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Entertainment Cineplex reports Q1 loss as majority of theatres remain closed of under restrictions

16:06  06 may  2021
16:06  06 may  2021 Source:   thecanadianpress.com

Arclight Cinemas And Pacific Theatres Won’t Be Reopening; Parent Company Decurion Hands Keys Back To Landlords

  Arclight Cinemas And Pacific Theatres Won’t Be Reopening; Parent Company Decurion Hands Keys Back To Landlords EXCLUSIVE: Refresh for more details The last thing we needed to hear as the box office and exhibition were rebounding from the pandemic was a piece of bad news, but word spread like wild fire in distribution and exhibition circles that the Arclight Cinemas and Pacific Theatres won’t be reopening. The chain has issued a statement below.

TORONTO — Cineplex Inc. says it lost $89.7 million in its latest quarter as a majority of its theatres remained closed or under strict operating restrictions.

a sign on the side of a building © Provided by The Canadian Press

The company says the loss amounted to $1.42 per diluted share for the quarter ended March 31.

The result compared with a loss of $178.4 million or $2.82 per diluted share a year ago when it took $173.1 million in non-cash impairment charges at the start of the pandemic.

Revenue totalled $41.4 million, down from $282.8 million in the first three months of 2020.

The plunge came as theatre attendance totalled 415,000 in its most recent quarter compared with 10.7 million people a year earlier and box office revenue fell to $3.8 million from $111 million a year ago.

The movie theatre company reached a deal with its lenders earlier this year to further amend its credit agreement and completed a sale-leaseback of its head office in Toronto in a bid to help its finances.

This report by The Canadian Press was first published May 6, 2021.

Companies in this story: (TSX:CGX)

The Canadian Press

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