Regal Posts Record Quarterly Revenue After 'Healthy' Box Office

1:53 PM PST 04/24/2014 by Paul Bond

The movie theater chain said admissions revenue was up 12 percent while sales of concessions surged 17 percent.

Regal Entertainment, which operates the biggest movie theater circuit in the U.S., said Thursday that revenue rose 13 percent to a record $726.9 million in the first quarter due to "a healthy box office environment."

Because of a $32.6 million "after-tax loss on extinguishment of debt," the company recorded a net loss of $1.3 million compared to net income of $22.4 million in the year-ago quarter.

Regal said admissions revenue rose 12 percent to $489.6 million while concessions revenue was up 17 percent to $200.7 million.

"Early second-quarter industry box office results have been very strong and we are optimistic regarding box office prospects for the upcoming summer movie season," said Regal CEO Amy Miles.

Shares of Regal rose 1 percent Thursday to $19.05 and were unchanged after the closing bell.

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