Cineplex Reports Record Third Quarter 2023 Results
Press Release
TORONTO, Canada, November 9, 2023 (TSX: CGX) – Cineplex Inc. (“Cineplex” or the “Company”) today released its financial results for the three and nine months ended September 30, 2023. Unless otherwise specified, all amounts are in Canadian dollars.
Third Quarter Highlights:
• All-time quarterly record revenues of $463.6 million and all-time quarterly record adjusted EBITDAaL of $83.1 million on net income of $29.7 million.
• Adjusted EBITDAaL margin of 17.9%, outpacing Q3 2019 by 310 basis points.
• Record third quarter box office revenues of $188.2 million outperforming North American box office by 310 basis points.
• Record per patron results, with record third quarter BPP of $12.00 and CPP of $8.44.
• Continued strong performance of the diversification strategy with the Location-Based Entertainment (LBE) business generating record third quarter revenues of $34.2 million.
• Balance sheet strengthening through combined second and third quarter credit facility repayments of $55.0 million. “We just closed our best third quarter in Cineplex history, due to a record-breaking box-office and successful results from our diversified businesses,” said Ellis Jacob, President and CEO, Cineplex.
“Our content broadening strategy, paired with our premium experiences continue to set us apart as we respond to consumer demand for an immersive and premium theatrical experience. This past quarter, we achieved record box office revenues of $188.2 million and once again outpaced the North American box office by a notable 310 basis points.”
“Over the past two quarters, strong EBITDAaL results have enabled us to repay $55.0 million in bank debt as part of our focus in de-leveraging the balance sheet and strengthening the capital base. Looking ahead, we will maintain our successful strategies that focus on diversification and content, personalized campaigns to maximize attendance and improvement of our liquidity positions and balance sheet,” concluded Jacob.
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