The Globe and Mail reports in its Thursday, Feb. 13, edition that attendance is down for the fourth year in a row, but revenue is up at Cineplex. The Globe's Susan Krashinsky Robertson writes that Cineplex saw 66.4 million visitors last year, down from 69.3 million in 2018.
Revenue, however, grew to $1.67-billion in 2019, up from $1.61-billion the year before. While box office revenue declined 2.6 per cent to $705.5-million, Cineplex made more money for each visitor on tickets and saw food-service revenue at its theatres grow by 1.3 per cent to $446.6-million, a record for the company. Cineplex posted its earnings the day after investors overwhelmingly approved a sale of the company to Cineworld Group PLC. Cineplex expects the deal to close some time between March 23 and June 30.
Acquisition costs pushed down Cineplex's net income, which fell to $3.5-million or six cents a share in the three months ended Dec. 31, 2019, down from $29.3-million or 43 cents in the same period the year before. For the full year, net income was $28.9-million, down from $77-million in 2018. The declines were partly owing to $11.7-million in costs, including professional fees and some stock-based compensation that was accelerated.
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