There may be hundreds of online alternatives to going to a movie theatre, but that hasn’t stopped Canada’s largest theatre chain from posting its best quarter in its history with 19 million viewers walking through its doors.
Cineplex Inc. credited the surge in viewers to a broad mix of movies – which included Despicable Me 2, The Wolverine and We’re The Millers – rather than a single blockbuster such as last year’s Dark Knight Rises.
The average ticket cost $8.84, unchanged from a year ago, for box office revenue of $168-million. The company has shifted its focus to include premium tickets that cost more money in exchange for perks such as reserved seating and better seats, but said an increase in less expensive children’s tickets kept the average steady.
Patrons spent more once they walked through the doors, however, with concession revenue increasing 6.5 per cent to $91-million. Cineplex said the average movie-goer spent $4.81, slightly more than a year ago, as alternative snack offerings started to gain popularity.
Cineplex Inc. said revenue increased 6 per cent to 298-million, while profit fell almost 50 per cent to $26-million because of acquisition costs. Adjusted earnings before interest, taxes depreciation and amortization set a new record at $57-million. The company posted earnings per share of 41 cents versus 84 cents a share a year ago.Report Typo/Error
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