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.
|
About
Cineplex
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.
Caution Regarding Forward-Looking
Statements
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