CinemaxX optimistic despite revenue slide
EmptyCOLOGNE, Germany -- German multiplex group CinemaxX saw revenue drop 3.8% to 160.4 million euros ($255 million) and losses swell from 3.1 million euros to 5.1 million euros ($8.1 million) last year as fewer and fewer Germans went to the movies.
CinemaxX heads Hans-Joachim Flebbe and Christian Gisy seemed to appeal to divine intervention to reverse the downward trend, quoting scripture in their address to shareholders that "seven lean years" will be followed by "seven fat ones."
The lean years reference is a comment on the steady decline in ticket sales in Germany, from a high water mark of 178 million in 2001 to just 126 million tickets sold last year -- a 30% drop.
CinemaxX said they are confident that 2008 will mark the end to the downward trend, citing high hopes for upcoming titles "Sex and the City" and "Indiana Jones and the Kingdom of the Crystal Skull" as well as German films including the comedy "U 900."