Cineplex Inc. (CGX.TO) earned $23 million at the box office in September, just 52 per cent of what it raked in during Sept. 2019, before the pandemic struck and brought the movie industry to a standstill.

The company said it had expected business volume to be down in both August and September "due to pandemic-related production delays that impacted content supply." Cineplex said it instead focused on increasing international product offerings in the third quarter of the year, as well as "targeted reengagement campaigns" to bring viewers back into theatres.

Box office sales were starting to approach pre-pandemic levels in July, with sales hitting $65.6 million, representing 85 per cent of what Cineplex earned in July 2019. But the slowdown in content supply, which executives had previously warned about, saw box office sales in August dip to $36 million, or 64 per cent of 2019 levels, before falling further in September. The third quarter saw box office sales hit $124.7 million, representing 70 per cent of the total sales in the same quarter in 2019.

Still, Cineplex chief executive Ellis Jacob said in a news release that "the industry has turned a corner from a film slate perspective," pointing to the release of several new titles for the rest of the year, including Black Adam, Black Panther: Wakanda Forever, Glass Onion: A Knives Out Mystery, and Puss in Boots: The Last Wish.

"We are focused on increasing our offerings and generating momentum for our business, as evidenced through the partnerships with non-traditional studios, and through the success of international cinema in attracting a wide Canadian audience," Jacob said.

The top movies in September included Top Gun: Maverick and Bollywood film Brahmastra Part One: Shiva. The latter film represented 8.1 per cent of Cineplex' total box office share in September.

Jacob said on a conference call with analysts in August that despite the production issues that pushed release dates to later in 2022 and 2023, the company is confident that business will return.

"I think over the next 18-months you're going to see a strong return of product, which will be diversified enough to appeal to all different audiences," Jacob said.

"We are confident that if nothing hiccups, business will be back and charging forward."

Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.

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