Regal reports Q1 profit decline
Higher revenues offset by rising costsNEW YORK -- Movie theater giant Regal Entertainment Group reported a lower first-quarter profit as higher revenue driven by the strong boxoffice early in the year was more than offset by a calendar shift and higher costs, including for an acquisition.
Profit of $21.3 million compared to $27.5 million in the year-ago quarter. Revenue rose 6% to $665.6 million.
Regal's latest fiscal quarter ended on April 2, while the year-ago period ended on March 27.
"A strong film slate produced record box office results in January and February," said Regal CEO Mike Campbell. "We were pleased with the solid results achieved despite the calendar shift in our fiscal quarter, as the first quarter of 2008 included several days between the Christmas and New Year holidays, whereas the first quarter of 2009 did not."
Looking ahead, Campbell said: "We look forward to an action-packed summer film slate featuring both proven franchise films and big-budget original content."