News Column

Cineplex takes a hit on sparse blockbusters in second-quarter results

August 6, 2014

The Canadian Press



TORONTO - Cineplex Inc. (TSX:CGX) says numerous underperforming Hollywood summer movies were the main reason its profits fell 19 per cent in the second quarter.

The Toronto-based theatre chain says earnings were $23.2 million, or 37 cents per share, below the $28.5 million or 45 cents per share reported in the comparable period ended June 30 a year ago.

Revenues grew 7.2 per cent to $323.5 million mainly from the recent acquisition of 24 Empire theatres in the Atlantic provinces and digital media company EK3 Technologies Inc., which has been renamed Cineplex Digital Networks.

Cineplex says attendance also got a boost from the Empire theatres, rising 3.6 per cent to 19.3 million tickets sold in the period.

The biggest movies were "Captain America: The Winter Soldier" and "X-Men: Days of Future Past" while few other films managed to reach breakout hit status.

Box-office revenues inched up 0.4 per cent to $9.40 per patron on the back of premium ticket prices that included Imax titles, 3-D movies and Cineplex's VIP theatres.

At the concession stand, revenue increased 5.6 per cent to $98 million, with an average of $5.08 being spent per person.


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Source: Canadian Press DataFile


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