Cineplex posts record revenue as Spider-Man, Odyssey drove moviegoers
Revenue for the quarter totalled $440.2 million, up from $348.9 million in the same quarter last year, as theatre attendance rose to 14.8 million people, up from 12.1 million.
Cineplex Inc., the prominent cinema chain, announced a record-breaking third-quarter profit of $23.8 million, driven by blockbuster releases "Spider-Man: Brand New Day" and "The Odyssey." The profit equated to 34 cents per diluted share for the quarter ending September 30, a marked improvement from $1.2 million or two cents per share a year earlier.
The company's revenue soared to $440.2 million, up from $348.9 million in the same period last year, primarily due to an increase in theatre attendance to 14.8 million people, up from 12.1 million. The average box office revenue per patron rose to $14.54, compared to $13.23 a year ago, while concession revenue per patron increased to $9.99, from $9.65.
In a bid to navigate its future, Cineplex appointed former Landmark Cinemas CEO Bill Walker as its new chief executive and unveiled plans for a review of potential strategic alternatives, including a possible sale.
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- Cineplex reports $23.8M Q3 profit, record quarterly revenue winnipegfreepress.com
- Cineplex reports $23.8M Q3 profit, record quarterly revenue toronto.citynews.ca
- Cineplex posts record revenue as Spider-Man, Odyssey drove moviegoers globalnews.ca
