June Combined Box Office and Theatre Food Service
Revenues Exceed 2019 Levels
TORONTO, July 10,
2023 /CNW/ - (TSX: CGX) – Today, Cineplex Inc.
("Cineplex" or the "Company") reported June box office revenues of
$56 million, which amounts to 98% of
box office revenues generated during the similar period in 2019.
Combined box office and theatre food service revenues in June
amounted to 104% of June 2019
results. In the second quarter of 2023, the Company's box office
revenues were approximately 87% of the same period in 2019 and
Cineplex outpaced the North American box office recovery by more
than 500 basis points. Furthermore, combined box office and theatre
food service revenues in the second quarter of 2023 reached 92% of
the same period in 2019.
"The second quarter of 2023 marks
the first post-pandemic period where the industry saw improved film
supply with our second quarter results reflecting both the
significant impact of our industry's rebound and our efforts to
capitalize on that momentum," said Ellis
Jacob, President & CEO, Cineplex. "We are confident in
the continued strength of our business as we excitedly await the
compelling films scheduled for July and beyond, including the
highly anticipated Mission: Impossible – Dead Reckoning Part
One, Oppenheimer, Barbie, and many more," Jacob
concluded.
Period
|
2019 Box Office
(i)
|
2023 Box Office
(i)
|
2023 as a Percentage
of 2019
|
April
|
$63,755
|
$61,278
|
96 %
|
May
|
$68,698
|
$47,514
|
69 %
|
June
|
$56,918
|
$55,699
|
98 %
|
Q2
Total
|
$189,371
|
$164,491
|
87 %
|
(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