Cost cuts help exhib's profit remain flat year-over-year
A soft box office knocked Regal Entertainment revenue down 14% last quarter, but cost cuts managed to keep profit essentially flat compared to the year-ago quarter.The nation’s biggest theater chain saw net income of $24 million for the three months ended in September versus $25 million a year ago. Revenue fell to $630 million from $743 million. Attendance dipped to 53.6 million from 58.7 million, with average ticket prices about flat at $8.79. Admissions revenue fell to $471 million from $515 million. Concession sales fell $10 million to $187 million. Regal has 524 theatres with 6,621 screens in 37 states and Washington, D.C.