(Toronto) Cineplex reported a loss in its latest quarter compared with a profit a year ago due to a drop in movie attendance, but president and CEO Ellis Jacob says the end of the second quarter was a turning point.
Mr Jacob said the industry struggled in the first half of the year due to the lingering impact of strikes in Hollywood last year, but things picked up at the box office in June and July.
The movie theater company said it lost $21.4 million, or 33 cents a share, for the quarter ended June 30, compared with a profit of $176.5 million, or $1.99 a share, a year earlier.
Revenue for the quarter totaled $277.3 million, down from $367.9 million in the same quarter last year.
The decline came as movie theater attendance stood at 8.7 million people for the quarter, compared with 12.8 million a year ago.
Box office revenue per customer was $13.11 in the quarter, up from $12.84 a year ago. Foodservice revenue per person was $9.56, up from $9.21 in the same quarter last year.