Fiscal third-quarter revs slides 21%
HOLLYWOOD — General Cinemas parent GC Cos., currently conducting an auction for the company under bankruptcy court protection, on Thursday reported a broadened loss of $15.1 million in its fiscal third quarter as a reduced screen count hit quarterly revenue.
GC’s red ink for the three-month period ended July 31 compares with a loss of $10.1 million in the year-earlier quarter.
Fiscal third-quarter revenue slid 21% to $85.2 million.
The Chestnut Hill, Mass.-based exhib filed for Chapter 11 bankruptcy reorganization last October. Almost ever since, GC has been fielding offers for its nationwide circuit.
A spokesman declined comment on the auction. A creditors committee and bankruptcy court reps had been expected to meet this week to review offers from Century Theaters, AMC Entertainment and others, but it was unknown if any sessions were held following the dramatic news events earlier this week.
General Cinemas operated 677 screens in 73 U.S. theaters as of July 31, down from 1,060 domestic screens in 133 locations a year earlier. GC also operates several international theaters.