Friday, May 22nd22.4°C
26402

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

26255


Recent Trending




Today's Market
S&P TSX15200.76-2.85
S&P CDNX703.48+2.97
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8142-0.0053
Gold1205.70+1.30
Oil57.45-1.98
Lumber273.30+3.70
Natural Gas2.885-0.064

 
Okanagan Companies
Pacific Safety0.13-0.01
Knighthawk0.010.00
QHR Technologies Inc1.48+0.03
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.09+0.01
Russel Metals25.79-0.03
Copper Mountain Mining1.38-0.03
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation2.20+0.60

 



26401

FEATURED Property
22930042344 Tallus Ridge Drive
$649,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...


Squaring the circle

Photo: Thinkstock.comI have been reading about market segmentation and choice. Howard Moskowitz’s research into tomato sauce as retold by Malcom Gladwell on the TED talks (http://www.ted.com/tal...

_



25482

26418


Member of BC Press Council


26106