Regal Entertainment Posts Record Third-Quarter Revenue
Growing income is reported from 62.4 million tickets sold in three months' time plus concessions.
Regal Entertainment Group reported $813 million in revenue for its third financial quarter, ahead of both analysts' expectations and the $693 million that was posted for the same quarter a year earlier.
The movie theater operator also announced $177 million in quarterly adjusted earnings before interest, taxes, depreciation and amortization, representing a modest lift from the $134 million reported in the third quarter of 2012.
Regal is now operating about 50 more theaters than it was a year ago, together totaling 7,334 screens. About 62.4 million tickets were sold for the three months ending Sept. 26. The average price of a Regal movie ticket is $8.79, unchanged in the past year, and theatergoers appear to be buying more popcorn. The average concessions per patron was up slightly, from $3.50 to $3.59.
"We are encouraged by the year-to-date industry box-office results and are optimistic regarding the box-office prospects for the upcoming holiday season," said Regal CEO Amy Miles.