Regal Profit Plunges 70 Percent to $4.1 Million

People aren't seeing as many movies as they used to, but, when they do go theaters, at least they're spending more at the consession stand.

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That's the word, at least, from Regal Entertainment Group, which said Monday that fourth-quarter net income fell 70 percent to $4.1 million as revenue dipped 7 percent to $614 million.

Concession sales were off 3 percent to $159 million while admissions dropped 10 percent to $414 million. The average moviegoer spent 5.4 percent more at the concession stand than they did a year ago.

"The fourth quarter of 2011 presented the industry with a challenging box office environment," said CEO Amy Miles. "Despite over $280 million of revenue generated by The Twilight Saga: Breaking Dawn -- Part 1 and a slight uptick in the box office during the historically busy week between Christmas and New Year's, industry box office generally underperformed expecations and declined by approximately 7 percent."

Miles also praised the early results of Regal's joint-venture distribution business, Open Road Films, which has released Killer Elite and The Grey. "We expect both films to generate a profit as they move through the downstream distribution channels," she said.

Shares of Regal advanced 4 percent Monday to $13.05 and were up another penny after the closing bell.