Regal reports third-quarter loss
Revenue down 11% from a year agoNEW YORK -- Regal Entertainment Group swung to a third-quarter loss on an 11% revenue decline driven by both lower admissions and concessions.
The movie theater giant said after the market close Thursday that revenue for the quarter ended Oct. 1 reached $673.5 million, down from the $757.6 million recorded in the year-ago period. For the first three quarters of 2009, revenue is up slightly, though.
The firm's third-quarter loss of $1.9 million compared with a year-ago profit of $31 million. Regal previously changed its fiscal year, which also affects comparisons.
"We are pleased with the strong year-to-date boxoffice results, the success of films released in the premium-priced 3-D and Imax formats and the increase in our year-to-date free cash flow," said Regal CEO Amy Miles. "We are also encouraged by the early fourth-quarter boxoffice results and the outlook for the remainder of the year."