May 30th, 2024

Cineplex reports Q1 profit as sale of arcade game business boosts results

By The Canadian Press on May 9, 2024.

Cineplex Inc. reported a profit in its latest quarter compared with a loss a year ago as its results were boosted by the sale of its arcade game business. Theatre seats are shown at Cineplex Junxion Erin Mills in Mississauga, Ont., on Monday, April 24, 2023. THE CANADIAN PRESS/Nathan Denette

TORONTO – Cineplex Inc. reported a profit in its latest quarter compared with a loss a year ago as its results were boosted by the sale of its arcade game business.

The movie theatre company says it earned $5.2 million or eight cents per diluted share in its latest quarter as it recorded a $67.3-million gain on the sale of Player One Amusement Group, which sells, distributes, operates and services arcade games and other equipment.

The profit compared with a loss of $30.2 million or 48 cents per diluted share in the first quarter of 2023.

Revenue for the quarter ended March 31 totalled $294.8 million, up from $291.4 million in the same quarter last year.

The results came as box office revenue per patron rose to $12.74 compared with $12.63 a year earlier, while concession revenue per patron averaged $8.95, up from $8.85 in the same quarter last year.

Theatre attendance in the quarter was up 0.5 per cent compared with a year earlier.

This report by The Canadian Press was first published May 9, 2024.

Companies in this story: (TSX:CGX)

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