Things are looking up for Cineplex. Just a week after AMC and Cinemark reported improved earnings for the first quarter of 2023, Canada’s largest movie theatre chain joined the club of exhibitors with positive financial news. A 46% increase in attendance helped box office revenue grow by 54.3% to CAD $123.3 million (USD $91.6 million) as food and beverage sales grew 47.1% to CAD $86.4 million (USD $64.2 million).
Total revenues increased 49% to $341.0 million compared to the first quarter of 2022
as the net loss improved to CAD $30.2 million (USD $22.11million) compared to a net loss of CAD $42.2 million (USD $30.90 million) in the first quarter of 2022. That amounts to a CAD $0.48 (USD $0.35) loss per share which beats the $0.67 (USD $0.49) per share loss from 2022, a nearly 29% year-over-year improvement. At the same time, Cineplex reported their highest ever combined box office and theatre food service revenues for the month of April.
And before anyone asks, Cineplex did address the CAD $1.24 billion (USD $910 million) claim it was awarded by a Canadian court in their lawsuit against Cineworld over their latter’s abandoned 2020 acquisition. Because the restructuring plan in Cineworld’s ongoing bankruptcy only has a USD $10 million pool to settle all litigation, Cineplex isn’t anticipating receipt of any material payment, nor have the ever officially accounted for the claim in their financial statements.