The No. 1 theater chain probably wants to forget the first three months of 2013. It ended up with $22.4M in net income, -51.6% vs. the period last year, on revenues of $642.8M, -6.1%. Analysts thought revenues would hit $652.7M. Earnings of 13 cents a share matched expectations. Admission revenues fell 7.9% to $436.6M as attendance fell 7.6% to $49.6M with an average ticket price of $8.79, down 4 cents. Concessions revenue fell just 4.6% to $171.8M as average spending per patron rose 11 cents to $3.46. “In a challenging box office environment, we’re pleased that the increase in our average concession sales per patron and our focus on controlling variable costs helped drive free cash flow of over $90M in the first quarter,” CEO Amy Miles says.
Regal Says Weak Box Office Sales Resulted In Soft Q1 Revenues
Trending Now on Deadline
'Dancing With The Stars' Finale Ratings Hit 4-Season High, 'The Voice' Down, 'Flash' & 'Mindy Project' Even
More From Lieberman
- Will Redbox's 25% Price Hike For DVD Rentals Hurt Its Bargain Image?
- Exhibitors Agree To “Landmark” ADA Compromise On Closed Captioning
- Court Blocks FCC On Content Deals, Cutting Outsiders' Access To Program Terms
- Turner Networks, Including CNN, Return To Dish Network
- Norman Lear Nixes 'All In The Family' Reboot For Sony--For Now
- Aereo Files For Bankruptcy Protection