Theater chain sees losses
NEW YORK — Investment group and theater owner GC Companies said Thursday that net income for the third quarter ended in July jumped to $3.8 million from $2 million on fairly flat revenue of $115 million.
Its General Cinemas Theatres unit had operating income of $1.9 million — way down from $5.2 million the year before. For the first nine months of the fiscal year, the exhib swung to an operating loss of $5.7 million from a profit of $6.8 million. It’s one of several theater chains that are losing money despite a robust box office. The lower numbers tend to be due mainly to overbuilding and competition.
GC Cos. said it operated 1,067 screens at 140 locations in 23 states as of July 31 — down from 1,141 screens a year earlier. It also runs 160 screens at 16 locations in South America and Mexico, 60 screens more than the year-earlier period.