Cineplex sees increase in movie-goers but misses Q3 analyst estimates
A Cineplex Odeon is pictured in North Vancouver, on May 15, 2012. (Jonathan Hayward / THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, November 5, 2013 11:15AM EST
TORONTO -- Cineplex Inc. (TSX:CGX) set new records for movie attendance, revenue and adjusted earnings in the third quarter but its profit missed analyst estimates by a wide margin.
The Toronto-based theatre company said it had 19 million paying guest visits in the quarter, beating a three-year-old record by 200,000.
Box office revenue per patron was flat at $8.84 while revenue from concessions rose to $4.81 per patron, an increase of 2.8 per cent.
Cineplex's net income was down from last year due to an unusual item in the third quarter of 2012 that added about 38 cents per share.
Net income for the latest quarter was $26 million of net income or 41 cents per share. That was down from 83 cents per share last year including, or 45 cents without the gain.
Cineplex revenue was up from last year but slightly below analyst estimates, rising to $298.6 million from $281.1 million.
Analysts had estimated 51 cents per share of earnings under standard accounting, 50 cents on an adjusted basis and $301.7 million of revenue, according to figures compiled by Thomson Reuters.