Cineplex Q4 profit falls as theatre attendance declines; revenue up slightly
Cineplex Inc. says it had $27.2 million of net income in the fourth quarter, down from $28.8 million a year earlier, as attendance at its theatres declined. (Adrian Wyld/Canadian Press)
The Canadian Press
Published Friday, February 15, 2019 9:08AM EST
TORONTO -- Cineplex Inc. says it had $27.2 million of net income in the fourth quarter, down from $28.8 million a year earlier, as attendance at its theatres declined.
The Toronto-based entertainment company says the profit amounted to 43 cents per share, down from 45 cents per diluted share in fourth quarter of 2017.
On an adjusted basis, Cineplex profit fell to 43 cents per share from 46 cents per share -- missing analyst estimates
Attendance at Cineplex theatres was down 3.2 per cent from a year earlier but box office revenue per patron was up, as was concession revenue per patron.
Revenue was up less than a percentage point year over year, at $428.2 million in the fourth quarter of 2018 and $426.3 million in the comparable period of 2017.
Analysts had estimated 48 cents per share of adjusted earnings and $426.6 million of revenue, according to Thomson Reuters Eikon.