Study in black: GC posts profit

NEW YORK — Stronger box office attendance pushed General Cinemas parent GC Cos. Inc. into the black in the April quarter, when it earned $1.6 million compared with a loss of $1.4 million a year earlier, the company said Tuesday.

GC’s revenue jumped 14% to $109 million, lifting operating profit — before investment income, interest and taxes — to $2.8 million from a loss of $162,000 a year ago.

Along with other exhibitors also reporting strong growth in the late winter and early spring, GC CEO Robert Smith credited the turnaround to “revenues generated from popular films such as ‘Liar Liar’ and the ‘Star Wars’ trilogy,” although Smith said the company’s focus on improving margins had helped lift profits as well.

GC’s earnings were dented slightly by a $1.1 million loss on disposition of theater assets compared with a loss of $447,000 a year earlier. Like many other exhibitors, GC has been updating its circuit, building new screens and closing or selling older sites.

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 Film News from Variety