Cineplex Profit Up Despite Lower Canadian Cinema Attendance – The Hollywood Reporter
Canadians paying a premium for 3D movie tickets helped cinema chain post higher fourth quarter earnings.
TORONTO — Despite reduced overall revenue and theatre attendance, Canadian exhibition giant Cineplex Galaxy Income Fund on Thursday posted sharply higher fourth quarter earnings from premium 3D ticket sales and record concession sales.
Fourth quarter revenue fell 2.6% to $240.8 million, and theatre attendance was off 8% to 15.7 million customers nationwide as the latest quarter was without the box office pull of Avatar 3D during the Christmas 2009 film-going season.
At the same time, Cineplex managed a 15% lift in fourth quarter earning to $10.9 million by exploiting, post-Avatar, the 3D film boom.
Through 2010, the Canadian exhibitor installed digital and 3D equipment across its network to screen a string of blockbuster Hollywood 3D movie releases.
via Cineplex Profit Up Despite Lower Canadian Cinema Attendance – The Hollywood Reporter.
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