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.”