Cineplex reports first-quarter profit down from year ago mark, revenue lower

TORONTO – Cineplex Inc. (TSX:CGX) said Thursday it earned $8.8 million in the latest quarter, down from a year ago, as theatre attendance fell due to a lack of a blockbluster movie to draw audiences.

The company said the profit amounted to 14 cents per share for the quarter ended March 31, down from $15.1 million or 26 cents per share a year ago.

Revenue was $248.1 million, down from $249 million.

“A lack of blockbuster hits resulted in box office revenues decreasing 2.8 per cent this quarter versus the same period in 2012,” Cineplex president and chief executive Ellis Jacob said in a statement.

Box office revenue was $145.2 million, down from $149.4 million a year ago, while attendance fell to 16,191 from 17,127.

Concession revenue fell to $75.9 million from $77 million.

However, media revenue improved to $16.3 million from $12.7 million, while games revenue grew to $2.1 million from $1.9 million. Other revenue, which included auditorium rentals, totalled $8.6 million, up from $7.9 million.

Cineplex operates 136 theatres representing 1,455 screens under brands that include Cineplex Odeon, Galaxy, Famous Players, Colossus, SilverCity and Scotiabank theatres.