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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2019-08-07 C$ 23.00
Recent Sedar Documents

Cineplex earns $19.39-million in Q2

2019-08-08 07:04 ET - News Release

Mr. Ellis Jacob reports

CINEPLEX INC. REPORTS RECORD SECOND QUARTER RESULTS

Cineplex Inc. has released its financial results for the three and six months ended June 30, 2019.

                                    SECOND QUARTER RESULTS
                                                                    2019            2018

Total revenues                                            $439.2-million   $409.1-million
Theatre attendance                                          17.0-million     17.3-million
Net income*                                                $19.4-million    $24.4-million
Box office revenues per patron (BPP)                              $11.13           $10.82
Concession revenues per patron (CPP)                               $7.04            $6.59
Adjusted EBITDA                                           $112.2-million    $67.8-million
Adjusted EBITDAaL                                          $68.1-million    $63.7-million
Adjusted EBITDAaL margin                                           15.5%            15.6%
Adjusted free cash flow                                    $49.3-million    $43.6-million
Adjusted free cash flow per common share of Cineplex              $0.778           $0.688
Earnings per share (EPS) -- basic*                                 $0.31            $0.38
EPS -- diluted*                                                    $0.31            $0.38
                    
* The adoption of IFRS 16 (international financial reporting standards) negatively 
impacted the net income by approximately $3.9-million in the current period and 
approximately $6.9-million or 11 cents per share as compared with Q2 2018.

                               YEAR-TO-DATE RESULTS
  
                                                                    2019             2018

Total revenues                                            $804.2-million   $799.9-million
Theatre attendance                                          32.0-million     35.1-million
Net income*                                                $12.0-million    $39.6-million
Box office revenues per patron (BPP)                              $10.81           $10.51
Concession revenues per patron (CPP)                               $6.72            $6.34
Adjusted EBITDA                                           $189.7-million   $121.4-million
Adjusted EBITDAaL                                         $102.4-million   $113.2-million
Adjusted EBITDAaL margin                                           12.7%            14.2%
Adjusted free cash flow                                    $78.4-million    $82.2-million
Adjusted free cash flow per common share of Cineplex              $1.238           $1.298
Earnings per share (EPS) -- basic*                                 $0.19            $0.63
EPS -- diluted*                                                    $0.19            $0.63

* The adoption of IFRS 16 negatively impacted the net income by approximately 
$7.2-million in the year to date and approximately $13.3-million or 21 cents per share 
as compared with 2018.

"As a result of the successful ongoing execution of our diversification strategy, Cineplex reported a record second quarter with increases across all revenue sources, resulting in an all-time quarterly total revenue record of $439.2-million, up 7.4 per cent, compared to the prior year," said Ellis Jacob, president and chief executive officer, Cineplex.

"Reporting our second-highest-ever Q2 box office revenue, we also achieved second quarter records in all other revenue lines. Key accomplishments during the quarter included a 21.5-per-cent increase in media revenue, primarily the result of robust showtime and preshow advertising sales and higher digital place-based media project installations. Although the NBA finals contributed to a marginal theatre attendance decrease, we were able to leverage excitement around the Toronto Raptors brand-wise by hosting popular viewing parties at 46 theatres coast to coast, in addition to driving business at our seven locations of The Rec Room. We were pleased to open Cineplex Cinemas Park Royal and VIP in Vancouver, B.C., and our seventh location of The Rec Room at Avalon Mall in St. John's, Nfld. We also increased our monthly dividend by 3.4 per cent to 15 cents per share or $1.80 on an annualized basis.

"In addition to the record results, Cineplex also reported record second quarter adjusted EBITDAaL of $68.1-million, up 6.9 per cent compared to the prior year.

"The third quarter is off to a strong start with the Canadian box office up 10 per cent. Looking ahead, the remainder of the year has a variety of powerful titles from sequels to first time stories and I am encouraged by the positive results from our diversified businesses, as we continue to build scale and achieve more meaningful growth in the future."

Key developments in the second quarter of 2019

The following describes certain key business initiatives undertaken and results achieved during the second quarter of 2019 in each of Cineplex's core business areas:

Film entertainment and content

Theatre exhibition:

  • Reported second quarter box office revenues of $189.4-million, an increase of $2.1-million (1.1 per cent) from the $187.2-million reported in the prior-year period. The impact of the growth in the BPP was partially offset by the decrease in the theatre attendance of $300,00 (1.7 per cent) over the prior-year period.
  • BPP was $11.13, an all-time quarterly record for Cineplex, 31 cents (2.9 per cent) higher than $10.82 reported during the prior-year period.
  • Opened Cineplex Cinemas Park Royal and VIP in Vancouver, B.C., an 11-screen theatre featuring all recliner seating as well as an UltraAVX screen, D-Box motion seats and four VIP auditoriums.
  • Announced plans for a new all-in-one entertainment complex at Kildonan Place in Winnipeg, Man., which is scheduled to open in 2021. The entertainment complex will include a six-screen theatre featuring all recliner seating including an UltraAVX screen, a large amusement game and attractions area featuring virtual reality (VR), and a range of dining experiences.

Theatre food service:

  • Reported an all-time quarterly record for theatre food service revenues of $119.7-million in the second quarter, an increase of $5.8-million (5.1 per cent) from the prior-year period as a result of the growth in CPP more than offsetting the decline in theatre attendance.
  • CPP was $7.04, an all-time quarterly record for Cineplex, 45 cents (6.8 per cent) higher than $6.59 reported during the prior-year period.
  • Expanded alcohol beverage service to an additional 12 theatres, now totalling 66 (excluding VIP).
  • Added nine additional locations to the Uber Eats delivery platform, which now provides home delivery from 101 theatres.

Alternative programming:

  • Alternative programming (Cineplex Events) featured two live performances from The Metropolitan Opera and WWE's WrestleMania 35 as well as the live broadcast of All About Eve from National Theatre Live and Noah from Sight and Sound Theatres.
  • Cineplex international film program featured several strong performing international films, including Punjabi and Hindi in select markets across the country.
  • In partnership with Maple Leaf Sports & Entertainment (MLSE) Cineplex hosted Toronto Raptors viewing parties during the NBA finals at 46 theatres coast to coast.

Digital commerce:

  • On-line and mobile ticketing represented 40 per cent of total theatre admissions during the second quarter, up from 32 per cent in the prior-year period.
  • Total registered users for Cineplex Store increased by 42 per cent in the second quarter of 2019 as compared with the prior-year period.
  • Cineplex Store registered a 179-per-cent increase in device activations over the prior-year period.
  • Active users of the Cineplex Store increased by 86 per cent as compared with the prior-year period.

Media:

  • Reported a record second quarter for total media revenues of $49.6-million, an increase of $8.8-million (21.5 per cent) compared with the prior-year period.

Cinema media:

  • Reported record second quarter revenues of $30.0-million, compared with $26.9-million in the prior-year period, an increase of 11.4 per cent, primarily due to increases in showtime and preshow advertising.

Digital place-based media:

  • Reported an all-time quarterly record for digital place-based media revenues of $19.6-million, an increase of $5.7-million (41.3 per cent) compared with the prior-year period due to higher project installation revenues and other digital services revenues.
  • Announced a new partnership with Mountain Equipment Co-op (MEC) to deliver a unique digital signage solution that will optimize the retail experience for customers at MEC stores across Canada.

Amusement and leisure

Amusement solutions:

  • Reported record second quarter revenues of $48.4-million, an increase of $7.0-million (16.8 per cent) over the prior-year period as a result of increased route operations revenue and distribution sales.

Location-based entertainment:

  • The Rec Room reported second quarter revenue of $20.9-million, an increase of $5.2-million (33.4 per cent) over the prior-year period due to two additional locations open in the current period as compared with last year.
  • Opened The Rec Room at Avalon Mall in St. John's, Nfld., on April 30, 2019, the seventh location of The Rec Room.
  • Announced plans for a new The Rec Room at Granville Entertainment District in Vancouver, B.C., expected to open in 2021.

E-sports:

  • WGN hosted its fourth annual Call of Duty e-sports tournament. The tournament finals took place on April 6 and April 7, 2019, at the Scotiabank Theatre Toronto for a grand prize of $25,000.
  • Collegiate Starleague (CSL) held the 2019 grand finals in Atlantic City on April 26 to April 28, 2019, where e-sports teams competed for over $100,000 in scholarships.

Loyalty

Membership in the Scene loyalty program increased by 200,000 members in the period, reaching 9.9 million at June 30, 2019.

Corporate:

  • During the second quarter of 2019, the board of directors of Cineplex announced a monthly dividend increase of 3.4 per cent to 15 cents per share ($1.80 on an annual basis) up from 14.5 cents per share ($1.74 on an annual basis) effective with the May, 2019, dividend paid in June, 2019.

Operating results for the three and six months ended June 30, 2019

Total revenues

Total revenues for the three months ended June 30, 2019, increased $30.2-million (7.4 per cent) to $439.2-million as compared with the prior-year period. Total revenues for the six months ended June 30, 2019, increased $4.3-million (0.5 per cent) to $804.2-million as compared with the prior-year period. A discussion of the factors affecting the changes in box office, food service, media, amusement and other revenues for the period is provided below.

Box office revenues increased $2.1-million, or 1.1 per cent, to $189.4-million during the period, compared with $187.2-million reported in the second quarter in 2018. The increase was due to a second quarter BPP of $11.13, a 31-cent increase (2.9 per cent) from the prior-year period, setting an all-time quarterly record for Cineplex. This increase was due to a higher percentage of box office revenue from premium price offerings as a result of the success of Avengers: Endgame, which became the highest-grossing film worldwide and the second highest in North America, in addition to price increases in selective markets. Premium priced offerings accounted for 50.9 per cent of Cineplex's box office revenues in current year period as compared with 49.0 per cent in the prior-year period. The increase in BPP was partially offset by a 1.7-per-cent decrease to 17.0 million guests in theatre attendance, as compared with the prior-year period. The theatre attendance decrease was due to the wider appeal of the film slate in the second quarter of 2018 as compared with the second quarter of 2019 as well as also being negatively impacted by the Toronto Raptors' championship run. Although Cineplex hosted viewing parties for the finals series at 46 theatres coast to coast, the impact of home viewing of playoff games more than offset the impact of the in-theatre events.

Year to date

Box office revenues for the six months ended June 30, 2019, were $345.9-million, a decrease of $22.7-million or 6.2 per cent as compared with the prior year due to the 8.8-per-cent decrease in theatre attendance, more than offsetting the higher BPP in the current-year period compared with the 2018 period.

Cineplex's BPP for the period increased 30 cents, or 2.9 per cent, from $10.51 in the prior-year period to $10.81 in the current period. This increase was due to a higher percentage of box office revenue from premium priced offerings, which accounted for 46.3 per cent of Cineplex's box office revenues in the six months ended June 30, 2019, as compared with 45.1 per cent in the prior-year period, as well as price increases in selective markets as compared with the prior-year period.

Food service revenues

Second quarter

Food service revenues comprise primarily concession revenues, which include food service sales at theatre locations. Food service revenues also include food and beverage sales at The Rec Room. Food service revenues increased $7.3-million or 6.0 per cent mainly as a result of the increase of $5.8-million (5.1 per cent) to $119.7-million in theatre food service revenues, an all-time quarterly record. The increase in theatre food service revenues was due to the higher CPP. CPP increased 6.8 per cent to $7.04, an all-time quarterly record for Cineplex. Expanded offerings outside of core food service products, including offerings at Cineplex's VIP Cinemas and Outtakes locations, and expanded beverage services have contributed to increased visitation and higher average transaction values, resulting in the record CPP in the period. Food service revenue from The Rec Room is not included in the CPP calculation.

Food service revenues from The Rec Room increased $1.5-million (18.3 per cent) compared with the prior-year period primarily due to the increase in locations from five in 2018 to seven in 2019.

Year to date

Food service revenues decreased $6.6-million, or 2.8 per cent as compared with the prior year, primarily due to the impact of an 8.8-per-cent decrease in theatre attendance, partially offset by the 6.3-per-cent increase in CPP and the $700,000 or 4.0-per-cent increase in contribution from The Rec Room. The CPP of $6.72 is the highest Cineplex has reported through the first six months of any year. Food service revenues from The Rec Room increased 4.0 per cent to $17.7-million as a result of the increased locations as compared with the prior-year period. Food service revenue from The Rec Room is not included in the CPP calculation.

While programs including Scene offers provided on food service purchases impact CPP, Cineplex believes that this loyalty program drives incremental visits and food service purchases, resulting in higher overall food service revenues.

Media revenues

Second quarter

Total media revenues increased $8.8-million (21.5 per cent) to a second quarter record $49.6-million as compared with the prior-year period. The increase was primarily due to a $5.7-million (41.3 per cent) increase in digital place-based media to an all-time quarterly record of $19.6-million primarily as a result of increased project installation revenues. Cinema media increased $3.1-million (11.4 per cent) to a second quarter record of $30.0-million as a result of increases in showtime and preshow advertising.

During the quarter, digital place-based media added 248 new locations (an increase of 1.8 per cent from March 31, 2019) for a total of 14,095 locations as at June 30, 2019.

Year to date

Total media revenues increased $11.3-million for the six months ended June 30, 2019, as compared with the prior-year period. The increase resulted from an $8.2-million increase in digital place-based media revenues due to higher project installation revenue and a $3.1-million increase in Cinema media due to higher showtime and preshow theatre advertising.

Year to date, digital place-based media added 593 new locations (an increase of 4.4 per cent from Dec. 31, 2018).

Amusement revenues

Second quarter

Amusement revenues increased 19.6 per cent, or $9.5-million, to a second quarter record of $58.1-million in the second quarter of 2019 compared with the prior-year period. The growth was primarily due to an increase in route revenues including the impact of the agreement signed with Cinemark in the second quarter of 2018 and an increase in distribution sales in Canada and the United States. Amusement revenues from The Rec Room increased 36.4 per cent or $2.6-million compared with the prior-year period as a result of the additional locations.

Year to date

For the year-to-date period, amusement revenues increased 18.4 per cent or $18.1-million, to $116.6-million compared with the prior-year period due to the agreement signed with Cinemark resulting in increased route and distribution revenue and strong growth in revenue from the additional locations of The Rec Room as compared with the prior-year period.

Other revenues

The quarterly and year-to-date increases in other revenues are primarily due to higher volume of digital commerce sales.

Film cost

Second quarter

Film cost varies primarily with box office revenues and can vary from quarter to quarter usually based on the relative strength of the titles exhibited during the period. This is due to film cost terms varying by title and distributor. Film cost percentage during the second quarter of 2019 was 54.4 per cent, a 0.3-per-cent decrease from the prior year.

Year to date

The year-to-date decrease in film cost expense was due to a combination of the 1.1-per-cent decrease in the film cost percentage and the lower box office revenues in the current period compared with the prior-year period. The decrease in film cost percentage is attributable to the top films in the current period having lower settlement rates compared with the prior-year period.

Cost of food service

Second quarter

Cost of food service at the theatres varies primarily with theatre attendance as well as the quantity and mix of offerings sold. Cost of food service at The Rec Room varies primarily with the volume of guests visiting the location as well as the quantity and mix between food and beverage items sold.

The increase in the theatre cost of food service as compared with the prior-year period was primarily due to the higher food service revenues in the second quarter of 2019 and the increase in the theatre concession cost percentage from 20.0 per cent in the prior-year period to 21.4 per cent in 2019.

The theatre concession margin per patron increased 4.9 per cent from $5.27 in the second quarter of 2018 to $5.53 in the same period in 2019, reflecting the impact of the higher CPP during the period.

The increase in The Rec Room cost of food service as compared with the prior-year period was due to the higher food service revenues as a result of the increase in operating locations. The Rec Room food cost percentage during the quarter was flat as compared with the prior period.

Year to date

The increase in the theatre cost of food service as compared with the prior-year period was due to the increase in the concession cost percentage. The theatre concession margin per patron increased from $5.05 in the prior-year period to $5.25 in the current period, reflecting the impact of the higher CPP in the current period.

The increase in The Rec Room cost of food service as compared with the prior-year period was due to the higher food service revenues resulting from the increased number of locations.

Depreciation and amortization

The quarterly and year-to-date increase in depreciation of property, equipment and leaseholds of $1.3-million and $2.9-million, respectively, was primarily due to the investments in amusement and leisure businesses.

The quarterly and year-to-date increase in amortization of intangible assets and other as compared with the prior-year periods was primarily due to internally developed software for digital products including the Cineplex mobile app and website platform.

The quarterly and year-to-date increase in depreciation of right-of-use assets was as a result of the adoption of IFRS 16. The right-of-use assets are depreciated over the lease term. The current quarter and year-to-date expense represents the depreciation charge for the periods.

Loss on disposal of assets

Other costs

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

Theatre occupancy expenses

Second quarter

Theatre occupancy expenses decreased $36.0-million (68.3 per cent) during the second quarter of 2019 compared with the prior-year period. This decrease was primarily due to the impact of the adoption of IFRS 16, partially offset by the impact of non-cash rent in the prior period.

Total theatre occupancy including cash lease payments decreased $1.1-million (2.0 per cent) during the second quarter of 2018 compared with the prior-year period. This decrease was due to a $1.1-million decrease in one-time credits.

Year to date

For the year-to-date period, theatre occupancy expenses decreased $69.5-million (66.4 per cent) compared with the prior year due to the impact of the adoption of IFRS partially offset by the impact of non-cash rent in the prior-year period.

For the year-to-date period, theatre occupancy including cash payments increased $1.1-million (1.0 per cent) as compared with the prior-year period. The increase was primarily due to the impact of new theatres net of disposed theatres.

Other operating expenses

Second quarter

Other operating expenses during the second quarter of 2019 increased $18.5-million or 12.9 per cent compared with the prior-year period. Cineplex incurred higher amusement and leisure costs due to an increase in the route business from P1AG and from an increase in the number of locations of The Rec Room. Media operating expenses increased due to higher CDM project installation revenue as compared with the prior-year period. Same theatre payroll expenses increased due to higher minimum wages in Alberta and British Columbia. During the second quarter of 2018, Cineplex recognized business interruption insurance proceeds of $3.7-million, as a result of the fire at Cineplex Seton and VIP in late 2017.

These increases were partially offset by the cash rent allocated to lease obligations arising upon the adoption of IFRS 16.

Year to date

For the six months ended June 30, 2019, other operating expenses increased $19.3-million or 6.6 per cent compared with the prior-year period. Cineplex incurred higher amusement and leisure costs due to an increase in distribution sales and route revenue from P1AG and from an increase in the number of locations of The Rec Room. Media operating expenses increased due to higher CDM project installation revenue as compared with the prior-year period. Scene expenses increased $1.8-million due to the timing of expenses. Other expenses increased due to higher digital commerce business volumes as compared with the prior-year period.

These increases were partially offset by a decrease in same theatre payroll and operating expenses due to a decrease in business volumes for theatre exhibition business and cash rent allocated to lease obligations arising upon the adoption of IFRS 16.

General and administrative expenses

Second quarter

G&A expenses decreased $700,000 during the second quarter of 2019 compared with the prior-year period. In the second quarter of 2018 Cineplex implemented a cost reduction initiative. Costs associated with this initiative decreased by $2.1-million as compared with the prior year. This was partially offset by a $1.1-million increase to G&A due to higher payroll costs and a $500,000 increase in LTIP expense due to continuing regular vesting and a nominal change in the share price.

Year to date

G&A expenses for the year-to-date period were flat compared with the prior-year period. Increases in G&A were primarily due to a $2.3-million increase in LTIP and a $1.2-million increase in G&A excluding LTIP and option plan expense. LTIP for the year to date reflected continuing regular vesting and a relatively flat share price during the period, compared with a significant price decrease in the prior-year period resulting in an expense recovery. G&A excluding LTIP and option plan expense increased due in part to an increase in consulting work including the software upgrade undertaken for IFRS 16. These increases were partially offset by $3.1-million reduction in the restructuring costs.

Earnings before interest, income taxes, depreciation and amortization (EBITDA)

Adjusted EBITDAaL for the second quarter of 2019 increased $4.4-million (6.9 per cent) to a second quarter record of $68.1-million as compared with the prior-year period. The increase was due to higher revenues across all businesses. The record BPP and CPP amounts resulted in higher box office and theatre food service revenues. Amusement revenues increased due to higher distribution and route revenues. Higher revenues from The Rec Room, Cineplex Media and Cineplex Digital Media also contributed to the increase for adjusted EBITDAaL. Adjusted EBITDAaL margin, calculated as adjusted EBITDAaL divided by total revenues, was 15.5 per cent, relatively flat compared with the prior-year period.

Adjusted EBITDAaL for the six months ended June 30, 2019, decreased $10.8-million, or 9.5 per cent, as compared with the prior-year period. The decrease was due to a decline in box office and theatre food service revenues as a result of reduced attendance. Adjusted EBITDAaL margin for the period was 12.7 per cent, a decrease of 1.5 per cent from 14.2 per cent in the prior-year period due to lower exhibition revenues and higher contributions from lower margin businesses including amusement and leisure.

Adjusted free cash flow

For the second quarter of 2019, adjusted free cash flow per common share of Cineplex was 78 cents as compared with 69 cents in the prior-year period. The declared dividends per common share of Cineplex were 45 cents in the second quarter of 2019 and 43 cents in the prior-year period. During the 12 months ended June 30, 2019, Cineplex generated adjusted free cash flow per share of 2.75, compared with 2.71 in the prior 12-month period. Cineplex declared dividends per share of $1.75 and $1.69, respectively, in each 12-month period. The payout ratios for these periods were 63.6 per cent and 62.5 per cent, respectively.

About Cineplex Inc.

Cineplex is a top-tier Canadian brand that operates in the film entertainment and content, amusement and leisure, and media sectors.

You are cordially invited to participate in a conference call with the management of Cineplex to review the company's second quarter. Mr. Jacob and Gord Nelson, chief financial officer, will host the call scheduled for:

  • Thursday, Aug. 8, 2019, at 10 a.m. Eastern Time.

In order to participate in the conference call please dial 647-484-0475, or toll-free from Canada or the U.S. dial 1-888-394-8218 at least 10 minutes prior to 10 a.m. Eastern Time. Please quote the conference confirmation code 6219020 to access the call.

If you cannot participate in a live mode, a replay will be available. Please dial 647-436-0148, or toll-free from Canada or the U.S. dial 1-888-203-1112. The replay pass code is 6219020.

The replay will begin at 1 p.m. ET on Thursday, Aug. 8, 2019, and end at 1 p.m. ET on Thursday, Aug. 15, 2019.

Note that media will be participating in listen-only mode.

                       INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (expressed in thousands of dollars, except per-share amounts)
  
                                                 Three months ended June 30, Six months ended June 30,
                                                           2019         2018         2019         2018
Revenues
Box office                                             $189,371     $187,234     $345,867     $368,614
Food service                                            129,563      122,270      232,621      239,218
Media                                                    49,578       40,791       84,591       73,304
Amusement                                                58,117       48,577      116,617       98,482
Other                                                    12,616       10,181       24,487       20,307
                                                        439,245      409,053      804,183      799,925
Expenses
Film cost                                               103,005      102,346      181,726      197,550
Cost of food service                                     28,247       25,020       51,683       49,796
Depreciation -- right-of-use assets                      36,557            -       73,019            -
Depreciation and amortization -- other assets            33,589       32,260       66,444       63,454
Loss on disposal of assets                                  116          640          593          850
Other costs                                             195,513      213,772      380,955      431,226
Share of income (loss) of
joint ventures and associates                            (1,643)        (835)      (2,012)      (1,732)
Interest expense -- lease obligations                    12,469          142       24,689          299
Interest expense -- other                                 5,792        6,443       11,209       12,770
Interest income (loss)                                      (59)         (58)        (133)        (145)
Foreign exchange (loss)                                     675          (67)       1,216         (832)
                                                        414,261      379,663      789,389      753,236
Income before income taxes                               24,984       29,390       14,794       46,689
Provision for income taxes
Current                                                   7,245       10,145        7,653       12,180
Deferred (loss)                                          (1,658)      (5,122)      (4,896)      (5,084)
                                                          5,587        5,023        2,757        7,096
Net income                                               19,397       24,367       12,037       39,593
Attributable to
owners of Cineplex                                       19,405       24,367       12,055       39,593
Attributable to
non-controlling interests (loss)                             (8)           -          (18)           -
Net income                                               19,397       24,367       12,037       39,593

Basic net income per share
attributable to owners of Cineplex                         0.31         0.38         0.19         0.63
Diluted net income per share
attributable to owners of Cineplex                         0.31         0.38         0.19         0.63
  

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