Regal Entertainment Group’s revenues tumbled to $691.3 million in the first three months of this year, compared to total revenues of $726.9 million in the first quarter last year, the nation’s largest exhibition chain reported Thursday.
But things weren’t as bad as they seemed because the company changed its fiscal year to end Dec. 31 versus the first Thursday after Christmas. That meant 2014 first quarter results included six days during the holiday season — a traditionally busy time for movie theaters — while first quarter 2015 began Jan. 1.
Net income in the first quarter was $23.1 million compared to a loss of $1.2 million, which included a $32.6 million after-tax loss on extinguishment of debt, in the first quarter 2014. Earnings per share were 15 cents for the first quarter compared to a loss of 1 cent last year.
“A better than expected box office environment and our focus on delivering a great customer experience helped us achieve solid first quarter results, highlighted by a record concession per cap and one of the highest first quarter revenue totals in our history,” Regal’s chief executive Amy Miles said.
Box-office hits including “American Sniper” and Disney’s “Cinderella” drove a strong first quarter for the exhibition sector overall.
“With a great first quarter box office already in the books and a much-anticipated film slate set for the upcoming summer and holiday seasons, we remain optimistic regarding the potential for box office success throughout 2015,” said Miles.
Regal is the nation’s largest exhibitor and is comprised of Regal Cinemas, UA Theaters and Edwards Theaters are among the chains total 7,334 screens in 588 theaters across 42 states.