Regal Earnings Set Quarterly Revenue Record
Ticket prices and concessions were also of record proportions.
Regal Entertainment said Thursday it set quarterly records in the average ticket price and per-person amount spent on concessions at its theaters on the way to posting record revenue.
Total revenue in the second quarter rose 12 percent to $862.8 million and earnings per share surged 55 percent to 34 cents compared to the year-ago quarter.
The average ticket price rose from $9.22 a year ago to $9.62, and the average amount each patron spent at the concession stand was $4.19, up from $3.79.
Regal said it sold 59.1 million tickets in the quarter, up from 56.1 million a year ago. It ended the quarter with 7,324 screens in 569 theaters.
Shares of Regal were up 3 percent on Thursday but down fractionally in after-hours trading.
On a conference call with analysts, CEO Amy Miles criticized a deal between Paramount and two theater chains, AMC and Cineplex, that will allow them to make Scout's Guide to the Zombie Apocalypse and Paranormal Activity: The Ghost Dimension available digitally 17 days after they leave theaters.
She said the economics of the deal "do not make sense to us" and that Regal's screens would be reserved for movies using a "traditional distribution model." She did, though, praise Paramount for allowing exhibitors to weigh in on its unusual arrangement with AMC and Cineplex in regard to those two films.
She said that Regal remains open to experimentation as long as initiatives "grow the pie" of revenue and profit for all parties, and if she deems that the potential of reward is commensurate with the risk involved. The Paramount deal, though, does not meet those requirements.
Miles also expressed sympathy for the victims of the recent shooting at a showing of Trainwreck in Louisiana, and added that movie theaters remain a place for "friends, family and communities to safely gather together."