Cineplex Inc. says its net earnings in the first quarter totalled $15.1 million – a sharp improvement over the $800,000 the company lost in the same period last year.
Total revenue for the quarter was $248.2 million – up 12.1% over last year.
The Toronto-based company says attendance at its movie theatres was also up 12.1% to 17.1 million customers.
Cineplex also reports a 15% gain in box office revenues during the quarter, primarily due to The Hunger Games, which had the highest-grossing first-quarter weekend of all-time and the third-largest opening weekend of all-time.
“A strong film slate including titles such as The Hunger Games and Dr. Seuss’ The Lorax contributed to a 12.1% increase in both attendance and total revenue,” said president and CEO Ellis Jacob.
“We are also pleased to announce a dividend increase to $1.35 per share on an annual basis from the current $1.29 per share,” he added.
This increase will be effective with the May 2012 dividend which will be paid in June 2012.
