SOURCE: Tix Corporation

March 15, 2011 16:05 ET

Tix Corporation Reports Fourth Quarter and Full Year 2010 Results; Fourth Quarter 2010 Revenues Increased 27% While Income From Continuing Operations Increased to $1.7 Million; Cash Flows From Operating Activities From Continuing Operations Improved to $6.2 Million in 2010

STUDIO CITY, CA--(Marketwire - March 15, 2011) - Tix Corporation (the "Company") (OTCQX: TIXC), a leading entertainment company providing discount ticketing services and branded event merchandising, today reported results for the fourth quarter and full year 2010.

The Company divested its subsidiary Tix Productions, Inc. during the fourth quarter of 2010. All financial statements reflect the reclassification of Tix Productions, Inc. to discontinued operations. The Company has provided the reclassified quarterly and annual financial statements as attachments to this press release. The reported loss on discontinued operations of $5.2 million in 2010 includes a $4.2 million goodwill impairment charge recorded in the third quarter of 2010 and $664,000 in depreciation and amortization expense. The Company's 2010 Annual Report can be found on its website at www.tixcorp.com and the OTCQX website at www.otcqx.com.

Fourth quarter 2010 revenues increased 27% to $8.4 million, compared with $6.6 million for the same period a year ago. Both of our operating segments, Ticketing Services and Exhibit Merchandising, reported increased revenues in the fourth quarter of 2010 compared to the same period a year ago.

Fourth quarter 2010 income from continuing operations increased to $1.7 million, or $0.06 per diluted common share compared to $215,000 or $0.01 per diluted common share for the same period a year ago. The improvement in income from continuing operations was due to our 27% revenue growth with improved direct margins of 44% compared to 48% for the same period a year ago. In addition, our corporate expenses improved by approximately $315,000 related to cost savings on governance and regulatory costs associated with moving our stock listing to the OTCQX exchange in October 2010.

Full year 2010 revenues increased 13% to $30.9 million compared with $27.3 million for the same period a year ago. Both of our operating segments, Ticketing Services and Exhibit Merchandising, reported increased revenues for 2010 compared to 2009. Revenues for Ticketing Services increased 19% to $21.7 million while revenues for Exhibit Merchandising increased 1% to $9.2 million.

Full year 2010 income from continuing operations increased 34% to $2.2 million, or $0.07 per diluted common share compared to $1.6 million or $0.05 per diluted common share for the same period a year ago.

Fourth Quarter Segmental Operating Results

Ticketing Services Segment

Our Ticketing Services are carried out by our wholly owned subsidiary Tix4Tonight, which offers for sale discount show and discount dinner reservations. When selling last minute discounted tickets, Tix4Tonight sells them under short-term exclusive and non-exclusive agreements with the majority of Las Vegas shows and attractions running at any one time. Ticketing Services also offers under the name Tix4Dinner, discounted dinners reservations at various restaurants surrounding the Las Vegas strip and downtown, with dining at specific times on the same day or in some cases the day after the sale.

Fourth quarter 2010 revenues from our Ticketing Services segment increased 22% to $5.9 million compared to $4.9 million for the same period a year ago. The increase in revenues was the result of the additional locations we established through our acquisition of All Access Entertainment, LLC in the first quarter of 2010 as well as an increase in overall brand awareness.

Fourth quarter 2010 operating income from Ticketing Services improved to $2.5 million, or 40%, during the quarter compared to $1.8 million for the same period a year ago. Our operating income improved due to the 22% increase in revenues and decreased direct costs as a percentage of revenues of 37% compared to 43% in the same period a year ago. Our improved margins reflect our focus on managing costs and leveraging our infrastructure as we continue to grow our revenues.

Exhibit Merchandising Segment

We provide branded event merchandising through our wholly owned subsidiary Exhibit Merchandising. Exhibit Merchandising provides retail specialty stores with branded merchandise for touring museum exhibitions and touring theatrical productions. Exhibit Merchandising owns and operates complete turnkey retail stores with commercially available and extensive custom branded products for sale and offers exhibit and theatrical producers the opportunity for additional revenue streams without adding the retail expertise required to manage the operations, thereby leveraging the use of Exhibit Merchandising's expertise and knowledge in the specialized retail world.

Fourth quarter 2010 revenues from our Exhibit Merchandising segment increased 45% to $2.4 million compared to $1.7 million for the same period a year ago. The increase in revenues was a result of increased exhibitions as well as a decrease in the number of days in which exhibitions were closed due to the relocation of exhibits as compared to the same period a year ago. Revenue is primarily derived from the four current exhibits titled, 'Tutankhamun and The Golden Age of the Pharaohs,' 'Tutankhamun the Golden King and the Great Pharaohs,' 'Real Pirates: The Untold Story of the Whydah from Slave Ship to Pirate Ship' and our newest exhibit 'Cleopatra: The Search for the Last Queen of Egypt.'

Fourth quarter 2010 operating loss from Exhibit Merchandising decreased to $102,000 compared to a loss of $279,000 in the same period last year. The decreased operating loss was due to the 45% increase in revenues which was offset by a slight increase in our direct costs as a percentage of revenues of 63% compared to 62% in the same period of the prior year. Additionally, our selling, general and administrative costs, as a percentage of revenue, decreased to 34% compared to 37% in the same period of the prior year.

We opened our latest Exhibit Merchandising specialty store location at the National Museum in Cairo, Egypt on December 15, 2010. The recent events in Cairo required us to suspend operations for a period of time. Our store is now currently operating. Due to the anticipated decrease in tourism, we do not expect this location to have a meaningful impact on either our consolidated or segment revenues and operating income for 2011.

Conclusion

Mitch Francis, Chief Executive Officer of the Company, stated, "We executed on a number of initiatives in the last twelve months that were focused on building shareholder value. We acquired a company that expanded our Ticketing Services market share, we deregistered from the Securities and Exchange Commission and moved our stock listing to the OTCQX saving us approximately $1.0 million annually; we divested our underperforming division, Tix Productions, Inc.; we brought back in approximately 6.3 million shares of our common stock; and we just recently announced a strategic acquisition that we expect will bring us increased revenues and profits and that eliminated our outstanding litigation." Mr. Francis continued, "I'm very proud of our performance in 2010 and I'm looking forward to an even better 2011."

Investor Conference Call

The Company does not host a conference call following its earnings release. Investors are encouraged to contact the Company's investor relations officer, Steve Handy, CFO, at (818)761-1002 with any questions.

Non-GAAP Financial Measure

Included in this press release is a "non-GAAP financial measure," which is a measure of the Company's historical or future performance that is different from measures calculated and presented in accordance with GAAP but that Tix Corporation believes is useful to investors. The following discussion defines Adjusted EBITDA and presents the reasons the Company believes it is a useful measure of the Company's performance. Tix Corporation defines Adjusted EBITDA as net income plus (a) loss on discontinued operations, (b) interest expense, net, (c) income taxes, and (d) depreciation and amortization charges. Adjusted EBITDA as calculated by the Company is not necessarily comparable to similarly titled measures by other companies. In addition, Adjusted EBITDA (a) does not represent net income or cash flows from operations as defined by GAAP, (b) is not necessarily indicative of cash available to fund the Company's cash flow needs, and (c) should not be considered as an alternative to net income, operating income, cash flows from operating activities or the Company's other financial information as determined under GAAP. Management believes Adjusted EBITDA is useful to an investor in evaluating the Company's operating performance because a significant portion of its assets consists of goodwill and intangible assets and property and equipment that are amortized and depreciated over their remaining useful lives in accordance with GAAP. Because amortization and depreciation are non-cash items, management believes that presentation of Adjusted EBITDA is a useful measure of the Company's operating performance. Also, management believes measures such as Adjusted EBITDA are widely used in the entertainment industries to measure operating performance. Therefore, the Company presents Adjusted EBITDA because it may help investors to compare Tix Corporation's ongoing performance before the effect of various items that do not directly affect the Company's ongoing operating performance.

About TIX Corporation

Tix Corporation (OTCQX: TIXC) is an entertainment company providing discount ticketing services, and event and branded merchandising. It currently operates eleven discount ticket stores in Las Vegas under the Tix4Tonight marquee, which offer up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. The Company is also engaged in branded merchandise development and sales activities related to museum exhibitions and other events, including the King Tutankhamun, Cleopatra and Real Pirates tours as well as selling themed souvenir memorabilia and collectors' items in specialty stores in conjunction with the specific events and venues.

Safe Harbor Statement

Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's various filings with the Securities and Exchange Commission and the OTCQX. The Company assumes no obligation to update these forward-looking statements. A copy of the Company's report for the twelve months ended December 31, 2010 can be found on the Company website at www.tixcorp.com or at www.otcqx.com.

                     TIX CORPORATION AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS


                                                December 31,  December 31,
                                                    2010          2009
                                                ------------  ------------ 
                       Assets
Current assets:
  Cash                                          $  8,816,000  $  9,885,000
  Accounts receivable                                251,000       138,000
  Advances to vendors                                      -       964,000
  Inventory, net                                   1,792,000     2,117,000
  Prepaid expenses and other current assets          777,000       749,000
  Current assets of discontinued operations                -     2,544,000
                                                ------------  ------------
    Total current assets                          11,636,000    16,397,000
                                                ------------  ------------

Property and equipment, net                        1,512,000     1,227,000
                                                ------------  ------------

Other assets:
  Intangible assets:
    Goodwill                                       2,879,000     1,670,000
    Intangibles, net                               2,457,000     2,411,000
                                                ------------  ------------
    Total intangible assets                        5,336,000     4,081,000
  Deposits and other assets                          360,000        92,000
  Long term assets of discontinued operations              -     7,765,000
                                                ------------  ------------
    Total other assets                             5,696,000    11,938,000
                                                ------------  ------------
      Total assets                              $ 18,844,000  $ 29,562,000
                                                ============  ============

       Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable                              $  2,603,000  $  1,667,000
  Accrued expenses                                   900,000       788,000
  Deferred revenue                                   107,000       133,000
  Other current liabilities                          106,000       103,000
  Share repurchase obligation - short term -
   net                                             1,707,000             -
  Current liabilities of discontinued
   operations                                              -     5,743,000
                                                ------------  ------------
    Total current liabilities                      5,423,000     8,434,000
                                                ------------  ------------

Share repurchase obligation - net                  2,313,000             -
                                                ------------  ------------

Commitments and contingencies

Stockholders' equity:
  Preferred stock, $.01 par value; 500,000
   shares authorized; none issued
  Common Stock, $.08 par value; 100,000,000
   shares authorized; 24,856,833 shares net of
   8,606,627 treasury shares, and 31,123,357
   shares net of 2,340,103 treasury shares
   issued and outstanding at December 31, 2010
   and December 31, 2009 respectively              2,678,000     2,678,000
  Additional paid-in capital                      90,434,000    89,955,000
  Cost of shares held in treasury                (12,084,000)   (4,610,000)
  Accumulated deficit                            (69,922,000)  (66,902,000)
  Accumulated other comprehensive gain                 2,000         7,000
                                                ------------  ------------
    Total stockholders' equity                    11,108,000    21,128,000
                                                ------------  ------------
      Total liabilities and stockholders'
       equity                                   $ 18,844,000  $ 29,562,000
                                                ============  ============





                     TIX CORPORATION AND SUBSIDIARIES
       CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


                                         Years Ended December 31,
                                 -----------------------------------------
                                     2010          2009          2008
                                 ------------  ------------  -------------

Revenues                         $ 30,882,000  $ 27,335,000  $  24,981,000
                                 ------------  ------------  -------------
Operating expenses:
  Direct costs of revenues         14,353,000    12,427,000     12,602,000
  Selling, general and
   administrative expenses         12,749,000    11,603,000     12,055,000
  Depreciation and amortization     1,660,000     1,707,000      3,685,000
  Impairment of goodwill                    -             -     25,445,000
  Impairment of intangible assets           -             -      7,687,000
                                 ------------  ------------  -------------
Total costs and expenses           28,762,000    25,737,000     61,474,000
                                 ------------  ------------  -------------
    Income (loss) from
     continuing operations          2,120,000     1,598,000    (36,493,000)
                                 ------------  ------------  -------------
Other income (expense):
  Other income (expense)               41,000         9,000        (31,000)
  Interest income                      29,000        33,000         41,000
  Interest expense                    (14,000)      (10,000)       (16,000)
                                 ------------  ------------  -------------
    Other income (expense), net        56,000        32,000         (6,000)
                                 ------------  ------------  -------------
Income (loss) from continuing
 operations                         2,176,000     1,630,000    (36,499,000)
Discontinued operations:
  Income (loss) from operations
   of discontinued operations      (5,284,000)   (2,148,000)     1,835,000
  Gain on sale of discontinued
   operations                          88,000             -              -
                                 ------------  ------------  -------------
Loss on discontinued operations    (5,196,000)   (2,148,000)     1,835,000
                                 ------------  ------------  -------------
Net loss                           (3,020,000)     (518,000)   (34,664,000)
  Other comprehensive income
   (loss)
  Foreign currency translation
   adjustment                           5,000        36,000        (29,000)
                                 ------------  ------------  -------------
Comprehensive loss               $ (3,025,000) $   (482,000) $ (34,693,000)
                                 ============  ============  =============


Net income (loss) per common
 share - continuing operations   $       0.07  $       0.05  $       (1.14)
Net income (loss) per common
 share - discontinued operations        (0.17)        (0.07)          0.06
                                 ------------  ------------  -------------
Net loss per common share -
 basic and diluted               $      (0.10) $      (0.02) $       (1.08)
                                 ============  ============  =============

Weighted average common shares
 outstanding - basic and diluted   30,523,739    32,388,829     31,962,375
                                 ============  ============  =============





                     TIX CORPORATION AND SUBSIDIARIES                      
                   CONSOLIDATED STATEMENTS OF CASH FLOW


                                         Years Ended December 31,
                                 -----------------------------------------
                                     2010          2009          2008
                                 ------------  ------------  -------------
Cash flows from operating
 activities:
  Net loss                       $ (3,020,000) $   (518,000) $ (34,664,000)
    Adjustments to reconcile net
     loss to cash provided by
     operating activities:
    (Gain) loss from discontinued
     operations                     5,196,000     2,148,000     (1,835,000)
    Depreciation                      563,000       495,000        470,000
    Non-cash imputed interest
     expense                           10,000             -              -
    Impairment of goodwill                  -             -     25,445,000
    Impairment of intangible
     assets                                 -             -      7,687,000
    Amortization of intangible
     assets                         1,095,000     1,211,000      3,215,000
    Fair valued common stock
     issued for services to
     employees                              -         8,000         47,000
    Fair valued common stock
     issued for services to
     consultants                            -       119,000        424,000
    Fair value of options and
     warrants issued to employees
     and directors                    479,000     1,363,000      1,706,000
    Fair value of warrants issued
     to consultants                         -       225,000        159,000
    Loss on advance to vendors        991,000             -              -
    Change in allowance of
     inventory                        (73,000)       45,000         44,000
    (Increase) decrease in:
      Accounts receivable            (113,000)      (98,000)        89,000
      Advances to vendors             (27,000)     (964,000)             -
      Inventory                       398,000     1,158,000        574,000
      Prepaid expenses and other
       current assets                (296,000)     (524,000)       281,000
    Increase (decrease) in:
      Accounts payable and
       accrued expenses             1,048,000    (1,271,000)       631,000
      Deferred revenue                (26,000)       30,000         49,000
      Other current liabilities         3,000       (90,000)      (148,000)
                                 ------------  ------------  -------------
        Net cash provided by
         operating activities
         from continuing
         operations                 6,228,000     3,337,000      4,174,000
        Net cash (used in)
         operating activities
         from discontinued
         operations                (3,402,000)    2,858,000      3,350,000
                                 ------------  ------------  -------------
       Net cash provided by
        operating activities        2,826,000     6,195,000      7,524,000
                                 ------------  ------------  -------------
Cash flows from investing
 activities:
  Purchases of property and
   equipment                         (698,000)     (398,000)      (346,000)
  Acquisitions, net of cash
   acquired                        (1,500,000)            -     (3,225,000)
                                 ------------  ------------  -------------
        Net cash used in
         investing activities      (2,198,000)     (398,000)    (3,571,000)
         Net cash used in
          investing activities
          from discontinued
          operations                  (27,000)   (2,651,000)      (108,000)
                                 ------------  ------------  -------------
        Net cash used in
         investing activities      (2,225,000)   (3,049,000)    (3,679,000)
                                 ------------  ------------  -------------
Cash flows from financing
 activities:
  Cost of Treasury Stock, net of
   fees                              (665,000)   (2,512,000)    (2,098,000)
  Repayment of acquisition note    (1,000,000)            -              -
  Net proceeds from exercise of
   options and warrants                     -        23,000         54,000
                                 ------------  ------------  -------------
        Net cash used in
         financing activities      (1,665,000)   (2,489,000)    (2,044,000)
                                 ------------  ------------  -------------

Effect of exchange rate changes
 on cash                               (5,000)       36,000        (26,000)
                                 ------------  ------------  -------------
Change in cash:
  Net increase                     (1,069,000)      693,000      1,775,000
                                 ------------  ------------  -------------
  Balance at beginning of period    9,885,000     9,192,000      7,417,000
                                 ------------  ------------  -------------
  Balance at end of period       $  8,816,000  $  9,885,000  $   9,192,000
                                 ============  ============  =============





                     TIX CORPORATION AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
               FINANCIAL INFORMATION BY SEGMENT (UNAUDITED)


                     Ticketing      Exhibit                   Consolidated
                      Services   Merchandising    Corporate   and Combined
                    ------------ -------------  ------------  ------------

2010
Revenue             $ 21,678,000 $   9,204,000  $          -  $ 30,882,000
Direct cost of
 revenues              8,921,000     5,432,000             -    14,353,000
Selling, general
 and administrative
 expenses              5,822,000     2,915,000     4,012,000    12,749,000
Depreciation and
 amortization            650,000       975,000        35,000     1,660,000
                    ------------ -------------  ------------  ------------
Operating income
 (loss) from
 continuing
 operations         $  6,285,000 $    (118,000) $ (4,047,000) $  2,120,000
                    ============ =============  ============  ============

2009
Revenue             $ 18,257,000 $   9,078,000  $          -  $ 27,335,000
Direct cost of
 revenues              6,964,000     5,463,000             -    12,427,000
Selling, general
 and administrative
 expenses              3,548,000     2,422,000     5,633,000    11,603,000
Depreciation and
 amortization            515,000     1,179,000        13,000     1,707,000
                    ------------ -------------  ------------  ------------
Operating income
 (loss) from
 continuing
 operations         $  7,230,000 $      14,000  $ (5,646,000) $  1,598,000
                    ============ =============  ============  ============

2008
Revenue             $ 13,952,000 $  11,029,000  $          -  $ 24,981,000
Direct cost of
 revenues              5,725,000     6,877,000             -    12,602,000
Selling, general
 and administrative
 expenses              2,720,000     3,681,000     5,654,000    12,055,000
Impairment of
 goodwill                      -    25,445,000             -    25,445,000
Impairment of
 intangible assets             -     7,687,000             -     7,687,000
Depreciation and
 amortization            501,000     3,173,000        11,000     3,685,000
                    ------------ -------------  ------------  ------------
Operating income
 (loss) from
 continuing
 operations         $  5,006,000 $ (35,834,000) $ (5,665,000) $(36,493,000)
                    ============ =============  ============  ============





                     TIX CORPORATION AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                QUARTERLY FINANCIAL INFORMATION (UNAUDITED)


                                 Year Ended December 31, 2010
                     -----------------------------------------------------
                        First        Second        Third         Fourth
                       Quarter      Quarter       Quarter       Quarter
                     -----------  ------------  ------------  ------------

Revenues             $ 7,288,000  $  6,921,000  $  8,305,000  $  8,368,000
Direct costs of
 revenues              3,427,000     3,335,000     3,876,000     3,715,000
Selling, general and
 administrative
 expenses              3,183,000     4,214,000     2,754,000     2,598,000
Depreciation and
 amortization            422,000       467,000       397,000       374,000
Other (income)
 expense, net             12,000       (19,000)      (25,000)      (24,000)
                     -----------  ------------  ------------  ------------
Income (loss) from
 continuing
 operations              244,000    (1,076,000)    1,303,000     1,705,000
Loss from
 discontinued
 operations             (158,000)     (255,000)   (4,601,000)     (182,000)
                     -----------  ------------  ------------  ------------
Net income (loss)    $    86,000  $ (1,331,000) $ (3,298,000) $  1,523,000
                     ===========  ============  ============  ============
Income (loss) per
 common share -
 continuing
 operations          $      0.01  $      (0.03) $       0.04  $       0.06
Income (loss) per
 common share -
 discontinued
 operations          $     (0.01) $      (0.01) $      (0.15) $      (0.01)
                     -----------  ------------  ------------  ------------
Net income (loss)
 per common shares -
 basic and diluted   $      0.00  $      (0.04) $      (0.11) $       0.05
                     ===========  ============  ============  ============
Shares used in
 computation of
 earnings per share
 from continuing
 operations:
Basic                 31,123,357    31,123,357    31,123,357    28,718,295
Diluted               31,217,494    31,123,357    31,123,357    28,762,688
                     ===========  ============  ============  ============



                                 Year Ended December 31, 2009
                     -----------------------------------------------------
                        First        Second        Third         Fourth
                       Quarter      Quarter       Quarter       Quarter
                     -----------  ------------  ------------  ------------

Revenues             $ 6,944,000  $  6,991,000  $  6,836,000  $  6,564,000
Direct costs of
 revenues              3,239,000     3,127,000     2,934,000     3,127,000
Selling, general and
 administrative
 expenses              3,168,000     2,778,000     2,886,000     2,771,000
Depreciation and
 amortization            424,000       428,000       429,000       426,000
Other (income)
 expense, net            (16,000)      (23,000)      (18,000)       25,000
                     -----------  ------------  ------------  ------------
Income from
 continuing
 operations              129,000       681,000       605,000       215,000
Income (loss) from
 discontinued
 operations              166,000       (21,000)     (766,000)   (1,527,000)
                     -----------  ------------  ------------  ------------
Net income (loss)    $   295,000  $    660,000  $   (161,000) $ (1,312,000)
                     ===========  ============  ============  ============
Income per common
 share - continuing
 operations          $      0.00  $       0.02  $       0.02  $       0.01
Income (loss) per
 common share -
 discontinued
 operations          $      0.01  $      (0.00) $      (0.02) $      (0.05)
                     -----------  ------------  ------------  ------------
Net income (loss)
 per common shares -
 basic and diluted   $      0.01  $       0.02  $      (0.00) $      (0.04)
                     ===========  ============  ============  ============
Shares used in
 computation of
 earnings per share
 from continuing
 operations:
Basic                 32,304,286    31,361,325    32,439,015    32,080,099
Diluted               32,429,891    32,645,364    32,439,015    32,080,099
                     ===========  ============  ============  ============





              RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
                                (Unaudited)


The following table set forth a reconciliation of consolidated net
income to consolidated Adjusted EBITDA:


                                     Three months ended Three months ended
                                     December 31, 2010  December 31, 2009
                                     ------------------ ------------------

Net income (loss)                    $        1,523,000 $       (1,312,000)
Loss on discontinued operations                 182,000          1,527,000
Interest, net                                     5,000             (3,000)
Depreciation & amortization                     374,000            426,000
                                     ------------------ ------------------

Adjusted EBITDA                      $        2,084,000 $          638,000
                                     ================== ==================


                                       Twelve months      Twelve months
                                           ended              ended
                                     December 31, 2010  December 31, 2009
                                     ------------------ ------------------

Net income (loss)                    $      (3,020,000) $         (518,000)
Loss on discontinued operations              5,196,000           2,148,000
Interest, net                                  (15,000)            (23,000)
Depreciation and amortization                1,660,000           1,707,000
                                     ------------------ ------------------

Adjusted EBITDA                      $       3,821,000  $        3,314,000
                                     =================  ==================

Contact Information

  • Contact:
    Steve Handy
    CFO
    818-761-1002