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Lion King and Spider-Man help boost quarterly results at Cineplex

TORONTO — Cineplex Inc. reported a third-quarter profit of $13.4 million, up from $10.2 million in the same quarter last year as revenue rose 8.3 per cent helped by the new Lion King and Spider-Man movies.

The movie theatre company says the profit amounted to 21 cents per share for the quarter ended Sept. 30 compared with a profit of 16 cents per share a year earlier.

Revenue totalled $418.4 million, up from $386.4 million, as theatre attendance increased 1.8 per cent due to what Cineplex called a stronger film slate compared with last year.

Analysts on average had expected Cineplex to report a profit of 14 cents per share and $418 million in revenue, according to financial markets data firm Refinitiv.

Box office revenue grew to $177.9 million compared with $173.3 million a year ago, while food services revenue totalled $125.6 million, up from $115.6 million.

Media revenue rose to $43.4 million compared with $33.5 million a year ago, while amusement revenue increased to $58.1 million compared with $53.8 million. Other revenue, which includes the Cineplex Store, promotional activities, screenings, private parties, corporate events and other items, rose to $13.6 million compared with $10.6 million a year ago.

This report by The Canadian Press was first published Nov. 14, 2019.

Companies in this story: (TSX:CGX)

The Canadian Press

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