Company also Reports Strongest Combined July and August Ever
TORONTO, Sept. 11, 2023 /CNW/ - (TSX: CGX) – Cineplex, a leading entertainment and media company reported its third highest August box office revenues of all time, generating $68 million, which represents 120 per cent of box office revenues during the same month in 2019. 'Barbenheimer' continued its strong box office performance into the month of August with Barbie and Oppenheimer representing 33 per cent and 19 per cent of the total box office, respectively. The demand for an exceptional movie-going experience on the big screen continues to be reinforced, with Cineplex welcoming over 6.1 million guests, representing 107 per cent of August 2019 attendance levels. In celebration of National Cinema Day on Sunday, August 27, 2023, nearly 700,000 Canadians enjoyed a movie at Cineplex, marking the second busiest day in Cineplex's history.
Cineplex's content broadening strategy along with its strategic initiatives once again delivered strong results, enabling the Company to significantly outpace the North American box office performance during the month of August. Cineplex featured numerous strong performing international films including, Rocky Aur Rani Kii Prem Kahaani, Gadar 2, Mastaney, No More Bets and Les hommes de ma mère. For each of the films, Cineplex captured impressive North American market shares ranging between 29 to 86 percent. In addition, Cineplex is proud to bring the TAYLOR SWIFT | THE ERAS TOUR theatrical concert film experience to Canadians in over 150 Cineplex theatres, beginning Friday, October 13. Pre-sale tickets launched in August with over 212,000 tickets sold to date, generating over $4.7 million in pre-sales, representing the third largest pre-sale of all time behind Avengers: Endgame and Spider-Man: No Way Home, with a considerable amount of time left until the film debuts.
"We continue to see improved overall performance from the film industry and impressive results from Cineplex's diversification strategy. For July and August, our combined box office and concession revenues were 121 per cent of 2019 levels, attendance was 99 per cent of 2019 levels, and more importantly, adjusted EBITDAaL was over 160 per cent of 2019 levels," said Ellis Jacob, President & CEO, Cineplex. "These financial results represent our strongest combined July and August ever." Jacob concluded.
Period | 2019 Box Office (i) | 2023 Box Office (i) | 2023 as a Percentage of 2019 |
July | $76,935 | $86,388 | 112 % |
August | $56,537 | $67,592 | 120 % |
Total | $133,472 | $153,980 | 115 % |
(i) Balances are in thousands of dollars. | |||
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 include, among others, statements with respect to Cineplex's objectives, goals and strategies to achieve those 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"), its MD&A for the year ended December 31, 2022 (collectively, the "MD&A"). Those 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, the duration and impact of the COVID-19 pandemic on Cineplex, the movie exhibition industry and the economy in general, as well as Cineplex's response to the COVID-19 pandemic as it relates to the closure of its theatres and location-based entertainment venues, employee reductions and other cost-cutting initiatives, and increased expenses relating to safety measures taken at its facilities to protect the health and well-being of customers and employees; 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 in response to the COVID-19 pandemic; and risks generally encountered in the relevant industry, competition, customer, legal, taxation and accounting matters; the outcome of any litigation surrounding the termination of the Cineworld transaction; and diversion of management time on litigation related to the Cineworld transaction. 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. 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, we undertake 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: Michelle Saba, Vice President, Communications, [email protected]
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