Regal Earnings Above Wall Street Forecast in Q1

Exhibition chain Regal Entertainment Group reported Thursday that its first-quarter earnings of $23.1 million, or 15 cents a share, were above Wall Street forecasts of 12 cents a share.

Revenues were down 5% to $691.3 million for an 89-day quarter, but the 91-day year-ago period included six days during the 2013 holiday season. Regal had reported a 2014 first-quarter loss of $1.2 million, which included a $32.6 million after-tax loss on extinguishment of debt; adjusted EBITDA declined 11% to $128.1 million.

CEO Amy Miles has issued an upbeat forecast for the rest of 2015: “A better than expected box office environment and our focus on delivering a great customer experience helped us achieve solid first-quarter results, highlighted by a record concession per cap and one of the highest first-quarter revenue totals in our history,” she said. “With a great first-quarter box office already in the books and a much-anticipated film slate set for the upcoming summer and holiday seasons, we remain optimistic regarding the potential for box office success throughout 2015.”

Miles said in a conference call with analysts that the box office “lived up to the hype.” She also said that Regal will continue to explore acquisitions that would be “accretive” to earnings.

Regal put itself up for sale last fall but took itself off the sales block in January.

Miles also disclosed that more than half of Regal’s ticket sales are being made through mobile devices and added that the chain will focus more of its resources toward that sector.

The earnings report, released after the market closed Thursday, also included the announcement that Regal’s board declared a cash dividend of 22 cents a share for Class A and Class B common share, payable on June 12 to stockholders of record as of June 2. The chain said it plans to continue paying the dividend in future quarters.

“The company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the board of directors depending on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows as well as other relevant factors,” Regal said in a statement.

Regal is the largest chain in the U.S. and currently operates 570 locations with 7,334 screens.

More Film

  • A woman prays at a makeshift

    Kyoto Animation Suspect is Too Sick to Arrest

    Police in Kyoto, Japan, have obtained an arrest warrant for Shinji Aoba, the man suspected of killing 33 people last week at the Kyoto Animation studio. However, he currently remains too injured for the warrant to be served. Police said that they believe that the bag with multiple knives and a hammer belong to Aoba. [...]

  • Azania Muendane

    Locations Africa Expo Sends Message in Durban: ‘Africa is Ready’

    DURBAN–The first edition of the Locations Africa Expo and Conference was held this week during the Durban FilmMart, with an eye toward identifying and growing the opportunities to lure incoming productions to the continent. “Locations Africa is trying to service a need on the continent to discuss the physical production…on the ground, highlighting film commissions, [...]

  • The Lion King

    China Box Office: 'Looking Up' Is Surprise Weekend Winner Ahead of 'Lion King'

    Actor and comedian Deng Chao underlined his enduring popularity with mainstream Chinese audiences by delivering a surprise No. 1 box-office hit in “Looking Up” over the weekend. It scored $38.6 million in its opening frame, according to data from consultancy Artisan Gateway, and displaced “The Lion King” from its perch. “Looking Up” is a family [...]

  • Unathi Malonga

    Report Urges South African Media to ‘Step Up’ Against Gender Violence

    DURBAN–In a country with some of the highest rates of sexual and gender-based violence in the world, South African media must step up and play a greater role in the fight against gender inequality and gender-based violence. That was the conclusion of a report, “Gender, Diversity and Gender-based Violence in South African TV,” that was [...]


    SAG-AFTRA Leaders Approve Proposal for New Film-TV Contract

    The SAG-AFTRA national board has approved proposals for a successor deal to its master contract covering feature film and primetime television — a key step in the upcoming negotiations cycle with companies. The board approved the package Saturday with the performers union declining to reveal any specifics — its usual policy. The board established the wages [...]

  • Cameron Crowe, David Crosby, A.J. Eaton.

    Cameron Crowe on Why He Loved Leaving David Crosby Doc on a CSNY Question Mark

    David Crosby may or may not have stuck a joint in Cameron Crowe’s mouth the first time he ever met the future filmmaker, when Crosby was peaking with Crosby Stills Nash & Young and his interviewer was a precocious 15-year-old Rolling Stone correspondent. As Crowe said to Jimmy Kimmel the other night, “I remember it [...]

More From Our Brands

Access exclusive content