You will be redirected back to your article in seconds

Cineplex Odeon cuts losses

Despite lower revenue levels for the third quarter and nine-month periods, Cineplex Odeon has cut its losses by some $ 25 million when compared to the same period a year ago.

On Friday the company reported a net loss of $ 7,169,000 on third quarter revenues of $ 132,700,000 down from a net loss of $ 15,010,000 reported a year ago on revenues of $ 136,580,000. For the first nine months of 1992, Cineplex reported a net loss of $ 28,635,000 on revenues of $ 392,805,000 compared to a net loss of $ 53,848,000 from revenues of $ 417,228,000 for a comparable period a year ago.

Cineplex’s report represents a loss of 9 cents a share for the third quarter, down from 31 cents in third quarter of 1991, and a loss of 34 cents a share for the first nine months of this year, down from a loss of $ 1.13 posted for the first nine months of 1991.

Company revenues were roughly $ 24 million less during the first nine months of 1992, yet the company reduced its losses by just over $ 25 million.

“During the third quarter of 1992, corporation’s financial performance continued its steady improvement in the face of disappointing industry box office performance,” said Allen Karp, president and CEO, in announcing the results.

Karp said the company’s restructuring will continue to pay off as the industry heads into the strong holiday season. Moreover, the executive added that the company continued to reduce its bank debt and that the company made a $ 20 million principal repayment during the third quarter.

The restructuring of the company resulted in a 15.7% decrease in general and administrative expenses during the third quarter and a 13.6 drop in those charges during the first nine months.

Cineplex reported negative cash flow of $ 4,292,000 for the nine month period , compared to a positive cash flow of $ 7,302,000 for the first nine months of 1991. The company said cash flow for the first nine months was impacted by the net change in non-cash working capital which used $ 6,862,000 of available operating cash flow.

Excluding the net change in non-cash working capital, the company had a positive cash flow of $ 2,570,000 for the first nine months compared to a negative $ 4,200,000 for the same time last year.

For the nine-month period, Cineplex posted $ 282,400,000 in ticket sales down from $ 300,982,000 generated in the first nine months of 1991. Concession sales generated $ 94,717,000 in nine months of 1992, down from $ 95,318,000 in 1991. Distribution and other items accounted for $ 15,688,000 in revenues during the first nine months of this year, down from $ 20,928,000 in 1991.

More Biz

  • China’s Perfect World Raises $250 Million

    China’s Perfect World Raises $250 Million for Universal Slate Funding

    Despite lower revenue levels for the third quarter and nine-month periods, Cineplex Odeon has cut its losses by some $ 25 million when compared to the same period a year ago. On Friday the company reported a net loss of $ 7,169,000 on third quarter revenues of $ 132,700,000 down from a net loss of […]

  • Harvey Weinstein

    Harvard University to Revoke Harvey Weinstein's Du Bois Medal

    Despite lower revenue levels for the third quarter and nine-month periods, Cineplex Odeon has cut its losses by some $ 25 million when compared to the same period a year ago. On Friday the company reported a net loss of $ 7,169,000 on third quarter revenues of $ 132,700,000 down from a net loss of […]

  • David Cross Says Charlyne Yi Is

    David Cross Accused of Racist Behavior by Charlyne Yi

    Despite lower revenue levels for the third quarter and nine-month periods, Cineplex Odeon has cut its losses by some $ 25 million when compared to the same period a year ago. On Friday the company reported a net loss of $ 7,169,000 on third quarter revenues of $ 132,700,000 down from a net loss of […]

  • law and finance hollywood new leaders

    Hollywood's New Leaders in Law and Finance

    Despite lower revenue levels for the third quarter and nine-month periods, Cineplex Odeon has cut its losses by some $ 25 million when compared to the same period a year ago. On Friday the company reported a net loss of $ 7,169,000 on third quarter revenues of $ 132,700,000 down from a net loss of […]

  • 10 Assistants to Watch hollywood new

    Variety's 10 Assistants to Watch Class of 2017

    Despite lower revenue levels for the third quarter and nine-month periods, Cineplex Odeon has cut its losses by some $ 25 million when compared to the same period a year ago. On Friday the company reported a net loss of $ 7,169,000 on third quarter revenues of $ 132,700,000 down from a net loss of […]

  • Yu Dong, chairman and CEO of

    China’s Bona Poised to Raise $215 Million Through Local IPO

    Despite lower revenue levels for the third quarter and nine-month periods, Cineplex Odeon has cut its losses by some $ 25 million when compared to the same period a year ago. On Friday the company reported a net loss of $ 7,169,000 on third quarter revenues of $ 132,700,000 down from a net loss of […]

More From Our Brands

Access exclusive content