1% of revenue for the quarter ended August 31, 2015.

Operating expenses. Our general and administrative expenses decreased by $1.1 million to $2.6 million for the quarter ended August 31, 2015 compared to the same period last year. The decrease is primarily due primarily to a decrease in compensation expense of $796 thousand.

Our depreciation and amortization expenses increased by $334 thousand from the prior year. The increase is attributable to the assets placed in service during fiscal 2016 related to our New York City location and our Saturday Night Live exhibition.

Other expense. We recognized interest expense of $444 thousand on the Company’s convertible debt financing during second quarter of fiscal 2016 as compared to $21 thousand in the second quarter of 2015.

Net loss attributable to non-controlling interest. This represents the loss attributable to AEG Live, LLC’s 10% interest in Premier Exhibition Management LLC.

Net loss attributable to the shareholders of Premier Exhibitions, Inc. We realized a net loss of $3.1 million for the quarter ended August 31, 2015 as compared to a net loss of $1.7 million for the same period last year.

The Quarter Ended August 31, 2015 Compared to the Quarter Ended August 31, 2014 – Segment results

Exhibition Management Segment

An analysis of operations for our Exhibition Management segment for the quarter ended August 31, 2015 and 2014, with percent changes, follows:

	Three Months Ended August 31,						% Change
	2015			2014
	(In thousands except percentages)

Revenue	$	6,739		$	8,297			(18.8	)%
Cost of revenue (exclusive of depreciation and amortization)		5,957			5,586			6.6	%
Gross profit		782			2,711			(71.2	)%
Gross profit as a percent of revenue		11.6	%		32.7	%

Operating expenses		3,852			4,547			(15.3	)%
Loss from operations		(3,070	)		(1,836	)		67.2	%
Other expenses		(444	)		(1	)		44,300.0	%

Loss before income taxes		(3,514	)		(1,837	)		91.3	%

Income tax expense		-			-			N/A
Effective tax rate		0.0	%		0.0	%

Net loss		(3,514	)		(1,837	)		91.3	%
Less: Net loss attributable to non-controlling interest		364			205			77.6	%
Net loss attributable to the shareholders of Premier Exhibitions, Inc.	$	(3,150	)	$	(1,632	)		93.0	%

Revenue. During the quarter ended August 31, 2015, total revenue decreased $1.6 million, or 18.8% to $6.7 million as reflected in the following table.

	Revenue (in thousands)
	Three Months Ended August 31,
	2015		2014
Exhibition Revenue
Admissions revenue	$	4,662	$	5,157
Non-refundable license fees for current exhibitions		827		1,598
Total Exhibition revenue		5,489		6,755
Merchandise Revenue		1,218		1,409
Management Fee		32		133
Total Revenue	$	6,739	$	8,297

Key Non-financial Measurements
Total number of exhibitions presented		13		18
Semi-permanent exhibitions presented		7		6
Partnered exhibitions presented		3		6
Exhibitions rented to promoters or museums		3		6
Total operating days for semi-permanent, partner and rented exhibitions		1,076		1,503
Total attendance for semi-permanent and partner presented exhibitions (in 000's)		332		544
Average attendance per day for semi-permanent and partnered exhibitions presented		366		499
Average ticket price for semi-permanent and partnered exhibitions presented	$	16.10	$	16.79
Average retail per attendee for semi-permanent and partnered exhibitions presented	$	3.75	$	2.71

Semi permanent exhibitions:
Total operating days		644		550
Total attendance (in 000's)		205		189
Average attendance per day		319		344
Average ticket price	$	22.20	$	21.40
Average retail per attendee	$	4.34	$	3.86

Exhibition revenue decreased by $1.3 million to $5.5 million primarily due to a decrease in partnered exhibitions and exhibitions rented to promoters or museums in the second quarter of fiscal 2016.

Cost of revenue. During the quarter ended August 31, 2015, total cost of revenue increased by $371 thousand, or 6.6%, to $6.0 million compared to the same period last year, as reflected in the following table.

	Cost of Revenue
	(in thousands, except percentages)
	Three Months Ended						Percent Change
	August 31, 2015			August 31, 2014			2015 vs. 2014
Exhibition costs

Production	$	382		$	106			260.4	%
Operating Expenses		3,640			3,660			(0.5	)%
Marketing		1,562			1,237			26.3	%
		5,584			5,003			11.6	%
Exhibition expense as percent of exhibition revenue		101.7	%		74.1	%

Cost of merchandise		373			583			(36.0	)%
Cost of merchandise as percent of merchandise revenue		30.6	%		41.4	%

Total	$	5,957		$	5,586			6.6	%
Cost of revenue as a percent of total revenue		88.4	%		67.3	%

Exhibition expense increased from 74.1% of exhibition revenue in the second quarter of 2015 to 101.7% in the second quarter of fiscal 2016 primarily due primarily due an increase in production and marketing expenses related to our New York City location.

The decrease in revenue and increase in costs of revenues resulted in a decrease in our gross profit from $2.7 million or 32.7% during the quarter ended August 31, 2014 to $782 thousand or 11.6% of revenue for the quarter ended August 31, 2015.

Operating expenses. Our general and administrative expenses decreased by $1.0 million to $2.4 million for the quarter ended August 31, 2015 compared to the same period last year. The decrease is primarily due primarily to a decrease in compensation expense of $796 thousand.

Net loss attributable to non-controlling interest. This represents the loss attributable to AEG Live, LLC’s 10% interest in Premier Exhibition Management LLC.

Net loss attributable to the shareholders of Premier Exhibitions, Inc. We realized a net loss of $3.2 million for the quarter ended August 31, 2015 as compared to a net loss of $1.6 million for the same period last year.

RMS Titanic Segment

An analysis of operations for our RMS Titanic segment for the quarter ended August 31, 2015 and 2014, with percent changes, follows:

	Three Months Ended August 31,						% Change
	2015			2014
	(In thousands except percentages)

Revenue	$	301		$	316			(4.7	)%
Cost of revenue (exclusive of depreciation and amortization)		-			-			N/A
Gross profit		301			316			(4.7	)%
Gross profit as a percent of revenue		100.0	%		100.0	%

Operating expenses		247			337			(26.7	)%
Income/(loss) before tax		54			(21	)
Income tax expense		-			-			N/A
Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.	$	54		$	(21	)		357.1	%

Revenue. During the quarter ended August 31, 2015, total revenue decreased by $15 thousand, or 4.7%, to $301 thousand compared to the same period in the prior year due to the decrease in revenues from Titanic exhibitions and the decrease in merchandise sales. PEM pays RMST a royalty fee for the use of the Titanic artifacts in its exhibits. The royalty fee is calculated based on 10% of revenues generated from Titanic ticket sales, merchandising, and other ancillary revenue-related streams. As Titanic net revenues decreased to $3.0 million from $3.2 million, royalty revenue decreased accordingly.

Operating Expenses. Operating expenses for the quarter ended August 31, 2015 decreased 26.7% from the same period in the prior year due to a decrease in the expenses related to the calculation of the intercompany administrative fee.

Net income/(loss) attributable to shareholders of Premier Exhibitions, Inc. We realized net income for the quarter ended August 31, 2015 of $54 thousand compared to a net loss of $21 thousand for the same period in the prior year based on the items discussed above.

The Six Months Ended August 31, 2015 Compared to the Six Months Ended August 31, 2014

An analysis of our condensed consolidated statements of operations for the six months ended August 31, 2015 and 2014, with percent changes, follows:

	Analysis of Condensed Consolidated Statements of Operations
	Six Months Ended						Percent Change
	August 31, 2015			August 31, 2014			2015 vs. 2014
	(In thousands except percentages and per share data)

Revenue	$	13,988		$	15,788			(11.4	)%
Cost of revenue (exclusive of depreciation and amortization)		11,165			9,677			15.4	%
Gross profit		2,823			6,111			(53.8	)%
Gross profit as a percent of revenue		20.2	%		38.7	%

Operating expenses		8,003			9,326			(14.2	)%
Loss from operations		(5,180	)		(3,215	)		61.1	%

Other expenses		(825	)		(6	)		13,650.0	%
Loss before income tax		(6,005	)		(3,221	)		86.4	%

Income tax expense		-			-			N/A	%
Effective tax rate		0.0	%		0.0	%
Net loss		(6,005	)		(3,221	)		86.4	%
Less: Net loss attributable to non-controlling interest		632			356			77.5	%
Net loss attributable to the shareholders of Premier Exhibitions, Inc.	$	(5,373	)	$	(2,865	)		87.5	%

Net loss per share:
Basic loss per share	$	(1.09	)	$	(0.58	)
Diluted net loss per share	$	(1.09	)	$	(0.58	)

Revenue. During the six months ended August 31, 2015, total revenue decreased by $1.8 million, or 11.4% to $14.0 million compared to the same period last year, as reflected in the following table.

	Revenue (in thousands)
	Six Months Ended August 31,
	2015		2014
Exhibition Revenue
Admissions revenue	$	9,502	$	9,822
Non-refundable license fees for current exhibitions		1,900		2,941
Total Exhibition revenue		11,402		12,763
Merchandise revenue		2,490		2,754
Management fee		66		271
Licensing fee		30		-
Total Revenue	$	13,988	$	15,788

Key Non-financial Measurements
Total number of exhibitions presented		18		22
Semi-permanent exhibitions presented		7		6
Partnered exhibitions presented		8		8
Exhibitions rented to promoters or museums		3		8
Total operating days for semi-permanent, partner and rented exhibitions		2,154		2,929
Total attendance for semi-permanent and partner presented exhibitions (in 000's)		777		1,039
Average attendance per day for semi-permanent and partnered exhibitions presented		425		480
Average ticket price for semi-permanent and partnered exhibitions presented	$	17.21	$	16.04
Average retail per attendee for semi-permanent and partnered exhibitions presented	$	3.12	$	2.69

Semi permanent exhibitions:
Total operating days		1,198		1,102
Total attendance (in 000's)		395		394
Average attendance per day		330		358
Average ticket price	$	21.82	$	20.43
Average retail per attendee	$	3.97	$	3.57

Exhibition revenue decreased by $1.4 million to $11.4 million during the six months ended August 31, 2015, primarily due to a decrease in exhibitions rented to promoters or museums.

With 18 exhibits presented, the Company experienced a decrease in attendance from 1.0 million in the six months ended August 31, 2014 to 777 thousand in the six months ended August 31, 2015. We attribute this decrease in attendance to fewer exhibitions being presented in the first six months of fiscal 2016 and the closing of our Pompeii exhibition in May 2015. Revenue from self-run exhibitions was 71.3% of total revenue in the six months ended August 31, 2015, compared to 59.7% of revenue for the six months ended August 31, 2014.

Merchandise revenue decreased $264 thousand to $2.5 million for the six months ended August 31, 2015. Merchandise revenue decreased due to fewer exhibitions presented in the second quarter of fiscal 2016 offset partially by an increase in average retail per attendee.

Cost of revenue. During the six months ended August 31, 2015, total cost of revenue increased by $1.5 million, or 15.4%, to $11.2 million compared to the same period last year, as reflected in the following table.

	Cost of Revenue
	(in thousands, except percentages)
	Six Months Ended						Percent Change
	August 31, 2015			August 31, 2014			2015 vs. 2014
Exhibition costs
Production	$	734		$	464			58.2	%
Operating Expenses		6,843			5,703			20.0	%
Marketing		2,677			2,341			14.4	%
		10,254			8,508			20.5	%
Exhibition expense as percent of exhibition revenue		89.9	%		66.7	%

Cost of merchandise		911			1,169			(22.1	)%
Cost of merchandise as percent of merchandise revenue		36.6	%		42.4	%

Total	$	11,165		$	9,677			15.4	%
Cost of revenue as a percent of total revenue		79.8	%		61.3	%

Exhibition expense increased from 66.7% of exhibition revenue in the first half of 2015 to 89.9% in the first half of fiscal 2016 primarily due to cost related to our New York City location.

Cost of merchandise as a percent of merchandise revenue decreased from 42.4% in the first half of fiscal 2015 to 36.6% in the first half of fiscal 2016 primarily due to lower retail labor cost since the Company ran fewer merchandise shops in the current year.

The decrease in revenue and increase in costs of revenues resulted in a decrease in our gross profit from $6.1 million or 38.7% during the six months ended August 31, 2014 to $2.8 million or 20.2% of revenue for the six months ended August 31, 2015.

Operating expenses. Our general and administrative expenses decreased by $1.5 million to $5.5 million for the six months ended August 31, 2015 compared to the same period last year. The decrease is primarily due to a decrease in compensation expense of $1.4 million.

Our depreciation and amortization expenses increased by $221 thousand from the same period last year. The increase is attributable to the assets placed in service during fiscal 2016 related to our New York City location and our Saturday Night Live exhibition.

Other expense. We recognized interest expense of $819 thousand on the Company’s convertible debt financing during first half of fiscal 2016 as compared to $44 thousand in the first half of 2015.

Net loss attributable to non-controlling interest. This represents the loss attributable to AEG Live, LLC’s 10% interest in Premier Exhibition Management LLC.

Net loss attributable to the shareholders of Premier Exhibitions, Inc. We realized a net loss of $5.4 million for the six months ended August 31, 2015 as compared to a net loss of $2.9 million for the same period last year.

The Six Months Ended August 31, 2015 Compared to the Six Months Ended August 31, 2014 – Segment results

Exhibition Management Segment

An analysis of operations for our Exhibition Management segment for the six months ended August 31, 2015 and 2014, with percent changes, follows:

	Six Months Ended August 31,						% Change
	2015			2014
	(In thousands except percentages)

Revenue	$	13,988		$	15,788			(11.4	)%
Cost of revenue (exclusive of depreciation and amortization)		11,758			10,304			14.1	%
Gross profit		2,230			5,484			(59.3	)%
Gross profit as a percent of revenue		15.9	%		34.7	%

Operating expenses		7,497			8,692			(13.7	)%
Loss from operations		(5,267	)		(3,208	)		64.2	%
Other expenses		(825	)		(6	)		13,650.0	%

Loss before income taxes		(6,092	)		(3,214	)		89.5	%

Income tax expense		-			-			-	%
Effective tax rate		0.0	%		0.0	%

Net loss		(6,092	)		(3,214	)		89.5	%
Less: Net loss attributable to non-controlling interest		632			356			77.5	%
Net loss attributable to the shareholders of Premier Exhibitions, Inc.	$	(5,460	)	$	(2,858	)		91.0	%

	Revenue (in thousands)
	Six Months Ended August 31,
	2015		2014
Exhibition Revenue
Admissions revenue	$	9,502	$	9,822
Non-refundable license fees for current exhibitions		1,900		2,941
Total Exhibition revenue		11,402		12,763
Merchandise Revenue		2,490		2,754
Management Fee		66		271
Licensing Fee		30		-
Total Revenue	$	13,988	$	15,788

Key Non-financial Measurements
Total number of exhibitions presented		18		22
Semi-permanent exhibitions presented		7		6
Partnered exhibitions presented		8		8
Exhibitions rented to promoters or museums		3		8
Total operating days for semi-permanent, partner and rented exhibitions		2,154		2,929
Total attendance for semi-permanent and partner presented exhibitions (in 000's)		777		1,039
Average attendance per day for semi-permanent and partnered exhibitions presented		425		480
Average ticket price for semi-permanent and partnered exhibitions presented	$	17.21	$	16.04
Average retail per attendee for semi-permanent and partnered exhibitions presented	$	3.12	$	2.69

Semi permanent exhibitions:
Total operating days		1,198		1,102
Total attendance (in 000's)		395		394
Average attendance per day		330		358
Average ticket price	$	21.82	$	20.43
Average retail per attendee	$	3.97	$	3.57

Exhibition revenue decreased by $1.4 million to $11.4 million during the six months ended August 31, 2015, primarily due to a decrease in exhibitions rented to promoters or museums.

Cost of revenue. During the six months ended August 31, 2015, total cost of revenue increased by $1.5 million, or 14.1%, to $11.8 million compared to the same period last year, as reflected in the following table.

	Cost of Revenue
	(in thousands, except percentages)
	Six Months Ended						Percent Change
	August 31, 2015			August 31, 2014			2014 vs. 2013

Exhibition costs
Production	$	734		$	464			58.2	%
Operating Expenses		7,436			6,330			17.5	%
Marketing		2,677			2,341			14.4	%
		10,847			9,135			18.7	%
Exhibition expense as percent of exhibition revenue		95.1	%		71.6	%

Cost of merchandise		911			1,169			(22.1	)%
Cost of merchandise as percent of merchandise revenue		36.6	%		42.4	%

Total	$	11,758		$	10,304			14.1	%
Cost of revenue as a percent of total revenue		84.1	%		65.3	%

Exhibition expense increased from 71.6% of exhibition revenue in the first half of 2015 to 95.1% in the first half of fiscal 2016 primarily due to cost related to our New York City location.

The decrease in revenue and increase in costs of revenues resulted in a decrease in our gross profit from $5.5 million or 34.7% during the six months ended August 31, 2014 to $2.2 million or 15.9% of revenue for the six months ended August 31, 2015.

Operating expenses. Our general and administrative expenses decreased by $1.4 million to $5.0 million for the six months ended August 31, 2015 compared to the same period last year. The decrease is primarily due to a decrease in compensation expense of $1.4 million.

Net loss attributable to non-controlling interest. This represents the loss attributable to AEG Live, LLC’s 10% interest in Premier Exhibition Management LLC.

Net loss attributable to the shareholders of Premier Exhibitions, Inc. We realized a net loss of $5.5 million for the six months ended August 31, 2015 as compared to a net loss of $2.9 million for the same period last year.

RMS Titanic Segment

An analysis of operations for our RMS Titanic segment for the six months ended August 31, 2015 and 2014, with percent changes, follows:

	Six Months Ended August 31,						% Change
	2015			2014
	(In thousands except percentages)

Revenue	$	593		$	627			(5.4	)%
Cost of revenue (exclusive of depreciation and amortization)		-			-			N/A
Gross profit		593			627			(5.4	)%
Gross profit as a percent of revenue		100.0	%		100.0	%

Operating expenses		506			634			(20.2	)%
Income/(loss) before tax		87			(7	)
Income tax expense		-			-			N/A
Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.	$	87		$	(7	)		1,342.9	%

Revenue. During the six months ended August 31, 2015, total revenue decreased by $34 thousand, or 5.4%, to $593 thousand compared to the same period in the prior year due to the decrease in revenues from Titanic exhibitions and the decrease in merchandise sales. PEM pays RMST a royalty fee for the use of the Titanic artifacts in its exhibits. The royalty fee is calculated based on 10% of revenues generated from Titanic ticket sales, merchandising, and other ancillary revenue-related streams. As Titanic net revenues decreased to $5.9 million from $6.3 million, royalty revenue decreased accordingly.

Operating Expenses. Operating expenses for the six months ended August 31, 2015 decreased 20.2% from the same period in the prior year due to a decrease in the expenses related to the calculation of the intercompany administrative fee.

Net income/(loss) attributable to shareholders of Premier Exhibitions, Inc. We realized net income for the six months ended August 31, 2015 of $87 thousand compared to a net loss of $7 thousand for the same period in the prior year based on the items discussed above.

Liquidity and Capital Resources

The following tables reflect selected information about our cash flows during the six months ended August 31, 2015 and 2014 (in thousands):

Liquidity

Selected cash flow information:

	Six Months Ended August 31, 2013
	2015			2014
Net cash provided by/(used in) operating activities	$	(3,278	)	$	1,776
Net cash used in investing activities		(5,217	)		(977	)
Net cash provided by/(used in) financing activities		5,303			(337	)
Effects of exchange rate changes on cash and cash equivalents		-			-
Net increase/(decrease) in cash and cash equivalents	$	(3,192	)	$	462

Operating Activities. For the six months ended August 31, 2015, cash used in operating activities was $3.3 million as compared to cash provided by operating activities of $1.8 million in the prior year. The decrease in cash flow from operating activities is mainly due to an increase in the Company’s net loss.

Investing Activities. Cash used in investing activities was $5.2 million for the six months ended August 31, 2015 as compared to $1.0 million in the prior year. Of the cash used in investing activities in the first six months of 2016, the majority, $5.3 million, was used to purchase fixed assets for our New York City location. Of the cash used in investing activities in the six months ended August 31, 2014, the majority, $800 thousand, was used to purchase a restricted certificate of deposit for our New York City lease. In addition, we purchased property and equipment for $393 thousand for the first half of fiscal 2015. The majority of the property and equipment purchases for the first half of 2015 related to the $300 thousand that the Company paid to AEG Live, LLC for the tangible assets that were required to be returned to AEG Live, LLC at the end of the purchase agreement. For the first half of 2015, these were partially offset by the redemption of a certificate of deposit of $201 thousand.

Financing Activities. Cash provided by financing activities was $5.3 million for the six months ended August 31, 2015 as compared to cash used in financing activities of $337 thousand for the six months ended August 31, 2014. Cash provided by financing activities in the first half of fiscal 2016 is primarily due to $5.5 million in proceeds from the DK investors convertible notes partially offset by $164 thousand in royalty payments. Cash used in financing activities for the first six months of fiscal 2015 relates primarily to the repayment of $220 thousand of the note payable to AEG Live, LLC and $100 thousand in deferred financing costs paid.

While the Company recently repaid a loan of $8.0 million, the Company will have to repay $13.5 million received in convertible debt funding if the merger transaction does not close. As a result, the Company will have to refinance the debt or obtain funds to repay the debt in full if that occurs. In addition, if the merger transaction is terminated, under certain conditions the Company would be required to pay a $1 million breakup fee to DK. The Company could be capital constrained and unable to fulfill the terms of this and other agreements if its access to capital sources does not improve in the near term.

The Company is currently exploring options to solve the liquidity situation, including additional debt or equity financing from DK, the related financing group or other sources.

Contractual Obligations

There have been no material changes to our contractual obligations as disclosed in our Annual Report filed on Form 10-K for our fiscal year ended February 28, 2015 other than the changes noted below.

Consulting Agreement with Samuel S. Weiser

On April 2, 2015, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Mr. Weiser (our former Executive Chairman, and prior to that, our President and Chief Executive Officer), pursuant to which Mr. Weiser resigned as Executive Chairman and as a member of the Company’s board of directors and agreed to make himself available to provide consulting advice as and when reasonably requested by Premier through September 30, 2015. In the Consulting Agreement, the parties agreed that the Employment Agreement, dated August 28, 2014, relating to Mr. Weiser’s service as Executive Chairman is terminated and that the payments and benefits under the Separation Agreement and Release, dated June 20, 2014 (the “Separation Agreement”), between Mr. Weiser and the Company will recommence, as contemplated by the Employment Agreement. In consideration for Mr. Weiser’s agreement to provide consulting services, and in addition to the payments and benefits recommencing under the Separation Agreement, the Company agreed to pay Mr. Weiser consulting fees in the aggregate amount of $300,000, with $20,000 being paid on a monthly basis and the balance being paid on the earlier of the closing of the DK transaction or September 30, 2015. The Company was unable to make the final $180,000 payment on September 30, 2015. The remaining amount to be paid is accrued in the August 31, 2015 consolidated balance sheet.

Litigation Settlement

On April 3, 2015, RMST and the Company entered into a Full and General Mutual Release, Settlement and Confidentiality Agreement with SeaVentures which settled the litigation. Under the settlement, the Company agreed to pay SeaVentures $425 thousand, as follows: $75 thousand on or before April 10, 2015, $100 thousand on or before March 1, 2016; $100 thousand on or before March 1, 2017; and $150 thousand on or before March 1, 2018. In addition, the Company agreed to stage at least two joint exhibitions presenting Carpathia and Titanic artifacts within 24 months from the date of execution of the Agreement. The Company will pay SeaVentures a portion of the net revenues from those joint exhibition or a per ticket fee, depending on the location of the joint exhibition. In fiscal year 2015, the Company recorded a liability for this settlement of $344 thousand, net of an $81 thousand discount at 12%, to reflect the present value of the future payments. The balance as of August 31, 2015 is $287 thousand.

Capital Lease

During the six months ended August 31, 2015, the Company signed three capital leases for a total of $290 thousand at interest rates ranging from 6.5% to 7.7%. Total monthly payments under the leases are approximately $6,000 per month for 60 months. The leases are secured by certain equipment at our Saturday Night Live Exhibition.

Warehouse Lease

On March 2, 2015, the Company signed a lease for warehouse space in Atlanta, Georgia. The lease term begins March 1, 2015 and expires on February 29, 2016. Total future minimum payments under the lease are $81,600.

Off-Balance Sheet Arrangements

We have no off-balance sheet financial arrangements.

Critical Accounting Policies

There have been no material changes to our critical accounting policies as disclosed in our Annual Report filed on Form 10-K for our fiscal year ended February 28, 2015.

Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our President, Chief Executive Officer and Chief Financial Officer, our management has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our President, Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management, including our President, Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Information presented in Part I of this Form 10-Q is incorporated herein by reference.

Item 1. Legal Proceedings.

For the legal proceedings in which the Company is involved, see Note 4. Legal Proceedings and Contingencies to our Consolidated Financial Statements. There have been no material changes in the legal proceedings discussed in our Annual Report on Form 10-K for the year ended February 28, 2015.

Item 1A. Risk Factors.

For a complete list of our risk factors, please refer to our Annual Report on Form 10-K for our fiscal year ended February 28, 2015 and the risk factors listed below. Except as set forth below, during the six months ended August 31, 2015, there were no material changes to our risk factors. You should consider carefully the risk factors. If any of these risks actually occur, our business, financial condition or results of operations would likely suffer. In that case, the trading price of our common stock could decline, and you may lose all or a part of the money you paid to buy our common stock.

We will likely not be able to continue our operations post merger without additional financing.

We need additional financing to be able to continue our operations. During fiscal 2015, we had a net loss of approximately $10.5 million and our cash and marketable securities balance was approximately $4.8 million as of February 28, 2015. Our cash balance as of August 31, 2015 was $1.6 million and accounts payable and accrued liabilities were $5.8 million. In addition, we have a working capital deficit of $1.4 million excluding the convertible debt of $13.5 million, which is included in the short term portion of note payable on the balance sheet. We do not have access to a revolving credit facility. Management believes that through management of its cash flow and payment obligations the Company should reach the expected merger date of October 29, 2015 without the need for incremental financing. However, post-merger management believes that the Company will need up to $5.0 million of additional capital to fund ongoing operations and to bring accounts payable and accrued liabilities current. This amount should be sufficient to return the Company to at least break-even operations in the near term, assuming that management’s plan of operations is achieved. If we are unable to obtain additional financing, we will likely not be able to continue operations as they are currently anticipated, or at all, and may be unable to make capital investments needed for our existing exhibits or to develop new exhibits.

Our limited access to capital creates a risk that the Company may not be able to continue as a going concern.

The Company’s operations in the recent past have been financed primarily through cash flow from operations, existing cash and, in fiscal 2015, the Pentwater Capital Management L.P. loans and, in fiscal 2016, convertible debt financing in connection with the DK merger agreement. Upon closing of the merger transaction, the debt will be convertible into shares of the Company based on a price of $4.48 per share, if the conversion is approved by shareholders. The Company has incurred net losses for the majority of the past several years. Moving forward, the Company expects to have significant cash outflows in the near term based on the New York City lease, leasehold improvements of the leased space and new content development.

The Company will have to repay $13.5 million received in the convertible debt financing in connection with the DK merger transaction if the transaction does not close. As a result, the Company will have to refinance the debt or obtain funds to repay the debt in full if that occurs. In addition, if the merger transaction is terminated under certain conditions, the Company would be required to pay a $1 million breakup fee to DK. The Company would likely be capital constrained and unable to fulfill the terms of this and other agreements if its access to capital sources does not improve in the near term.

If the DK merger agreement transactions are not approved by shareholders, or additional financing is not obtained, the Company may have to seek the protection of the U.S. bankruptcy laws and/or cease operating as a going concern. In addition, if the Company does not meet its payment obligations to third parties as they come due, the Company may be subject to an involuntary bankruptcy proceeding or other litigation claims, which it would likely not have the resources to defend.

Our auditors have issued a going concern opinion as of and for the year ended February 28, 2015. This means that there is substantial doubt that we can continue as an ongoing business without additional financing. If the Company makes a bankruptcy filing, is subject to an involuntary bankruptcy filing, or is otherwise unable to continue as a going concern, the Company may be required to liquidate its assets and may receive less than the value at which those assets are carried on its financial statements, and it is likely that shareholders will lose all or a part of their investments. The company’s financial statements do not include any adjustments that might result from the outcome of this uncertainty.

We have recently entered into a long-term lease for exhibition space in New York City. If we are unable to achieve planned levels of attendance at this facility, which have been disappointing to date, our financial position will likely be negatively impacted.

In April 2014, we entered into a ten year lease for exhibition space in New York City, with total payments over the life of the lease totaling approximately $45.8 million. Our ability to satisfy these required payments at this semi-permanent location depends on our ability to effectively market the exhibition at this facility and generate ticket sales. If we are unable to achieve our targeted levels of attendance, which have been disappointing to date, our results of operation and financial position will likely be negatively and materially impacted.

The NASDAQ may not approve the Company’s listing application in connection with the DK merger transaction.

The approval by the NASDAQ of the listing of the shares of the Company’s common stock issued as consideration for the DK merger transaction, including the merger shares, the shares issuable upon the exchange of the exchangeable shares, and the shares potentially issuable as future contingent payments, and the shares issuable upon conversion of the related convertible note, is a condition to the closing of the DK merger transaction. Although we have applied to list the shares of the combined, post-merger company on the NASDAQ, NASDAQ may decide, or not be able, to approve our listing application. Our stock currently trades below the minimum stock price required under the NASDAQ listing standards for such initial listing. If the NASDAQ does not approve our listing application, we may be unable to complete the DK merger transaction or, even if we are able to complete the transaction, the shares of the combined, post-merger company may not be approved for listing on the NASDAQ. If our shares are not listed on the NASDAQ, they may have limited trading volume and liquidity. Our inability to close the DK merger transaction or failure to have our shares listed on the NASDAQ would likely adversely impact our business operations and financial condition.

If we fail to comply with the continued listing requirements of the NASDAQ, our common stock may be delisted and the price of our common stock and our ability to access the capital markets could be negatively impacted.

Our common stock is currently listed for trading on the NASDAQ. We must satisfy the NASDAQ’s continued listing requirements, including, among other things, the requirement that our audit committee be composed of at least three independent directors and minimum stock price requirements, or risk delisting, which could have a material adverse effect on our business. A delisting of our common stock from the NASDAQ could materially reduce the liquidity of our common stock and result in a corresponding material reduction in the price of our common stock. In addition, delisting could harm our ability to raise capital through alternative financing sources on terms acceptable to us, or at all, and may result in the potential loss of confidence by investors, suppliers, customers and employees and fewer business development opportunities. During fiscal year 2015, Premier received notification from the NASDAQ that the Company was not in compliance with NASDAQ Marketplace Rule 5450(c)(2)(A), requiring the audit committee to be composed of three independent directors and have an audit committee financial expert. The Company’s audit committee currently has only two members and does not currently have a member whom the Board has determined to be an audit committee financial expert. If the Company fails to add an additional director to the Board in the near term to satisfy the requirements under NASDAQ Marketplace Rule 5450(c)(2)(A), our common stock could be delisted. In addition, the Company will have to satisfy the NASDAQ listing standards in connection with the DK merger transaction and minimum stock price requirements.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On June 17, 2013, the Company announced that the Board of Directors approved a stock repurchase authorization pursuant to which the Company may repurchase up to 150,000 shares of outstanding common stock. The authorization will terminate on the date the full number of authorized shares have been repurchased or when otherwise terminated by the Board of Directors. The Company may repurchase shares of its common stock on the open market at times and prices considered appropriate by the Board of Directors and management. Repurchasing would take place through brokers and dealers and may be made under a Rule 10b5-1 plan. The Company did not purchases shares during the six months ended August 31, 2015.

Item 6. Exhibits.

See Index to Exhibits on page 42 of this Quarterly Report on Form 10-Q.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	PREMIER EXHIBITIONS, INC.


Dated: October 15, 2015		By: /s/ Michael J. Little
		Michael J. Little,
		Interim President and Chief Executive Officer and Chief Financial Officer and Chief Operating Officer (Interim Principal Executive Officer and Principal Financial Officer)

INDEX TO EXHIBITS

Exhibit		Filed or Furnished
No.	Exhibit Description	Herewith


31.1	Rule 13a-14(a)/15d-14(a) Certification of Interim President and Chief Executive Officer	X

31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer	X

32.1	Section 1350 Certifications	X

101.INS	XBRL Instance Document ⁽¹⁾	X

101.SCH	XBRL Taxonomy Extension Schema ⁽¹⁾	X

101.CAL	XBRL Taxonomy Extension Calculation Linkbase ⁽¹⁾	X

101.DEF	XBRL Taxonomy Extension Definition Linkbase ⁽¹⁾	X

101.LAB	XBRL Taxonomy Extension Label Linkbase ⁽¹⁾	X

101.PRE	XBRL Taxonomy Extension Presentation Linkbase ⁽¹⁾	X
	__________________

⁽¹⁾	Attached as Exhibit 101 to this report are the following Interactive Data Files formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of August 31, 2015 and February 28, 2015; (ii) Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended August 31, 2015 and 2014; (iii) Condensed Consolidated Statements of Cash Flow for the six months ended August 31, 2015 and 2014; and (iv) Notes to Condensed Consolidated Financial Statements.

EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Michael J. Little, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Premier Exhibitions, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 15, 2015

/s/ Michael J. Little

Michael J. Little

Interim President and Chief Executive

Officer (Interim Principal Executive Officer)

EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, Michael J. Little, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Premier Exhibitions, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 15, 2015

/s/ Michael J. Little

Michael J. Little,

Chief Financial Officer and Chief Operating

Officer (Principal Financial Officer and

Principal Accounting Officer)

EX-32.1 4 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

Section 1350 Certifications

In connection with the Quarterly Report on Form 10-Q (the “Report”) of Premier Exhibitions, Inc. (the “Company”) for the quarter ended August 31, 2015, Michael J. Little, the Interim Chief Executive Officer, and Chief Financial Officer of the Company, certifies that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: October 15, 2015		/s/ Michael J. Little
		Michael J. Little,
		Interim President and Chief Executive Officer and Chief Financial Officer and Chief Operating Officer (Interim Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 5 prxi-20150831.xml XBRL INSTANCE FILE false --02-28 Q2 2016 2015-08-31 10-Q 0000796764 4917222 Yes Smaller Reporting Company PREMIER EXHIBITIONS, INC. No No prxi 3000 48000 207000 207000 301000 48000 48000 2038000 1726000 2872000 2881000 P2Y 40000 208000 13500000 8000000 5500000 338000 81000 0.12 5283000 4687000 10254000 8508000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse;; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended August 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 78%; font-size: 10pt; text-align: left">Exhibition Management</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">5,259</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">393</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">RMS Titanic</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total capital expenditures</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">5,259</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">393</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div> 110000000 1 1295000 1608000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0; background-color: white"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Preparation of Financial Statements - Going Concern Update 2014-15 (ASU 2014-15)</div></div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">In August 2014, FASB issued Accounting Standards Update No. 2014-15, “Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, “Presentation of Financial Statements - Liquidation Basis of Accounting.” Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.</div></div></div></div></div></div></div></div></div></div></div> 212000 231000 P4Y <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0"><div style="display: inline; font-weight: bold;">Note 6. Liquidity and Capital Resources </div></div> <div style=" font-size: 10pt; margin: 0 0 0 22.5pt"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The Company’s operations in the recent past have been financed primarily through cash flow from operations, existing cash and, in fiscal 2015, the Pentwater Capital Management LP notes payable and, in fiscal 2016, convertible debt financing in connection with the merger agreement discussed below. The Company has incurred net losses for the majority of the past several years. Moving forward, the Company expects to have significant cash outflows in the near term based on the New York City lease, leasehold improvements of the leased space and new content development.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 0 4.5pt"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On September 30, 2014, the Company entered into a short-term Secured Promissory Note and Guarantee with each of two affiliates of Pentwater Capital Management LP. Together the Notes provided for a loan to the Company in the aggregate amount of $8.0 million. The Notes provided for the payment by the Company of interest on a monthly basis at the rate of 12% per annum, and the Notes matured and were required to be repaid in full on March 31, 2015.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 0 22.5pt"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">Because the Notes matured and had to be paid in full on March 31, 2015, the Company had to obtain replacement financing for the Notes or negotiate an extension or forbearance with the Pentwater affiliates by that date. The Company considered a number of potential transactions that would provide replacement capital for the Company, including a financing transaction with one or more potential strategic partners, a private placement of equity securities, and a private placement of convertible promissory notes, including potentially to some of the Company’s existing shareholders.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 0 22.5pt"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On April 2, 2015 the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) whereby it plans to combine with Dinoking Tech Inc. (“DK”). Under the Merger Agreement, the DK shareholders will be entitled to up to 24% of the fully diluted ownership of the Company for all of the issued and outstanding shares of DK. In addition, an investor group has agreed to provide up to $13.5 million in convertible debt funding to Premier to repay $8 million of existing debt and $5.5 million for corporate purposes including the completion of the development of “Saturday Night Live: The Exhibition” and “Premier Exhibitions 5<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">th </div>Avenue,” the Company’s state-of-the-art exhibition and special events center located in New York City. As of August 31, 2015, the investor group had provided the entire $13.5 million of funding. Upon closing of the merger transaction, the debt will be convertible into shares of the Company based on a price of $4.48 per share, if the conversion is approved by shareholders. The Company used this funding to retire the debt owed to Pentwater Capital, to continue funding improvements on the building at 417 Fifth Avenue, and to complete our “Saturday Night Live” exhibition. The transaction has been approved by the Board of Directors of Premier. Premier’s principal shareholder, Sellers Capital, LLC, and the directors and officers of the Company have entered into agreements to vote in favor of the transaction. The completion of the transaction is subject to Premier shareholder approval among other customary closing conditions. The shareholder meeting to approve the transaction is expected to be held on October 29, 2015. The merger is expected to be completed on October 29, 2015.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 0 22.5pt"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">While the Company recently repaid a loan of $8.0 million, the Company will have to repay $13.5 million received in convertible debt funding if the merger transaction does not close. As a result, the Company will have to refinance the debt or obtain funds to repay the debt in full if that occurs. In addition, if the merger transaction is terminated under certain conditions the Company would be required to pay a $1 million breakup fee to DK. The Company could be capital constrained and unable to fulfill the terms of this and other agreements if its access to capital sources does not improve in the near term.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 0 22.5pt"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">If the Merger Agreement transactions are not approved by shareholders, or additional financing is not obtained, the Company may have to seek the protection of the U.S. bankruptcy laws and/or cease operating as a going concern. In addition, if the Company does not meet its payment obligations to third parties as they come due, the Company may be subject to an involuntary bankruptcy proceeding or other litigation claims, which it would likely not have the resources to defend.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">If the Company makes a bankruptcy filing, is subject to an involuntary bankruptcy filing, or is otherwise unable to continue as a going concern, the Company may be required to liquidate its assets and may receive less than the value at which those assets are carried on its financial statements, and it is likely that shareholders will lose all or a part of their investments. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The Company’s cash balance as of August 31, 2015 was $1.6 million and accounts payable and accrued liabilities were $5.8 million. In addition, the Company has a working capital deficit of $1.4 million excluding the convertible debt of $13.5 million, which is included in the short term portion of note payable on the balance sheet. Management believes that through management of its cash flow and payment obligations the Company should reach the expected merger date of October 29, 2015 without the need for incremental financing. However, post-merger management believes that the Company will need up to $5.0 million of additional capital to fund ongoing operations and to bring accounts payable and accrued liabilities current. This amount should be sufficient to return the Company to at least break-even operations in the near term, assuming that management’s plan of operations is achieved.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0; text-indent: 0.5in">The Company is currently exploring options to solve the liquidity situation, including additional debt or equity financing from DK, the related financing group or other sources.</div></div> 10 1000000 125000 500000 125000 25000 0.03 2000 3500 2000 4 0.24 0.47 9000 11000 25000 3000 164000 5000000 25000 408000 5000000 0.9 0.2 1000 1000 250000 250000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse;; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">August 31, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center" nowrap="nowrap">February 28, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; font-size: 10pt; text-align: left">Exhibition Management</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">30,654</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">31,203</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">RMS Titanic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,162</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,536</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Corporate and unallocated</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">83</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">142</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total assets</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">35,899</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">36,881</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div> 1400000

5788000

4782000

886000

1417000

294000

413000

383000

318000

24756000

22766000

-13000

54157000

54104000

2727000

4997000

5489000

6755000

11402000

12763000

220000

215000

16000

51000

41000

65000

91167

16000

30654000

31203000

5162000

5536000

83000

142000

35899000

36881000

7017000

10534000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Basis of Presentation</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">When we use the terms “Premier,” “Company,” “we,” “us” and “our,” we mean Premier Exhibitions, Inc., a Florida corporation, and its subsidiaries. We have prepared the accompanying unaudited condensed consolidated financial statements and unaudited notes to condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) regarding interim financial reporting. Accordingly, they do not contain all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of August 31, 2015, our results of operations for the three and six months ended August 31, 2015 and 2014 and cash flows for the six months ended August 31, 2015 and 2014. The data in the consolidated balance sheet as of February 28, 2015 was derived from our audited consolidated balance sheet as of February 28, 2015, as presented in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. The unaudited condensed consolidated financial statements include the accounts of Premier and its subsidiaries after the elimination of all significant intercompany accounts and transactions. Our operating results for the three and six months ended August 31, 2015 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending February 28, 2016 (“fiscal 2016”).</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Significant Accounting Policies</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">For a description of significant accounting policies, see the Summary of Significant Accounting Policies footnote to the Financial Statements included in the Company’s 2015 Annual Report on Form 10-K.  There have been no material changes to the Company’s significant accounting policies since the filing of the Company’s 2015 Annual Report on Form 10-K.</div></div></div></div></div></div></div></div></div></div></div>

125000

800000

720000

1377000

290000

62000

31000

258000

32000

1606000

4798000

3434000

3896000

4798000

-3192000

462000

0.0001

65000000

4917423

4916644

4917222

4916443

1000

-3096000

-1653000

-5373000

-2865000

0.08

0.13

0.08

0.12

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Corporate Structure</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">Our business has been divided into an exhibition management division and a content division. The content division is the Company’s existing subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, in addition to all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">We also formed a new entity, Premier Exhibition Management LLC (“PEM”), in September 2011, to manage all of the Company’s exhibition management (exhibition division). This currently includes the operation and management of our “Bodies,” “Titanic” (pursuant to an intercompany agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” and “Saturday Night Live,” exhibitions. PEM also pursues “fee for service” arrangements to manage exhibitions based on content owned or controlled by third parties.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 24.5pt; margin: 0"> </div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 10pt">On April 20, 2012, PEM and its wholly-owned subsidiary, PEM Newco, LLC (“Newco”), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC (“AEI”). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The acquired assets include rights agreements with the owners of the artifacts and intellectual property comprising the exhibitions, museum/venue agreements for existing exhibition venues, sponsorship agreements, a warehouse lease and an office lease. In addition, the acquired assets include intellectual property related to proposed future exhibitions that the Company may further develop and produce, including the exhibit “One Day in Pompeii”, which was being toured by the Company during the first quarter of fiscal 2016. The Company will operate any such additional properties through its exhibition management subsidiary. Subsequent to the asset purchase, Newco changed its name to Arts and Exhibitions International, LLC.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">On July 12, 2012, the Company purchased substantially all of the assets of Exhibit Merchandising, LLC for $125 thousand. As part of the acquisition of the assets of Exhibit Merchandising, LLC, we obtained the rights to sell all merchandise related to “Tutankhamun and the Golden Age of the Pharaohs”, “Cleopatra: The Exhibition” and “Real Pirates”. These merchandising rights are operated under our Premier Merchandising, LLC subsidiary.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">The restructuring of the Company and changes in its management, reflect that Premier has two operating segments – Exhibition Management (PEM) and Content Management (RMST).</div></div></div></div></div></div></div></div></div></div></div>

13500000

5656000

5270000

11165000

9677000

5957000

-301000

5586000

-316000

11758000

-593000

10304000

-627000

373000

583000

911000

1169000

4.48

0.076

0.07

0.12

3000

10000

383000

65000

668000

9048000

8867000

2014000

2901000

60000

134000

1483000

1149000

2521000

2300000

1483000

1149000

2521000

2300000

2521000

2300000

180000

-0.63

-0.34

-1.09

-0.58

-0.63

-0.34

-1.09

-0.58

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 12pt; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;">2.</div></td> <td><div style="display: inline; font-weight: bold;">Loss Per Share Data</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">Basic per share amounts exclude dilution and are computed using the weighted average number of common shares outstanding for the period. Diluted per share amounts reflect the potential reduction in earnings per share that could occur if equity based awards were exercised or converted into common stock, unless the effects are anti-dilutive <div style="display: inline; font-style: italic;">(i.e</div>., the exercise price is greater than the average market price of the common shares). Potential common shares are determined using the treasury stock method and include common shares issuable upon exercise of outstanding stock options and warrants.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">The following table sets forth the computation of basic and diluted net loss per share.</div> <div> <table style="border-collapse: collapse; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended August 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended August 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Numerator:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; font-size: 10pt; text-align: left; padding-left: 10pt">Net loss attributable to shareholders (in thousands)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(3,096</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(1,653</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(5,373</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(2,865</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Denominator:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Basic weighted-average shares outstanding</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,917,222</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,907,343</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,917,154</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,906,892</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Effect of dilutive stock options and warrants</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 10pt">Diluted weighted-average shares outstanding</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">4,917,222</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">4,907,343</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">4,917,154</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">4,906,892</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Net loss per share:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 10pt">Basic</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(0.63</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(0.34</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(1.09</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(0.58</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(0.63</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(0.34</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(1.09</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(0.58</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; margin-right: 0; margin-left: 0"></div> <br></br> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">Equity based awards are not included in the per share computation because the option exercise price was greater than the average market price of the common share. The number of shares excluded for the three and six months ended August 31, 2015 and 2014 was 91,167.</div></div>

0.12

5293000

6069000

3634000

3551000

1493000

1629000

746000

829000

1400000

800000

-33000

-4000

33000

4000

33000

4000

2649000

3735000

5515000

7030000

2402000

247000

3398000

337000

5009000

506000

6396000

634000

1083000

3027000

2823000

6111000

782000

301000

2711000

316000

2230000

593000

5484000

627000

2700000

-3460000

-1858000

-6005000

-3221000

-3514000

54000

-1837000

-21000

-6092000

87000

-3214000

-7000

374000

9000

49000

1006000

1618000

-887000

285000

147000

23000

-40000

-207000

-130000

-54000

97000

64000

-487000

538000

16000

381000

202000

-437000

-263000

-358000

149000

444000

21000

819000

44000

583000

11000

997000

1127000

45000

25000

5899000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;">Note 4.</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"> Legal Proceedings and Contingencies</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Status of Salvor-in-Possession and Interim Salvage Award Proceedings</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The Company has been party to a salvage case titled <div style="display: inline; font-style: italic;">RMS Titanic, Inc. v. The Wrecked and Abandoned Vessel, et al., in rem</div> for over 20 years. The Company has served as sole salvor-in-possession of the Titanic wreck site since 1994. On August 12, 2010, the U. S. District Court for the Eastern District of Virginia (the “District Court”) issued an opinion granting a salvage award to RMST based upon the Company’s work in recovering and conserving over three thousand artifacts from the wreck of Titanic during its expeditions conducted in 1993, 1994, 1996, 1998, 2000, and 2004 (the “Post 1987 Artifacts”). The Company was awarded 100 percent of the fair market value of the artifacts, which the District Court set at approximately $110 million. The District Court reserved the right to determine whether to pay the Company a cash award from proceeds derived from a judicial sale, or in the alternative, to issue the Company an <div style="display: inline; font-style: italic;">in-specie</div> award of title to the artifacts with certain covenants and conditions which would govern their maintenance and future disposition.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On August 15, 2011, the District Court granted an <div style="display: inline; font-style: italic;">in-specie</div> award of title to the artifacts to RMST for the Post 1987 Artifacts. Title to the Post 1987 Artifacts comes with certain covenants and conditions drafted and negotiated by the Company and the United States Government. These covenants and conditions govern the maintenance and future disposition of the artifacts.  These covenants and conditions include the following:</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">•</td> <td style="width: 5pt"></td> <td style="text-align: justify">The approximately 2,000 “1987 Artifacts” and the approximately 3,500 “Post 1987 Artifacts” must be maintained as a single collection;</td> </tr> </table> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">•</td> <td style="width: 5pt"></td> <td style="text-align: justify">The combined collections can only be sold together, in their entirety, and any purchaser of the collections would be subject to the same conditions applicable to RMST and the purchase subject to court approval; and</td> </tr> </table> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">•</td> <td style="width: 5pt"></td> <td style="text-align: justify">RMST must comply with provisions that guarantee the long-term protection of all of the artifacts. These provisions include the creation by RMST of a reserve fund (the “Reserve Fund”). The Reserve Fund is irrevocably pledged to and held for the exclusive purpose of providing a performance guarantee for the maintenance and preservation of the Titanic collection for the public interest. The Company will pay into the Reserve Fund a minimum of twenty five thousand dollars ($25 thousand) for each future fiscal quarter until the corpus of such Reserve Fund equals five million dollars ($5 million). Though not required under the covenants and conditions, the Company may make additional payments into the Reserve Fund as it deems appropriate, consistent with its prior representations to the Court and sound fiscal operations. The Company established the Reserve Fund and funded it with $25 thousand during November 2011 and continues to make quarterly $25 thousand payments. The balance in the Reserve Fund as of August 31, 2015 is $408 thousand, including interest income.</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">During these proceedings, on July 2, 2004, the District Court also rendered an opinion and order in which it held that it would not recognize a 1993 Proces-Verbal, pursuant to which the government of France granted RMST title to all artifacts recovered from the wreck site during the 1987 expedition (the “1987 Artifacts”). RMST appealed the July 2, 2004 District Court order to the Appellate Court. On January 31, 2006, the Appellate Court reversed the lower court’s decision to invalidate the 1993 Proces-Verbal, pursuant to which the government of France granted RMST title to all artifacts recovered from the wreck site during the 1987 expedition. As a result, the Appellate Court tacitly reconfirmed that RMST owns the approximately 2,000 artifacts recovered during the 1987 expedition. These artifacts were not part of the August 2011 award, but are now subject to certain of the covenants and conditions agreed to by the Company.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0 0 0 0.25in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0 0 0 0.25in"><div style="display: inline; font-weight: bold;">Status of International Treaty Concerning the Titanic Wreck</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The U.S. Department of State (the “State Department”) and the National Oceanic and Atmospheric Administration of the U.S. Department of Commerce (“NOAA”) are working together to implement an international treaty (the “Treaty”) with the governments of the United Kingdom, France and Canada concerning the Titanic wreck site. If implemented in this country, the Treaty could affect the manner in which the District Court monitors the Company’s salvor-in-possession rights to the Titanic. These rights include the exclusive right to recover artifacts from the wreck site, claim possession of and perhaps title to artifacts recovered from the site, and display recovered artifacts. Years ago the Company voiced objections to the State Department regarding the participation of the U.S. in efforts to reach an agreement governing salvage activities with respect to the Titanic. The proposed Treaty, as drafted, did not recognize the Company’s existing salvor-in-possession rights to the Titanic. The United Kingdom signed the Treaty in November 2003, and the U.S. signed the Treaty in June 2004. For the Treaty to take effect, the U.S. must enact implementing legislation. As no implementing legislation has been passed, the Treaty currently has no binding legal effect.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">In August 2011, the State Department and NOAA resubmitted draft legislation to Congress. Since that time, RMST has worked with the U.S. Government to develop a number of textual modifications to this proposed implementing legislation to address the Company’s concerns. The proposed legislation has not passed and presently appears to be stalled.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0 0 0 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0 0 0 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other Litigation </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On December 17, 2014, the Company filed suit against James Beckmann and his company, Image Quest Worldwide, Inc., in the District Court of Clark County, Nevada.  The suit alleges that Image Quest Worldwide breached its July 19, 2010, sublease with the Company with respect to certain space at the Luxor Hotel and Casino. As an inducement to the Company to execute the sublease, James Beckman, the principal of Image Quest Worldwide, Inc., signed a personal guarantee which is enforceable if Image Quest fails to satisfy its obligations under the Sublease. The suit alleges that Image Quest failed to pay over $1.4 million in payments required under the Sublease. On April 24, 2015, Mr. Beckmann and Image Quest Worldwide answered the suit and filed a counterclaim against the Company for fraudulent inducement, alleging that the Company interfered with their right under the sublease to utilize the box-office to sell tickets to their exhibition. Mr. Beckmann and Image Quest Worldwide seek damages in excess of $10 thousand. The Company cannot currently determine whether Image Quest Worldwide, Inc. or Mr. Beckman have sufficient funds to pay some or all of the outstanding debt, and the outcome of the Company’s claims and the counterclaim are not readily determinable at this time.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">On December 7, 2014, Cyrus Milanian and Faan Qin filed suit against the Company in the United States District Court for the Northern District of Georgia, Atlanta Division, alleging that the Company infringed their trademark. The plaintiffs seek damages in excess of $1 million. These plaintiffs have previously filed a number of similar nuisance actions against the Company, all of which have been dismissed at early stages. The lawsuit is in its early stages and the Company cannot predict the outcome of the case.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">From time to time the Company is or may become involved in other legal proceedings that result from the operation of its exhibitions and business.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0 0 0 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0 0 0 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Settled Litigation</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">In April 2011, the Company filed suit in the U.S. District Court for the Northern District of Georgia against Serge Grimaux and his companies, including Serge Grimaux Presents, Inc. and 9104-5773 Quebec, Inc. The suit alleges that Grimaux failed to pay over $800 thousand due and owing the Company under a series of license agreements pursuant to which Mr. Grimaux and his entities presented the Company’s Titanic and human anatomy exhibitions in venues throughout Canada.  The Company settled this litigation on November 10, 2011 for $375 thousand. As of August 31, 2015 a receivable of $6 thousand, net of allowance for doubtful accounts of $215 thousand, is included in the Company’s accounts receivable.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On February 26, 2013, the Company filed suit in the U.S. District Court for the Northern District of Georgia, Atlanta Division against Thomas Zaller and his companies, Imagine Exhibitions, Inc. and Imagine Exhibitions, PTE, LTD. Mr. Zaller is a former executive of the Company. The suit alleged that Mr. Zaller and his companies fraudulently obtained certain of the Company’s confidential and proprietary intellectual property related to the design of its Titanic exhibitions, and unlawfully used that intellectual property in the development of their own competing Titanic exhibition, which was initially presented at the Venetian Macau, and then marketed around the world. In the suit, the Company brought claims against Mr. Zaller personally for conversion, breach of contract, and misappropriation of trade secrets under Georgia law. The Company also brought claims against Mr. Zaller and his companies for unjust enrichment, fraud, fraudulent inducement, and trade dress violations under the Lanham Act. The Company sued for unspecified damages.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On April 22, 2013, Kingsmen Exhibits PTE, Ltd. filed suit against the Company in the High Court of the Republic of Singapore. This suit followed extensive correspondence between the Company and the Kingsmen companies regarding the allegations of wrongdoing by the Kingsmen companies, along with their partners Thomas Zaller and his companies. Kingsmen sought a judgment declaring that they did not violate the Singapore Copyright Act and the Singapore Trademark Act and prohibiting the Company from continuing to make claims that Kingsmen infringed the Company’s copyrights and trademarks. Kingsmen also sought unspecified damages from the Company related to actions taken by the Company to protect its confidential and proprietary intellectual property. On December 18, 2013, the Company filed a counterclaim against Kingsmen Exhibits PTE, Ltd. in that lawsuit. In the counterclaim, the Company alleged that Kingsmen unlawfully competed against the Company in the development and operation of its competing Titanic exhibition. Specifically, the Company alleged that Kingsmen infringed on its copyrights by unlawfully obtaining and using the Company’s design files to build its exhibitions. The Company sought to enjoin Kingsmen from continuing to infringe on its rights, and for unspecified damages related to the infringement.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">On December 2, 2014, the Company entered into a Full and General Mutual Release, Settlement and Confidentiality Agreement (the “Agreement”) with Thomas Zaller, Imagine Exhibitions, Inc., Imagine Exhibitions, Inc., Imagine Exhibitions PTE, Ltd., and TZ, Inc. (collectively, the “Zaller Parties”), and Kingsmen Exhibits PTE, Ltd and Kingsmen Creative, Ltd (collectively the “Kingsmen Parties”). The Agreement settled the litigation between the Company and the Zaller Parties in the United States District Court for the Northern District of Georgia, Atlanta Division, and between the Company and the Kingsmen Parties in the High Court of the Republic of Singapore.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">The Agreement required the Zaller Parties to collectively pay the Company $725 thousand on or before December 4, 2014. This amount was received on December 4, 2014. The Agreement stipulated that the Zaller Parties and the Kingsmen Parties denied any admission of fault or liability to the Company. Under the Agreement, the Zaller Parties also agreed not to stage a Titanic exhibition in the United States or Canada for a period of thirty six months or in Western Europe (defined as the United Kingdom, Ireland, France, Germany, Italy, Switzerland, Spain, Portugal, Sweden, Denmark and Norway) for a period of twenty four months.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On February 14, 2014, SeaVentures, Ltd. filed suit against the Company in the Circuit Court for the Ninth Judicial District of Orange County, Florida. The suit alleged that the Company breached a license agreement with SeaVentures under which the Company was required to present certain joint exhibitions containing both Titanic artifacts and artifacts recovered from the RMS Carpathia owned by SeaVentures. SeaVentures sought $743 thousand, plus interest and costs.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">On April 3, 2015, RMST and the Company entered into a Full and General Mutual Release, Settlement and Confidentiality Agreement with SeaVentures which settled the litigation. Under the settlement, the Company agreed to pay SeaVentures $425 thousand, as follows: $75 thousand on or before April 10, 2015, $100 thousand on or before March 1, 2016; $100 thousand on or before March 1, 2017; and $150 thousand on or before March 1, 2018. In addition, the Company agreed to stage at least two joint exhibitions presenting Carpathia and Titanic artifacts within 24 months from the date of execution of the Agreement. The Company will pay SeaVentures a portion of the net revenues from those joint exhibitions or a per ticket fee, depending on the location of the joint exhibition.   In fiscal year 2015, the Company recorded a liability for this settlement of $344 thousand, net of an $81 thousand discount at 12%, to reflect the present value of the future payments. The balance as of August 31, 2015 is $287 thousand.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Legal Proceedings</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">The Company is currently involved in certain legal proceedings. To the extent that a loss related to a contingency is reasonably estimable and probable, the Company accrues an estimate of that loss. Because of the uncertainties related to both the amount and range of loss on certain pending litigation, the Company may be unable to make a reasonable estimate of the liability that could result from an unfavorable outcome of such litigation. As information becomes available, the Company assesses any potential liability related to pending litigation and makes or, if necessary, revises its estimates. Such revisions to estimates of potential liability could materially impact the Company’s results of operations and financial position.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The Company believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable losses and that the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial condition.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and Sales and Use Tax Examinations</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">As of August 31, 2015, the Internal Revenue Service (“IRS”) has completed examination of the Company’s federal tax returns for the fiscal years ended February 28 (29), 2010, 2009, 2008 and 2007, with no significant adjustments required. The tax years February 28 (29), 2011-2014 remain open to IRS examination. On May 1, 2015 the Company received notice from the IRS that the Company’s tax return for the fiscal year ended February 28, 2013 had been selected for examination. On July 2, 2015 the Company received notice from the IRS that the tax return of Premier Exhibition Management, LLC for the fiscal year ended February 28, 2013 had been selected for examination. The examinations began in the second fiscal quarter of 2016. In addition to the review by the IRS, the Company is, at times, under review by various state revenue authorities.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">As of May 8, 2014, the State of New York completed its most recent examination of the Company’s sales and use tax returns for its operations in the State of New York for all periods through May 31, 2012.  The State of New York assessed additional sales and use tax of approximately $374,000 as it relates to the Company’s presentation of its Bodies exhibition at the South Street Seaport during this time period. This amount has been accrued in the Company’s consolidated financial statements. The Company has appealed this assessment on the grounds that the license agreement which governs the human anatomy specimens is not subject to sales and use tax. The Company has requested a hearing before an administrative tax tribunal.</div></div>

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0"><div style="display: inline; font-weight: bold;">Note 7. Merger Agreement</div></div> <div style=" font-size: 10pt; margin: 0 0 0 4.5pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">See Note 6. Liquidity and Capital Resources regarding the Merger Agreement with DK entered into on April 2, 2015.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">Upon the closing of the transaction, we expect that the DK shareholders and the investor group will hold 47.0% of the outstanding Premier voting shares, subject to additional contingent payments, and the right to nominate four out of seven board members. Mr. Bao will become the Executive Chairman, President and Chief Executive Officer of Premier while DK will become an indirect wholly-owned subsidiary.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">If this merger is consummated, the Company’s net operating loss carryforwards may be significantly limited under Section 382 of the Internal Revenue Code. The limitation imposed by Section 382 of the Internal Revenue Code would place an annual limitation on the amount of the NOL carry forwards that can be utilized. The Company has not performed any analysis of whether or not there has been a cumulative change in ownership of greater than 50%. If this analysis were to be completed and it was determined that there has been a change in ownership, the amount of the NOL carryforwards available may be reduced significantly. However, since the valuation allowance fully reserves for all available carry forwards, the effect of the reduction would be offset by a reduction in the valuation allowance. Thus, the resolution of this matter would have no effect on the reported assets, liabilities, revenues, and expenses for the periods presented.</div></div>

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Recent Accounting Pronouncements</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"><div style="display: inline; font-style: italic;">Recently Issued</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 48.95pt; margin: 0; background-color: white"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0; background-color: white; text-indent: 0.5in"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Revenue from Contracts with Customers Update 2014-09 (ASU 2014-09)</div></div></div><div style=" font-size: 10pt; text-align: justify; margin: 0; background-color: white"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0; background-color: white; text-indent: 0.5in">In May of 2014, FASB issued Accounting Standards Update No. 2014-09 that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605, <div style="display: inline; font-style: italic;">Revenue Recognition</div>, and most industry-specific guidance.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"> </div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015 ASU No. 2015-14 was issued and delays implementation as noted below. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective for periods beginning after December 15, 2017.  Early adoption is permitted for periods beginning after December 15, 2016.  The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application.<div style="display: inline; background-color: white"> The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.</div></div></div></div></div></div></div></div></div></div></div></div>

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2014

4099000

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0; margin-bottom: 12pt; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;">1.</div></td> <td><div style="display: inline; font-weight: bold;">Background and Basis of Presentation</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Description of Business</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">Premier Exhibitions, Inc. and subsidiaries (the “Company” or “Premier”) are in the business of presenting to the public museum-quality touring exhibitions around the world. Since our establishment, we have developed, deployed, and operated unique exhibition products that are presented to the public in exhibition centers, museums, and non-traditional venues. Income from exhibitions is generated primarily through ticket sales, third-party licensing, sponsorships and merchandise sales.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">Titanic Ventures Limited Partnership (“TVLP”), a Connecticut limited partnership, was formed in 1987 for the purposes of exploring the wreck of the R.M.S. Titanic and its surrounding oceanic areas. In May of 1993, RMS Titanic, Inc. (“RMST”) entered into a reverse merger under which RMST acquired all of the assets and assumed all of the liabilities of TVLP and TVLP became a shareholder of RMST. In October of 2004, we reorganized and Premier Exhibitions, Inc. became the parent company of RMST and RMST became a wholly-owned subsidiary. Additional wholly-owned subsidiaries were established in order to operate the various domestic and international exhibitions of the Company.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">Our exhibitions regularly tour outside the United States of America (“U.S.”). Approximately 8% of our revenues for the three months ended August 31, 2015 compared with 13% for the three months ended August 31, 2014 resulted from exhibition activities outside the U.S. Approximately 8% of our revenues for the six months ended August 31, 2015 compared with 12% for the six months ended August 31, 2014 resulted from exhibition activities outside the U.S. Many of our financial arrangements with our international trade partners are based upon the U.S. dollar which limits the Company’s exposure to the risk of currency fluctuations between the U.S. dollar and the currencies of the countries in which our exhibitions are touring.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Corporate Structure</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">Our business has been divided into an exhibition management division and a content division. The content division is the Company’s existing subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, in addition to all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">We also formed a new entity, Premier Exhibition Management LLC (“PEM”), in September 2011, to manage all of the Company’s exhibition management (exhibition division). This currently includes the operation and management of our “Bodies,” “Titanic” (pursuant to an intercompany agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” and “Saturday Night Live,” exhibitions. PEM also pursues “fee for service” arrangements to manage exhibitions based on content owned or controlled by third parties.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 24.5pt; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 10pt">On April 20, 2012, PEM and its wholly-owned subsidiary, PEM Newco, LLC (“Newco”), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC (“AEI”). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The acquired assets include rights agreements with the owners of the artifacts and intellectual property comprising the exhibitions, museum/venue agreements for existing exhibition venues, sponsorship agreements, a warehouse lease and an office lease. In addition, the acquired assets include intellectual property related to proposed future exhibitions that the Company may further develop and produce, including the exhibit “One Day in Pompeii”, which was being toured by the Company during the first quarter of fiscal 2016. </div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">On July 12, 2012, the Company purchased substantially all of the assets of Exhibit Merchandising, LLC for $125 thousand. As part of the acquisition of the assets of Exhibit Merchandising, LLC, we obtained the rights to sell all merchandise related to “Tutankhamun and the Golden Age of the Pharaohs”, “Cleopatra: The Exhibition” and “Real Pirates”. These merchandising rights are operated under our Premier Merchandising, LLC subsidiary.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">The restructuring of the Company and changes in its management, reflect that Premier has two operating segments – Exhibition Management (PEM) and Content Management (RMST).</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Basis of Presentation</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">When we use the terms “Premier,” “Company,” “we,” “us” and “our,” we mean Premier Exhibitions, Inc., a Florida corporation, and its subsidiaries. We have prepared the accompanying unaudited condensed consolidated financial statements and unaudited notes to condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) regarding interim financial reporting. Accordingly, they do not contain all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of August 31, 2015, our results of operations for the three and six months ended August 31, 2015 and 2014 and cash flows for the six months ended August 31, 2015 and 2014. The data in the consolidated balance sheet as of February 28, 2015 was derived from our audited consolidated balance sheet as of February 28, 2015, as presented in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. The unaudited condensed consolidated financial statements include the accounts of Premier and its subsidiaries after the elimination of all significant intercompany accounts and transactions. Our operating results for the three and six months ended August 31, 2015 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending February 28, 2016 (“fiscal 2016”).</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Significant Accounting Policies</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">For a description of significant accounting policies, see the Summary of Significant Accounting Policies footnote to the Financial Statements included in the Company’s 2015 Annual Report on Form 10-K.  There have been no material changes to the Company’s significant accounting policies since the filing of the Company’s 2015 Annual Report on Form 10-K.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from reported results using those estimates.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Recent Accounting Pronouncements</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"><div style="display: inline; font-style: italic;">Recently Issued</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 48.95pt; margin: 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0; background-color: white; text-indent: 0.5in"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Revenue from Contracts with Customers Update 2014-09 (ASU 2014-09)</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0; background-color: white; text-indent: 0.5in">In May of 2014, FASB issued Accounting Standards Update No. 2014-09 that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605, <div style="display: inline; font-style: italic;">Revenue Recognition</div>, and most industry-specific guidance.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015 ASU No. 2015-14 was issued and delays implementation as noted below. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective for periods beginning after December 15, 2017.  Early adoption is permitted for periods beginning after December 15, 2016.  The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application.<div style="display: inline; background-color: white"> The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0; background-color: white"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;"></div></div></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0; background-color: white"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Preparation of Financial Statements - Going Concern Update 2014-15 (ASU 2014-15)</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0; background-color: white">In August 2014, FASB issued Accounting Standards Update No. 2014-15, “Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, “Presentation of Financial Statements - Liquidation Basis of Accounting.” Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.</div></div>

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20000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0"><div style="display: inline; font-weight: bold;">Note 8.</div> <div style="display: inline; font-weight: bold;">Consulting Agreement with Samuel S. Weiser </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">On April 2, 2015, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Mr. Weiser (our former Executive Chairman, and prior to that, our President and Chief Executive Officer), pursuant to which Mr. Weiser resigned as Executive Chairman and as a member of the Company’s board of directors and agreed to make himself available to provide consulting advice as and when reasonably requested by Premier through September 30, 2015. In consideration for Mr. Weiser’s agreement to provide consulting services the Company agreed to pay Mr. Weiser consulting fees in the aggregate amount of $300,000, with $20,000 being paid on a monthly basis and the balance being paid on the earlier of the closing of the DK transaction described above or September 30, 2015. The Company was unable to make the final $180,000 payment due to Mr. Weiser on September 30, 2015. The remaining amount to be paid is accrued in the August 31, 2015 consolidated balance sheet.</div></div>

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2754000

548000

1100000

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593000

316000

627000

6739000

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13988000

15788000

6739000

-301000

8297000

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13988000

-593000

15788000

-627000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse;; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended August 31, 2015</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">6,739</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">301</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(301</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">6,739</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,957</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(301</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,656</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">782</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">301</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,083</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,402</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">247</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,649</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,483</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,483</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gain on disposal of assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,852</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">247</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,099</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,070</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,016</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(444</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(444</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,514</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,460</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income/(loss)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,514</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,460</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">364</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">364</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,150</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">54</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,096</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse;; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended August 31, 2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">8,297</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">316</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(316</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">8,297</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,586</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(316</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,270</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,711</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">316</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,027</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,398</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">337</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"></td> <td style="font-size: 10pt; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,735</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,149</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,149</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,547</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">337</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,884</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,836</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(21</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,857</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,837</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(21</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,858</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net loss</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,837</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(21</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,858</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">205</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">205</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net loss attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(1,632</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(21</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(1,653</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse;; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended August 31, 2015</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">13,988</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">593</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(593</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">13,988</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,758</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(593</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,165</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,230</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">593</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,823</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,009</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">506</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,515</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,521</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,521</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gain on disposal of assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,497</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">506</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,003</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(5,267</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(5,180</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(825</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(825</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,092</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,005</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income/(loss)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,092</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,005</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">632</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">632</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(5,460</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">87</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(5,373</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse;; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended August 31, 2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">15,788</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">627</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(627</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">15,788</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,304</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(627</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,677</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,484</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">627</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,111</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6,396</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">634</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7,030</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,300</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,300</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gain on disposal of property and equipment</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,692</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">634</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,326</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Loss from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,208</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(7</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,215</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Loss before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,214</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(7</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,221</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net loss</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,214</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(7</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,221</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">356</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">356</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net loss attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(2,858</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(7</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(2,865</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-indent: 0in; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">5. Segment Information </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The Company has two reportable segments - Exhibition Management and RMS Titanic. The Exhibition Management segment involves the management of all of the Company’s exhibition operations, including the operation and management of Premier’s “Bodies,” “Titanic” (through an inter-company agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” “Saturday Night Live,” and “Pompeii” (closed May 25, 2015) exhibitions. The exhibition management division also includes our exhibition merchandising business, conducted under the Company’s wholly-owned subsidiary, Premier Merchandising, LLC. The RMS Titanic segment manages the Company’s rights to the Titanic assets, including title to all of the recovered artifacts in the Company’s possession and all of the intellectual property (video, photos, maps, etc.) related to the recovery of the artifacts and research of the ship. In addition, the RMS Titanic segment manages the Company’s responsibilities as salvor-in-possession of the Titanic wreck site.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">Revenue derived from exhibitions presented outside of the U.S. was $548 thousand and $1.1 million for the three months ended August 31, 2015 and 2014, respectively, and $1.1 million and $1.8 million for the six months ended August 31, 2015 and 2014, respectively. The Company’s foreign exhibitions are all touring. As such, the concentration of foreign income in any period is fluid and changes as exhibitions are moved, normally every four to six months.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">All reported revenues were derived from external customers, with the exception of $301 thousand and $593 thousand reported for the RMS Titanic segment for the three months and six months ended August 31, 2015, respectively, and $316 thousand and $627 thousand for the three months and six months ended August 31, 2014, respectively. This revenue represents a royalty fee paid by the Exhibition Management segment for the use of Titanic assets in its exhibits, and is reflected as a corresponding cost of revenue in the Exhibition Management segment. Revenue earned and expenses charged between segments are eliminated in consolidation.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">Certain corporate expenses are allocated based on intercompany agreements between PRXI, PEM and RMST for shared services.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The following tables reflect the condensed consolidated statements of operations for the three and six months ended August 31, 2015 and 2014 by segment (in thousands):</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0; color: Red"></div> <div> <table style="border-collapse: collapse; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended August 31, 2015</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">6,739</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">301</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(301</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">6,739</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,957</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(301</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,656</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">782</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">301</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,083</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,402</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">247</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,649</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,483</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,483</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gain on disposal of assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,852</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">247</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,099</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,070</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,016</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(444</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(444</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,514</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,460</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income/(loss)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,514</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,460</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">364</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">364</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,150</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">54</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,096</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0"> </div> <div> <table style="border-collapse: collapse; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended August 31, 2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">8,297</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">316</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(316</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">8,297</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,586</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(316</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,270</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,711</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">316</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,027</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,398</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">337</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"></td> <td style="font-size: 10pt; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,735</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,149</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,149</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,547</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">337</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,884</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,836</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(21</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,857</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,837</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(21</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,858</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net loss</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,837</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(21</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,858</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">205</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">205</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net loss attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(1,632</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(21</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(1,653</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0; color: Red"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0; color: Red"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0; color: Red"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div>   <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div> <div> <table style="border-collapse: collapse; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended August 31, 2015</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">13,988</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">593</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(593</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">13,988</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,758</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(593</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,165</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,230</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">593</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,823</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,009</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">506</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,515</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,521</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,521</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gain on disposal of assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,497</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">506</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,003</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(5,267</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(5,180</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(825</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(825</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Income/(loss) before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,092</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,005</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income/(loss)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,092</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(6,005</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">632</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">632</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(5,460</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">87</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(5,373</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0"></div> <div style=" margin: 0"> </div> <div> <table style="border-collapse: collapse; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended August 31, 2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">(In thousands)</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic; text-align: center; padding-bottom: 1pt"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibition Management</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMS Titanic</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Elimination</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">15,788</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">627</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">(627</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">15,788</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of revenue (exclusive of depreciation and amortization)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,304</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(627</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,677</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,484</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">627</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,111</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">General and administrative</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6,396</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">634</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7,030</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Depreciation and amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,300</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,300</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gain on disposal of property and equipment</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Operating expenses</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,692</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">634</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,326</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Loss from operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,208</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(7</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,215</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Loss before income tax</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,214</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(7</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,221</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net loss</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,214</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(7</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(3,221</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">356</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">356</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net loss attributable to the shareholders of Premier Exhibitions, Inc.</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(2,858</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(7</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(2,865</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0">The assets in the Exhibition Management segment include exhibitry, leasehold improvements, venue license agreements, and other assets necessary for operation of the Company’s exhibitions and its merchandising division. The RMS Titanic segment contains all of the Titanic assets (other than the Orlando “Titanic: The Experience” exhibition and certain Titanic exhibition venue license agreements entered into by PEM), including title to all of the recovered artifacts in the Company’s possession and all related intellectual property (video, photos, maps, etc.). The Company’s assets by segment are reflected in the following table (in thousands):</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0"></div> <div style=" font-size: 10pt; margin-right: 0; margin-left: 0"></div> <div> <table style="border-collapse: collapse; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">August 31, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center" nowrap="nowrap">February 28, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; font-size: 10pt; text-align: left">Exhibition Management</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">30,654</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">31,203</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">RMS Titanic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,162</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,536</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Corporate and unallocated</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">83</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">142</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total assets</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">35,899</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">36,881</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin-right: 0; margin-left: 0"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0"></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0">Expenditures for additions to long-lived assets by segment for the six months ended August 31, 2015 and 2014, respectively, are reflected in the table below (in thousands):</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0 0 12pt 0.5in; color: Red"></div> <div> <table style="border-collapse: collapse; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended August 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 78%; font-size: 10pt; text-align: left">Exhibition Management</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">5,259</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">393</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">RMS Titanic</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total capital expenditures</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">5,259</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">393</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>

53000

218000

2666000

7986000

201

1000

4917222

4907343

4917154

4906892

4917222

4907343

4917154

4906892

100000

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Supplemental disclosure of non-cash investing and financing activities: Current assets: us-gaap_RelatedPartyTransactionAmountsOfTransaction Related Party Transaction, Amounts of Transaction Effects of exchange rate changes on cash and cash equivalents Related Party Transaction [Domain] us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease Net increase/(decrease) in cash and cash equivalents Related Party Transaction [Axis] us-gaap_InterestExpense Interest expense Income Statement [Abstract] us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations Net cash provided by/(used in) financing activities us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations Net cash used in investing activities us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations Net cash provided by/(used in) operating activities Geographical [Axis] us-gaap_GainLossOnDispositionOfAssets1 Gain on disposal of assets Deferred income taxes us-gaap_StockholdersEquity Equity Attributable to Shareholders of Premier Exhibitions, Inc. us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease Allowance for doubtful accounts us-gaap_TableTextBlock Notes Tables prxi_NotePayableClosingFeePercentage Note Payable, Closing Fee, Percentage Represents the aggregate amount of the closing fee--related to the note(s) payable--required to be paid by the company, expressed as a percentage of the loan amount. Calendar Year 2016 [Member] Events or conditions effective in calendar year 2016. prxi_MinimumManagementFee Minimum Management Fee The minimum management fee under a revenue payment agreement. prxi_ManagementFeePercentageOfGrossRevenues Management Fee, Percentage of Gross Revenues The percentage of gross revenues used to calculate the management fee. Calendar Year 2015 [Member] Events or conditions effective in calendar year 2015. Calendar Year 2014 [Member] Events or conditions effective in calendar year 2014. prxi_RoyaltyPaymentsPercentageOfNetRevenuesFromProposedExhibitions Royalty Payments, Percentage of Net Revenues from Proposed Exhibitions The percentage of net revenues from proposed exhibitions ultimately developed and presented, used to calculate royalty payments. prxi_RoyaltyPaymentsPercentageOfNetRevenuesFromFutureBookings Royalty Payments, Percentage of Net Revenues from Future Bookings The percentage of net revenues from future bookings of exhibits used to calculate royalty payments. prxi_NumberOfExhibitions Number of Exhibitions Represents the number of exhibitions. Merchandise inventory, net of reserve of $45 and $25, respectively Other current assets Prepaid expenses Common stock, shares outstanding (in shares) Operating expenses: Proceeds from disposal of assets SeaVentures, Ltd. Suit Against the Company [Member] SeaVentures, Ltd. filed suit against the Company in the Circuit Court for the Ninth Judicial District of Orange County, Florida. The suit alleged that the Company breached a license agreement with SeaVentures under which the Company was required to present certain joint exhibitions containing both Titanic artifacts and artifacts recovered from the RMS Carpathia owned by SeaVentures. Litigation Between the Company and the Zaller and Kingsmen Parties [Member] Litigation between the Company and the Zaller Parties in the United States District Court for the Northern District of Georgia, Atlanta Division, and between the Company and the Kingsmen Parties in the High Court of the Republic of Singapore. Suit Against Serge Grimaux and his Companies [Member] Represents the filed suit in the U.S. District Court for the Northern District of Georgia against Serge Grimaux and his companies, including Serge Grimaux Presents, Inc. and 9104-5773 Quebec, Inc. The suit alleges that Grimeaux failed to pay over $800 thousand due and owing the Company under a series of license agreements pursuant to which Mr. Grimaux and his entities presented the Company’s Titanic and human anatomy exhibitions in venues throughout Canada. us-gaap_BusinessCombinationConsiderationTransferred1 Business Combination, Consideration Transferred Equity Attributable to Non-controlling interest prxi_OwnershipPercentageOfCombinedEntityByInvestorGroupAndFormerShareholdersOfMergedEntity Ownership Percentage of Combined Entity by Investor Group and Former Shareholders of Merged Entity Represents the percentage ownership in the new, combined entity by the investor group and by the former shareholders of the entity which is being merged with the Company, after the Company merges with such entity. prxi_MergerBreakupFee Merger Breakup Fee Represents the merger breakup fee if the merger is not completed. prxi_OwnershipPercentageOfCombinedEntityByFormerShareholdersOfMergedEntity Ownership Percentage of Combined Entity by Former Shareholders of Merged Entity Represents the percentage ownership in the new, combined entity by the former shareholders of the entity which is being merged with the Company, after the Company merges with such entity. Merchandise inventory reserve Suit Against James Beckman and his Company, Image Quest Worldwide, Inc. [Member] Represents the filed suit against James Beckmann and his company, Image Quest Worldwide, Inc., in the District Court of Clark County, Nevada. The suit alleges that Image Quest Worldwide breached its July 19, 2010, sublease with the Company with respect to certain space at the Luxor Hotel and Casino. As an inducement to the Company to execute the sublease, James Beckman, the principal of Image Quest Worldwide, Inc., signed a personal guarantee which is enforceable if Image Quest fails to satisfy its obligations under the Sublease. Comprehensive loss Current portion of royalty payable, net of discount of $3 and $48, respectively Accrued Royalties, Current Liquidity and Capital Resources [Text Block] The entire disclosure on liquidity and capital resources. us-gaap_ReceivablesNetCurrent Receivables, Net, Current Former Board of Directors Chairman and CEO [Member] Represents the former Board of Director's Chairman and CEO. us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Purchases of property and equipment Payments to Acquire Property, Plant, and Equipment Monthly Payments of Consulting Fees for Former Chairman and CEO [Member] Represents the monthly amount of payments for consulting provided by the former Chairman and CEO. Total Assets Capital Expenditures Upon Closing [Member] Represents upon closing. Additional paid-in capital Shareholders' equity: Current liabilities: Consulting Fees for Former CEO and Chairman Post Resignation in Aggregate [Member] Represents the aggregate amount of fees for consulting work provided by the former Chairman, who was also the former CEO. Long-term exhibition costs us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Mergers, Acquisitions and Dispositions Disclosures [Text Block] Legal Matters and Contingencies [Text Block] Property and equipment, net of accumulated depreciation of $24,756 and $22,766, respectively Entity Registrant Name Notes payable, discount Entity Central Index Key us-gaap_NumberOfOperatingSegments Number of Operating Segments us-gaap_NumberOfReportableSegments Number of Reportable Segments Schedule of Segment Reporting Information, by Segment [Table Text Block] us-gaap_PaymentsToAcquireRestrictedCertificatesOfDeposit Purchase of restricted certificate of deposit Property and equipment, accumulated depreciation us-gaap_SalesRevenueNet Total revenue Revenue, Net Litigation Case [Axis] us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Entity Common Stock, Shares Outstanding (in shares) Commitment and Contingencies us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Litigation Case [Domain] Earnings Per Share [Text Block] Net loss per share: Segment Reporting Disclosure [Text Block] us-gaap_DeferredTaxLiabilitiesGrossCurrent Deferred income taxes us-gaap_DueToRelatedPartiesCurrentAndNoncurrent Due to Related Parties Trading Symbol Scenario [Axis] Scenario, Unspecified [Domain] Exhibition licenses, net of accumulated amortization of $5,293 and $6,069, respectively Scenario, Forecast [Member] Corporate and Unallocated [Member] us-gaap_AssetsCurrent Total current assets Accumulated amortization us-gaap_LitigationReserve Estimated Litigation Liability prxi_ReserveFundRequired Reserve Fund Required The balance of the reserve fund required before the company can stop making quarterly payments. Summary of Assets by Segments [Table Text Block] Summary of assets by segments. us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest Loss before income taxes Income/(loss) before income tax us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements prxi_FairMarketValueOfArtifactsPercentageAwarded Fair Market Value Of Artifacts, Percentage Awarded Represents the percentage of fair market value of artifacts awarded during the period. Debt Instrument, Name [Domain] prxi_MinimumQuarterlyReserveFundPaymentsRequired Minimum Quarterly Reserve Fund Payments Required The minimum amount that must be paid into the reserve fund every fiscal quarter. Income taxes receivable Secured Promissory Note and Guarantee [Member] Represents information concerning a "secured promissory note and guarantee." Debt Instrument [Axis] Two Affiliates of Pentwater Capital Management LP [Member] Information related the company's dealings with two affiliates of Pentwater Capital Management LP. New York State Division of Taxation and Finance [Member] us-gaap_LiabilitiesCurrent Total current liabilities prxi_EstimatedLitigationLiabilityDiscountRate Estimated Litigation Liability Discount Rate Represents the discount rate of estimated litigation liability. Long-Term liabilities: prxi_EstimatedLitigationLiabilityDiscount Estimated Litigation Liability Discount Represents estimated litigation liability discount. Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss Income Tax Examination, Estimate of Possible Loss prxi_QuarterlyPaymentOfTrustAccount Quarterly Payment of Trust Account Represents information about the quarterly payment of trust account. 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Note 5 - Expenditures for Additions to Long-Lived Assets by Segment (Details) - USD ($)
$ in Thousands
6 Months Ended

Aug. 31, 2015

Aug. 31, 2014

Exhibition Management [Member]

Payments to Acquire Property, Plant, and Equipment $ 5,259 $ 393

RMS Titanic [Member]

Payments to Acquire Property, Plant, and Equipment

Payments to Acquire Property, Plant, and Equipment $ 5,259 $ 393

XML 14 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814

Note 4 - Legal Proceedings and Contingencies
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

Note 4.

Legal Proceedings and Contingencies

Status of Salvor-in-Possession and Interim Salvage Award Proceedings

The Company has been party to a salvage case titled
RMS Titanic, Inc. v. The Wrecked and Abandoned Vessel, et al., in rem
for over 20 years. The Company has served as sole salvor-in-possession of the Titanic wreck site since 1994. On August 12, 2010, the U. S. District Court for the Eastern District of Virginia (the “District Court”) issued an opinion granting a salvage award to RMST based upon the Company’s work in recovering and conserving over three thousand artifacts from the wreck of Titanic during its expeditions conducted in 1993, 1994, 1996, 1998, 2000, and 2004 (the “Post 1987 Artifacts”). The Company was awarded 100 percent of the fair market value of the artifacts, which the District Court set at approximately $110 million. The District Court reserved the right to determine whether to pay the Company a cash award from proceeds derived from a judicial sale, or in the alternative, to issue the Company an
in-specie
award of title to the artifacts with certain covenants and conditions which would govern their maintenance and future disposition.

On August 15, 2011, the District Court granted an
in-specie
award of title to the artifacts to RMST for the Post 1987 Artifacts. Title to the Post 1987 Artifacts comes with certain covenants and conditions drafted and negotiated by the Company and the United States Government. These covenants and conditions govern the maintenance and future disposition of the artifacts. These covenants and conditions include the following:

• The approximately 2,000 “1987 Artifacts” and the approximately 3,500 “Post 1987 Artifacts” must be maintained as a single collection;

• The combined collections can only be sold together, in their entirety, and any purchaser of the collections would be subject to the same conditions applicable to RMST and the purchase subject to court approval; and

• RMST must comply with provisions that guarantee the long-term protection of all of the artifacts. These provisions include the creation by RMST of a reserve fund (the “Reserve Fund”). The Reserve Fund is irrevocably pledged to and held for the exclusive purpose of providing a performance guarantee for the maintenance and preservation of the Titanic collection for the public interest. The Company will pay into the Reserve Fund a minimum of twenty five thousand dollars ($25 thousand) for each future fiscal quarter until the corpus of such Reserve Fund equals five million dollars ($5 million). Though not required under the covenants and conditions, the Company may make additional payments into the Reserve Fund as it deems appropriate, consistent with its prior representations to the Court and sound fiscal operations. The Company established the Reserve Fund and funded it with $25 thousand during November 2011 and continues to make quarterly $25 thousand payments. The balance in the Reserve Fund as of August 31, 2015 is $408 thousand, including interest income.

During these proceedings, on July 2, 2004, the District Court also rendered an opinion and order in which it held that it would not recognize a 1993 Proces-Verbal, pursuant to which the government of France granted RMST title to all artifacts recovered from the wreck site during the 1987 expedition (the “1987 Artifacts”). RMST appealed the July 2, 2004 District Court order to the Appellate Court. On January 31, 2006, the Appellate Court reversed the lower court’s decision to invalidate the 1993 Proces-Verbal, pursuant to which the government of France granted RMST title to all artifacts recovered from the wreck site during the 1987 expedition. As a result, the Appellate Court tacitly reconfirmed that RMST owns the approximately 2,000 artifacts recovered during the 1987 expedition. These artifacts were not part of the August 2011 award, but are now subject to certain of the covenants and conditions agreed to by the Company.

Status of International Treaty Concerning the Titanic Wreck

The U.S. Department of State (the “State Department”) and the National Oceanic and Atmospheric Administration of the U.S. Department of Commerce (“NOAA”) are working together to implement an international treaty (the “Treaty”) with the governments of the United Kingdom, France and Canada concerning the Titanic wreck site. If implemented in this country, the Treaty could affect the manner in which the District Court monitors the Company’s salvor-in-possession rights to the Titanic. These rights include the exclusive right to recover artifacts from the wreck site, claim possession of and perhaps title to artifacts recovered from the site, and display recovered artifacts. Years ago the Company voiced objections to the State Department regarding the participation of the U.S. in efforts to reach an agreement governing salvage activities with respect to the Titanic. The proposed Treaty, as drafted, did not recognize the Company’s existing salvor-in-possession rights to the Titanic. The United Kingdom signed the Treaty in November 2003, and the U.S. signed the Treaty in June 2004. For the Treaty to take effect, the U.S. must enact implementing legislation. As no implementing legislation has been passed, the Treaty currently has no binding legal effect.

In August 2011, the State Department and NOAA resubmitted draft legislation to Congress. Since that time, RMST has worked with the U.S. Government to develop a number of textual modifications to this proposed implementing legislation to address the Company’s concerns. The proposed legislation has not passed and presently appears to be stalled.

Other Litigation

On December 17, 2014, the Company filed suit against James Beckmann and his company, Image Quest Worldwide, Inc., in the District Court of Clark County, Nevada. The suit alleges that Image Quest Worldwide breached its July 19, 2010, sublease with the Company with respect to certain space at the Luxor Hotel and Casino. As an inducement to the Company to execute the sublease, James Beckman, the principal of Image Quest Worldwide, Inc., signed a personal guarantee which is enforceable if Image Quest fails to satisfy its obligations under the Sublease. The suit alleges that Image Quest failed to pay over $1.4 million in payments required under the Sublease. On April 24, 2015, Mr. Beckmann and Image Quest Worldwide answered the suit and filed a counterclaim against the Company for fraudulent inducement, alleging that the Company interfered with their right under the sublease to utilize the box-office to sell tickets to their exhibition. Mr. Beckmann and Image Quest Worldwide seek damages in excess of $10 thousand. The Company cannot currently determine whether Image Quest Worldwide, Inc. or Mr. Beckman have sufficient funds to pay some or all of the outstanding debt, and the outcome of the Company’s claims and the counterclaim are not readily determinable at this time.

On December 7, 2014, Cyrus Milanian and Faan Qin filed suit against the Company in the United States District Court for the Northern District of Georgia, Atlanta Division, alleging that the Company infringed their trademark. The plaintiffs seek damages in excess of $1 million. These plaintiffs have previously filed a number of similar nuisance actions against the Company, all of which have been dismissed at early stages. The lawsuit is in its early stages and the Company cannot predict the outcome of the case.

From time to time the Company is or may become involved in other legal proceedings that result from the operation of its exhibitions and business.

Settled Litigation

In April 2011, the Company filed suit in the U.S. District Court for the Northern District of Georgia against Serge Grimaux and his companies, including Serge Grimaux Presents, Inc. and 9104-5773 Quebec, Inc. The suit alleges that Grimaux failed to pay over $800 thousand due and owing the Company under a series of license agreements pursuant to which Mr. Grimaux and his entities presented the Company’s Titanic and human anatomy exhibitions in venues throughout Canada.  The Company settled this litigation on November 10, 2011 for $375 thousand. As of August 31, 2015 a receivable of $6 thousand, net of allowance for doubtful accounts of $215 thousand, is included in the Company’s accounts receivable.

On February 26, 2013, the Company filed suit in the U.S. District Court for the Northern District of Georgia, Atlanta Division against Thomas Zaller and his companies, Imagine Exhibitions, Inc. and Imagine Exhibitions, PTE, LTD. Mr. Zaller is a former executive of the Company. The suit alleged that Mr. Zaller and his companies fraudulently obtained certain of the Company’s confidential and proprietary intellectual property related to the design of its Titanic exhibitions, and unlawfully used that intellectual property in the development of their own competing Titanic exhibition, which was initially presented at the Venetian Macau, and then marketed around the world. In the suit, the Company brought claims against Mr. Zaller personally for conversion, breach of contract, and misappropriation of trade secrets under Georgia law. The Company also brought claims against Mr. Zaller and his companies for unjust enrichment, fraud, fraudulent inducement, and trade dress violations under the Lanham Act. The Company sued for unspecified damages.

On April 22, 2013, Kingsmen Exhibits PTE, Ltd. filed suit against the Company in the High Court of the Republic of Singapore. This suit followed extensive correspondence between the Company and the Kingsmen companies regarding the allegations of wrongdoing by the Kingsmen companies, along with their partners Thomas Zaller and his companies. Kingsmen sought a judgment declaring that they did not violate the Singapore Copyright Act and the Singapore Trademark Act and prohibiting the Company from continuing to make claims that Kingsmen infringed the Company’s copyrights and trademarks. Kingsmen also sought unspecified damages from the Company related to actions taken by the Company to protect its confidential and proprietary intellectual property. On December 18, 2013, the Company filed a counterclaim against Kingsmen Exhibits PTE, Ltd. in that lawsuit. In the counterclaim, the Company alleged that Kingsmen unlawfully competed against the Company in the development and operation of its competing Titanic exhibition. Specifically, the Company alleged that Kingsmen infringed on its copyrights by unlawfully obtaining and using the Company’s design files to build its exhibitions. The Company sought to enjoin Kingsmen from continuing to infringe on its rights, and for unspecified damages related to the infringement.

On December 2, 2014, the Company entered into a Full and General Mutual Release, Settlement and Confidentiality Agreement (the “Agreement”) with Thomas Zaller, Imagine Exhibitions, Inc., Imagine Exhibitions, Inc., Imagine Exhibitions PTE, Ltd., and TZ, Inc. (collectively, the “Zaller Parties”), and Kingsmen Exhibits PTE, Ltd and Kingsmen Creative, Ltd (collectively the “Kingsmen Parties”). The Agreement settled the litigation between the Company and the Zaller Parties in the United States District Court for the Northern District of Georgia, Atlanta Division, and between the Company and the Kingsmen Parties in the High Court of the Republic of Singapore.

The Agreement required the Zaller Parties to collectively pay the Company $725 thousand on or before December 4, 2014. This amount was received on December 4, 2014. The Agreement stipulated that the Zaller Parties and the Kingsmen Parties denied any admission of fault or liability to the Company. Under the Agreement, the Zaller Parties also agreed not to stage a Titanic exhibition in the United States or Canada for a period of thirty six months or in Western Europe (defined as the United Kingdom, Ireland, France, Germany, Italy, Switzerland, Spain, Portugal, Sweden, Denmark and Norway) for a period of twenty four months.

On February 14, 2014, SeaVentures, Ltd. filed suit against the Company in the Circuit Court for the Ninth Judicial District of Orange County, Florida. The suit alleged that the Company breached a license agreement with SeaVentures under which the Company was required to present certain joint exhibitions containing both Titanic artifacts and artifacts recovered from the RMS Carpathia owned by SeaVentures. SeaVentures sought $743 thousand, plus interest and costs.

On April 3, 2015, RMST and the Company entered into a Full and General Mutual Release, Settlement and Confidentiality Agreement with SeaVentures which settled the litigation. Under the settlement, the Company agreed to pay SeaVentures $425 thousand, as follows: $75 thousand on or before April 10, 2015, $100 thousand on or before March 1, 2016; $100 thousand on or before March 1, 2017; and $150 thousand on or before March 1, 2018. In addition, the Company agreed to stage at least two joint exhibitions presenting Carpathia and Titanic artifacts within 24 months from the date of execution of the Agreement. The Company will pay SeaVentures a portion of the net revenues from those joint exhibitions or a per ticket fee, depending on the location of the joint exhibition.   In fiscal year 2015, the Company recorded a liability for this settlement of $344 thousand, net of an $81 thousand discount at 12%, to reflect the present value of the future payments. The balance as of August 31, 2015 is $287 thousand.

Legal Proceedings

The Company is currently involved in certain legal proceedings. To the extent that a loss related to a contingency is reasonably estimable and probable, the Company accrues an estimate of that loss. Because of the uncertainties related to both the amount and range of loss on certain pending litigation, the Company may be unable to make a reasonable estimate of the liability that could result from an unfavorable outcome of such litigation. As information becomes available, the Company assesses any potential liability related to pending litigation and makes or, if necessary, revises its estimates. Such revisions to estimates of potential liability could materially impact the Company’s results of operations and financial position.

The Company believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable losses and that the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial condition.

Revenue and Sales and Use Tax Examinations

As of August 31, 2015, the Internal Revenue Service (“IRS”) has completed examination of the Company’s federal tax returns for the fiscal years ended February 28 (29), 2010, 2009, 2008 and 2007, with no significant adjustments required. The tax years February 28 (29), 2011-2014 remain open to IRS examination. On May 1, 2015 the Company received notice from the IRS that the Company’s tax return for the fiscal year ended February 28, 2013 had been selected for examination. On July 2, 2015 the Company received notice from the IRS that the tax return of Premier Exhibition Management, LLC for the fiscal year ended February 28, 2013 had been selected for examination. The examinations began in the second fiscal quarter of 2016. In addition to the review by the IRS, the Company is, at times, under review by various state revenue authorities.

As of May 8, 2014, the State of New York completed its most recent examination of the Company’s sales and use tax returns for its operations in the State of New York for all periods through May 31, 2012.  The State of New York assessed additional sales and use tax of approximately $374,000 as it relates to the Company’s presentation of its Bodies exhibition at the South Street Seaport during this time period. This amount has been accrued in the Company’s consolidated financial statements. The Company has appealed this assessment on the grounds that the license agreement which governs the human anatomy specimens is not subject to sales and use tax. The Company has requested a hearing before an administrative tax tribunal.

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Note 8 - Consulting Agreement with Samuel S. Weiser (Details Textual) - Former Board of Directors Chairman and CEO [Member] - USD ($)

Apr. 02, 2015

Sep. 30, 2015

Consulting Fees for Former CEO and Chairman Post Resignation in Aggregate [Member]

Related Party Transaction, Amounts of Transaction $ 300,000

Monthly Payments of Consulting Fees for Former Chairman and CEO [Member]

Related Party Transaction, Amounts of Transaction $ 20,000

Final Payment [Member] | Subsequent Event [Member]

Due to Related Parties $ 180,000

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Note 3 - Notes Payable, Royalty Payable, and Capital Lease Obligations
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 3.

Notes Payable, Royalty Payable, and Capital Lease Obligations

Notes Payable

On October 17, 2011, the Company entered into an asset purchase agreement (the “Agreement”) to purchase the assets of a Titanic-themed exhibition (
Titanic: The Experience or “TTE”
) in Orlando, Florida, from Worldwide Licensing & Merchandising, Inc. and its shareholder, G. Michael Harris (together, “Worldwide”). Pursuant to the Agreement, the Company purchased the assets of the Orlando exhibition from Worldwide in an installment sale. The Company agreed to pay Worldwide directly a total of $800 thousand over a two-year period, and also agreed to assume rental and other arrearages owed by Worldwide, totaling $720 thousand, which the Company will pay over a four-year period. Based upon an interest rate of 7.6% the net present value of these payments was approximately $1,377 thousand as of the date of the transaction.

As of August 31, 2015, the short-term portion of the note payable was $196 thousand and relates to rental and other arrearages payable on behalf of Worldwide. The final payment on this note payable is due in December 2015.

On September 30, 2014, Premier Exhibitions, Inc. entered into a Secured Promissory Note and Guarantee with each of two affiliates of Pentwater Capital Management LP.  Together the Notes provided for a loan to the Company in the aggregate amount of $8.0 million.  The Notes provided for the payment by the Company of interest on a monthly basis at the rate of 12.0% per annum, and the Notes matured on March 31, 2015.  The Notes required the Company to pay a closing fee to the Pentwater affiliates in the aggregate amount of 3% of the loan amount and the fees and expenses incurred by the Pentwater affiliates in connection with the negotiation and execution of the Notes. Deferred financing cost related to this loan totaled $383 thousand and were fully amortized during the first fiscal quarter of 2016.

The Notes were guaranteed by each of RMST, PEM, Arts and Exhibitions International LLC, and Premier Merchandising, LLC, all of which are subsidiaries of the Company.

The Notes were secured by substantially all of the assets of the Company and the subsidiary guarantors, including the stock of each of the subsidiary guarantors.  The security interest did not apply to the Titanic assets held by RMST, but applied to all revenues, contracts and agreements lawfully arising out of the Titanic assets.

The lenders’ exercise of rights and remedies with respect to the stock of RMST and any revenues, contracts and agreements lawfully arising out of the Titanic assets were expressly governed by and subject to the terms and conditions of the applicable court orders governing the ownership of the Titanic assets by RMST, which included (i) the Opinion issued by the United States District Court for the Eastern District of Virginia with respect to Action No. 2:93cv902, dated as of August 12, 2010; (ii) the Order issued by the United State District Court for the Eastern District of Virginia with respect to Action No. 2:93cv902, dated as of August 15, 2011; (iii) the Revised Covenants and Conditions for the Future Disposition of Objects Recovered from the R.M.S. Titanic by RMST pursuant to an
in-specie
salvage award granted by the United States District Court for the Eastern District of Virginia, dated as of August 15, 2011; and (iv) the Process Verbal, issued on October 12, 1993 by the Maritime Affairs Administrator for the Ministry of Equipment Transportation and Tourism, French Republic to Titanic Ventures Limited Partnership.

On April 2, 2015, the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) whereby it will combine with Dinoking Tech Inc. (“DK”). In addition, on April 2, 2015, an investor group agreed to provide up to $13.5 million in convertible debt funding to Premier to repay $8 million of existing debt and $5.5 million for corporate purposes, including the completion of the development of “Saturday Night Live: The Exhibition” and “Premier Exhibitions 5
th
Avenue,” the Company’s state-of-the-art exhibition and special events center located in New York City. As of August 31, 2015, the investor group had assumed and repaid the $8.0 million Pentwater note and had provided an additional $5.5 million in funding. The entire $13.5 million is included in short-term notes payable. The $5.5 million was used to continue funding improvements on the building at 417 Fifth Avenue and to complete our “Saturday Night Live: The Exhibition.” The Notes provide for the payment by the Company of interest on a monthly basis at the rate of 12.0% per annum and carry the same guarantees and collateral as the Pentwater loans noted above. See Note 6. Liquidity and Capital Resources for further discussion of this note payable.

Royalty Payable

On April 20, 2012, PEM and PEM Newco, LLC, both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of AEI. The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The Company issued a non-recourse non-interest bearing note as part of this transaction. The book value of the note was recorded based upon the expected future cash flows of the exhibitions and discounted to its net present value at an imputed interest rate of 7.0%.

In March 2014, the Company paid $300 thousand and purchased the tangible assets that were required to be returned to AEG Live, LLC at the end of the purchase agreement.

On April 17, 2014, PEM and AEG terminated the Promissory Note. As part of the termination of the Promissory Note, PEM and AEG entered into a revenue payment agreement (the “Revenue Payment Agreement”) providing for modified future payments to AEG with respect to bookings of acquired exhibitions.  Pursuant to the Revenue Payment Agreement, going forward PEM will make royalty payments to AEG equal to (a) 90% of net revenues from future bookings and (b) 20% of the net revenues from proposed exhibitions acquired from AEG that are ultimately developed and presented.   “Net Revenues” are determined after deduction by PEM of the direct expenses of operating the exhibitions.  Pursuant to the Revenue Payment Agreement, AEG will pay to PEM a management fee of 10% of gross revenues (after deducting any booking fees) for each calendar year thereafter; provided that the management fee shall not be less than the following minimum fees: $500,000 in calendar year 2014; and $125,000 in calendar years 2015 and 2016.

We considered the accounting guidance in ASC 805, 405, and 470 when evaluating the accounting for the note cancellation and execution of the revenue payment agreement. We note that there was no substantive modification of the obligations under the Note that were made in connection with the cancellation of the Note and the execution of the revenue payment agreement. Accordingly, we do not believe the note was settled and therefore the royalty obligation will continue to be remeasured each period until it is ultimately settled.

Beginning in the first fiscal quarter of 2015, revenues, expenses, assets, and liabilities related to these exhibitions are recorded on a gross reporting basis in the Company’s consolidated financial statements since we are now the primary obligor under these agreements, are fulfilling the customer agreements with assets that the Company has all rights and title to, rather than acting in a management capacity as it was prior to the amendment, have latitude to determine pricing and retain future profits from the arrangement with customers, and retain the credit risk with customers. The majority of the assets and liabilities added as a result of this are restricted cash and deferred revenue.

During the fourth quarter of fiscal 2015, the Company, using Level 3 inputs based upon FASB ASC 820, updated the expected future cash flows of the exhibitions and discounted the cash flows at 12.0% to estimate the future payment to AEG Live, LLC based upon the revenue payment agreement. As a result of this review, the royalty payable was reduced by $338 thousand to reflect the updated estimated future payments under the revenue payment agreement. The significant unobservable inputs used in the fair value measurement are forecasts of expected future annual cash flows as developed by the Company's management. Significant increases or decreases in these unobservable inputs in isolation would likely result in a significantly higher or lower fair value measurement. In addition, we evaluated the Company’s future rights fees as part of this update and determined that the future rights fees were impaired by $2.7 million.

As of August 31, 2015, the short-term portion of the royalty payable was $294 thousand and the long-term portion was $207 thousand.

Capital Lease Obligations

The Company leases certain computer and security equipment under capital leases. During the first quarter of fiscal 2016, the Company entered into capital leases for $290 thousand. As of August 31, 2015, the balance sheet reflects the short-term portion of capital lease obligations of $62 thousand and the long-term portion of $258 thousand.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)

Aug. 31, 2015

Feb. 28, 2015

Licensing Agreements [Member]

Current assets:

Exhibition licenses, net of accumulated amortization of $5,293 and $6,069, respectively $ 1,493,000 $ 1,629,000

Future Rights Fees [Member]

Current assets:

Exhibition licenses, net of accumulated amortization of $5,293 and $6,069, respectively 746,000 829,000

Cash and cash equivalents 1,606,000 4,798,000

Accounts receivable, net of allowance for doubtful accounts of $220 886,000 1,417,000

Merchandise inventory, net of reserve of $45 and $25, respectively 997,000 1,127,000

Income taxes receivable 9,000 49,000

Prepaid expenses 2,963,000 2,684,000

Other current assets 556,000 459,000

Total current assets 7,017,000 10,534,000

Artifacts owned, at cost 2,872,000 2,881,000

Salvor's lien 1,000 1,000

Property and equipment, net of accumulated depreciation of $24,756 and $22,766, respectively 21,096,000 11,503,000

Film, gaming and other application assets, net of accumulated amortization of $2,038 and $1,726, respectively $ 1,295,000 1,608,000

Deferred financing costs, net of accumulated amortization of $383 and $318, respectively 65,000

Construction deposit 134,000

Lease incentive 5,899,000

Restricted cash $ 68,000 426,000

Restricted securities 801,000 801,000

Deferred income taxes 60,000 60,000

Long-term exhibition costs 200,000 261,000

Subrogation rights 250,000 250,000

Total Assets 35,899,000 36,881,000

Current liabilities:

Accounts payable and accrued liabilities $ 5,788,000 4,782,000

Deferred rent 668,000

Deferred revenue $ 2,014,000 2,901,000

Deferred income taxes 60,000 60,000

Current portion of capital lease obligations 62,000 31,000

Current portion of royalty payable, net of discount of $3 and $48, respectively 294,000 413,000

Current portion of notes payable, net of discount of $3 and $10, respectively 13,696,000 8,190,000

Total current liabilities 21,914,000 17,045,000

Long-Term liabilities:

Lease abandonment 785,000 997,000

Deferred rent 9,048,000 8,867,000

Long-term portion of capital lease obligations 258,000 32,000

Long-term portion of royalty payable, net of discount of $48 207,000 301,000

Total long-term liabilities $ 10,298,000 $ 10,197,000

Commitment and Contingencies

Shareholders' equity:

Common stock; $.0001 par value; authorized 65,000,000 shares; issued 4,917,423 and 4,916,644 shares, respectively; outstanding 4,917,222 and 4,916,443 shares, respectively $ 1,000 $ 1,000

Additional paid-in capital 54,157,000 54,104,000

Accumulated deficit (51,478,000) (46,105,000)

Accumulated other comprehensive loss (13,000) (13,000)

Less treasury stock, at cost; 201 shares (1,000) (1,000)

Equity Attributable to Shareholders of Premier Exhibitions, Inc. 2,666,000 7,986,000

Equity Attributable to Non-controlling interest 1,021,000 1,653,000

Total liabilities and shareholders' equity $ 35,899,000 $ 36,881,000

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Note 1 - Background and Basis of Presentation
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.

Background and Basis of Presentation

Description of Business

Premier Exhibitions, Inc. and subsidiaries (the “Company” or “Premier”) are in the business of presenting to the public museum-quality touring exhibitions around the world. Since our establishment, we have developed, deployed, and operated unique exhibition products that are presented to the public in exhibition centers, museums, and non-traditional venues. Income from exhibitions is generated primarily through ticket sales, third-party licensing, sponsorships and merchandise sales.

Titanic Ventures Limited Partnership (“TVLP”), a Connecticut limited partnership, was formed in 1987 for the purposes of exploring the wreck of the R.M.S. Titanic and its surrounding oceanic areas. In May of 1993, RMS Titanic, Inc. (“RMST”) entered into a reverse merger under which RMST acquired all of the assets and assumed all of the liabilities of TVLP and TVLP became a shareholder of RMST. In October of 2004, we reorganized and Premier Exhibitions, Inc. became the parent company of RMST and RMST became a wholly-owned subsidiary. Additional wholly-owned subsidiaries were established in order to operate the various domestic and international exhibitions of the Company.

Our exhibitions regularly tour outside the United States of America (“U.S.”). Approximately 8% of our revenues for the three months ended August 31, 2015 compared with 13% for the three months ended August 31, 2014 resulted from exhibition activities outside the U.S. Approximately 8% of our revenues for the six months ended August 31, 2015 compared with 12% for the six months ended August 31, 2014 resulted from exhibition activities outside the U.S. Many of our financial arrangements with our international trade partners are based upon the U.S. dollar which limits the Company’s exposure to the risk of currency fluctuations between the U.S. dollar and the currencies of the countries in which our exhibitions are touring.

Corporate Structure

Our business has been divided into an exhibition management division and a content division. The content division is the Company’s existing subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, in addition to all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship.

We also formed a new entity, Premier Exhibition Management LLC (“PEM”), in September 2011, to manage all of the Company’s exhibition management (exhibition division). This currently includes the operation and management of our “Bodies,” “Titanic” (pursuant to an intercompany agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” and “Saturday Night Live,” exhibitions. PEM also pursues “fee for service” arrangements to manage exhibitions based on content owned or controlled by third parties.

On April 20, 2012, PEM and its wholly-owned subsidiary, PEM Newco, LLC (“Newco”), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC (“AEI”). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The acquired assets include rights agreements with the owners of the artifacts and intellectual property comprising the exhibitions, museum/venue agreements for existing exhibition venues, sponsorship agreements, a warehouse lease and an office lease. In addition, the acquired assets include intellectual property related to proposed future exhibitions that the Company may further develop and produce, including the exhibit “One Day in Pompeii”, which was being toured by the Company during the first quarter of fiscal 2016.

On July 12, 2012, the Company purchased substantially all of the assets of Exhibit Merchandising, LLC for $125 thousand. As part of the acquisition of the assets of Exhibit Merchandising, LLC, we obtained the rights to sell all merchandise related to “Tutankhamun and the Golden Age of the Pharaohs”, “Cleopatra: The Exhibition” and “Real Pirates”. These merchandising rights are operated under our Premier Merchandising, LLC subsidiary.

The restructuring of the Company and changes in its management, reflect that Premier has two operating segments – Exhibition Management (PEM) and Content Management (RMST).

Basis of Presentation

When we use the terms “Premier,” “Company,” “we,” “us” and “our,” we mean Premier Exhibitions, Inc., a Florida corporation, and its subsidiaries. We have prepared the accompanying unaudited condensed consolidated financial statements and unaudited notes to condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) regarding interim financial reporting. Accordingly, they do not contain all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of August 31, 2015, our results of operations for the three and six months ended August 31, 2015 and 2014 and cash flows for the six months ended August 31, 2015 and 2014. The data in the consolidated balance sheet as of February 28, 2015 was derived from our audited consolidated balance sheet as of February 28, 2015, as presented in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. The unaudited condensed consolidated financial statements include the accounts of Premier and its subsidiaries after the elimination of all significant intercompany accounts and transactions. Our operating results for the three and six months ended August 31, 2015 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending February 28, 2016 (“fiscal 2016”).

Significant Accounting Policies

For a description of significant accounting policies, see the Summary of Significant Accounting Policies footnote to the Financial Statements included in the Company’s 2015 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since the filing of the Company’s 2015 Annual Report on Form 10-K.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates.

Recent Accounting Pronouncements

Recently Issued

Revenue from Contracts with Customers Update 2014-09 (ASU 2014-09)

In May of 2014, FASB issued Accounting Standards Update No. 2014-09 that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605,
Revenue Recognition
, and most industry-specific guidance.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015 ASU No. 2015-14 was issued and delays implementation as noted below. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective for periods beginning after December 15, 2017. Early adoption is permitted for periods beginning after December 15, 2016. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application.
The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.

Preparation of Financial Statements - Going Concern Update 2014-15 (ASU 2014-15)

In August 2014, FASB issued Accounting Standards Update No. 2014-15, “Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, “Presentation of Financial Statements - Liquidation Basis of Accounting.” Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.

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Note 5 - Segment Information (Details Textual)
$ in Thousands
3 Months Ended 6 Months Ended

Aug. 31, 2015

USD ($)

Aug. 31, 2014

USD ($)

Aug. 31, 2015

USD ($)

Aug. 31, 2014

USD ($)

Foreign Exhibitions [Member]

Revenue, Net $ 548 $ 1,100 $ 1,100 $ 1,800

RMS Titanic [Member]

Revenue, Net 301 316 $ 593 627

Number of Reportable Segments 2

Revenue, Net $ 6,739 $ 8,297 $ 13,988 $ 15,788

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Note 5 - Summary of Assets by Segment (Details) - USD ($)
$ in Thousands

Aug. 31, 2015

Feb. 28, 2015

Exhibition Management [Member]

Capital Expenditures $ 30,654 $ 31,203

RMS Titanic [Member]

Capital Expenditures 5,162 5,536

Corporate and Unallocated [Member]

Capital Expenditures 83 142

Capital Expenditures $ 35,899 $ 36,881

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Note 2 - Loss Per Share Data
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

2.

Loss Per Share Data

Basic per share amounts exclude dilution and are computed using the weighted average number of common shares outstanding for the period. Diluted per share amounts reflect the potential reduction in earnings per share that could occur if equity based awards were exercised or converted into common stock, unless the effects are anti-dilutive
(i.e
., the exercise price is greater than the average market price of the common shares). Potential common shares are determined using the treasury stock method and include common shares issuable upon exercise of outstanding stock options and warrants.

The following table sets forth the computation of basic and diluted net loss per share.

Three Months Ended August 31, Six Months Ended August 31,

2015 2014 2015 2014

Numerator:

Net loss attributable to shareholders (in thousands) $ (3,096 ) $ (1,653 ) $ (5,373 ) $ (2,865 )

Denominator:

Basic weighted-average shares outstanding 4,917,222 4,907,343 4,917,154 4,906,892

Effect of dilutive stock options and warrants - - - -

Diluted weighted-average shares outstanding 4,917,222 4,907,343 4,917,154 4,906,892

Net loss per share:

Basic $ (0.63 ) $ (0.34 ) $ (1.09 ) $ (0.58 )

Diluted $ (0.63 ) $ (0.34 ) $ (1.09 ) $ (0.58 )

Equity based awards are not included in the per share computation because the option exercise price was greater than the average market price of the common share. The number of shares excluded for the three and six months ended August 31, 2015 and 2014 was 91,167.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands

Aug. 31, 2015

Feb. 28, 2015

Licensing Agreements [Member]

Accumulated amortization $ 5,293 $ 6,069

Future Rights Fees [Member]

Accumulated amortization 3,634 3,551

Allowance for doubtful accounts 220 220

Merchandise inventory reserve 45 25

Property and equipment, accumulated depreciation 24,756 22,766

Film and gaming assets, accumulated amortization 2,038 1,726

Deferred financing costs, amortization 383 318

Royalty payable, discount 3 48

Notes payable, discount 3 10

Royalty payable, discount $ 48 $ 48

Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Common stock, shares authorized (in shares) 65,000,000 65,000,000

Common stock, shares issued (in shares) 4,917,423 4,916,644

Common stock, shares outstanding (in shares) 4,917,222 4,916,443

Treasury stock, shares (in shares) 201 201

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Note 2 - Loss Per Share Data (Details Textual) - shares
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Aug. 31, 2014

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Aug. 31, 2014

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Aug. 31, 2014

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Aug. 31, 2014

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Merchandise revenue 1,218 1,409 2,490 2,754

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Licensing fee 30

Total revenue $ 6,739 $ 8,297 13,988 $ 15,788

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Net loss attributable to the shareholders of Premier Exhibitions, Inc. $ (3,096) $ (1,653) $ (5,373) $ (2,865)

Net loss per share:

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Diluted loss per common share (in dollars per share) $ (0.63) $ (0.34) $ (1.09) $ (0.58)

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Shares used in diluted per share calculations (in shares) 4,917,222 4,907,343 4,917,154 4,906,892

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XML 29 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814

Note 7 - Merger Agreement
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]
Note 7. Merger Agreement

See Note 6. Liquidity and Capital Resources regarding the Merger Agreement with DK entered into on April 2, 2015.

Upon the closing of the transaction, we expect that the DK shareholders and the investor group will hold 47.0% of the outstanding Premier voting shares, subject to additional contingent payments, and the right to nominate four out of seven board members. Mr. Bao will become the Executive Chairman, President and Chief Executive Officer of Premier while DK will become an indirect wholly-owned subsidiary.

If this merger is consummated, the Company’s net operating loss carryforwards may be significantly limited under Section 382 of the Internal Revenue Code. The limitation imposed by Section 382 of the Internal Revenue Code would place an annual limitation on the amount of the NOL carry forwards that can be utilized. The Company has not performed any analysis of whether or not there has been a cumulative change in ownership of greater than 50%. If this analysis were to be completed and it was determined that there has been a change in ownership, the amount of the NOL carryforwards available may be reduced significantly. However, since the valuation allowance fully reserves for all available carry forwards, the effect of the reduction would be offset by a reduction in the valuation allowance. Thus, the resolution of this matter would have no effect on the reported assets, liabilities, revenues, and expenses for the periods presented.

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Note 6 - Liquidity and Capital Resources
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Liquidity and Capital Resources [Text Block]
Note 6. Liquidity and Capital Resources

The Company’s operations in the recent past have been financed primarily through cash flow from operations, existing cash and, in fiscal 2015, the Pentwater Capital Management LP notes payable and, in fiscal 2016, convertible debt financing in connection with the merger agreement discussed below. The Company has incurred net losses for the majority of the past several years. Moving forward, the Company expects to have significant cash outflows in the near term based on the New York City lease, leasehold improvements of the leased space and new content development.

On September 30, 2014, the Company entered into a short-term Secured Promissory Note and Guarantee with each of two affiliates of Pentwater Capital Management LP. Together the Notes provided for a loan to the Company in the aggregate amount of $8.0 million. The Notes provided for the payment by the Company of interest on a monthly basis at the rate of 12% per annum, and the Notes matured and were required to be repaid in full on March 31, 2015.

Because the Notes matured and had to be paid in full on March 31, 2015, the Company had to obtain replacement financing for the Notes or negotiate an extension or forbearance with the Pentwater affiliates by that date. The Company considered a number of potential transactions that would provide replacement capital for the Company, including a financing transaction with one or more potential strategic partners, a private placement of equity securities, and a private placement of convertible promissory notes, including potentially to some of the Company’s existing shareholders.

On April 2, 2015 the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) whereby it plans to combine with Dinoking Tech Inc. (“DK”). Under the Merger Agreement, the DK shareholders will be entitled to up to 24% of the fully diluted ownership of the Company for all of the issued and outstanding shares of DK. In addition, an investor group has agreed to provide up to $13.5 million in convertible debt funding to Premier to repay $8 million of existing debt and $5.5 million for corporate purposes including the completion of the development of “Saturday Night Live: The Exhibition” and “Premier Exhibitions 5
th
Avenue,” the Company’s state-of-the-art exhibition and special events center located in New York City. As of August 31, 2015, the investor group had provided the entire $13.5 million of funding. Upon closing of the merger transaction, the debt will be convertible into shares of the Company based on a price of $4.48 per share, if the conversion is approved by shareholders. The Company used this funding to retire the debt owed to Pentwater Capital, to continue funding improvements on the building at 417 Fifth Avenue, and to complete our “Saturday Night Live” exhibition. The transaction has been approved by the Board of Directors of Premier. Premier’s principal shareholder, Sellers Capital, LLC, and the directors and officers of the Company have entered into agreements to vote in favor of the transaction. The completion of the transaction is subject to Premier shareholder approval among other customary closing conditions. The shareholder meeting to approve the transaction is expected to be held on October 29, 2015. The merger is expected to be completed on October 29, 2015.

While the Company recently repaid a loan of $8.0 million, the Company will have to repay $13.5 million received in convertible debt funding if the merger transaction does not close. As a result, the Company will have to refinance the debt or obtain funds to repay the debt in full if that occurs. In addition, if the merger transaction is terminated under certain conditions the Company would be required to pay a $1 million breakup fee to DK. The Company could be capital constrained and unable to fulfill the terms of this and other agreements if its access to capital sources does not improve in the near term.

If the Merger Agreement transactions are not approved by shareholders, or additional financing is not obtained, the Company may have to seek the protection of the U.S. bankruptcy laws and/or cease operating as a going concern. In addition, if the Company does not meet its payment obligations to third parties as they come due, the Company may be subject to an involuntary bankruptcy proceeding or other litigation claims, which it would likely not have the resources to defend.

If the Company makes a bankruptcy filing, is subject to an involuntary bankruptcy filing, or is otherwise unable to continue as a going concern, the Company may be required to liquidate its assets and may receive less than the value at which those assets are carried on its financial statements, and it is likely that shareholders will lose all or a part of their investments. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company’s cash balance as of August 31, 2015 was $1.6 million and accounts payable and accrued liabilities were $5.8 million. In addition, the Company has a working capital deficit of $1.4 million excluding the convertible debt of $13.5 million, which is included in the short term portion of note payable on the balance sheet. Management believes that through management of its cash flow and payment obligations the Company should reach the expected merger date of October 29, 2015 without the need for incremental financing. However, post-merger management believes that the Company will need up to $5.0 million of additional capital to fund ongoing operations and to bring accounts payable and accrued liabilities current. This amount should be sufficient to return the Company to at least break-even operations in the near term, assuming that management’s plan of operations is achieved.

The Company is currently exploring options to solve the liquidity situation, including additional debt or equity financing from DK, the related financing group or other sources.

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Note 5 - Statements of Operations by Segment (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Aug. 31, 2015

Aug. 31, 2014

Aug. 31, 2015

Aug. 31, 2014

Exhibition Management [Member]

Revenue, Net $ 6,739 $ 8,297 $ 13,988 $ 15,788

Cost of revenue (exclusive of depreciation and amortization) 5,957 5,586 11,758 10,304

Gross profit 782 2,711 2,230 5,484

Operating expenses:

General and administrative 2,402 3,398 5,009 6,396

Depreciation and amortization 1,483 1,149 2,521 2,300

Gain on disposal of assets (33) (33) (4)

Total Operating expenses 3,852 4,547 7,497 8,692

Income/(loss) from operations (3,070) (1,836) (5,267) (3,208)

Other expense (444) (1) (825) (6)

Income/(loss) before income tax $ (3,514) $ (1,837) $ (6,092) $ (3,214)

Income tax expense

Net income/(loss) $ (3,514) $ (1,837) $ (6,092) $ (3,214)

Less: Net loss attributable to non-controlling interest 364 205 632 356

Net loss attributable to shareholders (in thousands) (3,150) (1,632) (5,460) (2,858)

Revenue, Net 6,739 8,297 13,988 15,788

Cost of revenue (exclusive of depreciation and amortization) 5,957 5,586 11,758 10,304

Gross profit 782 2,711 2,230 5,484

RMS Titanic [Member]

Revenue, Net $ 301 $ 316 $ 593 $ 627

Cost of revenue (exclusive of depreciation and amortization)

Gross profit $ 301 $ 316 $ 593 $ 627

Operating expenses:

General and administrative $ 247 $ 337 $ 506 $ 634

Depreciation and amortization

Gain on disposal of assets

Total Operating expenses $ 247 $ 337 $ 506 $ 634

Income/(loss) from operations $ 54 $ (21) $ 87 $ (7)

Other expense

Income/(loss) before income tax $ 54 $ (21) $ 87 $ (7)

Income tax expense

Net income/(loss) $ 54 $ (21) $ 87 $ (7)

Less: Net loss attributable to non-controlling interest

Net loss attributable to shareholders (in thousands) $ 54 $ (21) $ 87 $ (7)

Revenue, Net $ 301 $ 316 $ 593 $ 627

Cost of revenue (exclusive of depreciation and amortization)

Gross profit $ 301 $ 316 $ 593 $ 627

Consolidation, Eliminations [Member]

Revenue, Net (301) (316) (593) (627)

Cost of revenue (exclusive of depreciation and amortization) $ (301) $ (316) $ (593) $ (627)

Gross profit

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Depreciation and amortization

Gain on disposal of assets

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Other expense

Income/(loss) before income tax

Income tax expense

Net income/(loss)

Less: Net loss attributable to non-controlling interest

Net loss attributable to shareholders (in thousands)

Revenue, Net $ (301) $ (316) $ (593) $ (627)

Cost of revenue (exclusive of depreciation and amortization) $ (301) $ (316) $ (593) $ (627)

Gross profit

Revenue, Net $ 6,739 $ 8,297 $ 13,988 $ 15,788

Cost of revenue (exclusive of depreciation and amortization) 5,656 5,270 11,165 9,677

Gross profit 1,083 3,027 2,823 6,111

General and administrative 2,649 3,735 5,515 7,030

Depreciation and amortization 1,483 1,149 2,521 2,300

Gain on disposal of assets (33) (33) (4)

Total Operating expenses 4,099 4,884 8,003 9,326

Income/(loss) from operations (3,016) (1,857) (5,180) (3,215)

Other expense (444) (1) (825) (6)

Income/(loss) before income tax $ (3,460) $ (1,858) $ (6,005) $ (3,221)

Income tax expense

Net income/(loss) $ (3,460) $ (1,858) $ (6,005) $ (3,221)

Less: Net loss attributable to non-controlling interest 364 205 632 356

Net loss attributable to shareholders (in thousands) (3,096) (1,653) (5,373) (2,865)

Revenue, Net 6,739 8,297 13,988 15,788

Cost of revenue (exclusive of depreciation and amortization) 5,656 5,270 11,165 9,677

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Note 2 - Computation of Basic and Diluted Net Income/(Loss) Per Share (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Aug. 31, 2015

Aug. 31, 2014

Aug. 31, 2015

Aug. 31, 2014

Numerator:

Net loss attributable to shareholders (in thousands) $ (3,096) $ (1,653) $ (5,373) $ (2,865)

Denominator:

Basic weighted-average shares outstanding (in shares) 4,917,222 4,907,343 4,917,154 4,906,892

Diluted weighted-average shares outstanding (in shares) 4,917,222 4,907,343 4,917,154 4,906,892

Net loss per share:

Basic (in dollars per share) $ (0.63) $ (0.34) $ (1.09) $ (0.58)

Diluted (in dollars per share) $ (0.63) $ (0.34) $ (1.09) $ (0.58)

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Note 2 - Loss Per Share Data (Tables)
6 Months Ended

Aug. 31, 2015

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Three Months Ended August 31, Six Months Ended August 31,

2015 2014 2015 2014

Numerator:

Net loss attributable to shareholders (in thousands) $ (3,096 ) $ (1,653 ) $ (5,373 ) $ (2,865 )

Denominator:

Basic weighted-average shares outstanding 4,917,222 4,907,343 4,917,154 4,906,892

Effect of dilutive stock options and warrants - - - -

Diluted weighted-average shares outstanding 4,917,222 4,907,343 4,917,154 4,906,892

Net loss per share:

Basic $ (0.63 ) $ (0.34 ) $ (1.09 ) $ (0.58 )

Diluted $ (0.63 ) $ (0.34 ) $ (1.09 ) $ (0.58 )

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Note 8 - Consulting Agreement with Samuel S. Weiser
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]
Note 8.

Consulting Agreement with Samuel S. Weiser

On April 2, 2015, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Mr. Weiser (our former Executive Chairman, and prior to that, our President and Chief Executive Officer), pursuant to which Mr. Weiser resigned as Executive Chairman and as a member of the Company’s board of directors and agreed to make himself available to provide consulting advice as and when reasonably requested by Premier through September 30, 2015. In consideration for Mr. Weiser’s agreement to provide consulting services the Company agreed to pay Mr. Weiser consulting fees in the aggregate amount of $300,000, with $20,000 being paid on a monthly basis and the balance being paid on the earlier of the closing of the DK transaction described above or September 30, 2015. The Company was unable to make the final $180,000 payment due to Mr. Weiser on September 30, 2015. The remaining amount to be paid is accrued in the August 31, 2015 consolidated balance sheet.

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Significant Accounting Policies (Policies)
6 Months Ended

Aug. 31, 2015

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]
Corporate Structure
Our business has been divided into an exhibition management division and a content division. The content division is the Company’s existing subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, in addition to all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship.

We also formed a new entity, Premier Exhibition Management LLC (“PEM”), in September 2011, to manage all of the Company’s exhibition management (exhibition division). This currently includes the operation and management of our “Bodies,” “Titanic” (pursuant to an intercompany agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” and “Saturday Night Live,” exhibitions. PEM also pursues “fee for service” arrangements to manage exhibitions based on content owned or controlled by third parties.

On April 20, 2012, PEM and its wholly-owned subsidiary, PEM Newco, LLC (“Newco”), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC (“AEI”). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The acquired assets include rights agreements with the owners of the artifacts and intellectual property comprising the exhibitions, museum/venue agreements for existing exhibition venues, sponsorship agreements, a warehouse lease and an office lease. In addition, the acquired assets include intellectual property related to proposed future exhibitions that the Company may further develop and produce, including the exhibit “One Day in Pompeii”, which was being toured by the Company during the first quarter of fiscal 2016. The Company will operate any such additional properties through its exhibition management subsidiary. Subsequent to the asset purchase, Newco changed its name to Arts and Exhibitions International, LLC.
On July 12, 2012, the Company purchased substantially all of the assets of Exhibit Merchandising, LLC for $125 thousand. As part of the acquisition of the assets of Exhibit Merchandising, LLC, we obtained the rights to sell all merchandise related to “Tutankhamun and the Golden Age of the Pharaohs”, “Cleopatra: The Exhibition” and “Real Pirates”. These merchandising rights are operated under our Premier Merchandising, LLC subsidiary.
The restructuring of the Company and changes in its management, reflect that Premier has two operating segments – Exhibition Management (PEM) and Content Management (RMST).

Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation
When we use the terms “Premier,” “Company,” “we,” “us” and “our,” we mean Premier Exhibitions, Inc., a Florida corporation, and its subsidiaries. We have prepared the accompanying unaudited condensed consolidated financial statements and unaudited notes to condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) regarding interim financial reporting. Accordingly, they do not contain all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of August 31, 2015, our results of operations for the three and six months ended August 31, 2015 and 2014 and cash flows for the six months ended August 31, 2015 and 2014. The data in the consolidated balance sheet as of February 28, 2015 was derived from our audited consolidated balance sheet as of February 28, 2015, as presented in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. The unaudited condensed consolidated financial statements include the accounts of Premier and its subsidiaries after the elimination of all significant intercompany accounts and transactions. Our operating results for the three and six months ended August 31, 2015 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending February 28, 2016 (“fiscal 2016”).
Significant Accounting Policies
For a description of significant accounting policies, see the Summary of Significant Accounting Policies footnote to the Financial Statements included in the Company’s 2015 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since the filing of the Company’s 2015 Annual Report on Form 10-K.

Use of Estimates, Policy [Policy Text Block]
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
Recently Issued

Revenue from Contracts with Customers Update 2014-09 (ASU 2014-09)

In May of 2014, FASB issued Accounting Standards Update No. 2014-09 that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605,
Revenue Recognition
, and most industry-specific guidance.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015 ASU No. 2015-14 was issued and delays implementation as noted below. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective for periods beginning after December 15, 2017. Early adoption is permitted for periods beginning after December 15, 2016. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application.
The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.

Going Concern [Policy Text Block]
Preparation of Financial Statements - Going Concern Update 2014-15 (ASU 2014-15)
In August 2014, FASB issued Accounting Standards Update No. 2014-15, “Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, “Presentation of Financial Statements - Liquidation Basis of Accounting.” Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.

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Note 5 - Segment Information (Tables)
6 Months Ended

Aug. 31, 2015

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Three Months Ended August 31, 2015

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 6,739 $ 301 $ (301 ) $ 6,739

Cost of revenue (exclusive of depreciation and amortization) 5,957 - (301 ) 5,656

Gross profit 782 301 - 1,083

Operating expenses:

General and administrative 2,402 247 - 2,649

Depreciation and amortization 1,483 - - 1,483

Gain on disposal of assets (33 ) - - (33 )

Total Operating expenses 3,852 247 - 4,099

Income/(loss) from operations (3,070 ) 54 - (3,016 )

Other expense (444 ) - (444 )

Income/(loss) before income tax (3,514 ) 54 - (3,460 )

Income tax expense - - - -

Net income/(loss) (3,514 ) 54 - (3,460 )

Less: Net loss attributable to non-controlling interest 364 - - 364

Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc. $ (3,150 ) $ 54 $ - $ (3,096 )

Three Months Ended August 31, 2014

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 8,297 $ 316 $ (316 ) $ 8,297

Cost of revenue (exclusive of depreciation and amortization) 5,586 - (316 ) 5,270

Gross profit 2,711 316 - 3,027

Operating expenses:

General and administrative 3,398 337 3,735

Depreciation and amortization 1,149 - 1,149

Total Operating expenses 4,547 337 - 4,884

Loss from operations (1,836 ) (21 ) - (1,857 )

Other expense (1 ) - - (1 )

Loss before income tax (1,837 ) (21 ) - (1,858 )

Income tax expense - - - -

Net loss (1,837 ) (21 ) - (1,858 )

Less: Net loss attributable to non-controlling interest 205 - - 205

Net loss attributable to the shareholders of Premier Exhibitions, Inc. $ (1,632 ) $ (21 ) $ - $ (1,653 )

Six Months Ended August 31, 2015

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 13,988 $ 593 $ (593 ) $ 13,988

Cost of revenue (exclusive of depreciation and amortization) 11,758 - (593 ) 11,165

Gross profit 2,230 593 - 2,823

Operating expenses:

General and administrative 5,009 506 - 5,515

Depreciation and amortization 2,521 - - 2,521

Gain on disposal of assets (33 ) - - (33 )

Total Operating expenses 7,497 506 - 8,003

Income/(loss) from operations (5,267 ) 87 - (5,180 )

Other expense (825 ) - - (825 )

Income/(loss) before income tax (6,092 ) 87 - (6,005 )

Income tax expense - - - -

Net income/(loss) (6,092 ) 87 - (6,005 )

Less: Net loss attributable to non-controlling interest 632 - - 632

Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc. $ (5,460 ) $ 87 $ - $ (5,373 )

Six Months Ended August 31, 2014

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 15,788 $ 627 $ (627 ) $ 15,788

Cost of revenue (exclusive of depreciation and amortization) 10,304 - (627 ) 9,677

Gross profit 5,484 627 - 6,111

Operating expenses:

General and administrative 6,396 634 - 7,030

Depreciation and amortization 2,300 - - 2,300

Gain on disposal of property and equipment (4 ) - - (4 )

Total Operating expenses 8,692 634 - 9,326

Loss from operations (3,208 ) (7 ) - (3,215 )

Other expense (6 ) - - (6 )

Loss before income tax (3,214 ) (7 ) - (3,221 )

Income tax expense - - - -

Net loss (3,214 ) (7 ) - (3,221 )

Less: Net loss attributable to non-controlling interest 356 - - 356

Net loss attributable to the shareholders of Premier Exhibitions, Inc. $ (2,858 ) $ (7 ) $ - $ (2,865 )

Summary of Assets by Segments [Table Text Block]

As of

August 31, 2015 February 28, 2015

Exhibition Management $ 30,654 $ 31,203

RMS Titanic 5,162 5,536

Corporate and unallocated 83 142

Total assets $ 35,899 $ 36,881

Expenditures for Additions to Long-lived Assets by Segment [Table Text Block]

Six Months Ended August 31,

2015 2014

Exhibition Management $ 5,259 $ 393

RMS Titanic - -

Total capital expenditures $ 5,259 $ 393

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Note 4 - Legal Proceedings and Contingencies (Details Textual)
6 Months Ended 11 Months Ended 12 Months Ended 23 Months Ended 35 Months Ended

Apr. 24, 2015

USD ($)

Apr. 10, 2015

USD ($)

Dec. 07, 2014

USD ($)

Dec. 04, 2014

USD ($)

May. 08, 2014

USD ($)

Feb. 14, 2014

USD ($)

Nov. 10, 2011

USD ($)

Aug. 12, 2010

USD ($)

Aug. 31, 2015

USD ($)

Mar. 01, 2016

USD ($)

Feb. 28, 2015

USD ($)

Mar. 01, 2017

USD ($)

Mar. 01, 2018

USD ($)

Dec. 17, 2014

USD ($)

Nov. 30, 2011

USD ($)

Aug. 15, 2011

USD ($)

Apr. 30, 2011

USD ($)

Jan. 31, 2006

Artifacts [Member]

Recovery of Artifacts 3,000

Fair Market Value Of Artifacts, Percentage Awarded 100.00%

Fair Market Value Of Artifacts $ 110,000,000

One Nine Eight Seven Artifacts [Member]

Number of Artifacts 2,000 2,000

Post One Nine Eight Seven Artifacts [Member]

Number of Artifacts 3,500

Suit Against James Beckman and his Company, Image Quest Worldwide, Inc. [Member]

Gain Contingency, Unrecorded Amount $ 1,400,000

Image Quest Worldwide Counterclaim [Member] | Minimum [Member]

Loss Contingency, Damages Sought, Value $ 10,000

Trademark Infringement [Member] | Minimum [Member]

Loss Contingency, Damages Sought, Value $ 1,000,000

Suit Against Serge Grimaux and his Companies [Member]

Gain Contingency, Unrecorded Amount $ 800,000

Litigation Settlement, Amount $ 375,000

Receivables, Net, Current $ 6,000

Allowance for Doubtful Accounts Receivable, Current 215,000

Litigation Between the Company and the Zaller and Kingsmen Parties [Member]

Litigation Settlement, Amount $ 725,000

SeaVentures, Ltd. Suit Against the Company [Member] | Scenario, Forecast [Member]

Payments for Legal Settlements $ 100,000 $ 100,000 $ 150,000

SeaVentures, Ltd. Suit Against the Company [Member]

Loss Contingency, Damages Sought, Value $ 743,000

Litigation Settlement, Amount $ (425,000)

Payments for Legal Settlements $ 75,000

Estimated Litigation Liability $ 287,000 $ 344,000

Estimated Litigation Liability Discount $ 81,000

Estimated Litigation Liability Discount Rate 12.00%

Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]

Open Tax Year 2011

Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]

Open Tax Year 2014

New York State Division of Taxation and Finance [Member] | State and Local Jurisdiction [Member]

Income Tax Examination, Estimate of Possible Loss $ 374,000

Minimum Quarterly Reserve Fund Payments Required $ 25,000

Reserve Fund Required $ 5,000,000

Reserve Fund Balance $ 408,000 $ 25,000

Quarterly Payment of Trust Account 25,000

Allowance for Doubtful Accounts Receivable, Current $ 220,000 $ 220,000

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Note 6 - Liquidity and Capital Resources (Details Textual) - USD ($)
6 Months Ended

Apr. 02, 2015

Aug. 31, 2015

Mar. 02, 2015

Feb. 28, 2015

Sep. 30, 2014

Aug. 31, 2014

Mar. 02, 2014

Secured Promissory Note and Guarantee [Member] | Two Affiliates of Pentwater Capital Management LP [Member]

Notes Payable, Current $ 8,000,000

Debt Instrument, Interest Rate, Stated Percentage 12.00%

Convertible Debt to Repay Existing Debt [Member] | Investor Group [Member] | Merger Agreement with DK [Member]

Convertible Debt, Maximum Borrowing Capacity $ 8,000,000

Convertible Debt for Corporate Purposes [Member] | Investor Group [Member] | Merger Agreement with DK [Member]

Convertible Debt, Maximum Borrowing Capacity $ 5,500,000

Investor Group [Member] | Merger Agreement with DK [Member]

Debt Instrument, Interest Rate, Stated Percentage 12.00%

Convertible Debt, Maximum Borrowing Capacity $ 13,500,000

Debt Instrument, Convertible, Conversion Price $ 4.48

Investor Group [Member] | Short-term Notes Payable [Member]

Convertible Debt, Current $ 13,500,000

Merger Agreement with DK [Member] | Maximum [Member]

Ownership Percentage of Combined Entity by Former Shareholders of Merged Entity 24.00%

Merger Agreement with DK [Member]

Repayments of Debt $ 8,000,000

Merger Breakup Fee $ 1,000,000

Required Additional Working Capital 5,000,000

Notes Payable, Current 13,696,000 $ 8,190,000

Cash and Cash Equivalents, at Carrying Value 1,606,000 $ 4,798,000 4,798,000 $ 3,896,000 $ 3,434,000

Accounts Payable and Accrued Liabilities, Current 5,788,000 $ 4,782,000

Working Capital Deficit Excluding Convertible Debt $ 1,400,000

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Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
6 Months Ended

Aug. 31, 2015

Aug. 31, 2014

Cash flows from operating activities:

Net loss $ (6,005) $ (3,221)

Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:

Depreciation and amortization 2,521 2,300

Lease abandonment (212) (231)

Gain on disposal of assets (33) (4)

Stock-based compensation $ 53 218

Allowance for doubtful accounts $ 16

Amortization of deferred financing costs $ 65

Write-off of deferred financing costs $ 100

Write-off of assets $ 16

Amortization of debt discount 51 $ 41

Changes in operating assets and liabilities:

Decrease in accounts receivable 437 263

Decrease in merchandise inventory, net of reserve 130 54

Increase in prepaid expenses (381) (202)

Increase in other current assets (97) (64)

Decrease in income taxes receivable $ 40 207

Increase in other receivables (16)

(Increase)/decrease in restricted cash $ 358 (149)

Decrease in long-term development costs 147 23

Increase in accounts payable and accrued liabilities 1,006 1,618

Increase/(decrease) in deferred rent (487) 538

Increase/(decrease) in deferred revenue (887) 285

Total adjustments 2,727 4,997

Net cash provided by/(used in) operating activities (3,278) 1,776

Cash flows from investing activities:

Purchases of property and equipment (5,259) (393)

Proceeds from disposal of assets $ 33 4

Purchase of restricted certificate of deposit (800)

Redemption of certificates of deposit 201

Decrease in artifacts $ 9 11

Net cash used in investing activities (5,217) $ (977)

Cash flows from financing activities:

Proceeds from short-term notes payable 5,500

Payments on capital lease obligations $ (33) $ (17)

Deferred financing costs $ (100)

Payments on royalty payable $ (164)

Payments on notes payable $ (220)

Net cash provided by/(used in) financing activities $ 5,303 $ (337)

Effects of exchange rate changes on cash and cash equivalents

Net increase/(decrease) in cash and cash equivalents $ (3,192) $ 462

Cash and cash equivalents at beginning of period 4,798 3,434

Cash and cash equivalents at end of period 1,606 3,896

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Cash paid during the period for interest 583 11

Cash received during the period for taxes 40 $ 208

Supplemental disclosure of non-cash investing and financing activities:

Purchases of property and equipment under capital leases 290

Non-cash refinancing of notes payable $ 8,000

Net assets recognized from execution of royalty agreement $ 31

Non-cash payment on royalty payable $ 94

Non-cash purchase of property and equipment using lease incentive and construction deposit $ 6,033

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XML 40 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814

Note 5 - Segment Information
6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]
5. Segment Information

The Company has two reportable segments - Exhibition Management and RMS Titanic. The Exhibition Management segment involves the management of all of the Company’s exhibition operations, including the operation and management of Premier’s “Bodies,” “Titanic” (through an inter-company agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” “Saturday Night Live,” and “Pompeii” (closed May 25, 2015) exhibitions. The exhibition management division also includes our exhibition merchandising business, conducted under the Company’s wholly-owned subsidiary, Premier Merchandising, LLC. The RMS Titanic segment manages the Company’s rights to the Titanic assets, including title to all of the recovered artifacts in the Company’s possession and all of the intellectual property (video, photos, maps, etc.) related to the recovery of the artifacts and research of the ship. In addition, the RMS Titanic segment manages the Company’s responsibilities as salvor-in-possession of the Titanic wreck site.

Revenue derived from exhibitions presented outside of the U.S. was $548 thousand and $1.1 million for the three months ended August 31, 2015 and 2014, respectively, and $1.1 million and $1.8 million for the six months ended August 31, 2015 and 2014, respectively. The Company’s foreign exhibitions are all touring. As such, the concentration of foreign income in any period is fluid and changes as exhibitions are moved, normally every four to six months.

All reported revenues were derived from external customers, with the exception of $301 thousand and $593 thousand reported for the RMS Titanic segment for the three months and six months ended August 31, 2015, respectively, and $316 thousand and $627 thousand for the three months and six months ended August 31, 2014, respectively. This revenue represents a royalty fee paid by the Exhibition Management segment for the use of Titanic assets in its exhibits, and is reflected as a corresponding cost of revenue in the Exhibition Management segment. Revenue earned and expenses charged between segments are eliminated in consolidation.

Certain corporate expenses are allocated based on intercompany agreements between PRXI, PEM and RMST for shared services.

The following tables reflect the condensed consolidated statements of operations for the three and six months ended August 31, 2015 and 2014 by segment (in thousands):

Three Months Ended August 31, 2015

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 6,739 $ 301 $ (301 ) $ 6,739

Cost of revenue (exclusive of depreciation and amortization) 5,957 - (301 ) 5,656

Gross profit 782 301 - 1,083

Operating expenses:

General and administrative 2,402 247 - 2,649

Depreciation and amortization 1,483 - - 1,483

Gain on disposal of assets (33 ) - - (33 )

Total Operating expenses 3,852 247 - 4,099

Income/(loss) from operations (3,070 ) 54 - (3,016 )

Other expense (444 ) - (444 )

Income/(loss) before income tax (3,514 ) 54 - (3,460 )

Income tax expense - - - -

Net income/(loss) (3,514 ) 54 - (3,460 )

Less: Net loss attributable to non-controlling interest 364 - - 364

Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc. $ (3,150 ) $ 54 $ - $ (3,096 )

Three Months Ended August 31, 2014

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 8,297 $ 316 $ (316 ) $ 8,297

Cost of revenue (exclusive of depreciation and amortization) 5,586 - (316 ) 5,270

Gross profit 2,711 316 - 3,027

Operating expenses:

General and administrative 3,398 337 3,735

Depreciation and amortization 1,149 - 1,149

Total Operating expenses 4,547 337 - 4,884

Loss from operations (1,836 ) (21 ) - (1,857 )

Other expense (1 ) - - (1 )

Loss before income tax (1,837 ) (21 ) - (1,858 )

Income tax expense - - - -

Net loss (1,837 ) (21 ) - (1,858 )

Less: Net loss attributable to non-controlling interest 205 - - 205

Net loss attributable to the shareholders of Premier Exhibitions, Inc. $ (1,632 ) $ (21 ) $ - $ (1,653 )

Six Months Ended August 31, 2015

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 13,988 $ 593 $ (593 ) $ 13,988

Cost of revenue (exclusive of depreciation and amortization) 11,758 - (593 ) 11,165

Gross profit 2,230 593 - 2,823

Operating expenses:

General and administrative 5,009 506 - 5,515

Depreciation and amortization 2,521 - - 2,521

Gain on disposal of assets (33 ) - - (33 )

Total Operating expenses 7,497 506 - 8,003

Income/(loss) from operations (5,267 ) 87 - (5,180 )

Other expense (825 ) - - (825 )

Income/(loss) before income tax (6,092 ) 87 - (6,005 )

Income tax expense - - - -

Net income/(loss) (6,092 ) 87 - (6,005 )

Less: Net loss attributable to non-controlling interest 632 - - 632

Net income/(loss) attributable to the shareholders of Premier Exhibitions, Inc. $ (5,460 ) $ 87 $ - $ (5,373 )

Six Months Ended August 31, 2014

(In thousands)

Exhibition Management RMS Titanic Elimination Total

Revenue $ 15,788 $ 627 $ (627 ) $ 15,788

Cost of revenue (exclusive of depreciation and amortization) 10,304 - (627 ) 9,677

Gross profit 5,484 627 - 6,111

Operating expenses:

General and administrative 6,396 634 - 7,030

Depreciation and amortization 2,300 - - 2,300

Gain on disposal of property and equipment (4 ) - - (4 )

Total Operating expenses 8,692 634 - 9,326

Loss from operations (3,208 ) (7 ) - (3,215 )

Other expense (6 ) - - (6 )

Loss before income tax (3,214 ) (7 ) - (3,221 )

Income tax expense - - - -

Net loss (3,214 ) (7 ) - (3,221 )

Less: Net loss attributable to non-controlling interest 356 - - 356

Net loss attributable to the shareholders of Premier Exhibitions, Inc. $ (2,858 ) $ (7 ) $ - $ (2,865 )

The assets in the Exhibition Management segment include exhibitry, leasehold improvements, venue license agreements, and other assets necessary for operation of the Company’s exhibitions and its merchandising division. The RMS Titanic segment contains all of the Titanic assets (other than the Orlando “Titanic: The Experience” exhibition and certain Titanic exhibition venue license agreements entered into by PEM), including title to all of the recovered artifacts in the Company’s possession and all related intellectual property (video, photos, maps, etc.). The Company’s assets by segment are reflected in the following table (in thousands):

As of

August 31, 2015 February 28, 2015

Exhibition Management $ 30,654 $ 31,203

RMS Titanic 5,162 5,536

Corporate and unallocated 83 142

Total assets $ 35,899 $ 36,881

Expenditures for additions to long-lived assets by segment for the six months ended August 31, 2015 and 2014, respectively, are reflected in the table below (in thousands):

Six Months Ended August 31,

2015 2014

Exhibition Management $ 5,259 $ 393

RMS Titanic - -

Total capital expenditures $ 5,259 $ 393

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Note 7 - Merger Agreement (Details Textual)

Apr. 02, 2015

Merger Agreement with DK [Member] | Upon Closing [Member]

Ownership Percentage of Combined Entity by Investor Group and Former Shareholders of Merged Entity 47.00%

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Note 3 - Notes Payable, Royalty Payable, and Capital Lease Obligations (Details Textual) - USD ($)
1 Months Ended 5 Months Ended 6 Months Ended 12 Months Ended

Sep. 30, 2014

Apr. 17, 2014

Oct. 17, 2011

Mar. 31, 2014

Aug. 31, 2015

Aug. 31, 2015

Aug. 31, 2015

Aug. 31, 2014

Aug. 31, 2014

Feb. 28, 2015

Apr. 02, 2015

Apr. 20, 2012

Calendar Year 2016 [Member] | AEG Live, LLC [Member]

Minimum Management Fee $ 125,000

Calendar Year 2014 [Member] | AEG Live, LLC [Member]

Minimum Management Fee 500,000

Calendar Year 2015 [Member] | AEG Live, LLC [Member]

Minimum Management Fee $ 125,000

AEG Live, LLC [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value Inputs, Discount Rate 12.00%

AEG Live, LLC [Member] | Future Rights Fees [Member]

Impairment of Intangible Assets, Finite-lived $ 2,700,000

AEG Live, LLC [Member]

Payments to Acquire Property, Plant, and Equipment $ 300,000

Royalty Payments, Percentage of Net Revenues from Future Bookings 90.00%

Royalty Payments, Percentage of Net Revenues from Proposed Exhibitions 20.00%

Management Fee, Percentage of Gross Revenues 1000.00%

Debt Instrument Decrease Repayment $ 338,000

Accrued Royalties, Noncurrent $ 207,000 $ 207,000 207,000

Worldwide Licensing And Merchandising Inc [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets $ 800,000

Asset Acquisition Repayment Period 2 years

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities $ 720,000

Liability Assumed Repayment Period 4 years

Debt Instrument, Interest Rate, Effective Percentage 7.60%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net $ 1,377,000

Notes Payable, Current 196,000 196,000 196,000

Merger Agreement with DK [Member] | Investor Group [Member] | Convertible Debt to Repay Existing Debt [Member]

Convertible Debt, Maximum Borrowing Capacity $ 8,000,000

Proceeds from Convertible Debt 8,000,000

Merger Agreement with DK [Member] | Investor Group [Member] | Convertible Debt for Corporate Purposes [Member]

Convertible Debt, Maximum Borrowing Capacity $ 5,500,000

Merger Agreement with DK [Member] | Investor Group [Member] | Additional Proceeds [Member]

Proceeds from Convertible Debt 5,500,000

Merger Agreement with DK [Member] | Investor Group [Member]

Debt Instrument, Interest Rate, Stated Percentage 12.00%

Convertible Debt, Maximum Borrowing Capacity $ 13,500,000

Arts And Exhibitions International LLC Member]

Debt Instrument, Interest Rate, Effective Percentage 7.00%

Two Affiliates of Pentwater Capital Management LP [Member] | Secured Promissory Note and Guarantee [Member]

Notes Payable, Current $ 8,000,000

Debt Instrument, Interest Rate, Stated Percentage 12.00%

Note Payable, Closing Fee, Percentage 3.00%

Deferred Finance Costs, Noncurrent, Gross $ 383,000

Notes Payable, Current 13,696,000 13,696,000 13,696,000 8,190,000

Payments to Acquire Property, Plant, and Equipment 5,259,000 5,259,000 $ 393,000 $ 393,000

Accrued Royalties, Current 294,000 294,000 294,000 413,000

Accrued Royalties, Noncurrent 207,000 207,000 207,000 301,000

Capital Lease Obligations 290,000 290,000 290,000

Capital Lease Obligations, Current 62,000 62,000 62,000 31,000

Capital Lease Obligations, Noncurrent $ 258,000 $ 258,000 $ 258,000 $ 32,000

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Note 5 - Expenditures for Additions to Long-Lived Assets by Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Exhibition Management [Member]
Payments to Acquire Property, Plant, and Equipment	$ 5,259	$ 393
RMS Titanic [Member]
Payments to Acquire Property, Plant, and Equipment
Payments to Acquire Property, Plant, and Equipment	$ 5,259	$ 393

Note 8 - Consulting Agreement with Samuel S. Weiser (Details Textual) - Former Board of Directors Chairman and CEO [Member] - USD ($)	Apr. 02, 2015	Sep. 30, 2015
Consulting Fees for Former CEO and Chairman Post Resignation in Aggregate [Member]
Related Party Transaction, Amounts of Transaction	$ 300,000
Monthly Payments of Consulting Fees for Former Chairman and CEO [Member]
Related Party Transaction, Amounts of Transaction	$ 20,000
Final Payment [Member] \| Subsequent Event [Member]
Due to Related Parties		$ 180,000

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Aug. 31, 2015	Feb. 28, 2015
Licensing Agreements [Member]
Current assets:
Exhibition licenses, net of accumulated amortization of $5,293 and $6,069, respectively	$ 1,493,000	$ 1,629,000
Future Rights Fees [Member]
Current assets:
Exhibition licenses, net of accumulated amortization of $5,293 and $6,069, respectively	746,000	829,000
Cash and cash equivalents	1,606,000	4,798,000
Accounts receivable, net of allowance for doubtful accounts of $220	886,000	1,417,000
Merchandise inventory, net of reserve of $45 and $25, respectively	997,000	1,127,000
Income taxes receivable	9,000	49,000
Prepaid expenses	2,963,000	2,684,000
Other current assets	556,000	459,000
Total current assets	7,017,000	10,534,000
Artifacts owned, at cost	2,872,000	2,881,000
Salvor's lien	1,000	1,000
Property and equipment, net of accumulated depreciation of $24,756 and $22,766, respectively	21,096,000	11,503,000
Film, gaming and other application assets, net of accumulated amortization of $2,038 and $1,726, respectively	$ 1,295,000	1,608,000
Deferred financing costs, net of accumulated amortization of $383 and $318, respectively		65,000
Construction deposit		134,000
Lease incentive		5,899,000
Restricted cash	$ 68,000	426,000
Restricted securities	801,000	801,000
Deferred income taxes	60,000	60,000
Long-term exhibition costs	200,000	261,000
Subrogation rights	250,000	250,000
Total Assets	35,899,000	36,881,000
Current liabilities:
Accounts payable and accrued liabilities	$ 5,788,000	4,782,000
Deferred rent		668,000
Deferred revenue	$ 2,014,000	2,901,000
Deferred income taxes	60,000	60,000
Current portion of capital lease obligations	62,000	31,000
Current portion of royalty payable, net of discount of $3 and $48, respectively	294,000	413,000
Current portion of notes payable, net of discount of $3 and $10, respectively	13,696,000	8,190,000
Total current liabilities	21,914,000	17,045,000
Long-Term liabilities:
Lease abandonment	785,000	997,000
Deferred rent	9,048,000	8,867,000
Long-term portion of capital lease obligations	258,000	32,000
Long-term portion of royalty payable, net of discount of $48	207,000	301,000
Total long-term liabilities	$ 10,298,000	$ 10,197,000
Commitment and Contingencies
Shareholders' equity:
Common stock; $.0001 par value; authorized 65,000,000 shares; issued 4,917,423 and 4,916,644 shares, respectively; outstanding 4,917,222 and 4,916,443 shares, respectively	$ 1,000	$ 1,000
Additional paid-in capital	54,157,000	54,104,000
Accumulated deficit	(51,478,000)	(46,105,000)
Accumulated other comprehensive loss	(13,000)	(13,000)
Less treasury stock, at cost; 201 shares	(1,000)	(1,000)
Equity Attributable to Shareholders of Premier Exhibitions, Inc.	2,666,000	7,986,000
Equity Attributable to Non-controlling interest	1,021,000	1,653,000
Total liabilities and shareholders' equity	$ 35,899,000	$ 36,881,000

Note 5 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015 USD ($)	Aug. 31, 2014 USD ($)	Aug. 31, 2015 USD ($)	Aug. 31, 2014 USD ($)
Foreign Exhibitions [Member]
Revenue, Net	$ 548	$ 1,100	$ 1,100	$ 1,800
RMS Titanic [Member]
Revenue, Net	301	316	$ 593	627
Number of Reportable Segments			2
Revenue, Net	$ 6,739	$ 8,297	$ 13,988	$ 15,788

Note 5 - Summary of Assets by Segment (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Feb. 28, 2015
Exhibition Management [Member]
Capital Expenditures	$ 30,654	$ 31,203
RMS Titanic [Member]
Capital Expenditures	5,162	5,536
Corporate and Unallocated [Member]
Capital Expenditures	83	142
Capital Expenditures	$ 35,899	$ 36,881

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Aug. 31, 2015	Feb. 28, 2015
Licensing Agreements [Member]
Accumulated amortization	$ 5,293	$ 6,069
Future Rights Fees [Member]
Accumulated amortization	3,634	3,551
Allowance for doubtful accounts	220	220
Merchandise inventory reserve	45	25
Property and equipment, accumulated depreciation	24,756	22,766
Film and gaming assets, accumulated amortization	2,038	1,726
Deferred financing costs, amortization	383	318
Royalty payable, discount	3	48
Notes payable, discount	3	10
Royalty payable, discount	$ 48	$ 48
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	65,000,000	65,000,000
Common stock, shares issued (in shares)	4,917,423	4,916,644
Common stock, shares outstanding (in shares)	4,917,222	4,916,443
Treasury stock, shares (in shares)	201	201

Note 1 - Background and Basis of Presentation (Details Textual) $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 12, 2012 USD ($)	Apr. 20, 2012	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Sales Revenue, Net [Member] \| Outside the United States of America [Member] \| Geographic Concentration Risk [Member]
Concentration Risk, Percentage			8.00%	13.00%	8.00%	12.00%
Arts And Exhibitions International LLC Member]
Number of Exhibitions		4
Exhibit Merchandising, LLC [Member]
Business Combination, Consideration Transferred	$ 125
Number of Operating Segments					2

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Aug. 31, 2015	Oct. 13, 2015
Entity Registrant Name	PREMIER EXHIBITIONS, INC.
Entity Central Index Key	0000796764
Trading Symbol	prxi
Current Fiscal Year End Date	--02-28
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,917,222
Document Type	10-Q
Document Period End Date	Aug. 31, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Note 2 - Loss Per Share Data (Details Textual) - shares	3 Months Ended		6 Months Ended
Note 2 - Loss Per Share Data (Details Textual) - shares	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	91,167	91,167	91,167	91,167

Note 7 - Merger Agreement	6 Months Ended
Note 7 - Merger Agreement	Aug. 31, 2015
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Note 7. Merger Agreement See Note 6. Liquidity and Capital Resources regarding the Merger Agreement with DK entered into on April 2, 2015. Upon the closing of the transaction, we expect that the DK shareholders and the investor group will hold 47.0% of the outstanding Premier voting shares, subject to additional contingent payments, and the right to nominate four out of seven board members. Mr. Bao will become the Executive Chairman, President and Chief Executive Officer of Premier while DK will become an indirect wholly-owned subsidiary. If this merger is consummated, the Company’s net operating loss carryforwards may be significantly limited under Section 382 of the Internal Revenue Code. The limitation imposed by Section 382 of the Internal Revenue Code would place an annual limitation on the amount of the NOL carry forwards that can be utilized. The Company has not performed any analysis of whether or not there has been a cumulative change in ownership of greater than 50%. If this analysis were to be completed and it was determined that there has been a change in ownership, the amount of the NOL carryforwards available may be reduced significantly. However, since the valuation allowance fully reserves for all available carry forwards, the effect of the reduction would be offset by a reduction in the valuation allowance. Thus, the resolution of this matter would have no effect on the reported assets, liabilities, revenues, and expenses for the periods presented.

Note 6 - Liquidity and Capital Resources	6 Months Ended
Note 6 - Liquidity and Capital Resources	Aug. 31, 2015
Notes to Financial Statements
Liquidity and Capital Resources [Text Block]	Note 6. Liquidity and Capital Resources The Company’s operations in the recent past have been financed primarily through cash flow from operations, existing cash and, in fiscal 2015, the Pentwater Capital Management LP notes payable and, in fiscal 2016, convertible debt financing in connection with the merger agreement discussed below. The Company has incurred net losses for the majority of the past several years. Moving forward, the Company expects to have significant cash outflows in the near term based on the New York City lease, leasehold improvements of the leased space and new content development. On September 30, 2014, the Company entered into a short-term Secured Promissory Note and Guarantee with each of two affiliates of Pentwater Capital Management LP. Together the Notes provided for a loan to the Company in the aggregate amount of $8.0 million. The Notes provided for the payment by the Company of interest on a monthly basis at the rate of 12% per annum, and the Notes matured and were required to be repaid in full on March 31, 2015. Because the Notes matured and had to be paid in full on March 31, 2015, the Company had to obtain replacement financing for the Notes or negotiate an extension or forbearance with the Pentwater affiliates by that date. The Company considered a number of potential transactions that would provide replacement capital for the Company, including a financing transaction with one or more potential strategic partners, a private placement of equity securities, and a private placement of convertible promissory notes, including potentially to some of the Company’s existing shareholders. On April 2, 2015 the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) whereby it plans to combine with Dinoking Tech Inc. (“DK”). Under the Merger Agreement, the DK shareholders will be entitled to up to 24% of the fully diluted ownership of the Company for all of the issued and outstanding shares of DK. In addition, an investor group has agreed to provide up to $13.5 million in convertible debt funding to Premier to repay $8 million of existing debt and $5.5 million for corporate purposes including the completion of the development of “Saturday Night Live: The Exhibition” and “Premier Exhibitions 5 th Avenue,” the Company’s state-of-the-art exhibition and special events center located in New York City. As of August 31, 2015, the investor group had provided the entire $13.5 million of funding. Upon closing of the merger transaction, the debt will be convertible into shares of the Company based on a price of $4.48 per share, if the conversion is approved by shareholders. The Company used this funding to retire the debt owed to Pentwater Capital, to continue funding improvements on the building at 417 Fifth Avenue, and to complete our “Saturday Night Live” exhibition. The transaction has been approved by the Board of Directors of Premier. Premier’s principal shareholder, Sellers Capital, LLC, and the directors and officers of the Company have entered into agreements to vote in favor of the transaction. The completion of the transaction is subject to Premier shareholder approval among other customary closing conditions. The shareholder meeting to approve the transaction is expected to be held on October 29, 2015. The merger is expected to be completed on October 29, 2015. While the Company recently repaid a loan of $8.0 million, the Company will have to repay $13.5 million received in convertible debt funding if the merger transaction does not close. As a result, the Company will have to refinance the debt or obtain funds to repay the debt in full if that occurs. In addition, if the merger transaction is terminated under certain conditions the Company would be required to pay a $1 million breakup fee to DK. The Company could be capital constrained and unable to fulfill the terms of this and other agreements if its access to capital sources does not improve in the near term. If the Merger Agreement transactions are not approved by shareholders, or additional financing is not obtained, the Company may have to seek the protection of the U.S. bankruptcy laws and/or cease operating as a going concern. In addition, if the Company does not meet its payment obligations to third parties as they come due, the Company may be subject to an involuntary bankruptcy proceeding or other litigation claims, which it would likely not have the resources to defend. If the Company makes a bankruptcy filing, is subject to an involuntary bankruptcy filing, or is otherwise unable to continue as a going concern, the Company may be required to liquidate its assets and may receive less than the value at which those assets are carried on its financial statements, and it is likely that shareholders will lose all or a part of their investments. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s cash balance as of August 31, 2015 was $1.6 million and accounts payable and accrued liabilities were $5.8 million. In addition, the Company has a working capital deficit of $1.4 million excluding the convertible debt of $13.5 million, which is included in the short term portion of note payable on the balance sheet. Management believes that through management of its cash flow and payment obligations the Company should reach the expected merger date of October 29, 2015 without the need for incremental financing. However, post-merger management believes that the Company will need up to $5.0 million of additional capital to fund ongoing operations and to bring accounts payable and accrued liabilities current. This amount should be sufficient to return the Company to at least break-even operations in the near term, assuming that management’s plan of operations is achieved. The Company is currently exploring options to solve the liquidity situation, including additional debt or equity financing from DK, the related financing group or other sources.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Aug. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Corporate Structure Our business has been divided into an exhibition management division and a content division. The content division is the Company’s existing subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, in addition to all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship. We also formed a new entity, Premier Exhibition Management LLC (“PEM”), in September 2011, to manage all of the Company’s exhibition management (exhibition division). This currently includes the operation and management of our “Bodies,” “Titanic” (pursuant to an intercompany agreement with RMST), “Real Pirates,” “The Discovery of King Tut,” and “Saturday Night Live,” exhibitions. PEM also pursues “fee for service” arrangements to manage exhibitions based on content owned or controlled by third parties. On April 20, 2012, PEM and its wholly-owned subsidiary, PEM Newco, LLC (“Newco”), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC (“AEI”). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as “King Tut II,” “Cleopatra,” “America I Am” and “Real Pirates.” Of these four exhibitions, the Company is currently touring only “Real Pirates”. The acquired assets include rights agreements with the owners of the artifacts and intellectual property comprising the exhibitions, museum/venue agreements for existing exhibition venues, sponsorship agreements, a warehouse lease and an office lease. In addition, the acquired assets include intellectual property related to proposed future exhibitions that the Company may further develop and produce, including the exhibit “One Day in Pompeii”, which was being toured by the Company during the first quarter of fiscal 2016. The Company will operate any such additional properties through its exhibition management subsidiary. Subsequent to the asset purchase, Newco changed its name to Arts and Exhibitions International, LLC. On July 12, 2012, the Company purchased substantially all of the assets of Exhibit Merchandising, LLC for $125 thousand. As part of the acquisition of the assets of Exhibit Merchandising, LLC, we obtained the rights to sell all merchandise related to “Tutankhamun and the Golden Age of the Pharaohs”, “Cleopatra: The Exhibition” and “Real Pirates”. These merchandising rights are operated under our Premier Merchandising, LLC subsidiary. The restructuring of the Company and changes in its management, reflect that Premier has two operating segments – Exhibition Management (PEM) and Content Management (RMST).
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation When we use the terms “Premier,” “Company,” “we,” “us” and “our,” we mean Premier Exhibitions, Inc., a Florida corporation, and its subsidiaries. We have prepared the accompanying unaudited condensed consolidated financial statements and unaudited notes to condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) regarding interim financial reporting. Accordingly, they do not contain all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of August 31, 2015, our results of operations for the three and six months ended August 31, 2015 and 2014 and cash flows for the six months ended August 31, 2015 and 2014. The data in the consolidated balance sheet as of February 28, 2015 was derived from our audited consolidated balance sheet as of February 28, 2015, as presented in our Annual Report on Form 10-K for our fiscal year ended February 28, 2015. The unaudited condensed consolidated financial statements include the accounts of Premier and its subsidiaries after the elimination of all significant intercompany accounts and transactions. Our operating results for the three and six months ended August 31, 2015 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending February 28, 2016 (“fiscal 2016”). Significant Accounting Policies For a description of significant accounting policies, see the Summary of Significant Accounting Policies footnote to the Financial Statements included in the Company’s 2015 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since the filing of the Company’s 2015 Annual Report on Form 10-K.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recently Issued Revenue from Contracts with Customers Update 2014-09 (ASU 2014-09) In May of 2014, FASB issued Accounting Standards Update No. 2014-09 that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015 ASU No. 2015-14 was issued and delays implementation as noted below. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective for periods beginning after December 15, 2017. Early adoption is permitted for periods beginning after December 15, 2016. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.
Going Concern [Policy Text Block]	Preparation of Financial Statements - Going Concern Update 2014-15 (ASU 2014-15) In August 2014, FASB issued Accounting Standards Update No. 2014-15, “Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, “Presentation of Financial Statements - Liquidation Basis of Accounting.” Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this accounting pronouncement on our consolidated financial statements.

Note 4 - Legal Proceedings and Contingencies (Details Textual)									6 Months Ended	11 Months Ended	12 Months Ended	23 Months Ended	35 Months Ended
	Apr. 24, 2015 USD ($)	Apr. 10, 2015 USD ($)	Dec. 07, 2014 USD ($)	Dec. 04, 2014 USD ($)	May. 08, 2014 USD ($)	Feb. 14, 2014 USD ($)	Nov. 10, 2011 USD ($)	Aug. 12, 2010 USD ($)	Aug. 31, 2015 USD ($)	Mar. 01, 2016 USD ($)	Feb. 28, 2015 USD ($)	Mar. 01, 2017 USD ($)	Mar. 01, 2018 USD ($)	Dec. 17, 2014 USD ($)	Nov. 30, 2011 USD ($)	Aug. 15, 2011 USD ($)	Apr. 30, 2011 USD ($)	Jan. 31, 2006
Artifacts [Member]
Recovery of Artifacts								3,000
Fair Market Value Of Artifacts, Percentage Awarded								100.00%
Fair Market Value Of Artifacts								$ 110,000,000
One Nine Eight Seven Artifacts [Member]
Number of Artifacts																2,000		2,000
Post One Nine Eight Seven Artifacts [Member]
Number of Artifacts																3,500
Suit Against James Beckman and his Company, Image Quest Worldwide, Inc. [Member]
Gain Contingency, Unrecorded Amount														$ 1,400,000
Image Quest Worldwide Counterclaim [Member] \| Minimum [Member]
Loss Contingency, Damages Sought, Value	$ 10,000
Trademark Infringement [Member] \| Minimum [Member]
Loss Contingency, Damages Sought, Value			$ 1,000,000
Suit Against Serge Grimaux and his Companies [Member]
Gain Contingency, Unrecorded Amount																	$ 800,000
Litigation Settlement, Amount							$ 375,000
Receivables, Net, Current									$ 6,000
Allowance for Doubtful Accounts Receivable, Current									215,000
Litigation Between the Company and the Zaller and Kingsmen Parties [Member]
Litigation Settlement, Amount				$ 725,000
SeaVentures, Ltd. Suit Against the Company [Member] \| Scenario, Forecast [Member]
Payments for Legal Settlements										$ 100,000		$ 100,000	$ 150,000
SeaVentures, Ltd. Suit Against the Company [Member]
Loss Contingency, Damages Sought, Value						$ 743,000
Litigation Settlement, Amount		$ (425,000)
Payments for Legal Settlements		$ 75,000
Estimated Litigation Liability									$ 287,000		$ 344,000
Estimated Litigation Liability Discount											$ 81,000
Estimated Litigation Liability Discount Rate											12.00%
Internal Revenue Service (IRS) [Member] \| Earliest Tax Year [Member]
Open Tax Year									2011
Internal Revenue Service (IRS) [Member] \| Latest Tax Year [Member]
Open Tax Year									2014
New York State Division of Taxation and Finance [Member] \| State and Local Jurisdiction [Member]
Income Tax Examination, Estimate of Possible Loss					$ 374,000
Minimum Quarterly Reserve Fund Payments Required																$ 25,000
Reserve Fund Required																$ 5,000,000
Reserve Fund Balance									$ 408,000						$ 25,000
Quarterly Payment of Trust Account									25,000
Allowance for Doubtful Accounts Receivable, Current									$ 220,000		$ 220,000

Note 6 - Liquidity and Capital Resources (Details Textual) - USD ($)		6 Months Ended
	Apr. 02, 2015	Aug. 31, 2015	Mar. 02, 2015	Feb. 28, 2015	Sep. 30, 2014	Aug. 31, 2014	Mar. 02, 2014
Secured Promissory Note and Guarantee [Member] \| Two Affiliates of Pentwater Capital Management LP [Member]
Notes Payable, Current					$ 8,000,000
Debt Instrument, Interest Rate, Stated Percentage					12.00%
Convertible Debt to Repay Existing Debt [Member] \| Investor Group [Member] \| Merger Agreement with DK [Member]
Convertible Debt, Maximum Borrowing Capacity	$ 8,000,000
Convertible Debt for Corporate Purposes [Member] \| Investor Group [Member] \| Merger Agreement with DK [Member]
Convertible Debt, Maximum Borrowing Capacity	$ 5,500,000
Investor Group [Member] \| Merger Agreement with DK [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Convertible Debt, Maximum Borrowing Capacity	$ 13,500,000
Debt Instrument, Convertible, Conversion Price	$ 4.48
Investor Group [Member] \| Short-term Notes Payable [Member]
Convertible Debt, Current		$ 13,500,000
Merger Agreement with DK [Member] \| Maximum [Member]
Ownership Percentage of Combined Entity by Former Shareholders of Merged Entity	24.00%
Merger Agreement with DK [Member]
Repayments of Debt	$ 8,000,000
Merger Breakup Fee	$ 1,000,000
Required Additional Working Capital		5,000,000
Notes Payable, Current		13,696,000		$ 8,190,000
Cash and Cash Equivalents, at Carrying Value		1,606,000	$ 4,798,000	4,798,000		$ 3,896,000	$ 3,434,000
Accounts Payable and Accrued Liabilities, Current		5,788,000		$ 4,782,000
Working Capital Deficit Excluding Convertible Debt		$ 1,400,000

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Cash flows from operating activities:
Net loss	$ (6,005)	$ (3,221)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Depreciation and amortization	2,521	2,300
Lease abandonment	(212)	(231)
Gain on disposal of assets	(33)	(4)
Stock-based compensation	$ 53	218
Allowance for doubtful accounts		$ 16
Amortization of deferred financing costs	$ 65
Write-off of deferred financing costs		$ 100
Write-off of assets	$ 16
Amortization of debt discount	51	$ 41
Changes in operating assets and liabilities:
Decrease in accounts receivable	437	263
Decrease in merchandise inventory, net of reserve	130	54
Increase in prepaid expenses	(381)	(202)
Increase in other current assets	(97)	(64)
Decrease in income taxes receivable	$ 40	207
Increase in other receivables		(16)
(Increase)/decrease in restricted cash	$ 358	(149)
Decrease in long-term development costs	147	23
Increase in accounts payable and accrued liabilities	1,006	1,618
Increase/(decrease) in deferred rent	(487)	538
Increase/(decrease) in deferred revenue	(887)	285
Total adjustments	2,727	4,997
Net cash provided by/(used in) operating activities	(3,278)	1,776
Cash flows from investing activities:
Purchases of property and equipment	(5,259)	(393)
Proceeds from disposal of assets	$ 33	4
Purchase of restricted certificate of deposit		(800)
Redemption of certificates of deposit		201
Decrease in artifacts	$ 9	11
Net cash used in investing activities	(5,217)	$ (977)
Cash flows from financing activities:
Proceeds from short-term notes payable	5,500
Payments on capital lease obligations	$ (33)	$ (17)
Deferred financing costs		$ (100)
Payments on royalty payable	$ (164)
Payments on notes payable		$ (220)
Net cash provided by/(used in) financing activities	$ 5,303	$ (337)
Effects of exchange rate changes on cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents	$ (3,192)	$ 462
Cash and cash equivalents at beginning of period	4,798	3,434
Cash and cash equivalents at end of period	1,606	3,896
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	583	11
Cash received during the period for taxes	40	$ 208
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment under capital leases	290
Non-cash refinancing of notes payable	$ 8,000
Net assets recognized from execution of royalty agreement		$ 31
Non-cash payment on royalty payable	$ 94
Non-cash purchase of property and equipment using lease incentive and construction deposit	$ 6,033

Note 7 - Merger Agreement (Details Textual)	Apr. 02, 2015
Merger Agreement with DK [Member] \| Upon Closing [Member]
Ownership Percentage of Combined Entity by Investor Group and Former Shareholders of Merged Entity	47.00%

Note 3 - Notes Payable, Royalty Payable, and Capital Lease Obligations (Details Textual) - USD ($)				1 Months Ended	5 Months Ended	6 Months Ended				12 Months Ended
	Sep. 30, 2014	Apr. 17, 2014	Oct. 17, 2011	Mar. 31, 2014	Aug. 31, 2015	Aug. 31, 2015	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2014	Feb. 28, 2015	Apr. 02, 2015	Apr. 20, 2012
Calendar Year 2016 [Member] \| AEG Live, LLC [Member]
Minimum Management Fee		$ 125,000
Calendar Year 2014 [Member] \| AEG Live, LLC [Member]
Minimum Management Fee		500,000
Calendar Year 2015 [Member] \| AEG Live, LLC [Member]
Minimum Management Fee		$ 125,000
AEG Live, LLC [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Inputs, Discount Rate										12.00%
AEG Live, LLC [Member] \| Future Rights Fees [Member]
Impairment of Intangible Assets, Finite-lived							$ 2,700,000
AEG Live, LLC [Member]
Payments to Acquire Property, Plant, and Equipment				$ 300,000
Royalty Payments, Percentage of Net Revenues from Future Bookings		90.00%
Royalty Payments, Percentage of Net Revenues from Proposed Exhibitions		20.00%
Management Fee, Percentage of Gross Revenues		1000.00%
Debt Instrument Decrease Repayment										$ 338,000
Accrued Royalties, Noncurrent					$ 207,000	$ 207,000	207,000
Worldwide Licensing And Merchandising Inc [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			$ 800,000
Asset Acquisition Repayment Period			2 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			$ 720,000
Liability Assumed Repayment Period			4 years
Debt Instrument, Interest Rate, Effective Percentage			7.60%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			$ 1,377,000
Notes Payable, Current					196,000	196,000	196,000
Merger Agreement with DK [Member] \| Investor Group [Member] \| Convertible Debt to Repay Existing Debt [Member]
Convertible Debt, Maximum Borrowing Capacity											$ 8,000,000
Proceeds from Convertible Debt					8,000,000
Merger Agreement with DK [Member] \| Investor Group [Member] \| Convertible Debt for Corporate Purposes [Member]
Convertible Debt, Maximum Borrowing Capacity											$ 5,500,000
Merger Agreement with DK [Member] \| Investor Group [Member] \| Additional Proceeds [Member]
Proceeds from Convertible Debt					5,500,000
Merger Agreement with DK [Member] \| Investor Group [Member]
Debt Instrument, Interest Rate, Stated Percentage											12.00%
Convertible Debt, Maximum Borrowing Capacity											$ 13,500,000
Arts And Exhibitions International LLC Member]
Debt Instrument, Interest Rate, Effective Percentage												7.00%
Two Affiliates of Pentwater Capital Management LP [Member] \| Secured Promissory Note and Guarantee [Member]
Notes Payable, Current	$ 8,000,000
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Note Payable, Closing Fee, Percentage	3.00%
Deferred Finance Costs, Noncurrent, Gross	$ 383,000
Notes Payable, Current					13,696,000	13,696,000	13,696,000			8,190,000
Payments to Acquire Property, Plant, and Equipment						5,259,000	5,259,000	$ 393,000	$ 393,000
Accrued Royalties, Current					294,000	294,000	294,000			413,000
Accrued Royalties, Noncurrent					207,000	207,000	207,000			301,000
Capital Lease Obligations					290,000	290,000	290,000
Capital Lease Obligations, Current					62,000	62,000	62,000			31,000
Capital Lease Obligations, Noncurrent					$ 258,000	$ 258,000	$ 258,000			$ 32,000