TORONTO, Dec. 15,
2022 /CNW/ - (TSX: CGX) – Today, Cineplex Inc.
("Cineplex" or the "Company") reported November box office revenues
of $38 million, which amounts to 73
per cent of box office revenues generated during the same month in
2019. Leading film performances in November included Black
Panther: Wakanda Forever, representing 52 per cent of the total
box office, Black Adam, and Ticket to Paradise.
With one major Hollywood title
dominating November's box office, Cineplex's content
diversification strategy once again enabled the Company to
outperform the North American market box office recovery by a
notable 600 basis points. International film product accounted for
five of the top 20 films during the month of November and, in each
instance, the Company took an industry leading position, earning an
impressive 40 per cent to 94 per cent of the North American market
share.
"We continue to see momentum through our focus on alternative
content to balance the ebb and flow of the Hollywood film slate. Our team has been a
pioneer in bringing unique content to the big screen, including
international titles and other alternative programming, and that's
something we are very proud of," said Ellis
Jacob, President & CEO, Cineplex. "Years of customer
data gives us the ability to identify trends and interests of
Canadians from various communities and serve them the most relevant
content when they want to see it. We look forward to the opening of
Avatar: The Way of Water later this week, the sequel to the
highest grossing film of all time, and for which the reviews have
been spectacular."
Period
|
2019 Box Office
(i)
|
2022 Box Office
(i)
|
2022 as a Percentage
of 2019
|
October
|
$54,528
|
$33,907
|
62 %
|
November
|
$52,314
|
$37,981
|
73 %
|
(i) Balances are in
thousands of dollars.
|
About Cineplex
Cineplex (TSX: CGX) is a top-tier Canadian brand that operates
in the Film Entertainment and Content, Amusement and Leisure, and
Media sectors. Cineplex offers a unique escape from the everyday to
millions of guests through its circuit of over 170 movie theatres
and location-based entertainment venues. In addition to being
Canada's largest and most
innovative film exhibitor, the company operates Canada's favourite destination for 'Eats
& Entertainment' (The Rec Room) and complexes specially
designed for teens and families (Playdium). It also operates
successful businesses in digital commerce (CineplexStore.com),
alternative programming (Cineplex Events), motion picture
distribution (Cineplex Pictures), cinema media (Cineplex Media),
digital place-based media (Cineplex Digital Media) and amusement
solutions (Player One Amusement Group). Providing even more value
for its guests, Cineplex is a partner in Scene+, Canada's largest entertainment and lifestyle
loyalty program.
Proudly recognized as having one of the country's Most Admired
Corporate Cultures, Cineplex employs over 10,000 people in its
offices and venues across Canada
and the United States. To learn
more, visit Cineplex.com.
Caution Regarding Forward-Looking
Statements
Certain information included in this news release contains
forward-looking statements within the meaning of applicable
securities laws. These forward-looking statements include, among
others, statements with respect to Cineplex's objectives, goals and
strategies to achieve those objectives and goals, as well as
statements with respect to Cineplex's beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. The words
"may", "will", "could", "should", "would", "suspect", "outlook",
"believe", "plan", "anticipate", "estimate", "expect", "intend",
"forecast", "objective" and "continue" (or the negative thereof),
and words and expressions of similar import, are intended to
identify forward-looking statements.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, including those described in
Cineplex's Annual Information Form ("AIF"), its MD&A for the
year ended December 31, 2021 and for
the nine months ended September 30,
2022 (collectively, the "MD&A"). Those risks and
uncertainties, both general and specific, give rise to the
possibility that predictions, forecasts, projections and other
forward-looking statements will not be achieved. Certain material
factors or assumptions are applied in making forward-looking
statements and actual results may differ materially from those
expressed or implied in such statements. Cineplex cautions readers
not to place undue reliance on these statements, as a number of
important factors, many of which are beyond Cineplex's control,
could cause actual results to differ materially from the beliefs,
plans, objectives, expectations, anticipations, estimates and
intentions expressed in such forward-looking statements. These
factors include, but are not limited to, the duration and impact of
the COVID-19 pandemic on Cineplex, the movie exhibition industry
and the economy in general, as well as Cineplex's response to the
COVID-19 pandemic as it relates to the closure of its theatres and
location-based entertainment venues, employee reductions and other
cost-cutting initiatives, and increased expenses relating to safety
measures taken at its facilities to protect the health and
well-being of customers and employees; Cineplex's expectations with
respect to liquidity and capital expenditures, including its
ability to meet its ongoing capital, operating and other
obligations, and anticipated needs for, and sources of, funds;
Cineplex's ability to execute cost-cutting and revenue enhancement
initiatives in response to the COVID-19 pandemic; and risks
generally encountered in the relevant industry, competition,
customer, legal, taxation and accounting matters; the outcome of
any litigation surrounding the termination of the Cineworld
transaction; and diversion of management time on litigation related
to the Cineworld transaction. The foregoing list of factors that
may affect future results is not exhaustive. When reviewing
Cineplex's forward-looking statements, readers should carefully
consider the foregoing factors and other uncertainties and
potential events. Additional information about factors that may
cause actual results to differ materially from expectations and
about material factors or assumptions applied in making
forward-looking statements may be found in the "Risks and
Uncertainties" section of Cineplex's MD&A.
Cineplex does not undertake to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
Canadian securities law. Additionally, we undertake no obligation
to comment on analyses, expectations or statements made by third
parties in respect of Cineplex, its financial or operating results
or its securities. All forward-looking statements in this news
release are made as of the date hereof and are qualified by these
cautionary statements. Additional information, including Cineplex's
AIF and MD&A, can be found on SEDAR at www.sedar.com.
SOURCE Cineplex