Cineplex enjoys record Q3 revenue
EmptyTORONTO -- Canadian exhibition giant Cineplex Entertainment LP on Thursday posted improved earnings on record third-quarter revenues after acquiring the rival Famous Players Ltd. chain from Viacom a year ago.
Toronto-based Cineplex Entertainment, which operates 132 theaters nationwide, posted third-quarter earnings of CAN$9.3 million ($8.2 million) for the three months to Sept. 30, up 63% from earnings of CAN$6.1 million in 2005.
Cineplex Entertainment CEO Ellis Jacob attributed the record third-quarter revenue -- CAN$199 million, compared with a year-earlier $151.9 million -- to the strong boxoffice from "Pirates of the Caribbean: Dead Man's Chest," "Talladega Nights," "Superman Returns" and "World Trade Center."
Revenues at Cineplex Entertainment also were up after the exhibitor acquired 77 locations with 768 screens from Famous Players last year. Cineplex Entertainment subsequently agreed to sell off 35 Famous Players theaters to secure regulatory approval for the deal.
Cineplex Entertainment is 59% owned and controlled by the Cineplex Galaxy Income Fund, with the rest controlled by Canadian holding company the Onex Corp.