The spring box office blight strikes again.
Hours after IMAX reported a sluggish first quarter, fellow theater chain Regal Entertainment also copped to struggling through the first part of 2011.
Citing the current box office downturn and declining concessions sales, Regal lost $23.6 million or $0.15 per share during the first three months of the year. In comparison, the company posted profits of $16.5 million or $0.11 per share during the same period last year.
Revenues plummeted 20 percent to $719.8 million, compared to $570.9 million in year-ago period.
In announcing the poor first quarter, CEO Amy Miles predicted better days ahead with a tentpole heavy summer lineup and the creation of Open Road Films, a co-venture with AMC that will acquire and distribute movies.
"We are excited about the future opportunities created by these transactions and by the films scheduled for release during the upcoming summer movie season," Miles said in a statement.
Analysts had been predicting losses of 6 cents per share and revenues of $592 million.
Despite the bad news, shareholders will receive a cash dividend of $0.21 per Class A and Class B shares.