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. |
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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.
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
Investor Relations: Mahsa Rejali, Vice President, Corporate Development and Investor Relations, [email protected]; Media Relations: Samantha Shecter, Manager, Communications, [email protected]
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