Saturday, November 3rd, 2007...3:32 pm
Harry, Homer, and hot dogs give Cineplex its best quarter ever
A summer full of blockbuster movies helped give the Cineplex movie empirea record quarter, the company said Friday.
During the third quarter that ended in September, Harry Potter and the Order of the Phoenix, The Simpsons Movie, Ratatouille, and Transformers all got heavy exposure on the 1,315 screens owned by the Cineplex Entertainment Limited Partnership. Cineplex Galaxy Income Fund three-month chart
Cineplexsaid third-quarter attendance was 24.4 per cent higher than last year, total revenues climbed more than 22 per cent to $243.9 million, and net income surged 166 per cent to $24.8 million.
Concession revenue jumped almost 25 per cent as the average amount each patron spent roseto an average of $3.79.
“This is the best quarter on record for Cineplex Entertainment,” said CEO Ellis Jacob in a release. “The strength of the film product during the quarter and our focus on driving attendance to our theatres through strategic pricing initiatives is generatingprice results.”
Last week, an analyst at RBC Dominion Securities pegged Cineplex Galaxy Income Fund as among several trusts he consideredto be possible takeover targets.
The fund owns 76 per cent of Cineplex Entertainment LP.Cineplexis thelargest motion picture exhibitor in Canada, operating theatres under theCineplex Odeon, Galaxy and Famous Players brands.
Leave a Reply