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Regal Reveals Q3 Loss

U.S.’ largest cinema group sees income drop for quarter, first 9 months of 2009

Regal Entertainment Group, which owns and operates the U.S.’ largest cinema chain, said Thursday its third-quarter revenue fell 11% from the year-ago quarter.

Total revenue for the third quarter ended Oct. 1 was $673.5 million, vs. $757.6 million for Q3 2008.

Regal reported a net loss of $1.8 million in the 2009 quarter, compared with net income of $31.0 million in the third quarter of 2008.

For the first three quarters of 2009, total revenue was $2,128.3 million, up slightly from the figure for the first three quarters ended Sept. 25, 2008, of $2,060.2 million. Net income was down to $60.0 million in the first three quarters of 2009, vs. $82.8 million in the first three quarters of 2008.

A shift in Regal’s fiscal calendar affected the comparability of results for both the quarter and three quarters ended Oct. 1, 2009, to prior periods.

"We are pleased with the strong year-to-date box office results, the success of films released in the premium-priced 3D and Imax formats, and the increase in our year-to-date free cash flow," Amy Miles, CEO of Regal Entertainment Group, said in a statement. "We are also encouraged by the early fourth quarter box office results and the outlook for the remainder of the year."