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Regal Entertainment Group, which owns 66 theaters primarily in the U.S., reported falling profit and revenue in the second quarter, a timeframe when the box office was off about 3.5 percent compared to the same quarter a year ago.
Regal said revenue came in at $764 million, compared to $786 million last year, while net income fell to $24 million from $34 million a year earlier. Earnings per share were 15 cents, down from 21 cents, and a couple pennies shy of what analysts were expecting.
Investors didn’t mind the mild numbers, though, and bid the stock a penny higher after the closing bell and after shares advanced 2 percent to $20.20 during the regular session. Also on Wednesday, Regal declared a cash dividend of 22 cents per share.
Regal CEO Amy Miles said year-to-date box-office revenue is in line with last year’s total with “an exciting film slate yet to come in the back half of the year.”
The average price of a ticket rose to $10.14 from $9.87, and each patron spent an average $4.88 at the concession stand, up from $4.60 last year.
Despite rising prices, admissions revenue in the quarter dropped to $481 million from $506 million last year, while concessions revenue was $231 million, down from $236 million.
Regal said 44.4 million people attended a movie at its theaters during the quarter, down from 51.2 million.
Regal said it had 7,379 movie screens at the end of the second quarter, up from 7,307 screens a year ago.
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