Friday, April 17th16.8°C
25631

Profits soar for Cineplex

Cineplex Inc. has closed out its "best year on record" with an almost 200 per cent increase in fourth-quarter profit.

The Toronto-based operator of more than 130 theatres from Quebec to British Columbia says net income was up 199.2 per cent in the quarter to $32.7 million, or 52 cents per diluted share.

That compared with net income of $10.9 million, or 19 cents per share, in the 2011 quarter.

Revenue rose 23.6 per cent to $298.7 million from $241.7 million.

For the full year, Cineplex reported net income of $120.5 million or $1.97 per diluted share on total revenue of $1.09 billion.

That was a whopping 144.6 per cent improvement over the $49.3 million, or 85 cents per share it earned in 2011 when revenue came in at $998.2 million.

"2012 was the best year on record for Cineplex," president and CEO Ellis Jacob said in the company's earnings report.

As compared to 2011, box office revenues of $638.3 million increased 10.6 per cent, while concession revenues of $329.3 million were up 12.9 per cent.

Meanwhile, theatre attendance reached a new all-time high of 71.2 million, an increase of 7.8 per cent over 2011.

Jacob noted that in addition to "very strong financial performance," the company completed a number of theatre projects and acquired four AMC theatres, three in the Greater Toronto area and one in Montreal.

It also completed the rollout of digital projection technology and added 16 UltraAVX auditoriums to bring its total to 39.

Cineplex, with about 10,000 employees, operates 133 theatres representing 1,437 screen under brands that include Cineplex Odeon, Galaxy, Famous Players, Colossus, SilverCity and Scotiabank theatres.

The Canadian Press


Read more Business News

25733


Recent Trending




Today's Market
S&P TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8169-0.0001
Gold1204.10+6.10
Oil56.14-0.57
Lumber245.50-9.80
Natural Gas2.641-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 





FEATURED Property
22307338824 Oxford Road
4 bedrooms 3 baths
$729,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25922

25633


Member of BC Press Council


25772