Cineplex profit drops by 38% despite rising revenues and attendance

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TORONTO – Canada’s largest theatre chain had higher attendance and sales per patron in the fourth quarter but its profit fell from a year before.

Cineplex Inc.’s attendance rose 1.6 per cent to 18.9 million visits while box office revenue per patron was up 2.6 per cent to $9.42 and concession revenue was up 6.2 per cent to $4.94 per person.

Its overall revenue was rose 8.2 per cent to $323.2 million from a year earlier but was about $4 million below the consensus estimate.

The Toronto-based company (TSX:CGX) says it had $20.2 million of net income, or $54.1 million of adjusted earnings after excluding items.

Those are down from $32.7 million of net income or $57.5 million in adjusted earnings during the fourth quarter of 2012.

On a per-share basis, Cineplex earned 32 cents — well below analyst estimates of 48 cents per share in adjusted earnings.

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