TORONTO – Cineplex Inc. said it generated positive net income for the first time since the start of the pandemic.
The movie theater company said net income of $1.3 million or two cents per share for the quarter ended June 30 compared with a loss of $103.7 million or $1.64 per share one year prior.
Total revenue came in at $349.9 million, up from $64.9 million the year before.
Cineplex said moviegoers for the quarter reached 11.1 million compared with 1.1 million in the same quarter last year as it still faced pandemic-related restrictions.
Box office revenue per patron was $12.29 in the second quarter, compared with $10.89 a year ago, while franchise revenue per patron was $8.84, up from $7.86 in the same quarter last year.
Top Gun: Maverick, Doctor Strange in Madness’ Multiverse, and Jurassic World Dominion were Cineplex’s top films for the quarter, and CEO Ellis Jacob said in a statement that the cumulative success of these films “is testament to attests to the fact that when strong cinema production becomes available, Canadians return to (company) theaters in droves. “
This report by the Canadian Press was first published on August 11, 2022.
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