Regal Says Weak Box Office Sales Resulted In Soft Q1 Revenues
Regal Entertainment Reports Record Q3 Revenues
The No. 1 theater chain probably wants to forget the first three months of 2013. It ended up with $22.4M in net income, -51.6% vs. the period last year, on revenues of $642.8M, -6.1%. Analysts thought revenues would hit $652.7M. Earnings of 13 cents a share matched expectations. Admission revenues fell 7.9% to $436.6M as attendance fell 7.6% to $49.6M with an average ticket price of $8.79, down 4 cents. Concessions revenue fell just 4.6% to $171.8M as average spending per patron rose 11 cents to $3.46. “In a challenging box office environment, we’re pleased that the increase in our average concession sales per patron and our focus on controlling variable costs helped drive free cash flow of over $90M in the first quarter,” CEO Amy Miles says.