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