Cineplex profits double on higher priced tickets
A Cineplex Odeon is pictured in North Vancouver, B.C. Tuesday, May 15, 2012. THE CANADIAN PRESS/Jonathan Hayward
The Canadian Press
Published Thursday, November 8, 2012 9:40AM EST
TORONTO -- Canada's largest movie theatre operator Cineplex Inc. says its profits doubled in the third quarter helped by higher ticket prices and more sales at its concession stands.
The Toronto-based company reported net income rose to $51.7 million, or 83 cents per share in the three month period ended Sept. 30, which included much of the summer movie season.
That's an increase from $25.7 million, or 44 cents per share, in the same period a year earlier.
Revenues grew 1.7 per cent to $281.4 million from $276.7 million.
Despite the stronger results, attendance was down one per cent at its cinemas to 18.3 million tickets sold.
Cineplex faced a weak summer movie season overall, with only a handful of blockbusters delivering strong results, including "The Dark Knight Rises" and "The Amazing Spider-Man."
But the company says aside from the Top Five films, the rest of the summer movie lineup underperformed.