Exhib UA unspools narrowed losses

Co. posts $800K in 2nd qtr. red ink

HOLLYWOOD — United Artists Theaters posted a narrowed second-quarter loss of $800,000 on Thursday as the Denver-based exhib trumpeted efforts to spruce up restructured operations following its recent emergence from bankruptcy reorganization.

UA remains headed by longtime topper Kurt Hall under new controlling owner Philip Anschutz. Company completed a Chapter 11 bankruptcy reorganization on March 2.

UA’s red ink in the latest quarter compares to a loss of $30.3 million in the same period last year.

Revenue dipped 7% to $128.5 million, largely because of trimmed screen numbers over the past year. The circuit used its Chapter 11 proceedings to shutter dozens of money-losing properties. UA operated 210 theaters with 1,582 screens at the end of the second quarter. A year earlier, it had 258 theaters with 1,870 screens.

“I am especially pleased by the 18% increase in year-to-date admissions revenue per average screen,” Hall said.

He cited recently completed stadium-seating renovations at theaters in Philadelphia and elsewhere and said the circuit is “well-positioned to defend and strengthen our key market positions and look for additional ways to improve our profitability.”

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:

WordPress.com Logo

You are commenting using your WordPress.com 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

Loading