Cineplex reports $21.4M Q2 loss as attendance fell from year ago

By The Canadian Press on August 9, 2024.

TORONTO – Cineplex Inc. reported a loss in its most recent quarter compared with a profit a year ago as theatre attendance fell, but CEO Ellis Jacob says the end of the second quarter was a turning point.

Jacob says the industry faced challenges in the first half of the year due to the prolonged impact of the Hollywood strikes last year, but things picked up at the box office in June and July.

The movie theatre company says it lost $21.4 million or 33 cents per diluted share for the quarter ended June 30 compared with a profit of $176.5 million or $1.99 per diluted share a year earlier.

Revenue for the quarter totalled $277.3 million, down from $367.9 million in the same quarter last year.

The drop came as theatre attendance amounted to 8.7 million people for the quarter, down from 12.8 million a year ago.

Box office revenue per patron was $13.11 in the quarter, up from $12.84 a year ago, while concession revenue per person was $9.56, up from $9.21 in the same quarter last year.

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

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