Regal’s net profit up 36%

NEW YORK — Regal Cinemas Inc. increased net profit 36% to $7.8 million on 30% higher revenues of $78.2 million in the second quarter, it said Thursday, but Regal is hoping for a better performance in the third quarter.

Regal CEO Michael Campbell said the second-quarter results were “in line with our expectations,” reflecting the downturn in box office attendance in the second quarter compared with last year.

“We are more enthusiastic about the potential for improved comparable box office results for the third quarter,” helped both by strength of movies like “Men in Black,” “Contact” and “Air Force One” and comparisons to last year’s Olympic Games-affected slump.

Regal’s second quarter revenues were helped by its aggressive screen expansion, which increased its total to 1,417 screens at the end of the quarter compared with 1,163 a year earlier, both from acquisitions and new building.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety