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Enter Symbol
or Name
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Cineplex Inc
Symbol CGX
Shares Issued 63,370,059
Close 2016-02-09 C$ 48.75
Market Cap C$ 3,089,290,376
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Cineplex earns $134.24-million in fiscal 2015

2016-02-09 06:38 ET - News Release

Mr. Ellis Jacob reports

CINEPLEX INC. REPORTS RECORD FOURTH QUARTER AND ANNUAL RESULTS

Cineplex Inc. has released its financial results for the three months and year ended Dec. 31, 2015.

                     FOURTH QUARTER RESULTS

                                         2015            2014

Total revenues                 $407.4-million  $332.2-million
Attendance                       20.4-million    19.0-million
Net income                     $ 76.8-million  $ 32.1-million
Box office revenues per patron
(BPP)                          $         9.63  $         9.06
Concession revenues per patron
(CPP)                          $         5.58  $         5.14
Adjusted EBITDA                $ 85.2-million  $ 62.6-million
Adjusted EBITDA margin                   20.9%           18.9%
Adjusted free cash flow        $ 52.9-million  $ 42.5-million
Adjusted free cash flow per
common share of Cineplex       $        0.837  $        0.675
Earnings per share
attributable to owners of
Cineplex -- basic              $         1.22  $         0.51
EPS excluding non-recurring
items -- basic                 $         0.64  $         0.51
EPS -- diluted                 $         1.20  $         0.51
EPS excluding non-recurring
items -- diluted               $         0.64  $         0.51

                       FULL YEAR RESULTS

                                       2015              2014

Total revenues             $1,370.9-million  $1,234.7-million
Attendance                     77.0-million      73.6-million
Net income                 $  134.2-million  $   76.3-million
BPP                        $           9.23  $           9.13
CPP                        $           5.43  $           5.09
Adjusted EBITDA            $  249.8-million  $  201.0-million
Adjusted EBITDA margin                 18.2%             16.3%
Adjusted free cash flow    $  157.2-million  $  145.5-million
Adjusted free cash flow
per share                  $          2.492  $          2.311
EPS -- basic               $           2.13  $           1.21
EPS excluding non-
recurring items -- basic   $           1.56  $           1.21
EPS -- diluted             $           2.12  $           1.20
EPS excluding non-
recurring items -- diluted $           1.55  $           1.20

"The fourth quarter and full year 2015 results were the best ever in Cineplex's history," said Ellis Jacob, president and chief executive officer, Cineplex Entertainment.

"We set new all-time revenue records for all fourth quarter and full year results including: total revenue of $407.4-million, up 22.6 per cent for the fourth quarter and $1.4-billion for the full year, up 11.0 per cent. Adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] was $85.2-million in the fourth quarter, an increase of 35.9 per cent, and $249.8-million for the full year, an increase of 24.3 per cent, compared to the prior year. Box office, food service, media and other revenue along with attendance, concession revenues per patron and box office revenues per patron all generated new all-time highs.

"Our continued focus on diversifying our business model beyond the box office into new businesses that capitalize on our internal strengths and expertise combined with the strong performing box office are the key factors behind our success."

Key developments in 2015

The following describes certain key business initiatives undertaken and results achieved during 2015 in each of Cineplex's core business areas.

Film entertainment and content

Theatre exhibition

  • Reported Cineplex's highest-ever box office revenues of $711.1-million (5.7 per cent higher than 2014), attendance of 77.0 million (4.6 per cent higher than 2014) and BPP of $9.23 (1.1 per cent higher than 2014) due to the success of multiple blockbusters in the year, including Star Wars: The Force Awakens in the fourth quarter, which has become the highest-grossing film of all-time in North America;
  • Opened two new theatres, Cineplex Cinemas Lansdowne and VIP in Ottawa, Ont., featuring 10 auditoriums including four VIP and one UltraAVX auditoriums, and Cineplex Cinemas Markham and VIP in Markham, Ont., featuring 13 screens including three VIP and one Imax auditoriums;
  • Added VIP Cinemas to Scotiabank Theatre Saskatoon and VIP in Saskatoon, Sask., and Cineplex Cinemas Yonge-Eglinton and VIP, with three VIP auditoriums added to each location;
  • Acquired a single-screen Imax theatre in Quebec City, Que., which is one of the largest Imax screens in the world;
  • Expanded premium offerings, adding 14 UltraAVX auditoriums and D-Box to 13 theatres across the circuit.

Food service:

  • Reported record annual food service revenues of $418.4-million (11.6 per cent higher than 2014) and CPP of $5.43 (6.7 per cent higher than 2014), exceeding the previous records of $375.0-million and $5.09, both set in 2014;
  • VIP Cinemas, which features a specialty food menu, contributed to the growth of food service revenues, with the addition of 13 VIP auditoriums across four locations;
  • Continued the expansion of Cineplex's proprietary brands, bringing the total across the circuit to 93 Outtakes locations, 23 full-serve Poptopia locations and 73 YoYo's Yogurt Cafe locations at Dec. 31, 2015.

Alternative programming:

  • Reported strong results from the Metropolitan Opera: Live in HD series, In the Gallery presentations, concert films and performances from the National Theatre in London, including Hamlet featuring Benedict Cumberbatch;
  • Featured numerous ethnic films, including Hindi-, Tamil-, Punjabi- and Mandarin-language films in select markets across the country;
  • Partnered with HBO Canada to show the season 5 finale of Game of Thrones live in participating theatres across Canada;
  • Celebrated the 30th anniversary of Back to the Future with in-theatre fan events and screenings of the trilogy, with Cineplex raising $100,000 on behalf of Team Fox for Parkinson's Research.

Digital commerce:

  • Cineplex's website registered a 46-per-cent increase in unique visitors and a 51-per-cent increase in visits during 2015 compared with 2014;
  • As at Dec. 31, 2015, the Cineplex app had been downloaded 13.6 million times and recorded over 744.4 million app sessions;
  • Growth of SuperTicket continued, with a majority of films now available in this format;
  • Continued device integration with the Cineplex Store while increasing the user base throughout the year.

Media:

  • Reported record annual media revenues of $153.6-million, 14.5 per cent higher than the previous record set in 2014 as a result of higher Cineplex media revenues.

Cineplex media:

  • Cineplex media achieved record revenues of $112.5-million (23.1 per cent higher than 2014) due to record showtime advertising sales, with robust results seen in the automotive and electronics categories;
  • According to Vividata's first Canadian readership study released in 2015, Cineplex Magazine is the most-read entertainment magazine in Canada and over all the second-most read magazine in Canada;
  • Signed an expanded naming rights and sponsorship agreement with the Bank of Nova Scotia in 2015, extending both theatre naming rights to two additional theatres (to a total of 10 theatres across the circuit) as well as Scotiabank's presenting sponsorship of Cineplex's VIP Cinemas;
  • Completed the rollout of interactive media zones and digital poster cases in select theatres across the circuit in the year.

Cineplex digital media:

  • Cineplex digital media recorded higher digital advertising revenues in 2015 compared with 2014, including those in the TimsTV and Oxford shopping mall networks. These increases were offset by lower project revenues due to the timing of project installations which fluctuate with the timing of clients' requirements.
  • In the fourth quarter of 2015, Cineplex Digital Networks (CDN) announced it had been selected by A&W Food Services of Canada Inc. to become the sole provider of digital menu boards for its over 850 restaurants across Canada.
  • Subsequent to the year-end, Cineplex digital media announced that it had been selected by American Dairy Queen Corp. (ADQ) as the endorsed provider of in-store digital merchandising solutions for the Dairy Queen system in the United States and Canada.

Amusement gaming and leisure:

  • Cineplex added six XSCAPE Entertainment Centres to its theatre circuit during the year, bringing the total number of XSCAPE locations to 24 at Dec. 31, 2015.

Cineplex Starburst Inc.:

  • Cineplex completed the acquisition of the remaining 50 per cent of issued and outstanding equity of CSI that it did not already own, for approximately $21.0-million.
  • CSI entered into a new venture with Brady Distributing Company, of which CSI owns 80 per cent, creating Brady Starburst LLC (BSL), one of North America's largest distributors of amusement and vending equipment, expanding CSI's presence in the U.S.

The Rec Room:

  • Announced plans for The Rec Room, a social entertainment destination featuring upscale casual dining, a bar area, amusement gaming and live entertainment;
  • Cineplex has announced plans to build two locations, the first in Edmonton, Alta., scheduled to open in the second quarter of 2016 and the second in Calgary, Alta., scheduled to open in early 2017.

e-sports:

  • Acquired an 80-per-cent interest in the operating assets of WG Ltd. through Cineplex's subsidiary, WGN. This acquisition resulted in the creation of a new company focused on e-sports by creating a community that connects live on-line gaming with unique in-theatre tournament experiences to be held in Cineplex theatres across the country;
  • Subsequent to year-end, Cineplex and WGN announced the signing of a comprehensive deal with Sony Computer Entertainment Canada as well as its first in a series of national video gaming tournaments featuring Call of Duty: Black Ops III, with on-line qualifiers produced by WGN, and the regional and Canadian final events hosted at Cineplex theatres.

Loyalty:

  • Membership in the SCENE loyalty program increased more than one million members in 2015, reaching a membership of 7.3 million at Dec. 31, 2015.
  • Cineplex and Scotiabank announced a 10-year extension to Oct. 31, 2025, of the SCENE loyalty program.
  • SCENE entered into a strategic marketing partnership with CARA Operations Ltd., making CARA the exclusive restaurant partner of SCENE, allowing members to earn and redeem points at over 800 CARA restaurants across Canada.
  • SCENE implemented changes to the earn and redemption rates for premium movie experiences in the fourth quarter, with members earning and redeeming SCENE points based on the type of movie experience they choose. Premium movies now earn 50 per cent more points and require 50 per cent more points for redemption, and VIP movies earn 100 per cent more points and require 100 per cent more points for redemption.

Corporate:

  • Effective with the May, 2015, dividend, the board of directors of Cineplex announced a monthly dividend increase to 13 cents per share ($1.56 on an annual basis) up from 12.5 cents per share ($1.50 on an annual basis);
  • Launched a new integrated brand platform entitled "See The Big Picture" to forge stronger connections with Cineplex guests and customers, as well as unify all of its businesses;
  • Cineplex hosted its fifth annual National Community Day in October, 2015, in support of Free the Children, its national charitable partner. In the past five years, Cineplex has raised over $2.0-million on community days;
  • During 2015, Cineplex was once again named by Waterstone Human Capital one of Canada's 10 Most Admired Corporate Cultures in the large enterprise category for a second consecutive three-year term.

Operating results for the three months and year ended Dec. 31, 2015

Total revenues

Total revenues for the three months ended Dec. 31, 2015, increased $75.2-million (22.6 per cent) to $407.4-million as compared with the prior year period. Total revenues for the year ended Dec. 31, 2015, increased $136.2-million (11.0 per cent) to $1.4-billion as compared with the prior year. A discussion of the factors affecting the changes in box office, food service, media and other revenues for the period is provided below.

Box office revenues

Box office revenues increased $23.8-million, or 13.8 per cent, to $196.3-million during the fourth quarter of 2015, compared with $172.5-million recorded in the same period in 2014, due to the record breaking success of Star Wars: The Force Awakens, which was in theatres for 14 days in the quarter. Both box office revenues and attendance (which increased 7.1 per cent in the period) were all-time quarterly records for Cineplex.

BPP for the three months ended Dec. 31, 2015, was $9.63, a 57-cent increase from the prior year period and an all-time quarterly record for Cineplex. The increase in BPP was due to the strong performance of Star Wars: The Force Awakens which was available in 3-D, and was a popular choice for premium-viewing options including UltraAVX, VIP, Imax and D-Box. Box office revenues from premium product accounted for 46.8 per cent of box office revenues in the current period, up from 29.4 per cent in the prior year period, and represents the highest percentage ever reported in a quarter by Cineplex.

Full year

Box office revenues for the year ended Dec. 31, 2015, were $711.1-million, an increase of $38.4-million or 5.7 per cent over the prior year. The attendance and box office increases in the period were due to the strong film product released in the year and both represent annual records for Cineplex. The success of the blockbuster titles released in the year resulted in the top five films in the current period outperforming the top five films in the prior year. The top five films in 2015 rank in the top 11 highest-grossing films of all time, with the current year top five accounting for 22.2 per cent of box office revenues compared with 15.3 per cent in the prior year period.

Cineplex's BPP for the year ended Dec. 31, 2015, increased 10 cents, or 1.1 per cent, from $9.13 in 2014 to $9.23 in 2015. This increase was primarily due to the film mix in the current year compared with the prior year, with the current year featuring stronger performing premium-priced offerings. Premium-priced offerings accounted for 38.9 per cent of Cineplex's box office revenues in the year ended Dec. 31, 2015, compared with 37.8 per cent in the due to expanded VIP, UltraAVX, Imax and D-Box offerings across the circuit.

Food service revenues

Fourth quarter

Food service revenues increased $16.0-million, or 16.4 per cent, as compared with the prior year period due to the 8.6-per-cent increase in CPP and the impact of the 7.1-per-cent increase in attendance. Both food service revenues and the CPP of $5.58 are all-time quarterly records for Cineplex. Expanded offerings outside of core food service products, including offerings at Cineplex's VIP Cinemas, have resulted in higher average transaction values, resulting in the higher CPP in the period.

Full year

Food service revenues increased $43.4-million, or 11.6 per cent, as compared with the prior year due to both higher CPP and higher attendance, resulting in an annual record of $418.4-million. CPP increased from $5.09 in 2014 to $5.43 in 2015, an annual record for Cineplex.

While the 10-per-cent SCENE discount and SCENE points issued on food service purchases reduce individual transaction values which impacts CPP, Cineplex believes that this loyalty program drives incremental visits and concession purchases, resulting in higher overall concession revenues.

Media revenues

Fourth quarter

Total media revenues increased 17.9 per cent to $55.3-million in the fourth quarter of 2015 compared with the prior year period. This increase was due to record Cineplex media revenues, up $11.6-million (38.0 per cent) as compared with the prior year period. This growth came from strong preshow and showtime results, particularly in the electronics and gaming industries.

Cineplex digital media revenues decreased $3.2-million due to lower project revenues as compared with the prior year period due to the timing of project installations in 2015 as compared with 2014. This decrease was partially offset by higher advertising and service revenues on various networks, including TimsTV and Oxford shopping mall networks. During the quarter, Cineplex digital media announced it had been selected by A&W to be the sole provider of digital menu boards for its over 850 restaurants across Canada and subsequent to the period-end announced it had been selected by ADQ as the endorsed provider of in-store digital merchandising solutions for the Dairy Queen system in the U.S. and Canada. The rollout of the A&W and ADQ projects in 2016 will result in project revenues, as well as subsequent advertising and service revenues once the networks are installed and operational.

Full year

Total media revenues increased $19.5-million, or 14.5 per cent, in the year ended Dec. 31, 2015, compared with the prior year. The increase was due to the record performance of Cineplex media, which reported growth of $21.1-million (23.1 per cent) compared with the prior year due primarily to strong showtime results in the automotive and electronics industries. Cineplex digital media revenues decreased $1.6-million due to lower project revenues in 2015 compared with 2014, partially offset by higher advertising and service revenues on various networks including TimsTV and Oxford.

Other revenues

Fourth quarter

Other revenues increased 177.9 per cent, or $26.9-million, to $42.0-million in the fourth quarter of 2015 compared with the prior year period primarily due to the consolidation of CSI following Cineplex's acquisition on Oct. 1, 2015, of the 50 per cent of CSI it did not already own ($21.2-million). Games revenues from Cineplex exhibition locations increased $500,000 due to higher attendance in the theatres and the addition of six XSCAPE Entertainment Centres since the prior year period.

The increase in other of $5.2-million in the period was primarily due to additional revenues arising from enhanced guest service initiatives, higher breakage revenues for Cineplex gift cards and coupons, as well as breakage revenues recognized in SCENE LP, and new business initiatives.

Full year

For the first three quarters of 2015 and all of 2014, games revenues did not include Cineplex's 50-per-cent share of the results of CSI, which were included in share of income of joint ventures. Other revenues increased 66.2 per cent from $52.8-million in 2014 to $87.7-million during 2015, primarily due to the $21.2-million impact of CSI in the fourth quarter of 2015. Games revenues from Cineplex exhibition locations increased $2.1-million primarily due to the addition of six XSCAPE Entertainment Centres since the prior year period.

The increase in other of $11.7-million was primarily due to additional revenues arising from enhanced guest service initiatives, higher breakage revenues for Cineplex gift cards and coupons, as well as breakage revenues recognized in SCENE LP, and new business initiatives.

Film cost

Fourth quarter

Film cost varies primarily with box office revenues and can vary from quarter to quarter based on the relative strength of the titles exhibited during the period. The increase in film cost percentage in the current period is as a result of the concentration of box office results from a few titles, with the top four films in the current period accounting for 50.2 per cent of box office revenues (2014 -- top four represented 36.4 per cent).

Full year

The full year increase in film cost was due to the 5.7-per-cent increase in box office revenues and the 1.3-per-cent increase in film cost percentage during the year. The increase in the film cost percentage as compared with the prior year is as a result of the concentration of box office revenues from a few titles. The top five films in the current year rank in the top 11 highest grossing films of all time and accounted for 22.2 per cent of box office revenues in 2015 (2014 -- top five represented 15.3 per cent).

Cost of food service

Fourth quarter

Cost of food service varies primarily with theatre attendance as well as the quantity and mix of offerings sold. The increase in the cost of food service as compared with the prior year period was due to the higher food service revenues, partially offset by the 0.3-per-cent decrease in the concession cost percentage during the period. The concession margin per patron increased from $4.00 in the fourth quarter of 2014 to $4.36 in the same period in 2015, reflecting the impact of the higher CPP during the period and the impact of the lower concession cost percentage.

Full year

The increase in the cost of food service as compared with the prior year was due to higher food service revenues, partially offset by the 0.1-per-cent decrease in the concession cost percentage during the year. The concession margin per patron increased from $3.99 in the prior year period to $4.26 in the current period, reflecting the impact of the higher CPP in the current year and the lower concession cost percentage.

Despite the 10-per-cent discount offered to SCENE members and SCENE points offered on select offerings, which contribute to a higher concession cost percentage, Cineplex believes the SCENE program drives incremental attendance and purchase incidence which increases food service revenues and CPP.

Depreciation and amortization

The quarterly and annual increase in depreciation of property, equipment and leaseholds of $3.0-million and year-to-date increase of $10.1-million are primarily due to the impact of equipment and leasehold improvements relating to assets acquired through acquisitions, new theatre construction and digital media asset additions.

The quarterly and annual increase in amortization of intangible assets and other is primarily due to intangible assets acquired in the WGN and CSI transactions.

Other costs

Other costs include three main subcategories of expenses, including theatre occupancy expenses, which capture the rent and associated occupancy costs for Cineplex's various operations; other operating expenses, which include the costs related to running Cineplex's film entertainment and content, media, amusement gaming, and leisure, as well as Cineplex's ancillary businesses; and general and administrative expenses, which include costs related to managing Cineplex's operations, including head office expenses.

Theatre occupancy expenses

Fourth quarter

Theatre occupancy expenses increased $500,000 during the fourth quarter of 2015 compared with the prior year period. This increase was primarily due to higher same-store rent expense ($600,000) and the impact of lower one-time credits in the current period than the prior year ($400,000), partially offset by the impact of disposed theatres net of new and acquired theatres ($200,000).

Full year

The increase in theatre occupancy expenses of $1.3-million for 2015 compared with the prior year was primarily due to the impact of new and acquired theatres net of disposed theatres, and higher same-store rent expenses, partially offset by the impact of one-time credits.

Other operating expenses

Fourth quarter

Other operating expenses during the fourth quarter of 2015 increased $28.9-million or 30.6 per cent compared with the prior year period. The major component of the increase was the impact of CSI acquired in 2015 ($19.0-million) and not included in prior year comparatives. Same-store payroll costs increased $4.0-million due to the extended operating hours at select theatres for the opening of Star Wars: The Force Awakens as well as higher minimum wage rates in certain areas of the country. The decrease in media-related costs is due to the lower volume of digital media project installations in the period compared with the prior year.

The major movements in the other category include higher 3-D royalty fees ($1.3-million) due to higher 3-D attendance in the current period compared with the prior year, higher SCENE program costs ($1.2-million) due to marketing campaigns surrounding the program's earn and redeem changes implemented in the quarter, as well as marketing support for the program's partnerships with SportChek and CARA, higher credit card service fees due primarily to the record ticket presales for Star Wars: The Force Awakens ($700,000), and higher costs relating to the higher business volumes in the theatres compared with the prior year period.

Full year

For the year ended Dec. 31, 2015, other operating expenses increased $37.4-million, primarily due to the inclusion of CSI ($19.0-million). Same store payroll costs increased $7.1-million due to the higher business volumes throughout the year as well as the extended operating hours at select theatres for the opening of Star Wars: The Force Awakens, and higher minimum wage rates. The impact of new and acquired theatres net of disposed theatres contributed $6.3-million to the increase year over year. The decrease in media-related costs is due to the lower volume of digital media project installations in 2015 compared with 2014.

The major movement in the other category is higher SCENE program costs ($2.8-million) due to marketing campaigns surrounding the program's earn and redeem changes, support for the SportChek and CARA partnerships, and the impact of the larger member base.

General and administrative expenses

Fourth quarter

G&A expenses increased $2.7-million during the fourth quarter of 2015 compared with the prior year period primarily due to higher head office payroll expenses and a $1.1-million increase in LTIP expense.

Full year

G&A expenses for 2015 increased $10.1-million compared with the prior year, due to the $6.7-million increase in LTIP expense due primarily to the larger appreciation in Cineplex's share price in 2015 compared with 2014. The $3.4-million increase in G&A, excluding LTIP and option expense, is primarily due to higher head office payroll.

Change in fair value of financial instrument

The deferred consideration relating to Cineplex's acquisition of CDN in 2013 is recorded at fair value and included in accounts payable and accrued liabilities on the balance sheet as at Dec. 31, 2015. The sale-and-purchase agreement sets out a process by which the final consideration will be determined and will be settled in early 2016. Cineplex has measured the liability as at Dec. 31, 2015, based on a weighted average probability of reasonably possible outcomes. Cineplex has adjusted the deferred consideration to the best estimate of the expected value, being $10.0-million. This resulted in a reduction of the liability of $29.1-million.

Earnings before interest, income taxes, depreciation and amortization

Adjusted EBITDA for the fourth quarter of 2015 increased $22.5-million, or 35.9 per cent, as compared with the prior year period, to $85.2-million. This represents an all-time quarterly record for Cineplex, exceeding the previous record of $65.3-million recognized in the second quarter of 2015. The increase as compared with the prior year period was primarily due to record attendance resulting in record film entertainment revenues and higher contribution from Cineplex media due to record media sales volumes. Adjusted EBITDA margin, calculated as adjusted EBITDA divided by total revenues, was 20.9 per cent in the current period, an increase of 2.0 per cent from 18.9 per cent in the prior year period.

Adjusted EBITDA for the year ended Dec. 31, 2015, increased $48.8-million, or 24.3 per cent, as compared with the prior year due to higher revenues in all major categories compared with the prior year. The adjusted EBITDA of $249.8-million represents an annual record for Cineplex. Adjusted EBITDA margin was 18.2 per cent in 2015 compared with 16.3 per cent in 2014.

Adjusted free cash flow

For the fourth quarter of 2015, adjusted free cash flow per common share of Cineplex was 84 cents as compared with 68 cents in the prior year period. The declared dividends per common share of Cineplex were 39 cents in the fourth quarter of 2015 and 38 cents in the prior year period. During the year ended Dec. 31, 2015, Cineplex generated adjusted free cash flow per share of $2.49, compared with $2.31 per share in the year ended Dec. 31, 2014. Cineplex declared dividends per share of $1.54 and $1.48, respectively, in each year. The payout ratios for these periods were approximately 61.8 per cent and 64.1 per cent, respectively. Adjusted free cash flow per common share and the payout ratios for the 2014 periods were positively impacted by Cineplex's use of loss carryforwards acquired through Cineplex's acquisition of AMC Ventures Inc. in 2012, resulting in Cineplex's cash income taxes in 2014 being substantially reduced. None of those losses are available to be used to reduce taxable income in 2015.

                                                                                                                                        
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                       (In thousands, except per share)

                           Three months ended Dec. 31,  Year ended  Dec. 31,
                                      2015       2014       2015       2014
Revenues
Box office                       $ 196,293  $ 172,460  $ 711,107  $ 672,678
Food service                       113,799     97,778    418,445    375,039
Media                               55,258     46,852    153,646    134,189
Other                               42,022     15,121     87,745     52,810
                                   407,372    332,211  1,370,943  1,234,716
Expenses
Film cost                          105,210     88,657    379,103    349,564
Cost of food service                24,836     21,579     90,530     81,455
Depreciation and amortization       24,526     19,922     89,339     77,450
Loss on disposal of assets             899        626      3,236      3,393
Gain on acquisition of business     (7,447)         -     (7,447)         -
Other costs                        192,378    160,280    655,389    606,677
Share of income of joint
ventures                              (970)      (760)    (3,556)    (2,856)
Interest expense                     5,294      5,676     22,443     21,948
Interest income                        (52)       (45)      (186)      (330)
Change in fair value of
financial instrument               (29,076)         -    (29,076)         -
                                   315,598    295,935  1,199,775  1,137,301
Income before income taxes          91,774     36,276    171,168     97,415
Provision for income taxes
Current                             15,190      8,238     37,026     10,625
Deferred                              (221)    (4,043)      (107)    10,519
                                    14,969      4,195     36,919     21,144
Net income                       $  76,805  $  32,081  $ 134,249  $  76,271
Attributable to
Owners of Cineplex               $  77,172  $  32,081  $ 134,697  $  76,271
Non-controlling interests             (367)         -       (448)         -
Net income                       $  76,805  $  32,081  $ 134,249  $  76,271
Basic net income per share
attributable to owners of
Cineplex                         $    1.22  $    0.51  $    2.13  $    1.21
Diluted net income per share
attributable to owners of
Cineplex                         $    1.20  $    0.51  $    2.12  $    1.20

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