Cineplex reports Q1 loss as majority of theatres remain closed

Photo: The Canadian Press

Cineplex Inc. says it lost $89.7 million in its latest quarter as a majority of its theatres remained closed or under strict operating restrictions.

The company says the loss amounted to $1.42 per diluted share for the quarter ended March 31.

The result compared with a loss of $178.4 million or $2.82 per diluted share a year ago when it took $173.1 million in non-cash impairment charges at the start of the pandemic.

Revenue totalled $41.4 million, down from $282.8 million in the first three months of 2020.

The plunge came as theatre attendance totalled 415,000 in its most recent quarter compared with 10.7 million people a year earlier and box office revenue fell to $3.8 million from $111 million a year ago.

The movie theatre company reached a deal with its lenders earlier this year to further amend its credit agreement and completed a sale-leaseback of its head office in Toronto in a bid to help its finances.