Regal Entertainment Posts Higher Fourth-Quarter Results
"We are encouraged by the early 2013 box office results," says Amy Miles, CEO of the exhibition giant.
Regal Entertainment Group on Thursday reported improved fourth-quarter financials on higher admissions and concessions revenue and a record year.
The film-exhibition chain posted fourth-quarter earnings of $37.3 million, compared to $4.1 million in the year-ago period. Revenue of $723.1 million was up from $613.9 million in the year-ago quarter.
Admissions revenue of $485.3 million was up from $414.0 million a year earlier, amid such releases as The Hobbit: An Unexpected Journey. Concessions revenue of $188.5 million was up from $159.3 million.
"We are pleased to report that 2012 was a record year for Regal," said CEO Amy Miles. "We achieved our highest ever adjusted [operating cash flow] totaling almost $580 million."
She added: "Looking ahead, we are encouraged by the early 2013 box office results and the films scheduled for release in the coming months."