Summer’s hottest ticket is to the movies
Cinema giant Cineplex Inc. reported a third-quarter profit of $23.8 million as it saw record revenue for the period, boosted by “Spider-Man: Brand New Day” and “The Odyssey.”
The movie theatre company says the profit amounted to 34 cents per diluted share for the quarter ended Sept. 30.
The result compared with a profit of $1.2 million or two cents per diluted share a year ago.
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.
Box office revenue per patron totalled $14.54 for the quarter, up from $13.23 a year ago, while concession revenue per patron amounted to $9.99, up from $9.65.
In September, Cineplex named former Landmark Cinemas CEO Bill Walker as its new chief executive and announced plans for a review of strategic alternatives, including, but not limited to, a potential sale.
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