TORONTO, June 12,
2023 /CNW/ - (TSX: CGX) – Today, Cineplex Inc.
("Cineplex" or the "Company") provides an update on its second
quarter box office results to date, including May 2023 and the first eleven days of
June 2023. As previously disclosed,
Cineplex's combined April 2023 box
office and theatre food service revenues represented an all-time
April record for the Company. In looking at the May 2023 box office results, it is important to
note that the comparator period of May
2019 was an all-time May record for Cineplex and included
the results of the second highest grossing film of all time,
Avengers: End Game. June is off to a strong start with
Spider-Man: Across the Spider-Verse, which established
a record for the highest opening for the first weekend in June and
surpassed its predecessor, Spider-Man: Into the Spider-Verse
released in 2018, by 341%.
For the period from April
1st to June
11th, 2023, Cineplex's box office revenues are
approximately 88% of the same period in 2019 with an exciting
line-up of films still to come, including The Flash and
Indiana Jones and the Dial of Destiny. For this period, the
combined box office and theatre food service revenues in 2023 are
approximately 92% of the same period in 2019. For the month of
May 2023, Cineplex reported box
office revenues of $48 million, which
amounts to 69% of box office revenues generated during the same
time frame in 2019 and for the first eleven days of June 2023, box office revenues are exceeding
June 2019 coming in at approximately
121% of the first eleven days of June 2019.
"Successful film franchises continue to display the influence
blockbuster films have on consumer demand and have been excellent
at drawing guests to our premium offerings," said Ellis Jacob, President & CEO, Cineplex. "In
addition to strong consumer demand, we are pleased with the
quantity and quality of compelling films scheduled for June and
beyond," concluded Jacob.
Period
|
2019 Box Office
(i)
|
2023 Box Office
(i)
|
2023 as a Percentage
of 2019
|
April
|
$63,759
|
$61,278
|
96 %
|
May
|
$68,698
|
$47,514
|
69 %
|
June 1 to June 11
|
$21,599
|
$26,113
|
121 %
|
April 1 to June 11
|
$154,056
|
$134,905
|
88 %
|
(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), complexes specially designed
for teens and families (Playdium), and a newly launched
entertainment concept that brings movies, amusement gaming, dining,
and live performances together under one roof (Cineplex Junxion).
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 may include,
among others, statements with respect to Cineplex's objectives and
goals, and strategies to achieve such 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") and Management's
Discussion and Analysis ("MD&A") for the year ended
December 31, 2022. These 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, 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; and risks generally encountered in the relevant
industry, competition, customer, legal, taxation and accounting
matters. 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,
including possible consequences of COVID-19, its variants, or other
pandemics. 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, Cineplex undertakes 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