Tuesday, July 7th34.4°C
26926

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 TSX14624.50+30.93
S&P CDNX652.83-10.50
DJIA17776.91+93.33
Nasdaq4997.46+5.52
S&P 5002081.34+12.58
CDN Dollar0.7862-0.0002
Gold1153.50+1.10
Oil53.47+0.44
Lumber282.00+0.80
Natural Gas2.732+0.016

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50-0.02
Cantex0.05+0.02
Anavex Life Sciences0.53+0.01
Metalex Ventures0.065-0.010
Russel Metals22.58+0.19
Copper Mountain Mining1.04-0.05
Colorado Resources0.09+0.01
ReliaBrand Inc0.0065+0.0005
Sunrise Resources Ltd0.03-0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.00

 





FEATURED Property
23134242170 Shamrock Drive
3 bedrooms 3 baths
$459,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Increase property value

Photo: Thinkstock.comHere are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment five to six times what t...


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...

_



26928

26376


Member of BC Press Council


26432