Thursday, October 30th8.3°C
21625
23778

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




Recent Trending




Today's Market
S&P TSX14491.07-36.50
S&P CDNX770.28-10.79
DJIA17151.27176.96
Nasdaq4565.626+16.40
S&P 5001992.76+10.46
CDN Dollar0.8936-0.0005
Gold1200.70-24.2001
Oil81.01-0.95
Lumber321.80+0.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.115+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.12-0.03
Cantex0.045-0.015
Anavex Life Sciences0.175-0.005
Metalex Ventures0.03-0.005
Russel Metals32.30-0.27
Copper Mountain Mining1.98-0.04
Colorado Resources0.13-0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.355-0.015

 





FEATURED Property
20299464217 6th Avenue
3 bedrooms 3 baths
$625,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23691