Feb 7, 2013 / 8:13 am
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.
Read more Business News
|QHR Technologies Inc||0.56||-0.01|
|Anavex Life Sciences||0.475||-0.025|
|Copper Mountain Mining||1.73||-0.02|
Owning a business is a daily battle. Customers reduce everything to the most easily comparable factors – apples to apples – and dollars per unit. Business owners must constantly strive to...
I had a crazy thought a few years ago. I was in the lobby of a Church talking to Matt Blacklock. Matt is a friend and ultra-marathon runner who has tackled some of Canada’s toughest long distan...
I vowed when I started this column twenty-five years ago that I wasn’t going to write about politics and I have held the line until today but this item is really about questions. I looked back o...
- Loonie heads lower
- Loonie takes a short dive
- Music industry biggies donate $70M
- IRS investigated for tea party targeting
- Loonie weakens as commodities fall
- The buck is up - a little
- Cheap deadly cars made in Brazil
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs
- Bell not interested in selling more Astral