Regal Swings to First-Quarter Profit
Movie exhibition giant Regal Entertainment Group on Tuesday said it swung to a first-quarter profit as revenue rose amid a stronger box office performance.
The company reported earnings of $46.3 million, compare with a loss of $23.6 million in the year-ago period. Revenue rose from $570.9 million to $684.9 million.
"We are pleased that a strong film slate combined with our continued focus on cost control allowed us to achieve our highest ever first-quarter adjusted earnings before interest, taxes, depreciation and amortization,” said CEO Amy Miles. “We are excited about the upcoming summer movie season that kicks off with Marvel’s The Avengers and remain optimistic about the potential for box office success for the remainder of 2012."