Regal reports much-reduced 2Q profits

11:08 AM PDT 10/14/2010 by Georg Szalai, AP
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Posts $4.8 million profit, 'encouraged' by early 3Q results

NEW YORK -- Regal Entertainment Group, the largest U.S. Movie theater chain, on Thursday reported a much-reduced second-quarter profit due to lower revenue and debt extinguishment costs.

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The company posted a profit of $4.8 million, down from $40.5 million in the year-ago period.

Revenue fell 7.4% to $730.7 million. Admission revenue dropped 6.6% to $506.0 million. Concession revenue fell 10.4% to $192.6 million.

Regal CEO Amy Miles said her company is "encouraged" by the early third-quarter boxoffice results and the outlook for the remainder of the year.

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