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Cineplex Odeon cuts losses for 4th qtr., year

Cineplex Odeon Corp. yesterday announced a net loss of $ 12.7 million (13 cents a share) on revenues of $ 125.9 million for the fourth quarter ended Dec. 31, 1992. That compares with a net loss in 1991 of $ 23.4 million (30 cents) on revenues of $ 121.1 million.

The Toronto-based exhibition circuit, which operates 1,621 screens in 365 U.S. and Canadian locations, reported its results in U.S. dollars.

For the year, Cineplex Odeon Corp. announced a net loss of $ 41.3 million (48 cents) on revenues of $ 518.7 million for the year ended Dec. 31, compared with a net loss of $ 77.2 million ($ 1.38) on revenues of $ 538.3 million in 1991.

$ 35 mil due July 31

Cineplex has a $ 35 million payment due July 31. The circuit said yesterday it is in the process of finalizing an amendment to its long-term credit agreements.

Cineplex said fiscal results were significant because the company recorded positive cash flow from continuing operations of $ 982,000, compared with net outflow of $ 11.6 million in 1991.

It is the first time Cineplex has posted positive cash flow since a management team headed by president and chief executive Allen Karp took the reins of the from Garth Drabinsky in 1989.

‘Uncorking the champagne’

“We’re uncorking the champagne,” said Howard Lichtman, Cineplex executive veepee of marketing and communications.

Rockefeller, Rothschild & Steele analyst Doug Lowell said Cineplex’s positive cash flow “is particularly crucial in the exhibition business because they have such high depreciation in screens, buildings, property and equipment.”

Lowell said MCA Inc.’s 50% ownership position in Cineplex insures that “it will get its share” of prints of “Jurassic Park.” The circuit also has a relationship with Columbia Pictures — distributor of “Last Action Hero.”

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