Cineplex net income up 150 per cent in 4th quarter
Published Thursday, February 9, 2012 7:19AM EST
TORONTO - Cineplex Inc. recorded net income of $10.9 million in the fourth quarter -- a sharp gain over the $4.4 million in the net income for the same period of 2010.
Total revenues for the quarter was $241.7 million, just a 0.5 per cent increase over the same period a year earlier.
Attendance was 15.1 million, down from the 15.7 million customers who bought tickets at Cineplex theatres in the last three months of 2010.
Ellis Jacob, the president and CEO of Cineplex Entertainment says the company posted annual records of concession revenue per patron, which increased 3.3 per cent to $4.41 million.
He says media revenues which, despite a challenging advertising environment, increased 11.1 per cent to $91.2 million.
Cineplex Galaxy converted from an income fund to a corporation in January 2010 and operates Cineplex Entertainment, which runs 130 theatres located from British Columbia to Quebec with about 1,351 screens that include digital projectors, Imax screens and its UltraAVX screen and sound systems.
The company has about 10,000 employees under its numerous brands which include Cineplex Odeon, Galaxy, Famous Players, Colossus, SilverCity and Scotiabank theatres.