But acquisitions, consolidation drain bottom line
Clearview Cinema Group Inc. on Monday reported a 190% boost in third quarter revenues, but charges associated with the consolidation of its multiplexes and acquisition of competing chains resulted in a net loss of $2 million.
The Chatham, N.J.-based exhibitor said revenues rose $13 million, up 190.6% compared with $4.4 million for the third quarter of 1997.
The company also filed a net loss of $2 million for the third quarter of 1998, compared with $417,000 a year ago.
Earnings before interest, taxes, depreciation and amortization increased to $1.6 million for the quarter, a gain of 133% compared with $677,000 for the same year-ago period.
Clearview operates 48 theaters and 263 screens in New Jersey, New York and Pennsylvania. New York-based Cablevision Systems Corp. is purchasing the company.