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Cineplex posts strongest quarterly results since COVID-19 pandemic began

Canadian Press - Thu Aug 11, 7:49AM CDT
Cineplex employees serve customers popcorn and other snacks at a Cineplex theatre in downtown Toronto on Wednesday, Aug. 26, 2020. THE CANADIAN PRESS/Christopher Katsarov

TORONTO — Cineplex Inc. says it generated positive net income for the first time since the start of the pandemic.

The movie theatre company says net income amounted to $1.3 million or two cents per share for the quarter ended June 30 compared with a loss of $103.7 million or $1.64 per share a year earlier.

Revenue totalled $349.9 million, up from $64.9 million the prior year.

Cineplex says theatre attendance in the quarter totalled 11.1 million compared with 1.1 million in the same quarter last year when it was still facing pandemic-related restrictions.

Box office revenue per patron was $12.29 in the second quarter, compared with $10.89 a year ago, while concession revenue per patron was $8.84, up from $7.86 in the same quarter last year.

Top Gun: Maverick, Doctor Strange in the Multiverse of Madness and Jurassic World Dominion were Cineplex's top films in the quarter and CEO Ellis Jacob said in a release that the cumulative success of these films "is a testament to the fact that when strong film product is available, Canadians return to (the company's) theatres in droves."

This report by The Canadian Press was first published Aug. 11, 2022.

Companies in this story: (TSX:CGX)

Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.