Wednesday, April 16th9.5°C
21417
20709

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

21097


Recent Trending




Today's Market
S&P TSX14446.52+142.60
S&P CDNX997.975.87
DJIA16424.85162.29
Nasdaq4086.225+52.064
S&P 5001862.31+19.33
CDN Dollar0.9078-0.0031
Gold1302.20+2.20
Oil103.82+0.07
Lumber325.80+1.60
Natural Gas4.532-0.035

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.05
Cantex0.045-0.005
Anavex Life Sciences0.375-0.005
Metalex Ventures0.0750.00
Russel Metals30.55+0.28
Copper Mountain Mining2.42+0.10
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


20172

FEATURED Property
17395503571 Elliott Road, Westbank
3 bedrooms 2 baths
$244,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...

_



21641

21641


Member of BC Press Council


21202