Cineplex sales and profits down as fewer people go to the movies
Cineplex Inc. saw its third-quarter profit and revenue slip lower compared with a year ago as fewer people went to the movies.
The movie theatre company says it earned $17.2 million or 27 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $26.0 million or 41 cents per diluted share a
Revenue totalled $370.4 million, down from $376.0 million.
Cineplex (TSX:CGX) says attendance fell to 16.8 million compared with 19.2 million in the same quarter last year.
However, while attendance was down, customers spent more.
The company says box office revenue per patron increased to $9.81 compared with $9.65 a year ago, while concession revenue per patron also increased to $6.01 compared with $5.69 last year.